Inspire Medical gains after raising 2024 profit outlook

Inspire Medical Systems

07/08/2024 14:50

** Shares of medtech firm Inspire Medical Systems  INSP.N 
rise 15.3% to $169.53 
    ** Co late on Tuesday raised adjusted EPS forecast to a
range of $0.60 to $0.80, up from $0.10 to $0.20
    ** "2Q results showed a rebound in U.S. utilization plus a
significant increase in the profitability trajectory," Jefferies
analysts said 
    ** INSP markets minimally invasive treatment for obstructive
sleep apnea, which faces potential competition from popular
weight loss drugs belonging to the GLP-1 class 
    ** Third party claims data on concurrent use of GLP-1s and
Inspire therapy "reinforces the view that a GLP1 impact on total
addressable market may be more manageable than feared,"
according to Truist Securities analysts
    ** Eli Lilly's  LLY.N   weight-loss drug Zepbound in June
helped resolve moderate to severe obstructive sleep apnea in up
to 52% of patients in two late-stage trials  
    ** Up to last close, stock down ~28% YTD 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))