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Profile & Fundamentals

Inspire Medical Systems Profile & Fundamentals

Name: Inspire Medical Systems financial chart data preview
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Company and Market Context

Company Profile & Ownership

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 company offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for patients with moderate to severe OSA. It also develops a novel, closed-loop solution that continuously monitors a patient's breathing and delivers mild hypoglossal nerve stimulation to maintain an open airway. The company was incorporated in 2007 and is headquartered in Golden Valley, Minnesota.

Company profile record

Inspire Medical Systems Inc

Common Stock · Health Care · Health Care Technology

Official website

Company

Company / asset: Inspire Medical Systems Inc
Security type: Common Stock
Sector: Health Care
Industry: Health Care Technology
HQ: 🇺🇸 United States
Head office: 5500 Wayzata Blvd., Golden Valley, MN, United States, 55416

Leadership & scale

Chief executive: Mr. Timothy P. Herbert
CEO year born: 1963
Full-time employees: 1.3K
Fiscal year end: December
IPO date: 2018-05-03

Fundamentals snapshot

Updated 2026-09-14

Market Cap: USD 2.2B
P/E: 16.5x
Revenue (Q2 26): USD 200.6M
Profit (Q2 26): USD 314.0K
Dividend Yield: --
Revenue (FY 25): USD 912.0M
Shares in public float: 23.3M
Insider ownership: 1.18%

Reporting & identifiers

Symbol: INSP.NYSE
Listing: 🇺🇸 United States | Dividend Tax: 30%
Ticker Currency: USD
Income Statement Currency: USD
Balance Sheet Currency: USD
Cash Flow Currency: USD
EPS Currency: USD
Contract Type: SPOT
ISIN: US4577301090
Asset ID: equity_2461f883-5729-5da7-b4b0-5b30c872a0a3

Ownership

Shares Outstanding

Shares outstanding

Annual reported shares outstanding. Values in shares.

Top holders

BlackRock Inc3,549,554 shares · 12.28% · Reported 2026-03-31
Deerfield Management Co2,703,238 shares · 9.35% · Reported 2026-03-31
Wellington Management Company LLP2,382,660 shares · 8.24% · Reported 2026-06-30
Vanguard Health Care Inv2,093,826 shares · 7.24% · Reported 2026-06-30
Soleus Capital Management, L.P.1,931,436 shares · 6.68% · Reported 2026-06-30
Vanguard Portfolio Management, LLC1,637,173 shares · 5.66% · Reported 2026-03-31
iShares Core S&P Small-Cap ETF1,597,440 shares · 5.53% · Reported 2026-08-31

View more holders (8)

D. E. Shaw & Co LP1,470,462 shares · 5.09% · Reported 2026-06-30
Morgan Stanley - Brokerage Accounts1,450,634 shares · 5.02% · Reported 2026-03-31
Nomura Holdings Inc1,369,410 shares · 4.74% · Reported 2026-06-30
Vanguard Capital Management, LLC1,266,738 shares · 4.38% · Reported 2026-03-31
State Street Corp956,011 shares · 3.31% · Reported 2026-03-31
Vanguard MStar Total Stk Mkt Idx Invest914,149 shares · 3.16% · Reported 2026-07-31
Assenagon Asset Management SA864,395 shares · 2.99% · Reported 2026-06-30
iShares Russell 2000 ETF739,270 shares · 2.56% · Reported 2026-08-31

Earnings, Profitability & Valuation

Earnings & Revenue

AI Review

The company is currently transitioning from a fast-growing startup to a highly profitable, mature business. While recent sales growth has slowed down significantly due to temporary billing and coding changes, the company's underlying financial health remains incredibly strong. It has successfully crossed the line into consistent profitability, generating substantial net income and robust free cash flow. Most reports agree that the current slowdown is a temporary hurdle rather than a permanent decline. However, there is some disagreement on how quickly sales will bounce back. Optimistic views expect a rapid recovery as soon as the new billing codes are fully implemented, while more cautious perspectives suggest that sales growth will remain modest as weight-loss drugs continue to delay some patients from choosing surgery. Overall, the company's ability to generate cash without needing outside funding makes it highly resilient.

Revenue, Net Income, and Free Cash Flow

Revenue
Free cash flow
Net income

Annual reported financial results, converted using the statement's recorded USD conversion. Missing values are omitted. Values in USD.

Valuation

Historical P/E Ratio

Published P/E

Published valuation snapshots. Trailing four-quarter earnings where available; annual earnings otherwise. Non-positive earnings are omitted. Values in times earnings.

Profitability & Margins

AI Review

The company's profit margins are incredibly impressive and highlight its strong competitive position. It keeps about eighty-five cents of profit for every dollar of sales before other expenses, which is a level of profitability rarely seen outside of software companies. While near-term operating profits have taken a temporary hit because of slower sales and high fixed marketing costs, the core business remains highly profitable. There is strong consensus that these high gross margins provide excellent protection against rising costs and inflation. However, opinions differ on how quickly operating margins will recover. Some believe that as soon as sales volumes pick up, profits will surge due to natural business leverage. Others worry that high marketing costs to fight the weight-loss drug narrative and new competition will keep operating profits lower for longer. Despite this, the overall margin profile remains elite and highly attractive.

Profitability Margins

Gross margin
Operating margin
Net margin
Free cash flow margin

Annual gross, operating, net income and free cash flow divided by revenue for matching reporting dates. Values in percent.

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Reported Data Tables — chart preview

The following tables contain the same values as the financial charts above. Monetary values are USD; margins are percentages. Missing inputs are not estimated. Use is subject to the iPulse AI Terms of Service and applicable source rights.

Source: eodhd. Statement snapshots with chart transformations and ratios calculated by iPulse AI. Snapshot retrieved 2026-09-15.

Annual earnings and profitability
Period end	Revenue	Free cash flow	Net income	Gross margin	Operating margin	Net margin	Free cash flow margin
2016-12-31	16,427,000	-18,255,000	-18,528,000	76.23	-105.03	-112.79	-111.13
2017-12-31	28,567,000	-16,203,000	-17,511,000	78.93	-56.02	-61.3	-56.72
2018-12-31	50,593,000	-18,944,000	-21,828,000	80.12	-40.28	-43.14	-37.44
2019-12-31	82,050,000	-35,585,000	-33,243,000	83.37	-42.53	-40.52	-43.37
2020-12-31	115,381,000	-55,500,000	-57,203,000	84.73	-48.72	-49.58	-48.1
2021-12-31	233,394,000	-24,787,000	-42,042,000	85.74	-17.07	-18.01	-10.62
2022-12-31	407,856,000	2,473,000	-44,881,000	83.79	-11.67	-11	0.61
2023-12-31	624,799,000	1,024,000	-21,153,000	84.54	-6.45	-3.39	0.16
2024-12-31	802,804,000	91,123,000	53,509,000	84.68	4.49	6.67	11.35
2025-12-31	911,981,000	78,477,000	145,422,000	85.39	5.59	15.95	8.61

Published valuation snapshots
Period end	P/E (times earnings)	Earnings basis
2025-12-31	18.53	Trailing four quarters
2024-12-31	106.54	Trailing four quarters

Shares outstanding — chart values
Reporting date	Shares outstanding
2017-01-01	12,462,500
2018-01-01	21,826,600
2019-01-01	24,066,900
2020-01-01	26,984,500
2021-01-01	27,374,200
2022-01-01	30,209,500
2023-01-01	30,236,800
2024-01-01	30,751,300
2025-01-01	29,218,100
2026-01-01	28,940,800

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