Inspire Medical announced Tuesday that its 2021 revenue would be between $233 million and $233.4 million, a robust increase of about 102% over the previous year.

In 2016, the company tallied just $16.4 million in revenue. The preliminary numbers for 2021 represent a 1,300% increase in its sales over the last five years. It ranks among the fastest-growing public companies in Minnesota.

The company said its rapid growth is fueled by high consumer demand and low — or no — competition from other device makers.

Inspire developed the first-ever implantable neurostimulation device to treat obstructive sleep apnea. No one else has created a similar product and brought it to market. In its niche, Inspire Medical has zero competition.

“We are the only ones doing this,” said Tim Herbert, Inspire’s chief executive. Other companies have competing products in development, but they are still several years away from approval by the U.S. Food and Drug Administration (FDA), he said.

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