Summary:
Inspire Medical Systems Inc announced preliminary, unaudited revenue results for 2024, showing a 25% increase in the fourth quarter and a 28% rise for the full year compared to 2023. The company also highlighted the soft launch of its Inspire V neurostimulator and implemented several organizational changes, including leadership appointments and new roles designed to support growth and enhance patient access to its therapy. These developments come as Inspire continues to expand its presence in the US and globally.
Key Takeaways:
- Revenue Growth in 2024: Inspire Medical Systems reported a 28% increase in full-year revenue, with fourth-quarter revenue rising 25%, reflecting continued growth in therapy adoption.
- Product Development and Launch: The company initiated the soft launch of its Inspire V neurostimulator, with over 40 implants completed in the US and Singapore, signaling progress in expanding its product offerings.
- Organizational Restructuring: Inspire announced leadership changes, including new roles to oversee US sales, patient access, and manufacturing, aimed at driving growth and improving therapy adoption.
Inspire Medical Systems Inc reported preliminary, unaudited fourth-quarter and full-year 2024 revenue results, showing a 25% quarterly increase and a 28% annual rise compared to 2023, alongside organizational changes.
Revenue for the fourth quarter of 2024 is anticipated to be in the range of $239.5 million to $239.7 million, an approximately 25% increase over the same quarter of 2023. Revenue for the full year 2024 is anticipated to be in the range of $802.6 million to $802.8 million, an approximately 28% increase over full-year 2023.
The company also announced highlights for the fourth quarter, including the activation of 72 new centers in the US, bringing the total to 1,435 US medical centers implanting Inspire therapy, and the creation of 12 new sales territories in the US, bringing the total to 335 U.S. sales territories.
Additionally, Inspire initiated the soft launch of the Inspire V neurostimulator with over 40 implants completed in Singapore and the US and implemented a new organizational structure intended to drive continued growth.
Revenue for full-year 2025 is anticipated to be in the range of $940 million to $955 million, a 17% to 19% increase over full-year 2024.
“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,” says Tim Herbert, chairman and CEO of Inspire Medical Systems, in a release. “We are also excited to announce the first implants of the new Inspire V neurostimulation system and a new organizational structure intended to further fuel our continued growth, including the expansion of our leadership team with the hiring of a new chief manufacturing and quality officer.”
New Company Appointment and Organizational Changes
The company announced Jason Kelly was hired as Inspire’s new chief manufacturing and quality officer, effective Jan 20. Kelly comes to Inspire following 10 years at Stryker Corp, most recently in division operations leadership in Kalamazoo, Mich, and including Advanced Operations in Cork, Ireland. His appointment is expected to provide the skills to lead Inspire’s supply chain, quality assurance, and regulatory operations teams. Kelly will relocate to Minnesota.
To fuel continued growth and advance the adoption of Inspire therapy, the company implemented several organizational changes. Carlton Weatherby will step into the expanded role of chief strategy and growth officer and lead the US sales, marketing, and strategy teams. Weatherby joined Inspire in July 2023 as chief strategy officer and has worked closely with the sales organization to help refine the company’s commercial strategy and identify unexploited opportunities for growth.
He has 20 years of experience in medical technology, previously leading a $2 billion-plus business with a 1,000-plus-person US salesforce within Medtronic before joining Inspire.
Randy Ban will transition from the role of chief commercial officer to a newly created role of executive vice president of patient access and therapy development. In this role, Ban will lead the patient access and therapy development team, a new team at Inspire tasked with enhancing patient outcomes and patient access to Inspire therapy, increasing focus on research and clinical evidence development, and leading key opinion leader communications and medical society relationships.
Ban has been with Inspire since 2008.
Ivan Lubogo will transition from the role of senior vice president of US sales to the newly created role of senior vice president of strategic sales. In this role, Lubogo will lead a new team focused on integrated delivery networks, strategic accounts, and ambulatory surgical centers.
Lubogo joined Inspire in 2011 and made immediate contributions to the landmark Inspire STAR clinical trial and helped to build and lead the US field team that generated revenue growth while producing strong patient outcomes, according to the company.
Joe Sander will be promoted to the role of senior vice president of US sales. Sander currently leads the Inspire field team for the Eastern half of the US. He joined Inspire in 2014 just prior to the US FDA commercial approval as area vice president and helepd form the Inspire US commercial team and establish a customer-focused sales model.
Prior to Inspire, Sander gained his commercial expertise with over 20 years in sales management at both Boston Scientific Corp and GlaxoSmithKline.
Finally, Charisse Sparks, chief medical officer, left Inspire at the beginning of the year to continue on her intended career journey of mentoring and developing others through board service.
“The addition of our new chief manufacturing and quality officer along with the focused direction of our senior leadership team places the company in a strong position to continue the growth in therapy adoption of Inspire therapy and to deliver strong value to all of our stakeholders,” says Herbert in a release.
The preliminary, unaudited revenue results described are estimates only and are subject to revision until Inspire reports its full financial results for 2024 in its annual report on Form 10-K.
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