Accelerated Patient Demand and Increased Center Capacity Drives Year-over-Year Revenue Growth of 70% and 102% in the Fourth Quarter and Full Year, Respectively
Inspire Medical Systems, Inc. (NYSE: INSP) ("Inspire"), a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea, today reported financial results for the quarter and full year ended December 31, 2021, and provided full year 2022 guidance.
Recent Business Highlights and Full Year 2022 Guidance
Generated revenue of $78.4 million in the fourth quarter of 2021, a 70% increase over the same quarter last year, and revenue of $233.4 million in full year 2021, a 102% increase over full year 2020
Activated 81 new centers in the U.S. in the fourth quarter of 2021, bringing the total to 684 U.S. medical centers implanting Inspire therapy
Created 16 new sales territories in the fourth quarter of 2021, bringing the total to 157 U.S. sales territories
Achieved significant therapy utilization milestones, including 20,000th patient to receive Inspire therapy in 2021, and completion of the first Inspire therapy procedures in Japan and the United Kingdom in early 2022
Entered into exclusive distribution agreements to commercialize Inspire therapy in Singapore and Hong Kong
Received U.S. Food and Drug Administration (“FDA”) approval for the Inspire Bluetooth-enabled patient remote control
Expects full year 2022 revenue to be in the range of $318 million to $326 million, which would represent year-over-year growth of approximately 36% to 40%
“We experienced significant momentum throughout our business in the fourth quarter,” said Tim Herbert, President and Chief Executive Officer of Inspire Medical Systems. “The 70% year-over-year revenue growth achieved in the fourth quarter reflects accelerated patient demand for Inspire therapy and our increasing capacity at new and existing centers. In addition, our ability to improve patient access to care through our Advisor Care Program, and the positive reimbursement environment for Inspire therapy continues to fuel the growth in therapy adoption. We are proud that in the fourth quarter, we surpassed 20,000 patients who have received Inspire therapy.”
Full Year 2022 Guidance
Inspire expects full year 2022 revenue to be in the range of $318 million to $326 million, which would represent growth of approximately 36% to 40% over full year 2021 revenue of $233.4 million. Gross margin for the full year 2022 is anticipated to be in the range of 85% to 86%.
In addition, during each quarter of 2022, the Company expects to activate 52 to 56 new U.S. medical centers implanting Inspire therapy, and add 11 to 12 new territories.
Webcast and Conference Call
Inspire’s management will host a conference call after market close today, Tuesday, February 8, 2022, at 5:00 p.m. Eastern Time to discuss these results and answer questions.
Tuesday, February 8th at 5:00 p.m. Eastern Time:
Domestic: | (800) 344-0786 |
International: | (209) 905-5969 |
Conference ID: | 6196895 |
Webcast: |
To listen to a live webcast, please visit the Investors section of the Inspire website at www.inspiresleep.com. The webcast replay will be available on the Inspire website for two weeks following the completion of the call.
https://finance.yahoo.com/news/inspire-medical-systems-inc-announces-210500043.html
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