Inspire Medical reports positive outcomes for new sleep apnea system

MINNEAPOLIS - Inspire Medical Systems, Inc. (NYSE:INSP), a $2.4 billion medical device company currently trading near its 52-week low after a 57% decline year-to-date, has released clinical data for its Inspire V system, showing positive outcomes in treating obstructive sleep apnea (OSA) patients. According to InvestingPro analysis, the company maintains strong financials with more cash than debt on its balance sheet.

The data, published Friday, includes results from a Singapore clinical study and a limited U.S. market release at 10 medical centers. The findings are being presented at medical conferences in Indianapolis between October 9-14. The company’s robust 84% gross profit margin and 22% revenue growth over the last twelve months demonstrate its operational efficiency in the medical device market.

The Singapore trial involved 44 patients and demonstrated a 20% reduction in surgical times compared to the previous Inspire IV system. All procedures were completed successfully, according to the company. The study showed the Inspire V system achieved superior respiratory sensing compared to its predecessor, with an inspiratory phase overlap percentage of 87.1% versus 79.4%.

Patient adherence averaged 5.5 hours per night after approximately eight months, while the median Apnea Hypopnea Index (AHI) was reduced from 34.4 events per hour at baseline to 8.3 events per hour at the six-month mark for the 37 patients who completed this clinical visit.

In the U.S. limited market release involving 101 patients, all procedures were completed without serious adverse events. At the 60-day check, patients were using therapy for an average of 6.8 hours per night. For the first 34 patients who underwent subsequent sleep studies, median AHI was reduced from 30 to 4.5 events per hour.

Dr. Nic Beckmann from Colorado ENT and Allergy reported completing an average of 12 implants per surgery day with the Inspire V system, compared to 9 cases per day with the previous version.

The Inspire V system features internal respiratory sensing within the neurostimulator, eliminating the need for a separate pressure sensing lead required in earlier versions.

Inspire Medical Systems develops and commercializes minimally invasive solutions for patients with obstructive sleep apnea. This information is based on a company press release statement.

In other recent news, Inspire Medical Systems has made several noteworthy announcements. The company reported a second-quarter sales performance that exceeded expectations, although it faced slower progress in the rollout of Inspire 5 and impacts from GLP-1 medication trials. In response, Jefferies adjusted its price target for Inspire Medical Systems from $205 to $160, while maintaining a Buy rating. Additionally, Evercore ISI initiated coverage of the company with an Outperform rating and set a price target of $150, citing the company’s strong market position and growth potential. Inspire Medical Systems also announced that its Chief Financial Officer, Rick Buchholz, will step down at the end of 2025, but he will stay on in an advisory role until early 2026 to ensure a smooth transition. Meanwhile, KeyBanc has maintained its Sector Weight rating on the stock following this announcement. Furthermore, Inspire Medical Systems has authorized a $200 million stock buyback program, which will run through August 2027. These developments reflect the company’s strategic initiatives and ongoing financial adjustments.

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