In its Q4 2024 earnings webcast, Inspire Medical Systems Inc chairman and CEO Tim Herbert discussed how the Inspire V neurostimulator for obstructive sleep apnea, which received FDA approval in 2024, is gearing up for a full launch this year. “The primary factor driving the timing of our full launch remains building sufficient inventory to support the expected demand in the US,” Herbert said during the call, noting that some centers in the United States and Singapore have already started implanting the next-generation system.
Inspire V Features
A key feature of the Inspire V system is it incorporates respiratory sensing internal to the neurostimulator, eliminating the need to implant the pressure-sensing lead. “This feature is designed to provide benefit to the patient with one fewer component, to the physician with reduced surgical time, and to the company with reduced production complexity and cost,” Herbert said.
Also, the Inspire V device provides the capability for future software-based enhancements updates including sleep detection for auto-activation and sleep performance tracking.
Inspire SleepSync
Herbert also said that the new Inspire SleepSync programming system has been fully launched in the United States, which means healthcare providers may utilize their own laptop or tablet to log in to SleepSync to access programming screens. “The goal for the new system is to provide more efficient patient programming and improved access to patient data to assist the healthcare provider in their decision making,” Herbert said, noting that the upgrade also means “Inspire is no longer required to provide laptops or tablets, further reducing operational complexiities.”
Inspire Q4 2024 Financial Results
Inspire Medical generated revenue of $239.7 million for the fourth quarter of 2024, a 25% increase over the same quarter last year, and revenue of $802.8 million for full year 2024, a 28% increase over full year 2023. It activated 72 new US centers for the fourth quarter of 2024, bringing the total to 1,435 U.S. medical centers providing Inspire therapy.
“We are thrilled with our strong performance in the fourth quarter, growing revenue 25% year-over-year, delivering nearly $32 million in operating income, and increasing diluted net income per share 135% year-over-year,” Herbert said in a release. “During the quarter, we made steady progress toward the full launch of Inspire V, optimized our leadership team to fuel future growth, continued to improve our profitability, initiated a $75 million accelerated share repurchase program, and reached an important milestone with over 90,000 patients treated with Inspire therapy. We look forward to continuing our strong performance in 2025 aided by the launch of Inspire V.”
