Inspire Medical Q1 revenue up 84% to $127.9M; raises FY 2023 guidance to $580-590M

Inspire Medical Systems, Inc.

2023-Q1 EPS reported -$0.53 revenue$127,897,000

Revenue $127.9M (+84% YoY); U.S. revenue $124.5M (+87% YoY); gross margin 84.4%.
Net loss $15.4M ($0.53 diluted EPS) vs $16.7M ($0.61) prior-year; cash $452.1M.
Added 68 new U.S. centers (total 973) and 17 new sales territories (total 242) in Q1.
Raised FY 2023 revenue guidance to $580-590M from $560-570M; maintained gross margin 83-85%.
FDA approved therapy for pediatric Down syndrome (age 13+); finalized Belgium reimbursement.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Inspire Medical Systems, Inc. reported the quarter ended March 31, 2023 results: revenue $127.9 million, net income $15.4 million, EPS $0.53 per share. Guidance raised.

Period: the quarter ended March 31, 2023
Revenue: $127.9 million
Net income: $15.4 million
EPS: $0.53 per share
Guidance: raised
Result: reported results

Exact text from the filing

Revenue was $127.9 million for the three months ended March 31, 2023, an 84% increase from $69.4 million in the corresponding period in the prior year. U.S. revenue for the quarter was $124.5 million, an increase of 87% as compared to the prior year quarter. First quarter revenue outside the U.S. was $3.4 million, an increase of 15% as compared to the first quarter of 2022. Gross margin was 84.4% for the three months ended March 31, 2023, compared to 85.6% for the corresponding prior year period, with the reduction primarily due higher costs of certain component parts somewhat offset by the May 2022 price increase which is substantially in effect across our U.S. customer base. Operating expense increased to $127.5 million for the first quarter of 2023, as compared to $75.4 million in the corresponding prior year period, an increase of 69%. This increase primarily reflected ongoing investments in the expansion of the U.S. sales organization, direct-to-patient marketing programs, continu

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Source: SEC EDGAR

accession 0001609550-23-000032

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