Company: Inspire Medical Systems, Inc.
Symbol: INSP
Description: They are a medical technology company focused on the development and commercialization of innovative and minimally invasive solutions for patients with obstructive sleep apnea.
Trade Date: 5/3
Shares: 5 million
Price Range: $14.00-$16.00
Underwriter(s): BofA Merrill Lynch, Goldman Sachs & Co.
Co-Manager(s): Guggenheim Securities, Stifel, Wells Fargo Securities
Terms Added: 4-23-18
Business: Their proprietary Inspire system is the first and only FDA-approved neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea. They have developed a novel, closed-loop solution that continuously monitors a patient’s breathing patterns and delivers mild hypoglossal nerve stimulation to maintain an open airway. The safety and efficacy of their Inspire therapy is supported by a significant body of clinical data, which includes a publication in the New England Journal of Medicine and more than 40 peer-reviewed publications. Inspire therapy received premarket approval, or PMA, from the U.S. Food and Drug Administration, or FDA, in April 2014 and has been commercially available in certain European markets since November 2011. Inspire therapy is indicated for patients with moderate to severe obstructive sleep apnea who do not have significant central sleep apnea and do not have a complete concentric collapse of the airway at the soft palate level. In addition, patients in the United States must have been confirmed to fail or be unable to tolerate positive airway pressure treatments, such as CPAP, and be 22 years of age or older, though there are no similar requirements for patients in Europe. Physicians have treated more than 2,800 patients with Inspire therapy at over 180 medical centers across the United States and Europe.
Financials: They generated revenue of $28.6 million, with a gross margin of 78.9% and a net loss of $17.5 million, for the year ended December 31, 2017, compared to revenue of $16.4 million, with a gross margin of 76.2% and a net loss of $18.5 million, for the year ended December 31, 2016, and revenue of $8.0 million, with a gross margin of 64.9% and a net loss of $21.3 million for the year ended December 31, 2015. As of December 31, 2017, they had an accumulated deficit of $125.1 million.
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