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Jefferies recently initiated coverage of Inspire Medical Systems (NYSE:INSP) with a buy rating, emphasizing the company’s solid fundamentals and the anticipated minimal impact from GLP-1 drugs.
The analysts’ note expressed confidence in strong underlying strength, driven by increasing Hypoglossal Nerve Stimulation (HGNS) penetration and awareness. They cited label expansion, progress in reducing pre-surgery diagnostic requirements, and the upcoming launch of the Inspire 5 next-gen system in 2025, which is expected to reduce surgery time by around 30%.
Jefferies also addressed the impact of GLP-1s on the company’s total addressable market, stating that it did not expect material influence. The report highlighted that diminishing concerns related to GLP-1s, combined with consistent execution, could potentially lead to multiple expansion over time. Additionally, the investment bank set a price target for the stock at a robust $245.
