Inspire Medical Systems develops and commercializes minimally invasive neurostimulation therapy for patients with obstructive sleep apnea. Its proprietary Inspire therapy is approved by the FDA, EU MDR and PDMA for moderate to severe obstructive sleep apnea, and product updates include the Inspire V system.
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Inspire Medical Systems (NYSE: INSP) announced that Anthem will provide coverage for its Inspire therapy, effective May 20, 2021. This decision expands access to Inspire therapy for patients with obstructive sleep apnea (OSA), complementing existing Medicare coverage across the U.S. With Anthem's coverage, Inspire therapy is now included in 64 commercial insurance plans, covering approximately 262 million members. Tim Herbert, CEO of Inspire, highlighted this achievement as a significant step in improving treatment options for OSA patients who cannot benefit from CPAP.
Inspire Medical Systems reported an impressive 89% revenue growth for Q1 2021, reaching $40.4 million. The gross margin increased to 85.2%, up from 84.6% a year prior. The company activated 47 new U.S. medical centers, exceeding guidance. Inspire also received FDA approval for a two-incision implant procedure, enhancing surgical efficiency. Due to strong performance, the full-year revenue guidance is lifted to $192-196 million, reflecting a projected growth of 66%-70% over 2020. However, operating expenses rose to $50.1 million, and net loss was $16.2 million.
Inspire Medical Systems, a leader in medical technology for obstructive sleep apnea, will present at the BofA Securities 2021 Virtual Health Care Conference on May 12, 2021. The presentation is set for 12:30 p.m. Eastern Time and will be available via a live webcast. Inspire specializes in innovative, minimally invasive solutions, including its FDA-approved Inspire therapy for moderate to severe obstructive sleep apnea. A replay of the presentation can be accessed for two weeks on Inspire's Investor website.
Inspire Medical Systems has finalized an exclusive distribution agreement with Japan Lifeline to commercialize Inspire therapy in Japan. The agreement follows the successful reimbursement review by Japan's Ministry of Health Labour and Welfare (MHLW). The formal listing of Inspire therapy in Japan's National Health Insurance Payment Listing is anticipated in June 2021, allowing for initial implants in the latter half of 2021. Inspire therapy, approved in Japan since 2018, aims to treat the estimated 9 million patients in Japan suffering from moderate to severe obstructive sleep apnea.
Inspire Medical Systems (NYSE: INSP) will release its first quarter 2021 financial results on May 4, 2021, after market close. A conference call will follow at 5:00 p.m. Eastern Time for management to discuss results and recent developments. Inspire focuses on innovative solutions for obstructive sleep apnea and offers the only FDA-approved neurostimulation therapy for this condition. For further information, visit www.inspiresleep.com.
Inspire Medical Systems (NYSE: INSP) announced FDA approval for its new physician programmer platform designed for obstructive sleep apnea treatment. Key enhancements include a Bluetooth-enabled telemetry cable, guided workflows for clinicians, improved telemetry range, and integration with Inspire Cloud for patient management. This development further solidifies Inspire's commitment to innovative solutions in sleep apnea therapy. The new platform also lays the groundwork for future products, enhancing its digital ecosystem and potential for remote programming.
Inspire Medical Systems has received FDA approval for a new two-incision surgical implant procedure for its Inspire therapy, enhancing treatment for obstructive sleep apnea. This method reduces average procedure time by approximately 20%, from around 126 minutes to under 100 minutes, while maintaining safety and efficacy. The procedure simplifies the implant process by eliminating a third incision and lead tunneling, potentially decreasing post-operative pain and risks. Immediate training for surgeons will commence, indicating a swift integration into practice.
Inspire Medical Systems (NYSE: INSP) reported a strong financial performance for Q4 2020, achieving revenue of $46.0 million, a 71% increase year-over-year. Full-year revenue reached $115.4 million, up 41% from the previous year. The company activated 55 new U.S. centers in Q4, significantly surpassing guidance. For 2021, Inspire projects revenue between $183 million and $188 million, indicating growth of about 59% to 63% over 2020. The gross margin for 2020 was 84.7%, while net loss reduced to $57.2 million.
Inspire Medical Systems (NYSE: INSP) announced its participation at the 10th Annual SVB Leerink Global Healthcare Conference on February 25, 2021. The management team's presentation is scheduled for 10:40 a.m. Eastern Time and will be available via a live webcast. Inspire focuses on innovative, minimally invasive solutions for obstructive sleep apnea, with its Inspire therapy being the first FDA-approved neurostimulation technology for this condition. A replay of the presentation will be accessible for two weeks post-event on Inspire's Investor website.
Inspire Medical Systems (NYSE: INSP) will announce its fourth quarter and full year 2020 financial results on February 23, 2021, following the market's close. A conference call is scheduled for 5:00 p.m. Eastern Time, where management will discuss these results and recent business developments. Inspire specializes in innovative solutions for obstructive sleep apnea, featuring the first FDA-approved neurostimulation technology, Inspire therapy, which offers an effective treatment option for moderate to severe cases.