Inspire Medical Systems Q3 Loss Widens; Raises FY Revenue Guidance

(RTTNews) - Inspire Medical Systems Inc. (INSP) reported that its third quarter net loss widened to $16.8 million or $0.60 per share from $10.3 million or $0.38 per share in the corresponding prior year period.

Quarterly revenue was $109.2 million, a 77% increase from $61.7 million in the corresponding period in the prior year. U.S. revenue for the quarter was $106.3 million, an increase of 82% as compared to the prior year quarter. Third quarter revenue outside the U.S. was $2.9 million, a decrease of 14% as compared to the third quarter of 2021. Revenue outside the U.S. was negatively impacted primarily by unfavorable exchange rates.

The company raised its full year 2022 revenue guidance to a range of $384 million - $388 million, from prior guidance of $354 million to $362 million.

The company maintained its full year 2022 gross margin guidance of 83% to 85%.

The company also maintained its guidance relating to the opening of new U.S. medical centers of 52 to 56 per quarter for the remaining quarter of the year, as well as its guidance of 11 to 12 new territories for the fourth quarter of 2022.

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