Inspire Medical Systems Inc recently achieved significant therapy utilization milestones including the 20,000th patient being implanted with Inspire therapy for obstructive sleep apnea.
Other highlights from its fourth quarter 2021 report include:
- Generated revenue of $78.4 million in the fourth quarter of 2021, a 70% increase over the same quarter last year, and revenue of $233.4 million in full year 2021, a 102% increase over full year 2020
- Activated 81 new centers in the United States in the fourth quarter of 2021, bringing the total to 684 US medical centers implanting Inspire therapy
- Created 16 new sales territories in the fourth quarter of 2021, bringing the total to 157 US sales territories
- Achieved significant therapy utilization milestones, including 20,000th patient to receive Inspire therapy in 2021, and completion of the first Inspire therapy procedures in Japan and the United Kingdom in early 2022
- Entered into exclusive distribution agreements to commercialize Inspire therapy in Singapore and Hong Kong
- Received U.S. Food and Drug Administration (FDA) approval for the Inspire Bluetooth-enabled patient remote control
- Expects full year 2022 revenue to be in the range of $318 million to $326 million, which would represent year-over-year growth of approximately 36% to 40%
“We experienced significant momentum throughout our business in the fourth quarter,” says Tim Herbert, president and CEO of Inspire Medical Systems, in a release. “The 70% year-over-year revenue growth achieved in the fourth quarter reflects accelerated patient demand for Inspire therapy and our increasing capacity at new and existing centers. In addition, our ability to improve patient access to care through our Advisor Care Program, and the positive reimbursement environment for Inspire therapy continues to fuel the growth in therapy adoption. We are proud that in the fourth quarter, we surpassed 20,000 patients who have received Inspire therapy.
“The recent surge in the COVID-19 pandemic driven by the omicron variant impacted our business in late 2021 and into early 2022 having caused the postponement of procedures in certain of our sales regions. We anticipate that COVID cases caused by the omicron variant will decline in the US and in Europe, reducing this impact on our business. Despite these headwinds, and taking into consideration the normal seasonality we see at the beginning of a calendar year, we have strong confidence in our business for the remainder of 2022 and, therefore, are providing annual revenue guidance of $318 to $326 million.
“The 81 new US implanting centers we added in the fourth quarter significantly exceeded our guidance of 52 to 56 new centers per quarter and is indicative of the continued demand by physicians and centers for access to Inspire therapy. To further support this demand, we created 16 new U.S. sales territories in the fourth quarter, ending the year with 157 territories. Importantly, our robust pace in the opening of new centers includes a growing number of ASCs [ambulatory surgery centers], which continue to increase at a higher rate compared to hospitals.”