Inspire Reports First Quarter with Operating Income and Year-over-Year
Revenue Growth of 40% in the Fourth Quarter
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 year ended December 31, 2023.
Recent Business Highlights and Full Year 2024 Guidance
- Generated revenue of $192.5 million in the fourth quarter of 2023, a 40% increase over the same quarter last year, and revenue of $624.8 million in full year 2023, a 53% increase over full year 2022
- Achieved gross margin of 85.4% in the fourth quarter of 2023
- Reported net income of $14.8 million and diluted net income per share of $0.49 in the fourth quarter of 2023
- Activated 78 new U.S. centers in the fourth quarter of 2023, bringing the total to 1,180 U.S. medical centers providing Inspire therapy
- Created 13 new U.S. sales territories in the fourth quarter of 2023, bringing the total to 287 U.S. sales territories
- Reaffirms full year 2024 revenue to be in the range of $775 million to $785 million, which would represent year-over-year growth of approximately 24% to 26%
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