Inspire Medical Systems Inc announced strong preliminary, unaudited results for the fourth quarter and full year ended Dec 31, 2023, and provided its initial full-year 2024 guidance.
Revenue for the fourth quarter of 2023 is anticipated to be in the range of $192.3 million to $192.5 million, an approximately 40% increase over the same quarter of 2022, according to the company.
Revenue for full-year 2023 is anticipated to be in the range of $624.6 million to $624.8 million, an approximately 53% increase over full-year 2022.
Additionally, the company activated 78 new medical centers implanting Inspire therapy in the US in the fourth quarter, bringing the total to 1,180 US centers. Inspire also created 13 new sales territories in the US in the fourth quarter, bringing the total to 287 US sales territories.
Inspire also issued upbeat revenue guidance for 2024, anticipated to be in the range of $775 million to $785 million, a 24% to 26% increase over full-year 2023.
“We are very pleased with our strong preliminary revenue performance in the fourth quarter as the team executed exceptionally well and finished the year with significant momentum,” says Tim Herbert, president and CEO of Inspire, in a release. “Throughout 2023, we demonstrated improved operating leverage as our sales growth outpaced operating expenses. As a result, we expect to announce a profitable fourth quarter when we report our full financial results, currently planned for Feb 6, 2024.”
The preliminary, unaudited revenue results described are estimates and are subject to revision until Inspire reports its full financial results for 2023 in its annual report on Form 10-K.
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