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Inspire Medical Systems, Inc. (INSP) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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INSP Quarterly Reports

Inspire Medical Systems, Inc.

CIK: 1609550 Ticker: INSP

Exhibit 99.1
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Inspire Medical Systems, Inc. Announces First Quarter 2020 Financial Results

MINNEAPOLIS, Minnesota - May 5, 2020
- Inspire Medical Systems, Inc. (NYSE: INSP) ("Inspire"), a medical technology company focused on the development and commercialization of innovative and minimally invasive solutions for patients with obstructive sleep apnea, today reported financial results for the quarter ended March 31, 2020, and provided a corporate update.

Recent Business Highlights
Achieved revenue of $21.3 million in the first quarter of 2020, a 31% increase over the same quarter last year
Activated 28 new U.S. medical centers in the first quarter of 2020, bringing the total to 327 U.S. medical centers implanting Inspire therapy
Created nine new territories in the first quarter of 2020, bringing the total to 82 U.S. territories
Completed an underwritten public offering in April 2020, raising $124.7 million of net proceeds
Announced that Wisconsin Physicians Services (“WPS”) Government Health Administrators issued the effective date of June 14, 2020, for its final Local Coverage Determination ("LCD")

“Following an extremely strong January and February, the impact of the ongoing COVID-19 pandemic was felt in our business through the postponement of substantially all of our Inspire implant procedures beginning in the second week of March in both the U.S. and Europe,” said Tim Herbert, President and Chief Executive Officer of Inspire Medical Systems. “In the last few weeks, the first implants since mid-March have been successfully completed in Germany and in the U.S., and we are confident that we are well-positioned going forward, as we expect a significant majority of postponed Inspire procedures to ultimately be rescheduled. Importantly, the fundamentals of our business remain strong, as we continue to invest in critical activities to accelerate growth once the impact of COVID-19 subsides.”

“We are excited to have recently received FDA approval for an expanded age range for Inspire therapy to include 18-21 year old patients. Based on our discussions with the FDA, we believe that this is the initial step in the pediatric approval process, with the potential for further expansion to lower age groups,” added Mr. Herbert. “Finally, we further strengthened our balance sheet through our successfully completed underwritten public offering in April, which raised $124.7 million of net proceeds for our company. We view this successful financing in a challenging environment, which included the participation from many top-tier healthcare-focused investors, as validation of the significant long-term potential of our business.”

During the first quarter of 2020, five Medicare Administrative Contractors ("MACs") issued their final LCDs, which are live and cover Medicare-aged patients in 37 states. On April 30, 2020, WPS issued the effective date of June 14, 2020, for its LCD proposing coverage of Inspire therapy. WPS covers Medicare patients in Indiana, Iowa, Kansas, Michigan, Missouri, and Nebraska. The remaining MAC, Palmetto GBA, which covers Alabama, Georgia, North Carolina, South Carolina, Tennessee, Virginia and West Virginia, is expected to issue its final LCD this year. Palmetto had previously issued their draft LCD policy in 2019.

Based on these LCDs, several MACs have now assigned and published a surgeon reimbursement fee of approximately $450 for the procedure to implant the pressure sensor, which previously did not have any payment; resulting in a surgeon payment increase of over 50% for Medicare procedures. Further, Inspire continues to add positive coverage policies for commercial payers and ended the quarter with more than 165 million members under policy in the U.S.

While implant procedures were postponed in the latter part of the first quarter, healthcare providers continue to evaluate patients using telemedicine and add educational events by implementing virtual community health talks, which were previously conducted as live events. The Company also continued to support prior authorization submissions throughout the first quarter, with 929 submissions resulting in 761 prior authorization approvals. As a


The following information was filed by Inspire Medical Systems, Inc. (INSP) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Balance Sheets
Balance Sheets (Parenthetical)
Statements Of Cash Flows (Unaudited)
Statements Of Operations And Comprehensive Loss (Unaudited)
Statements Of Stockholders' Equity (Unaudited)
Employee Retirement Plan
Income Taxes
Income Taxes (Details)
Investments
Investments (Details)
Investments (Tables)
Leases
Leases (Tables)
Leases - Assets And Liabilities (Details)
Leases - Overview (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Loss Per Share
Loss Per Share (Details)
Loss Per Share (Tables)
Organization
Segment Reporting And Revenue Disaggregation
Segment Reporting And Revenue Disaggregation (Details)
Segment Reporting And Revenue Disaggregation (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - 2018 Plan (Details)
Stock-Based Compensation - Amounts Recognized (Details)
Stock-Based Compensation - Assumptions Used To Calculate Fair Value Of Options (Details)
Stock-Based Compensation - Employee Stock Purchase Plan (Details)
Stock-Based Compensation - Stock Option Activity (Details)
Subsequent Event
Subsequent Event (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accrued Expenses (Details)
Summary Of Significant Accounting Policies - Advertising Expenses (Details)
Summary Of Significant Accounting Policies - Income Taxes (Details)
Summary Of Significant Accounting Policies - Inventories (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Summary Of Significant Accounting Policies - Short-Term Investments And Fair Value Of Financial Instruments (Details)
Summary Of Significant Accounting Policies - Stock Based Compensation (Details)

Material Contracts, Statements, Certifications & more

Inspire Medical Systems, Inc. provided additional information to their SEC Filing as exhibits

Ticker: INSP
CIK: 1609550
Form Type: 10-Q Quarterly Report
Accession Number: 0001609550-20-000024
Submitted to the SEC: Tue May 05 2020 4:31:11 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Surgical And Medical Instruments And Apparatus

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