UPDATE: Oppenheimer Upgrades Inspire Medical Systems (INSP) to Perform

(updating comment)

Oppenheimer analyst Suraj Kalia upgraded Inspire Medical Systems (NYSE: INSP) from Underperform to Perform.

The analyst comments "Inspire reported 3Q revenues/GAAP EPS of $35.8M/($0.39), blowing past consensus/our/company guidance of $22.7M/$22.1M/$20-$24M, respectively. Suffice it to say, the company provided 3Q20 guidance in August 2020 calling for 20-24 new center add-ons, and the 42 actual new centers added caught everyone by surprise. The sudden step-change is a sharp departure on all metrics across the board, and it isn't clear if fundamentals changed in any material way, or this is a one-time catch-up phenomenon unique to Inspire. We note that no other company in the sector has reported such a step-change, which makes the numbers all the more curious. We are therefore stepping to the sidelines, and upgrading the stock to Perform. Our forward estimates get bumped up significantly to reflect inherent expectations moving forward."

For an analyst ratings summary and ratings history on Inspire Medical Systems click here. For more ratings news on Inspire Medical Systems click here.

Shares of Inspire Medical Systems closed at $121.75 yesterday.

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