The following is a summary of the Inspire Medical Systems, Inc. (INSP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Inspire Medical Systems reported Q1 2024 revenue of $164 million, a 28% increase from Q1 2023 due to a strong local and overseas market growth.

• The company raised its 2024 revenue guidance to $783 million to $793 million, representing 25% to 27% growth over 2023.

• A decrease in net loss was observed from the previous year's $15.4 million to $10 million in Q1 2024. They project a profitable year in 2024 with diluted net income per share guidance of $0.10 to $0.20.

• Inspire Medical invested $26 million in DTC, maintaining almost the same level of spending as last year while focusing on more targeted advertising.

Business Progress:

• Over 65,000 patients have been treated with Inspire therapy, which has expanded into new implanting centers and sales territories.

• Derogation received in Europe is driving the growth of Inspire therapy with EU MDR approval anticipated by mid-2024.

• The Inspire V product is under review with the FDA, expecting a soft launch in 2024 and full launch in 2025.

• The company is preparing for future growth through investments in its SleepSync digital platform, research and development, and direct-to-consumer campaigns.

• The results of the SURMOUNT-OSA trial suggest GLP-1s potentially complement the company's market offerings by aiding the treatment of patients with a higher BMI.

• The company is also focusing on expanding their business across the US, Europe, and Asia, while continuously evolving its Direct-to-Consumer strategy.

More details: Inspire Medical Systems IR

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