BUZZ-Inspire Medical falls on slower-than-expected sleep apnea device launch

Sleep apnea device maker Inspire Medical Systems' shares INSP.N fall 2.9% to $175.72 in morning trade

Co late on Monday reported Q4 adj EPS of $1.15, above Wall Street est of 73 cents - data compiled by LSEG

INSP said they have "made steady progress" toward the full launch of sleep apnea device Inspire V during Q4

Wells Fargo says the launch is slower than expected due to hurdles at its U.S and Mexico manufacturing plants

Scaling up production on a new U.S. line takes time, as management aims to minimize disruption to production of the older device Inspire IV while producing Inspire V, brokerage says

Brokerage says a civil investigation by the U.S. justice department related to allegations of false information about co's devices submitted to the agency might hurt the stock

Brokerages Truist, Morgan Stanley and Wells Fargo cut their PTs on INSP

Stock was down 1.3% in 2024