INSP

MKT CAP:$2B

Inspire Medical Systems, Inc.

Market Cap

$2B

Healthcare·Medical - Devices·🇺🇸 United States·NYSE

Healthcare·Medical - Devices·🇺🇸·NYSE

Stock Price

$56.00-$36.27 (-39.31%)

Apr 23, 2026

Company Details

Inspire Medical Systems, Inc., a medical technology company, focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA) in the United States and internationally. The comp...

CEO

Timothy Herbert

IPO Date

May 3, 2018

Website

www.inspiresleep.com

Key Metrics TTM

Revenue

$912M

+13.6% YoY

Net Income

$145M

EPS (Diluted)

$4.98

Free Cash Flow

$78M

Revenue / Share

$31.21

Gross Margin

85.4%

Operating Margin

5.6%

Net Margin

15.9%

FCF Margin

8.6%

P/S

1.8x

P/E

11.2x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 13, 2026

$912M+13.6%EPS $4.89

Q4 2025

Feb 13, 2026

$269M+12.2%EPS $4.66

Q3 2025

Nov 3, 2025

$225M+10.5%EPS $0.34

Q2 2025

Aug 4, 2025

$217M+10.8%EPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$69M	$59M	-$16M
Q2 22	$91M	$77M	-$14M
Q3 22	$109M	$89M	-$17M
Q4 22	$138M	$116M	-$335.0K
Q1 23	$128M	$108M	-$19M
Q2 23	$151M	$127M	-$17M
Q3 23	$153M	$129M	-$13M
Q4 23	$193M	$164M	$9M
Q1 24	$164M	$139M	-$15M
Q2 24	$196M	$166M	$5M
Q3 24	$203M	$171M	$14M
Q4 24	$240M	$204M	$32M
Q1 25	$201M	$171M	-$1M
Q2 25	$217M	$182M	-$3M
Q3 25	$225M	$193M	$10M
Q4 25	$269M	$233M	$46M

Valuation

Quarter	P/S	P/E
Q1 22	26.0x	—
Q2 22	18.4x	—
Q3 22	15.2x	—
Q4 22	17.3x	—
Q1 23	14.3x	—
Q2 23	17.8x	—
Q3 23	10.1x	—
Q4 23	9.1x	—
Q1 24	9.4x	—
Q2 24	5.9x	689.5x
Q3 24	8.3x	190.1x
Q4 24	6.8x	102.7x
Q1 25	5.6x	70.7x
Q2 25	4.4x	72.1x
Q3 25	2.5x	50.1x
Q4 25	3.0x	19.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$13M	-$14M
Q2 22	-$6M	-$7M
Q3 22	$11M	$7M
Q4 22	$19M	$16M
Q1 23	-$1M	-$5M
Q2 23	$5M	$237.0K
Q3 23	$4M	-$3M
Q4 23	$17M	$9M
Q1 24	$9M	-$3M
Q2 24	-$78.0K	-$12M
Q3 24	$52M	$44M
Q4 24	$69M	$62M
Q1 25	-$7M	-$15M
Q2 25	$3M	-$6M
Q3 25	$69M	$58M
Q4 25	$52M	$42M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$1M
Q3 22	$4M
Q4 22	$3M
Q1 23	$4M
Q2 23	$5M
Q3 23	$7M
Q4 23	$8M
Q1 24	$12M
Q2 24	$12M
Q3 24	$8M
Q4 24	$7M
Q1 25	$8M
Q2 25	$9M
Q3 25	$10M
Q4 25	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+71.9%	+52.5%
Q2 22	+72.6%	+60.9%
Q3 22	+77.0%	+76.8%
Q4 22	+75.9%	+72.3%
Q1 23	+84.3%	+72.5%
Q2 23	+65.3%	+59.1%
Q3 23	+40.4%	+32.0%
Q4 23	+39.6%	+32.5%
Q1 24	+28.2%	+21.6%
Q2 24	+29.6%	+13.8%
Q3 24	+32.5%	+13.3%
Q4 24	+24.5%	+13.4%
Q1 25	+22.7%	+13.2%
Q2 25	+10.8%	+15.5%
Q3 25	+10.5%	+13.8%
Q4 25	+12.2%	+7.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$10M	14.1%
Q2 22	$13M	13.9%
Q3 22	$15M	13.4%
Q4 22	$15M	10.9%
Q1 23	$18M	14.3%
Q2 23	$22M	14.3%
Q3 23	$20M	12.8%
Q4 23	$23M	11.9%
Q1 24	$0	0.0%
Q2 24	$32M	16.5%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$31M	15.4%
Q2 25	$42M	19.2%
Q3 25	$30M	13.1%
Q4 25	$28M	10.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$12M	—	—	$64M
Q2 22	$15M	—	—	$77M
Q3 22	$21M	—	—	$86M
Q4 22	$21M	—	—	$95M
Q1 23	$26M	—	—	$102M
Q2 23	$31M	—	—	$113M
Q3 23	$29M	—	—	$113M
Q4 23	$31M	—	—	$124M
Q1 24	$29M	$100M	$26M	—
Q2 24	$29M	$109M	$23M	—
Q3 24	$26M	$107M	$23M	—
Q4 24	$30M	$119M	$23M	—
Q1 25	$28M	$123M	$21M	—
Q2 25	$26M	$135M	$25M	—
Q3 25	$24M	$122M	$36M	—
Q4 25	$25M	—	—	$162M

Revenue Segments

Quarter	Operating Segment
Q1 25	$201M
Q2 25	$217M
Q3 25	$225M
Q4 25	$269M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$3M	$66M
Q2 22	$4M	$88M
Q3 22	$3M	$106M
Q4 22	—	$134M
Q1 23	$3M	$124M
Q2 23	$6M	$145M
Q3 23	$6M	$148M
Q4 23	—	$189M
Q1 24	$8M	$156M
Q2 24	$8M	$188M
Q3 24	$7M	$196M
Q4 24	$8M	$232M
Q1 25	$8M	$194M
Q2 25	$10M	$207M
Q3 25	$10M	$214M
Q4 25	$12M	$257M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$203M	$0	$203M
Q2 22	$187M	$10M	$196M
Q3 22	$418M	$10M	$428M
Q4 22	$442M	$10M	$451M
Q1 23	$442M	$10M	$452M
Q2 23	$467M	$0	$467M
Q3 23	$330M	$134M	$464M
Q4 23	$186M	$275M	$460M
Q1 24	$175M	$266M	$441M
Q2 24	$188M	$252M	$440M
Q3 24	$148M	$263M	$411M
Q4 24	$150M	$295M	$446M
Q1 25	$54M	$315M	$369M
Q2 25	$107M	$194M	$301M
Q3 25	$113M	$210M	$323M
Q4 25	$105M	$203M	$308M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	28M	+0.5%	+1.4%
Q2 22	28M	+0.3%	+1.3%
Q3 22	28M	+2.3%	+3.4%
Q4 22	30M	+7.0%	+10.4%
Q1 23	29M	-3.7%	+5.7%
Q2 23	29M	+0.5%	+5.9%
Q3 23	29M	+0.5%	+4.0%
Q4 23	30M	+3.0%	+0.1%
Q1 24	30M	-2.1%	+1.8%
Q2 24	30M	+2.7%	+4.0%
Q3 24	31M	+0.7%	+4.3%
Q4 24	31M	+0.4%	+1.7%
Q1 25	30M	-1.4%	+2.4%
Q2 25	30M	-2.7%	-3.0%
Q3 25	30M	+0.3%	-3.4%
Q4 25	29M	-1.3%	-5.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$143.1K	485
Q2 22	$188.4K	485
Q3 22	$225.1K	485
Q4 22	$182.6K	755
Q1 23	$169.4K	755
Q2 23	$200.1K	755
Q3 23	$203.0K	755
Q4 23	$190.4K	1K
Q1 24	$162.2K	1K
Q2 24	$193.8K	1K
Q3 24	$201.0K	1K
Q4 24	$192.4K	1K
Q1 25	$161.6K	1K
Q2 25	$174.2K	1K
Q3 25	$180.2K	1K
Q4 25	$201.9K	1K

Revenue / Employee