Medical technology company Inspire Medical Systems received approval from the U.S. Food and Drug Administration (FDA) for the Inspire physician programmer platform.
Inspire Medical Systems (INSP) is focused on minimally invasive solutions for treating patients with obstructive sleep apnea. The approved platform provides four major enhancements to the company’s existing product.
These enhancements include guided workflows, a new programmer cable that allows for ease of use, and improved telemetry range. The platform enables interface with Inspire cloud and uploading patient reports. It also supports the further integration of Inspire cloud, which can potentially provide remote programming, a feature that is currently under development.
Inspire Medical Systems’ President and Chief Executive Officer, Tim Herbert, said, “In addition to the recently announced approval for the Inspire two-cision procedure, the launch of our new physician programmer platform further demonstrates our long-term commitment to patients through Inspire’s continued investment in our innovative technologies.”
Herbert added, “The new Inspire physician programmer platform provides multiple key benefits for physicians when managing their patients’ sleep apnea treatment with Inspire therapy.” (See Inspire Medical stock analysis on TipRanks)
Last month, Oppenheimer analyst Suraj Kalia reiterated a Hold rating on the stock without assigning a price target.
Kalia said, “Inspire is the first company to commercialize hypoglossal nerve stimulation (HGNS) to pull the tongue forward, therefore improving airway patency in obstructive sleep apnea (OSA) patients.”
Turning to the rest of the Street, the stock has a Strong Buy consensus rating alongside an average analyst price target of $253.25 (22.3% upside potential), based on 6 Buys and 2 Holds. Shares have gained about 226.2% over the past year.
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