Golden Valley, Minn.-based Inspire Medical Systems, maker of the first-ever implantable neurostimulation device to treat obstructive sleep apnea, has seen an explosive growth in sales since 2016.
That year, the company posted $16.4 million in revenue. Inspire Medical said its preliminary sales numbers for 2021 would land between $233 and $233.4 million, according to a Jan. 5 Star Tribune report. That represents a 1,300 percent increase.
CEO Tim Herbert said the growth is thanks to the device's implant procedure taking place in the fast-growing ASC arena, which has not been as hard-hit by pandemic-related elective surgery delays, as well as high demand and no competition from other device makers.
"How we're able to continue to grow is we are outpatient surgery," Mr. Herbert told the Star Tribune. "We don't take up hospital beds."
The company added 81 implanting centers to its U.S. network in the fourth quarter of 2021, according to a Jan. 4 news release.
"Importantly, our robust pace in the opening of new centers includes a growing number of ASCs, which continue to increase at a higher rate than the addition of hospitals," Mr. Herbert said in the release.
The company will report full 2021 financial results on Feb. 8.