By Colin Kellaher
Shares of Inspire Medical Systems fell more than 10% in premarket trading Wednesday after the medical-technology company posted quarterly revenue that missed Wall Street’s expectations.
After the closing bell on Tuesday, Inspire reported third-quarter revenue of $153.3 million, shy of the $154.5 million that analysts polled by FactSet, on average, were expecting.
Inspire said challenges related to its prior-authorization submission process had a short-term impact on the number of implant procedures early in the third quarter. But the Golden Valley, Minn., company said it saw an increase in patient prior authorizations at the end of the quarter, and it raised its full-year revenue forecast to $608 million to $612 million from its previous guidance of $600 million to $610 million.
Inspire shares, which closed Tuesday at $161.74, were recently down 12% at $141.90 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
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