Inspire Medical Systems hits 5-month low after Q1 US sales miss estimates

Inspire Medical Systems

08/05/2024 16:38

** Shares of Inspire Medical Systems  INSP.N  fall as much
as 33.7% to a near 5-month low of $162.77 
    ** Late Tuesday, the medical device maker posted Q1 U.S.
sales of $155.8 mln, below Wall Street estimates of $157 mln -
LSEG 
    ** However, co raised its 2024 rev forecast to $783 mln to
$793 mln from $775 mln to $785 mln
    ** Co also expects a 2024 profit between 10 and 20 cents per
share vs estimates of a loss of 34 cents per share
    ** Brokerage RBC Capital Markets said that the stock
reaction was overdone especially as profitability is expected in
2024 
    ** YTD, stock down 19.1%

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))