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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