Skip to content
MARKETS / NYSE / INSP
NYSE · SURGICAL & MEDICAL INSTRUMENTS & APPARATUS · LARGE CAP

Inspire Medical Systems, Inc. INSP

9 fiscal years on record · USD · FY2025 reported · SEC filings only
$912.0M
▲ 13.6% YoY
$145.4M
▲ 171.8% YoY
$78.5M
▼ 13.9% YoY
In brief

What this company does

Inspire Medical Systems has developed a closed-loop system that continuously monitors a patient's breathing and delivers mild hypoglossal nerve stimulation to maintain an open airway. It sells its Inspire system to hospitals and ambulatory surgery centers in the U.S. and in select countries in Europe through a direct sales organization, and sells the system in Japan and Singapore through distributors. As of December 31, 2025, it had 295 sales territories in the U.S. and 21 outside of the U.S. Physicians have treated more than 125,000 patients with Inspire therapy across the United States, Europe, and Asia. As of December 31, 2025, it had 1,333 employees, of which 1,243 are in the U.S., 83 are in Europe, and 7 are in Japan. Inspire therapy received premarket approval from the FDA in 2014 and has been commercially available in certain European markets since 2011.

Written from the business description in Inspire Medical Systems, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 13 February 2026. Every sentence was checked against that document before publication.

Growth
USD 912.0M
Revenue, FY2025 · full 9-year series below
Revenue $M Net income $M
FY2025 · Revenue 912.0 · Net income 145.4
400M800M201720182019202020212022202320242025
Compound annual growth
+30.8%
+51.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +51.2% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
16 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 5.6% · Net 15.9%
5%10%15%-20%-40%-60%201720182019202020212022202320242025
ROE
FY2025 · ROE 19.8%
-500%-1000%201720182019202020212022202320242025

Each USD of equity produced 20 cents of profit this year.

Cash & shareholders
USD 165.4M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 78.5
40M80M-20M-40M201720182019202020212022202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 165.4
80M160M-100M-200M2022202320242025

USD 165.4M in buybacks — 114% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 907.3M
EquityUSD 781.2M
CashUSD 104.8M
Current ratio6.08×

Equity funds 86% of total assets.

The 9-year record
9 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017
Revenue $B0.90.80.60.40.20.10.10.10.0
Operating income $B0.10.0−0.0−0.0−0.0−0.1−0.0−0.0−0.0
EBITDA $B0.10.0−0.0−0.0−0.0−0.1−0.0−0.0−0.0
Income tax $B−0.10.00.00.00.00.00.00.00.0
Net income $B0.10.1−0.0−0.0−0.0−0.1−0.0−0.0−0.0
Free cash flow $B0.10.10.00.0−0.0−0.1−0.0−0.0−0.0
EPS, diluted $4.891.75−0.72−1.60−1.54−2.19−1.40−1.50−14.88
Dividend / sh $·········
Payout %·········
ROE %19.88.5−4.0−12.4−18.3−31.0−21.9−26.4−1319.6
Shares out B0.030.030.030.030.030.030.020.02·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 43 reconciliationsAUDITED

Reconciled in 9 of 19 fiscal years. 52 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivitySurgical & Medical Instruments & Apparatus
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2017

Share this section

Download image