(RTTNews) - Shares of Inspire Medical Systems Inc. (INSP) hit a new high in intraday trading today and is currently at $71.
Inspire Medical Systems is a medical technology company focused on finding solutions for obstructive sleep apnea (OSA).
The Company markets Inspire therapy - the first and only FDA-approved neurostimulation technology for patients with obstructive sleep apnea. The U.S market opportunity for the Inspire therapy is estimated to be nearly $10 billion.
Since the approval of Inspire therapy in 2014, more than 6,500 patients have been treated at over 266 medical centers across the U.S. The Company has 45 coverage policies, representing a total of approximately 145 million members under the policy in the U.S.
Inspire Medical has significantly grown its revenue over the years.
Revenue was $8 million in 2015; $16.4 million in 2016; $28.6 million in 2017; and $50.6 million in 2018.
For the third quarter ended September 30, 2019, the financial results of which were announced on November 5th, the net loss was $8.2 million or $0.34 per share on revenue of $20.9 million. This compared with a net loss of $4.7 million or $0.22 per share and revenue of $13.1 million in the prior-year period.
Looking ahead, Inspire expects full-year 2019 revenue to be in the range of $78 million to $79 million, representing growth of approximately 54% to 56% over last year.
The Company is also targeting to open 15 to 17 new medical centers in the U.S. this quarter.
Sleep apnea affects over 100 million people worldwide, and about 17 million individuals in the U.S. have moderate to severe OSA. According to a report by McKinsey & Company, the annual U.S. economic costs of untreated moderate to severe OSA range between $65 billion and $165 billion.
Given the compelling market opportunity and the significant first-mover advantage for the Inspire therapy, it may be worth taking a look at INSP stock.
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