Inspire Medical to IPO

Inspire Medical Systems, which markets a neurostimulation device for the management of sleep apnea, announced plans to IPO. They hope to raise $86 million when they list their shares on the NYSE (under the ticker “INSP”).

The Inspire device is the only neurostimulation product on the market for the management of moderate to severe obstructive sleep apnea and is an alternative to CPAP. The device is implanted in a minimally invasive procedure. The company reports high levels of patient satisfaction with use of the device, noting that 92% of patients in Inspire’s ongoing registry reported finding the device comfortable and convenient at four months from implantation, with 80% reporting continued nightly use through five years from initial treatment, according to their pivotal trial.

According to the S-1, the company plans to use the funds for hiring additional sales and marketing personnel, expanding their marketing programs in the U.S. and Europe, supporting pipeline product development and R&D and for working capital and general corporate purposes.

Inspire recorded $28.6 million in sales in 2017.