![]() ![]() This increase primarily reflected ongoing investments in the expansion of the U.S. Operating expense increased to $106.6 million for the third quarter of 2022, as compared to $62.9 million in the corresponding prior year period, an increase of 70%. The Company does not anticipate additional inventory charges related to the recent product introductions. Gross margin was 81.9% for the three months ended September 30, 2022, compared to 86.0% for the corresponding prior year period, with the reduction primarily due to the anticipated inventory obsolescence charges associated with recent product introductions, as well as higher costs of certain component parts, caused by inflation and COVID-related supply chain issues, somewhat offset by increased sales volume, manufacturing efficiencies, and a price increase which began taking effect for some U.S. was negatively impacted primarily by unfavorable exchange rates. was $2.9 million, a decrease of 14% as compared to the third quarter of 2021. revenue for the quarter was $106.3 million, an increase of 82% as compared to the prior year quarter. Revenue was $109.2 million for the three months ended September 30, 2022, a 77% increase from $61.7 million in the corresponding period in the prior year. We are also working to increase utilization in Japan and have formally resubmitted the reimbursement dossier in Australia,” concluded Mr. We continue our progress in Asia, predominantly with procedure growth in Singapore. As part of the continued expansion in Europe, we are very pleased to announce that we recently signed the final pricing authorization for Inspire therapy in France and expect Inspire to be formally listed for reimbursement in early 2023. “European revenue was adversely affected in the third quarter primarily due to exchange rate variations. The second application recently received Breakthrough Device Designation from the FDA, thereby reducing the review time." The first application seeks FDA authorization to provide therapy to the pediatric population with Down’s Syndrome, and the second application seeks FDA authorization to increase the upper limit of the Apnea Hypopnea Index (AHI) to 100 events per hour from 65, and the Body Mass Index (BMI) warning in the indication to 40 from 32. Additionally, we submitted two important indication expansion applications to the FDA. launch of our new silicone-based stimulation and sensing leads, which provide improved manufacturability, easier system implantation, increased long-term performance, and enhanced reliability. The new patient remote significantly enhances the patient experience by streamlining the sharing of device data through the SleepSync™ Patient Management Platform connecting the patient to their healthcare provider. launch of the Bluetooth®-enabled patient remote control. "We also achieved two important technology milestones" continued Mr. Looking ahead, based on the current trends in our business, we are raising our full year 2022 revenue guidance to between $384 million to $388 million, an increase from our prior guidance of $354 million to $362 million." "Our direct-to-consumer efforts further expanded our presence with the implementation of the second phase of our national television advertising campaign, resulting in strong web activity and an increase in the number of patients contacting our Advisor Care Program (ACP). sales territories," said Tim Herbert, President and Chief Executive Officer of Inspire Medical Systems. Our growth was driven primarily by the increased utilization at existing sites, along with the addition of 59 new implanting centers and 18 additional U.S. Despite the macroeconomic challenges that persisted through the quarter, the team remained focused on delivering high-quality patient outcomes. "Once again, the Inspire team executed extremely well during the third quarter, continuing the strong momentum we saw in the first half of 2022. ![]() Launched Bluetooth®-enabled patient remote and new silicone-based stimulation and sensing leads.Completed an underwritten public offering in August 2022, raising $243.8 million of net proceeds. ![]() sales territories in the third quarter of 2022, bringing the total to 209 U.S. medical centers providing Inspire therapy in the third quarter of 2022, bringing the total to 844 U.S. Achieved gross margin of 81.9% in the third quarter of 2022.Generated revenue of $109.2 million in the third quarter of 2022, a 77% increase over the same quarter last year.(NYSE: INSP) (Inspire), a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea, today reported financial results for the quarter ended September 30, 2022. 01, 2022 (GLOBE NEWSWIRE) - Inspire Medical Systems, Inc. ![]()
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