Inspire Medical price target lowered to $203 from $205 at Leerink

Leerink lowered the firm’s price target on Inspire Medical to $203 from $205 and keeps a Market Perform rating on the shares following the company’s Q1 earnings. The firm notes the company posted a modest top-line beat, but the outperformance was driven entirely by Outside U.S. revenues, while U.S. revenue came in 1.4% below consensus. The company raised its FY24 revenue guidance and now expects GAAP profitability during FY24, but Leerink expects shares to be under pressure due to disappointing U.S. sales, and management disclosing that they will no longer be providing color on center or territory guidance metrics that help the Street calculate utilization.