Stock Track | Inspire Medical Systems Soars on Strong Q3 Results and Raised Guidance

Stock Track11-05

Shares of Inspire Medical Systems (INSP) surged 5.05% on Monday, November 5, 2024, following the company's impressive third-quarter earnings report and raised full-year guidance. The medical device maker reported a 32.5% year-over-year increase in revenue, surpassing analyst estimates, and achieved profitability with a net income of $18.5 million.

Inspire Medical Systems benefited from continued market expansion, adding 66 new centers and 13 new U.S. sales territories during the quarter. The company also raised its 2024 revenue guidance to the range of $793 million to $798 million, reflecting its strong performance and growth prospects.

Analysts responded positively to the results, with several firms reiterating their Buy or Outperform ratings and increasing their price targets for INSP stock. Piper Sandler raised its target to $260, while Baird increased its target to $252, citing the company's new product launches and growth potential.

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