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INSP

Inspire Medical Systems, Inc.

INSP

Inspire Medical Systems, Inc. • NYSE
$124.41 ▼ -2.29% (-2.92)
Market Cap $3.68 B
52w High $216.01
52w Low $70.77
Dividend Yield 0%
P/E 85.21
Volume 508.65K
Outstanding Shares 29.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $224.501M ▲ $183.084M ▼ $9.932M ▲ 4.424% ▲ $0.34 ▲ $17.228M ▲
Q2-2025 $217.086M ▲ $185.73M ▲ $-3.592M ▼ -1.655% ▼ $-0.12 ▼ $1.086M ▼
Q1-2025 $201.317M ▼ $172.093M ▲ $2.992M ▼ 1.486% ▼ $0.1 ▼ $1.559M ▼
Q4-2024 $239.718M ▲ $171.846M ▲ $35.224M ▲ 14.694% ▲ $1.18 ▲ $56.754M ▲
Q3-2024 $203.191M $156.475M $18.497M 9.103% $0.62 $16.168M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $322.592M ▲ $807.716M ▲ $141.256M ▲ $666.46M ▼
Q2-2025 $300.895M ▼ $802.193M ▲ $124.379M ▲ $677.814M ▲
Q1-2025 $369.189M ▼ $730.809M ▼ $95.066M ▼ $635.743M ▼
Q4-2024 $445.546M ▲ $808.383M ▲ $118.688M ▲ $689.695M ▼
Q3-2024 $410.987M $796.194M $99.632M $696.562M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $9.932M ▲ $68.526M ▲ $-11.645M ▼ $-51.078M ▼ $5.918M ▼ $58.087M ▲
Q2-2025 $-3.592M ▼ $2.684M ▲ $46.562M ▲ $3.697M ▲ $53.045M ▲ $-6.313M ▲
Q1-2025 $2.992M ▼ $-6.703M ▼ $-1.553M ▼ $-87.76M ▼ $-96.268M ▼ $-15.11M ▼
Q4-2024 $35.224M ▲ $69.181M ▲ $3.761M ▲ $-70.138M ▼ $2.638M ▲ $62.154M ▲
Q3-2024 $18.497M $52.283M $-102.968M $9.89M $-40.523M $44.276M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Operating Segment
Operating Segment
 $200.00M ▲$220.00M ▲$220.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Inspire Medical has grown its sales rapidly over the past five years, moving from a small niche player toward meaningful scale. The company has now crossed the line into consistent profitability, with both operating income and net income turning positive after several years of losses. This shift suggests that fixed costs, such as sales infrastructure and administrative overhead, are being spread over a much larger revenue base. Gross profitability remains strong, which is typical for specialized medical devices, and the improvement in bottom-line results points to better cost discipline and maturing commercial operations. That said, spending on growth, including sales support and clinical activities, is still significant, so profitability is relatively new and will need to prove durable over time.

Balance Sheet

Balance Sheet The balance sheet shows a business that has expanded steadily while keeping financial risk relatively low. Total assets and shareholder equity have climbed meaningfully, reflecting reinvestment of capital into growth rather than heavy reliance on borrowing. Debt remains very modest, which reduces financial pressure and gives the company flexibility if conditions become more challenging. Cash levels rose earlier in the period and have since come down, but still appear reasonable given the now-positive earnings and cash generation. Overall, the company looks capitalized more like a growth-focused medical technology firm than a highly leveraged manufacturer, with most of the funding coming from equity rather than debt.

Cash Flow

Cash Flow Inspire’s cash flow story has improved markedly. The business moved from consuming cash in its early scaling phase to generating cash from operations in recent years, and free cash flow has turned positive as well. This means the company is now largely funding its own growth rather than depending on external capital. Capital spending remains relatively modest, which helps support free cash flow, although it also means most investment is going into people, sales channels, and innovation rather than heavy equipment. The key watchpoint is whether operating cash flow stays reliably positive as the company continues to invest in commercial expansion and new products.

Competitive Edge

Competitive Edge Inspire occupies a differentiated niche in sleep apnea treatment, with an implantable device that serves patients who struggle with traditional mask-based therapies. Being the first and, so far, only FDA-approved player in this specific neurostimulation approach gives the company a meaningful head start. Its position is reinforced by a legacy of patents, strong clinical data, and the need for specialized surgical training, all of which raise the bar for would-be competitors. The company has also built an ecosystem around physicians, patients, and payers, including training programs and reimbursement support, which deepens its entrenchment. On the other hand, the business is still heavily dependent on a single core therapy concept and on reimbursement decisions, so any shift in clinical preferences, regulatory views, or payment policies could have an outsized impact.

Innovation and R&D

Innovation and R&D Innovation is central to Inspire’s strategy. The company pioneered its initial implantable system and continues to iterate, with the next-generation device designed to simplify surgery and potentially reduce procedure time. Looking ahead, the pipeline includes further system enhancements, potential automation features, and a digital platform aimed at remote monitoring and therapy optimization. These efforts could not only improve patient outcomes and clinician workflow but also create more recurring, software-like revenue elements over time. The company is also working on expanded clinical indications and international approvals, which show that R&D is focused both on better technology and on broadening the addressable patient population. This innovation-led approach is a strength, but it depends on sustained investment and successful execution of clinical and regulatory programs.

Summary

Inspire Medical sits at the intersection of strong growth, emerging profitability, and meaningful medical innovation. The income statement reflects a transition from an early-stage, loss-making model to a business that can now generate profits and cash, while the balance sheet remains conservative with low debt and growing equity. Cash flows have turned positive, signaling that the company is increasingly self-sustaining. Competitively, Inspire benefits from first-mover advantage, clinical proof, and meaningful barriers to entry in a specialized segment of sleep apnea treatment. Its future hinges on continued innovation, successful rollout of next-generation systems, reimbursement support, and international expansion. Overall, this is a rapidly scaling medtech company with a strengthening financial foundation and a focused but still relatively concentrated business model, where execution and policy environments remain key variables to watch.

NEWS

November 30, 2025 · 7:45 AM UTC

INSP LAWSUIT: BFA Law Reminds Inspire Medical Systems, Inc. Investors the Company has been Sued for Securities Fraud and to Contact BFA Law by January 5 Deadline

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November 29, 2025 · 10:42 PM UTC

ROSEN, TRUSTED INVESTOR COUNSEL, Encourages Inspire Medical Systems, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action - INSP

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November 29, 2025 · 8:25 AM UTC

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Inspire Medical Systems

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November 29, 2025 · 6:10 AM UTC

INSP STOCK: Lose Money on Your Inspire Medical Systems, Inc. Investment? Contact BFA Law about the Pending Securities Class Action before January 5 Deadline

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November 28, 2025 · 5:35 PM UTC

Inspire Medical (INSP) Faces Securities Class Action Over Claims It Misled Investors on Next-Generation Device Launch -- Hagens Berman

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