Inspire Med: Q2 rev $151.1M (+65% YoY), raises FY2023 guidance to $600-610M

Revenue was $151.1 million for the three months ended June 30, 2023, a 65% increase from $91.4 million in the corresponding period in the prior year. U.S. revenue for the quarter was $144.7 million, an increase of 65% as compared to the prior year quarter. Second quarter revenue outside the U.S. was $6.3 million, an increase of 81% as compared to the second quarter of 2022. Gross margin was 83.9% for the three months ended June 30, 2023, compared to 84.5% for the corresponding prior year period, with the reduction primarily due to additional manufacturing costs of sensors and lower yields prior to process enhancements, and higher costs of certain component parts, partially offset by the price increase that began in May of 2022. Operating expense increased to $143.4 million for the second quarter of 2023, as compared to $91.2 million in the corresponding prior year period, an increase of 57%. This increase primarily reflected ongoing investments in the expansion of the U.S. sales organi

On July 31, 2023, the Company announced that Charisse Y. Sparks, M.D., was appointed to serve as its Chief Medical Officer, effective July 27, 2023.

In connection with her appointment as Chief Medical Officer of the Company, on July 27, 2023, Dr. Sparks resigned from the Board of Directors, including the Nominating and Corporate Governance Committee, effective upon the commencement of service as Chief Medical Officer.