Inspire Medical Systems Inc reported in its fourth-quarter earnings that it surpassed 60,000 patients treated with its Inspire neurostimulation therapy for obstructive sleep apnea as of the end of 2023.
The company also reported significant growth for the quarter, rising 40% over the same quarter the previous year.
During the quarter, the company activated 78 new US implanting centers, bringing the total to 1,180 US medical centers providing Inspire therapy, and created 13 new US sales territories, bringing the total to 287 US sales territories.
“We are thrilled with our strong performance in the fourth quarter, growing revenue 40% year-over-year and delivering over $14 million in net income. Our growth continues to be driven primarily by higher utilization at existing sites and was complemented by the addition of 78 new US implanting centers and 13 new sales territories,” says Tim Herbert, president and chief executive officer of Inspire Medical Systems, in a release. “During the quarter, we worked diligently with commercial payers to update coverage policies for our expanded indications, and we achieved several important milestones, including surpassing 60,000 patients treated with Inspire therapy.”
Revenue was $192.5 million for the three months ended Dec 31, 2023. Revenue was $624.8 million for full-year 2023, a 53% increase over full-year 2022.
Inspire reaffirmed 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%. In addition, during each quarter of 2024, the company expects to activate 52 to 56 new US medical centers implanting Inspire therapy and add 12 to 14 new US sales territories.
