Inspire Medical Systems Soars to New Heights: Record-Breaking Quarter and Promising Outlook
In a highly anticipated conference call, Inspire Medical Systems reported an impressive fourth quarter and full year 2024 performance, exceeding expectations and solidifying its position as a leader in the medical device industry.
The company's key highlights from the quarter include surpassing 90,000 patients treated with its therapy, achieving over 350 peer-reviewed publications, securing FDA approval for the Inspire V neurostimulator, and receiving European Union medical device regulation approval, including full body MRI compatibility. Furthermore, country-wide reimbursement in France was approved, and the company achieved its first full year of profitability.
"2024 was filled with many important milestones," said Tim Herbert, Chairman and Chief Executive Officer of Inspire Medical Systems. "We continue to strengthen our leadership team and recently announced an organizational change aimed at fueling our future growth."
The company's strong performance led to a 25% increase in revenue compared to the fourth quarter of 2023, with $239.7 million generated during this period. This success has prompted Inspire Medical Systems to reiterate its full year 2025 revenue guidance of $940 million to $955 million, representing 17% to 19% growth year-over-year.
Net income for the fourth quarter was a notable $35.2 million compared to $14.8 million in the prior year period, with diluted net income reaching $1.15 per share versus $0.49 per share in the fourth quarter of 2023. This marks the company's first full year of profitability, with diluted net income of $1.75 per share compared to a loss of $0.72 in 2023.
The Inspire V neurostimulator, approved by the FDA in 2024, is a notable addition to the company's portfolio. This device incorporates respiratory sensing internal to the neurostimulator, eliminating the need for an additional component and providing numerous benefits to patients, physicians, and the company itself. The Inspire V also enables future software-based enhancements, including sleep detection for auto activation and sleep performance tracking.
With a focus on continued growth and innovation, Inspire Medical Systems is well-positioned to build upon its success in 2024. As CEO Tim Herbert noted, "We look forward to another year of strong execution in 2025." The company's commitment to delivering high-quality products and exceptional patient care has led to significant advancements in the medical device industry.
