Inspire Medical Systems Q1 Loss Widens

(RTTNews) - Inspire Medical Systems, Inc. (INSP) Tuesday reported first-quarter net loss of $16.2 million or $0.67 per share, wider than $8.3 million $0.35 per share reported last year.

Revenues for the first quarter rose 31% to $21.3 million from $16.3 million a yea ago.

Analysts polled by Thomson Reuters estimated loss of $0.57 per share on revenues of $21.26 million. Analysts' estimates typically exclude special items.

U.S. revenues increased 34% to $19.3 million, while European revenue was up 9$ to $2.1 million.

Gross margin was 84.6% for the quarter, compared to 82.4% a year ago.

The company said it activated 28 new U.S. medical centers in the first quarter of 2020, bringing the total to 327 U.S. medical centers implanting Inspire therapy.

"Following an extremely strong January and February, the impact of the ongoing COVID-19 pandemic was felt in our business through the postponement of substantially all of our Inspire implant procedures beginning in the second week of March in both the U.S. and Europe," said CEO Tim Herbert.