Wasatch Global Investors, an investment management firm, released its “Wasatch Small Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Stocks fell broadly in the quarter as investors worried about the consequences of rising interest rates and a possible recession. During the quarter, the strategy declined but surpassed its benchmark, the Russell 2000 Growth Index, which fell -7.32% and the broader Russell 2000 Index lost -5.13%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch Small Cap Growth Strategy highlighted stocks like Inspire Medical Systems, Inc. (NYSE:INSP) in the third quarter 2023 investor letter. Headquartered in Golden Valley, Minnesota, Inspire Medical Systems, Inc. (NYSE:INSP) is a medical technology company. On December 21, 2023, Inspire Medical Systems, Inc. (NYSE:INSP) stock closed at $195.01 per share. One-month return of Inspire Medical Systems, Inc. (NYSE:INSP) was 35.33%, and its shares lost 24.87% of their value over the last 52 weeks. Inspire Medical Systems, Inc. (NYSE:INSP) has a market capitalization of $5.758 billion.
Wasatch Small Cap Growth Strategy made the following comment about Inspire Medical Systems, Inc. (NYSE:INSP) in its Q3 2023 investor letter:
“The third quarter’s greatest detractor from strategy performance was Inspire Medical Systems, Inc. (NYSE:INSP). The company develops minimally invasive solutions for patients with obstructive sleep apnea. Inspire and other medical-technology firms saw their stock prices decline on concerns that the growing use of GLP-1 weight-loss drugs would reduce the need for treatments of obesity-related illnesses such as diabetes and sleep apnea. However, Inspire’s nerve-stimulating device can’t be prescribed to people with high body mass. Falling rates of moderate to severe obesity may even expand the company’s addressable market among patients who currently are too heavy to benefit from Inspire’s treatment solution. Additionally, we believe simplifications in both the airway exam and the surgical procedure used with Inspire’s device will increase patient throughput, decrease backlogs and potentially accelerate revenue growth in 2024.”
A medical professional performing a minimally invasive procedure while using the company’s technology.
Inspire Medical Systems, Inc. (NYSE:INSP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held Inspire Medical Systems, Inc. (NYSE:INSP)at the end of third quarter which was 47 in the previous quarter.
We discussed Inspire Medical Systems, Inc. (NYSE:INSP) in another article and shared TimesSquare Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 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.
