Inspire Medical Systems, Inc. (NYSE: INSP) saw its stock price jump 9.2% today, closing at $191.73 per share, following the release of its preliminary unaudited results for the fourth quarter and full year 2023, and initial guidance for 2024.
According to the press release, the company anticipates revenue for the fourth quarter of 2023 to be in the range of $192.3 million to $192.5 million, representing a substantial 40% increase over the same quarter in 2022. For the full year 2023, the anticipated revenue is expected to be in the range of $624.6 million to $624.8 million, marking a significant 53% increase over the previous year.
In addition to the impressive financial results, the company also highlighted its operational achievements, including the activation of 78 new centers in the U.S. during the fourth quarter of 2023, bringing the total to 1,180 U.S. medical centers implanting Inspire therapy. Furthermore, Inspire created 13 new sales territories in the U.S. during the same period, bringing the total to 287 U.S. sales territories.
Looking ahead, the company provided its initial full-year 2024 revenue guidance, anticipating revenue to be in the range of $775 million to $785 million, representing a 24% to 26% increase over full year 2023.
Tim Herbert, President and Chief Executive Officer of Inspire Medical Systems, expressed satisfaction with the preliminary revenue performance, stating, "We are very pleased with our strong preliminary revenue performance in the fourth quarter as the team executed exceptionally well and finished the year with significant momentum. Throughout 2023, we demonstrated improved operating leverage as our sales growth outpaced operating expenses."
Furthermore, Herbert added, "As a result, we expect to announce a profitable fourth quarter when we report our full financial results, currently planned for February 6, 2024."
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $50,593 | $82,050 | $115,381 | $233,394 | $407,856 | $570,191 |
| Revenue Growth | n/a | 62.18% | 40.62% | 102.28% | 74.75% | 39.8% |
| Operating Margins | -40% | -43% | -49% | -17% | -12% | -9% |
| Net Margins | -43% | -41% | -50% | -18% | -11% | -6% |
| Net Income (k) | -$21,828 | -$33,243 | -$57,203 | -$42,042 | -$44,881 | -$32,766 |
| Free Cash Flow (k) | -$18,944 | -$35,585 | -$55,500 | -$24,787 | $2,473 | $8,109 |
| Capital Expenditures | $250 | $2,739 | $2,455 | $4,668 | $9,096 | $18,546 |
| Current Ratio | 17.86 | 10.12 | 13.02 | 6.5 | 8.66 | 8.14 |
