RMD - Inspire Medical Q1 Earnings Beat Gross Margin Up | Benzinga
Inspire Medical Systems, Inc. (NYSE: INSP) delivered a loss per share of 34 cents in first-quarter 2024, narrower than the year-ago period's loss of 53 cents per share. The metric was also narrower than the Zacks Consensus Estimate of a loss of 63 cents per share.
Revenues in Detail
Inspire Medical registered revenues of $164 million in the first quarter, up 28.2% year over year. The figure beat the Zacks Consensus Estimate by 1.5%.
Per management, the top-line growth was driven by increased market penetration in existing centers, expansion into new territories and increased physician and patient awareness of the Inspire therapy. The top line also benefited from strength in U.S. revenues and revenues outside the United States.
Segment Details
Inspire Medical's operations consist of two geographic regions — the United States and All other countries.
For the quarter under review, U.S. revenues of $155.8 million reflected an increase of 25% from the year-ago quarter on a reported basis. Per management, this upside reflects an increased position in patient awareness, increased market penetration in existing centers and expansion into new implanting centers in the United States and new U.S. sales territories.
During the reported quarter, Inspire Medical activated 66 new U.S. centers, thus bringing the total to 1,246 U.S. medical centers providing Inspire therapy. The company also created 11 new U.S. sales territories in the quarter, bringing the total to 298 U.S. sales territories.
Revenues from outside the United States totaled $8.2 million, up 141% year over year on a reported basis. This was primarily driven by a strong rebound in Europe, especially in Germany, since receiving derogation late in the fourth quarter.