Inspire Medical Systems: Strong Revenue Growth and Expansion in Q4 2024

MINNEAPOLIS, Minn, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Inspire Medical Systems, Inc. (NYSE: INSP) (“Inspire”, or the “Company”), a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea, today announced certain preliminary, unaudited results for the fourth quarter and full year ended December 31, 2024, and provided its initial full year 2025 revenue guidance.



Preliminary, Unaudited Fourth Quarter and Full Year 2024 Revenue and Recent Business Highlights
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 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. Activated 72 new centers in the U.S. in the fourth quarter of 2024, bringing the total to 1,435 U.S. medical centers implanting Inspire therapy. Created 12 new sales territories in the U.S. in the fourth quarter of 2024, bringing the total to 335 U.S. sales territories. Initiated the soft launch of the Inspire V neurostimulator with over 40 implants completed in Singapore and the U.S. Implemented a new organizational structure intended to drive continued growth.



Initial Full Year 2025 Revenue Guidance
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,” said Tim Herbert, Chairman and Chief Executive Officer of Inspire Medical Systems. “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.”

The company announced the appointment of Jason Kelly as its new Chief Manufacturing and Quality Officer effective January 20, 2025. Mr. Kelly comes to Inspire following 10 years at Stryker Corporation most recently in Division Operations Leadership in Kalamazoo, Michigan, and including Advanced Operations in Cork, Ireland. We believe his experience and leadership will provide the skills to lead our Supply Chain, Quality Assurance and Regulatory Operations teams. Mr. Kelly will relocate to Minnesota.

To fuel our continued growth and advance the adoption of Inspire therapy, the Company implemented the following organizational changes:
Carlton Weatherby will step into the expanded role of Chief Strategy and Growth Officer and lead the U.S. Sales, Marketing, and Strategy teams. Mr. 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 MedTech, and previously led a $2B+ business with a 1,000+ person U.S. salesforce within Medtronic before joining Inspire. He quickly established a strong understanding of Inspire’s end market, a deep appreciation for the business fundamentals, and trusting relationships with core customers and key opinion leaders.

Randy Ban will transition from the role of Chief Commercial Officer to a newly created role of EVP, Patient Access and Therapy Development. In this role, Mr. 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 our key opinion leader communications and medical society relationships. Mr. Ban has been with Inspire since 2008 and is ideally suited for this critical new role and its potential to further advance Inspire therapy adoption.

Ivan Lubogo will transition from the role of SVP U.S. Sales to the newly created role of SVP, Strategic Sales. In this role, Mr. Lubogo will lead a new team focused on Integrated Delivery Networks (IDNs), strategic accounts, and Ambulatory Surgical Centers (ASCs). Mr. Lubogo joined Inspire in 2011 and made immediate contributions to the landmark Inspire STAR clinical trial and helped to build and lead the U.S. field team that generated best in class revenue growth while producing strong patient outcomes.

Joe Sander will be promoted to the role of SVP U.S. Sales. Mr. Sander currently leads the Inspire field team for the Eastern half of the U.S. He joined Inspire in 2014 just prior to the U.S. FDA commercial approval as Area Vice President, and was instrumental in forming the Inspire U.S. commercial team and establishing a customer-focused sales model. Prior to Inspire, Mr. Sander gained his commercial expertise with over 20 years in sales.

Inspire’s strong revenue growth in Q4 2024 and full year 2024, coupled with the successful soft launch of the Inspire V neurostimulator and strategic organizational changes, positions the company for continued growth in 2025. With a solid foundation in place, Inspire Medical Systems is well-equipped to capitalize on new opportunities and maintain its leadership in the sleep apnea treatment market.