Inspire Medical Systems, Inc. INSP

Healthcare SIC 3841 - Surgical & Medical Instruments & Apparatus NAICS Manufacturing › Miscellaneous Manufacturing › Medical Equipment and Supplies Manufacturing › Surgical and Medical Instrument Manufacturing derived NYSE

We are a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea ("OSA"). Our proprietary Inspire system is the first FDA, European Union ("EU") Regulation No. 2017/745 ("MDR" or "EU Medical Devices Regulation"), and Japan Pharmaceuticals and Medical Devices Agency-approved neurostimulation technology of its kind that provides a safe and effective treatment for patients with moderate to severe OSA. We have developed a novel, closed-loop solution that continuously monitors a patient's breathing and delivers mild hypoglossal nerve stimulation to maintain an open airway. A significant body of clinical data, which includes a publication in the New England Journal of Medicine, multiple publications in leading respiratory, ear, nose and throat ("ENT") and sleep medicine journals, and more than 385 peer-reviewed publications, supports the safety and efficacy of Inspire therapy. Inspire therapy received premarket approval ("PMA") from the FDA in 2014 and has been commercially available in certain European markets since 2011. Japan's Ministry of Health, Labour and Welfare ("MLHW") approved Inspire therapy to treat moderate to severe OSA in 2018. Inspire therapy is indicated for patients with moderate to severe OSA who do not have significant central sleep apnea and do not have a complete concentric collapse of the airway at the soft palate level. Physicians have treated more than 125,000 patients with Inspire therapy across the United States ("U.S."), Europe, and Asia.

Last close 71.11 2026-10-23
Market cap $2.06B 2026-06-30 share count
52-week range 38.91 - 147.03

Valuation FY2025 figures against the last close

P/S2.3x
P/E14.5x
P/FCF26.2x
EV/EBITDA31.7x
Dividend yield—
Diluted EPS4.89

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • All other countries
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 872.1M (95.6%) 96% United States All other countries, FY2025: 39.9M (4.4%) 4% FY2024 United States, FY2024: 771M (96.0%) 96% All other countries, FY2024: 31.8M (4.0%) 4% FY2023 United States, FY2023: 606.2M (97.0%) 97% All other countries, FY2023: 18.6M (3.0%)
Region FY2025FY2024FY2023
United States $872.1M $771.0M $606.2M
All other countries $39.9M $31.8M $18.6M

As the company reported it, from the “Segment Reporting and Revenue Disaggregation - Revenue by Geographic Region (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $912.0M$802.8M$624.8M$407.9M$233.4M$115.4M$82.0M$50.6M$28.6M$16.4M
Cost of revenue $133.2M$123.0M$96.6M$66.1M$33.3M$17.6M$13.6M$10.1M$6.0M$3.9M
Gross profit $778.8M$679.8M$528.2M$341.7M$200.1M$97.8M$68.4M$40.5M$22.5M$12.5M
R&D $103.2M$114.1M$116.5M$68.6M$37.4M$26.1M$12.8M$7.4M$6.2M$7.1M
SG&A $624.6M$529.6M$452.0M$320.7M$202.6M$127.9M$90.5M$53.5M$32.4M$22.7M
Total operating expenses ——$568.5M$389.3M$240.0M$154.0M$103.3M$60.9M$38.6M$29.8M
Operating income $51.0M$36.1M-$40.3M-$47.6M-$39.9M-$56.2M-$34.9M-$20.4M-$16.0M-$17.3M
Interest expense $137.0K$22.0K$0$1.7M$2.1M$2.1M$2.1M$3.3M$1.8M$1.3M
Pre-tax income $65.7M$58.5M-$19.9M-$44.3M-$42.0M-$57.1M-$33.2M-$21.8M-$17.5M-$18.5M
Income tax $79.7M$4.9M$1.2M$613.0K$72.0K$115.0K$40.0K$0$0$0
Net income $145.4M$53.5M-$21.2M-$44.9M-$42.0M-$57.2M-$33.2M-$21.8M-$17.5M-$18.5M
EPS, basic 4.951.80-0.72-1.60-1.54-2.19-1.40———
EPS, diluted 4.891.75-0.72-1.60-1.54-2.19-1.40-1.50-14.88-16.90
Shares, diluted (wtd. avg.) 29.8M30.5M29.3M28.1M27.3M26.1M23.8M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $104.8M$150.2M$185.5M$441.6M$214.5M$190.5M$22.9M$97.3M$9.0M$6.7M
Short-term investments $203.5M$295.4M$274.8M$9.8M$0$43.8M$126.6M$90.9M——
Receivables $119.7M$93.1M$89.9M$61.2M$34.2M$25.1M$13.1M$6.7M——
Inventory $145.3M$80.1M$33.9M$11.9M$17.2M$8.5M$5.8M$2.7M——
Total current assets $583.7M$630.8M$593.7M$530.0M$268.5M$269.9M$170.6M$199.3M——
Property, plant and equipment $97.9M$71.9M$40.0M$17.2M$8.5M$5.3M$3.0M$802.0K——
Total assets $907.3M$808.4M$676.8M$564.9M$295.1M$281.2M$181.3M$200.1M——
Total current liabilities $96.1M$88.5M$78.1M$61.2M$41.3M$20.7M$16.9M$11.2M——
Long-term debt ————$24.5M$24.5M$24.5M———
Total liabilities $126.2M$118.7M$104.3M$68.9M$66.0M$51.4M$41.4M$36.1M——
Retained earnings -$146.5M-$291.9M-$345.4M-$324.3M-$279.4M-$237.3M-$180.2M-$146.9M——
Total equity $781.2M$689.7M$572.5M$496.0M$229.0M$229.7M$139.8M$164.0M$1.3M-$6.6M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $117.0M$130.2M$24.7M$11.6M-$20.1M-$53.0M-$32.8M-$18.7M-$15.8M-$17.9M
Depreciation and amortisation $14.0M$6.5M$2.8M$1.9M$1.2M$840.0K$495.0K$393.0K$285.0K$103.0K
Stock-based compensation $130.3M$116.0M$82.5M$52.0M$26.2M$12.8M$6.2M$1.2M$243.0K$248.0K
Capital expenditure $38.5M$39.1M$23.6M$9.1M$4.7M$2.5M$2.7M$250.0K$412.0K$306.0K
Investing cash flow $21.4M-$113.1M-$294.8M-$19.6M$29.1M$86.6M-$43.6M-$83.4M-$7.6M-$306.0K
Financing cash flow -$183.4M-$52.4M$13.9M$235.1M$14.9M$134.1M$2.0M$190.4M$25.7M$12.8M
Buybacks $175.0M$0$0$0——————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001609550-26-000016.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -250M 0 250M 500M 750M 1B Revenue, FY2016: 16.4M Gross profit, FY2016: 12.5M Net income, FY2016: -18.5M Revenue, FY2017: 28.6M Gross profit, FY2017: 22.5M Net income, FY2017: -17.5M Revenue, FY2018: 50.6M Gross profit, FY2018: 40.5M Net income, FY2018: -21.8M Revenue, FY2019: 82M Gross profit, FY2019: 68.4M Net income, FY2019: -33.2M Revenue, FY2020: 115.4M Gross profit, FY2020: 97.8M Net income, FY2020: -57.2M Revenue, FY2021: 233.4M Gross profit, FY2021: 200.1M Net income, FY2021: -42M Revenue, FY2022: 407.9M Gross profit, FY2022: 341.7M Net income, FY2022: -44.9M Revenue, FY2023: 624.8M Gross profit, FY2023: 528.2M Net income, FY2023: -21.2M Revenue, FY2024: 802.8M Gross profit, FY2024: 679.8M Net income, FY2024: 53.5M Revenue, FY2025: 912M Gross profit, FY2025: 778.8M Net income, FY2025: 145.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $16.4M $28.6M $50.6M $82.0M $115.4M $233.4M $407.9M $624.8M $802.8M $912.0M
Gross profit $12.5M $22.5M $40.5M $68.4M $97.8M $200.1M $341.7M $528.2M $679.8M $778.8M
Net income -$18.5M -$17.5M -$21.8M -$33.2M -$57.2M -$42.0M -$44.9M -$21.2M $53.5M $145.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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