Inspire Medical Systems Inc reported its first-ever profitable quarter in Q4 2022, according to its latest financial results that showed strong growth for the quarter and year.
The company generated revenue of $137.9 million in the fourth quarter of 2022, a 76% increase over the same quarter last year, and revenue of $407.9 million in full-year 2022, a 75% increase over 2021.
“We are pleased with our strong performance in the fourth quarter and full-year 2022…With significant momentum and many accomplishments throughout our business, we are proud to achieve our first profitable quarter,” says Tim Herbert, president and CEO, in a press release.
US revenue for 2022 was $394.8 million, an increase of 79% over the prior year. Revenue for 2022 outside the US was $13 million, an increase of 5% over 2021.
During the company’s earnings call on Feb. 7, chief financial officer Rick Buchholz attributed US growth to several factors, including higher utilization of existing centers and the addition of new implanting centers. In Q4, the company added 61 centers, bringing the total to 905 US medical centers. Additionally, 16 new US sales territories were created in Q4, totaling 225 US sales territories.
Other milestones in 2022 include an expanded label for full-body MRI compatibility, commercial launches of Bluetooth-enabled patient remotes and silicone-based stimulation and sensing leads, FDA submission of Inspire’s SleepSync programmer, and indication expansions for pediatric Down syndrome and higher apnea-hypopnea index and body mass index (BMI).
Additionally, the company completed the enrollment of 300 patients in its PREDICTOR study, which aims to remove the drug-induced sleep endoscopy requirement for most patients with BMI under 32, made investments in EnsoData and Ognomy, and initiated a pilot of a digital scheduling tool to enhance patient access to care through its Advisor Care Program.
Looking ahead, the company expects 2023 revenue to be between $560 million and $570 million, which would represent year-over-year growth of approximately 37% to 40%.
During each quarter of 2023, the company expects to activate 52 to 56 new US medical centers and add 12 to 14 new US sales territories.
