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MarketScreener Homepage  >  Equities  >  Nyse  >  Inspire Medical Systems, Inc.    INSP

INSPIRE MEDICAL SYSTEMS, INC.

(INSP)
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INSPIRE MEDICAL SYSTEMS, INC. : Change in Directors or Principal Officers (form 8-K)

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07/10/2020 | 04:17pm EDT

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;

           Appointment of Certain Officers; Compensatory Arrangements of Certain
           Officers.



On July 7, 2020, Mudit Jain tendered his resignation as a Class II director of the Board of Directors (the "Board") of Inspire Medical Systems, Inc. (the "Company"), and will step down from the Board and its Audit Committee, effective July 30, 2020. Dr. Jain's resignation was not the result of any disagreement with the Company or any matter relating to the Company's operation, policies or practices.

On July 8, 2020, the Board, upon the recommendation of its Nominating and Corporate Governance Committee, expanded the size of the Board from nine directors to ten directors, and appointed Georgia Garinois-Melenikiotou to the Board to fill the newly vacant seat, effective immediately. Ms. Garinois-Melenikiotou will serve as a Class II director for a term expiring at the Company's annual meeting of stockholders to be held in 2023 and until her successor is duly elected and qualified or her earlier death, disqualification, resignation or removal. In connection with the appointment of Ms. Garinois-Melenikiotou to the Board, she was also appointed to serve on the Audit Committee, effective upon Dr. Jain's resignation. The Board further approved that the size of the Board will be reduced from ten to nine directors also upon the effectiveness of Dr. Jain's resignation.

Ms. Garinois-Melenikiotou, 61, served as Executive Vice President, Corporate Marketing at The Estée Lauder Companies ("ELC"), a global beauty products company, from January 2015 through July 2020 and as ELC's Senior Vice President, Corporate Marketing from 2010 through December 2014. Prior to ELC, Ms. Garinois-Melenikiotou had a 27-year career at Johnson & Johnson, a global manufacturer of medical devices, pharmaceutical products and consumer packaged goods, including several senior leadership positions most recently as President, Beauty Global Business Unit Strategy and New Growth from 2007 to 2010 and, prior to that, as President, Beauty Care, EAME from 2006 to 2007. Ms. Garinois-Melenikiotou has served on the Board of Directors of Almirall, S.A. (BMAD: ALM), a Spanish pharmaceutical company, since 2015. Ms. Garinois-Melenikiotou holds a B.S. and an M.S. in engineering from the National Technical University of Athens and an M.B.A. from the Sloan School of Management at M.I.T.

Ms. Garinois-Melenikiotou is eligible to participate in the Company's Non-Employee Director Compensation Policy, which provides for: (i) an annual cash retainer of $40,000 for serving on the Board, earned on a quarterly basis; (ii) an annual cash retainer of $10,000 for serving on the Audit Committee, earned on a quarterly basis; (iii) an initial equity-based award of options to purchase shares of the Company's common stock (the "Initial Award") in an amount equal to $165,000 that vests and becomes exercisable in substantially equal annual installments over three years following the grant date, subject to Ms. Garinois-Melenikiotou's continued service on the Board through each such vesting date; and (iv) following each annual meeting of the Company's stockholders, an annual equity-based award of options to purchase shares of the Company's common Stock in an amount of $110,000 that vests and becomes exercisable on the first anniversary of the date of grant, subject to Ms. Garinois-Melenikiotou's continued service on the Board through such vesting date. Ms. Garinois-Melenikiotou may elect to receive any portion of his annual cash retainers in the form of shares of the Company's common stock. On July 8, 2020, Ms. Garinois-Melenikiotou was granted an Initial Award in an amount equal to $165,000 and with an exercise price equal to $93.14 per share, the fair market value of a share of the Company's common stock on the July 8, 2020 grant date. Ms. Garinois-Melenikiotou has entered into the Company's standard indemnification agreement for directors and officers.

© Edgar Online, source Glimpses


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Financials (USD)
Sales 2020 90,2 M - -
Net income 2020 -72,9 M - -
Net cash 2020 161 M - -
P/E ratio 2020 -44,2x
Yield 2020 -
Capitalization 3 322 M 3 322 M -
EV / Sales 2020 35,1x
EV / Sales 2021 22,0x
Nbr of Employees 239
Free-Float 96,2%
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 127,31 $
Last Close Price 123,97 $
Spread / Highest target 21,0%
Spread / Average Target 2,69%
Spread / Lowest Target -59,7%
EPS Revisions
Managers
NameTitle
Timothy P. Herbert President, CEO, Secretary & Director
Marilyn Carlson Nelson Chairman
Philip J. Ebeling Chief Operating Officer
Richard John Buchholz Chief Financial Officer
Quan Ni Vice President-Research
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