BofA upgrades Inspire Medical to Buy as 2025 revenue outlook strengthens

BofA Securities has upgraded Inspire Medical Systems, Inc. to a "Buy" rating, raising the price target from $220 to $255. The company is now considered part of the profitable growth category, with expected 2025 revenue of $950 million. Inspire Medical anticipates 2024 sales between $793 million and $798 million, slightly above previous guidance. The company plans to expand its workforce, open new centers, and enhance advertising to support growth. The upcoming Inspire V system, approved by the FDA, aims to simplify procedures and increase accessibility for more doctors. A soft launch is planned for late 2024, with a full launch expected in 2025.