Inspire Medical Systems (INSP) Outperformed on 2023 Revenue Guidance

Alger Capital, an investment management company, released its “Alger Small Cap Focus Fund” fourth quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund underperformed the Russell 2000 Growth Index. The Energy and Communication Services sectors contributed to the fund’s relative performance in the quarter, while Consumer Discretionary and Information Technology detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Alger Small Cap Focus Fund highlighted stocks like Inspire Medical Systems, Inc. (NYSE:INSP) in its Q4 2022 investor letter. Headquartered in Golden Valley, Minnesota, Inspire Medical Systems, Inc. (NYSE:INSP) is a medical technology company. On March 15, 2023, Inspire Medical Systems, Inc. (NYSE:INSP) stock closed at $242.06 per share. One-month return of Inspire Medical Systems, Inc. (NYSE:INSP) was -10.34%, and its shares gained 3.88% of their value over the last 52 weeks. Inspire Medical Systems, Inc. (NYSE:INSP) has a market capitalization of $7.031 billion.

Alger Small Cap Focus Fund made the following comment about Inspire Medical Systems, Inc. (NYSE:INSP) in its Q4 2022 investor letter:

“Inspire Medical Systems, Inc. (NYSE:INSP) markets the only FDA-approved implantable neuromodulation device used to treat obstructive sleep apnea (OSA). The device monitors a patient’s breathing and delivers electrical stimulation to the hypoglossal nerve in order to maintain an open airway. During the quarter, shares outperformed due to solid fiscal third quarter results, where the company exceeded analyst estimates and raised fiscal 2023 revenue guidance, driven by continued strength in utilization and procedures. We continue to believe that Inspire offers a compelling opportunity within the medical devices industry.”

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Inspire Medical Systems, Inc. (NYSE:INSP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Inspire Medical Systems, Inc. (NYSE:INSP) at the end of the fourth quarter which was 37 in the previous quarter.

We discussed Inspire Medical Systems, Inc. (NYSE:INSP) in another article and shared the list of high growth healthcare stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.