Inspire Medical (INSP) and Procept BioRobotics (PRCT) Release Preliminary Q4 Results
This morning Inspire (INSP) issued preliminary Q4 2022 results that came in ahead of expectations. Management said it sees Q4 revenue up 76% to around $137.7 million (consensus was at $117 million, or +49%). The quarter implies full-year 2022 revenue of $407.7 million (+75%) versus consensus at $390 million (+67%). Management also said it activated 61 new U.S. implant centers (vs. guidance of 52 to 56) and created 16 new U.S. sales territories. It also continues to grow in Europe thanks to results in Germany, Switzerland and the Netherlands. Official results are due on February 7. The stock has been down a little today (but not broken at all) along with several other small- and mid-cap MedTech stocks even though the quarter was extremely good. Management presents at the J.P. Morgan Healthcare Conference today. While there is some loss in momentum in small- and mid-cap MedTech stocks we’ll keep INSP at hold and look for the stock to hold up around the 240 level. HOLD TWO THIRDS
Procept BioRobotics (PRCT) also pre-announced this morning with Q4 results very slightly ahead of expectations. Management believes revenue will be up 114% to $23.7 million versus expectations for 112% growth to $21.5 million. Full-year revenue is seen around $74.9 million (+117%). The very slim beat likely accounts for PRCT’s lack of performance today (shares were -10% earlier, better now). Today’s intraday action has sent PRCT down through the early-November low of 37.6 and the September dip of 36.7, though again PRCT has bounced back some and is just under 37 as of 1 p.m. ET. I currently have PRCT at hold and will keep it there, though I’m watching it closely. Management presents at the J.P. Morgan Conference tomorrow and will likely fill in some details around 2023 expectations. HOLD HALF
