Golden Valley, MN - Inspire Medical Systems Inc . (NYSE:INSP) announced the resignation of its Chief Operating Officer, Philip J. Ebeling, effective August 9, 2024. Ebeling, who joined the company in June 2020, is leaving to assume the role of President and Chief Executive Officer at a private cardiology-focused medical device company.
The company has indicated plans to engage a top executive search firm to find a suitable replacement for the COO position. Ebeling's decision to leave marks a significant change in the executive team of Inspire Medical Systems, a key player in the medical devices sector.
The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol INSP. As the search for a new COO begins, the company assures that the transition will be managed with a focus on continuity and leadership within the operations of the firm.
In other recent news, Inspire Medical Systems has gained EU approval for its updated sleep apnea therapy, a significant achievement under the European Union's Medical Device Regulation. This approval allows patients in the EU to undergo full-body MRI scans and introduces silicone-insulated leads to the therapy. In recent developments, Inspire Medical Systems has seen adjustments in stock targets by several analyst firms. Truist Securities reduced its price target to $217, maintaining a Buy rating, based on an estimated 2025 revenue of around $946 million.
Baird also revised the company's price target to $220, maintaining an Outperform rating, anticipating a slight beat on Q2 top-line revenue. Mizuho Securities reduced its price target to $200 while keeping an Outperform rating. BofA Securities cut its price target from $225 to $185 due to projected deceleration in revenue growth, maintaining a Neutral rating. Lastly, Oppenheimer maintained its Perform rating on Inspire Medical Systems.
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