Inspire Medical Systems, Inc.

Listed Company

INSPCIK 0001609550NYSELarge AcceleratedSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$911.98M

Net Income

$145.42M

Total Assets

$907.32M

Equity

$781.16M

Shares Out

28.81M

Op. Cash Flow

$116.98M

INSP$50.59−60.54% · past yearDBEQ Basic

Daily closing prices

Business

Inspire Medical Systems develops and commercializes the Inspire system, a minimally invasive, closed-loop neurostimulation device for patients with moderate to severe obstructive sleep apnea who have failed continuous positive airway pressure therapy. The system delivers electrical stimulation to the hypoglossal nerve to maintain airway patency. Inspire sells directly to hospitals and ambulatory surgery centers in the U.S. and Europe, and through distributors in Asia.

Summary from 10-K filed 2026-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	912	803	625	408	233
Cost of goods sold	133	123	97	66	33
Gross profit	779	680	528	342	200
Research and development	103	114	117	69	37
Selling, general and administrative	625	530	452	321	203
Total operating expenses	728	644	568	389	—
Operating income (loss)	51	36	−40	−48	−40
Interest and dividend income	−18	−23	−21	−5	−125,000
Interest expense	137,000	22,000	0	2	—
Other expense, net	3	855,000	195,000	49,000	117,000
Total other income	−15	−22	−20	−3	2
Income (loss) before income taxes	66	58	−20	−44	−42
Income tax (benefit) expense	−80	5	1	613,000	72,000
Net income (loss)	145	54	−21	−45	−42
Foreign currency translation (loss) gain	−296,000	−65,000	140,000	89,000	0
Unrealized gain (loss) on investments	224,000	−199,000	746,000	−120,000	−84,000
Total comprehensive income (loss)	145	53	−20	−45	−42
Basic (in dollars per share)	4.95	1.8	−0.72	−1.6	−1.54
Diluted (in dollars per share)	4.89	1.75	−0.72	−1.6	−1.54
Basic (in shares)	29	30	29	28	27
Diluted (in shares)	30	31	29	28	27

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	105	150	186	442	214
Investments, short-term	203	295	275	10	0
Accounts receivable, net of allowance for credit losses of $1,080 and $880, respectively	120	93	90	61	34
Inventories, net	145	80	34	12	17
Prepaid expenses and other current assets	10	12	10	6	3
Total current assets	584	631	594	530	269
Investments, long-term	96	71	9	0	10
Property and equipment, net	98	72	40	17	8
Operating lease right-of-use assets	24	23	23	7	8
Deferred tax assets	89	13,000	—	—	—
Other non-current assets	17	11	11	11	204,000
Total assets	907	808	677	565	295
Accounts payable	37	39	39	27	12
Accrued expenses	59	50	39	34	20
Total current liabilities	96	89	78	61	41
Operating lease liabilities, non-current portion	30	30	25	8	9
Other non-current liabilities	104,000	148,000	1	146,000	134,000
Total liabilities	126	119	104	69	66
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred Stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding	0	0	0	0	0
Common Stock, $0.001 par value, 200,000,000 shares authorized; 28,579,015 and 29,740,176 shares issued and outstanding at December 31, 2025 and 2024, respectively	29,000	30,000	30,000	29,000	27,000
Additional paid-in capital	927	981	917	820	508
Accumulated other comprehensive income	464,000	536,000	800,000	−86,000	−55,000
Accumulated deficit	−146	−292	−345	−324	−279
Total stockholders' equity	781	690	573	496	229
Total liabilities and stockholders' equity	907	808	677	565	295

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	14	7	3	2	1
Accretion of investment discount	−3	−9	−2	−4,000	14,000
Stock-based compensation expense	130	116	83	52	26
Deferred income taxes (benefit)	−89	0	0	—	—
Provision (benefit) for estimated credit losses	200,000	−768,000	2	−63,000	—
Impairment of strategic investment	4	0	0	—	—
Other non-cash expenses	2	2	2	879,000	—
Accounts receivable	−26	−3	−30	−27	−9
Inventories	−65	−46	−22	5	−9
Prepaid expenses and other current assets	2	−2	−5	−3	−696,000
Accounts payable	−4	604,000	9	14	5
Accrued expenses and other liabilities	6	13	7	12	7
Net cash provided by operating activities	117	130	25	12	−20
Purchases of property and equipment	−38	−39	−24	−9	−5
Purchases of investments	−240	−418	−281	0	−10
Proceeds from sales or maturities of investments	310	345	10	0	44
Purchases of strategic investments	−10	−250,000	−250,000	−11	0
Net cash provided by (used in) investing activities	21	−113	−295	−20	29
Proceeds from the exercise of stock options	10	22	26	12	11
Accelerated share repurchase of common stock	0	−75	0	—	—
Share repurchase of common stock	−175	0	0	0	—
Payment of taxes on net share settlement of equity awards	−23	−5	−17	−43,000	0
Proceeds from the issuance of common stock from employee stock purchase plan	5	6	5	4	3
Net cash (used in) provided by financing activities	−183	−52	14	235	15
Effect of exchange rate on cash	−310,000	−118,000	164,000	75,000	−19,000
Decrease in cash and cash equivalents	−45	−35	−256	227	24
Cash paid for interest	137,000	22,000	0	2	2
Property and equipment included in accounts payable and accrued expenses	5	3	4	2	274,000
Excise taxes accrued but not paid	1	0	0	—	—

Filings

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Frequently asked questions

What is Inspire Medical Systems, Inc.'s CIK number?

Inspire Medical Systems, Inc.'s SEC CIK number is 0001609550 (1609550). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Inspire Medical Systems, Inc.'s SEC filings?

All of Inspire Medical Systems, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Inspire Medical Systems, Inc. last report earnings?

Inspire Medical Systems, Inc. (INSP) most recently filed an earnings 8-K with the SEC on May 4, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001609550-26-000021). This is Inspire Medical Systems, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Inspire Medical Systems, Inc.'s most recent earnings 8-K?

Inspire Medical Systems, Inc.'s latest earnings 8-K (Item 2.02) was filed May 4, 2026 under accession 0001609550-26-000021. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Inspire Medical Systems, Inc.'s latest earnings 8-K →
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