Inspire Medical Systems, Inc., a medical technology company.
Profile & Fundamentals
Inspire Medical Systems: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Inspire Medical Systems Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
Explore this pageJump to a Profile & Fundamentals section
Explore this research
Profile & Fundamentals contents
Jump directly to any section
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
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
- Market Cap
- USD 2.0B
- P/E
- 14.6x
- 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
Latest: 28.9M | Max: 30.8M | Min: 12.5M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
80.43%
23.3M latest reported shares
Insider Ownership
1.18%
Latest reported insider stake
Short Float
0.18%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| 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 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 3,549,554 | 12.28% | 2026-03-31 |
| Deerfield Management Co | 2,703,238 | 9.35% | 2026-03-31 |
| Wellington Management Company LLP | 2,382,660 | 8.24% | 2026-06-30 |
| Vanguard Health Care Inv | 2,093,826 | 7.24% | 2026-06-30 |
| Soleus Capital Management, L.P. | 1,931,436 | 6.68% | 2026-06-30 |
| Vanguard Portfolio Management, LLC | 1,637,173 | 5.66% | 2026-03-31 |
| iShares Core S&P Small-Cap ETF | 1,597,440 | 5.53% | 2026-08-31 |
| D. E. Shaw & Co LP | 1,470,462 | 5.09% | 2026-06-30 |
| Morgan Stanley - Brokerage Accounts | 1,450,634 | 5.02% | 2026-03-31 |
| Nomura Holdings Inc | 1,369,410 | 4.74% | 2026-06-30 |
| Vanguard Capital Management, LLC | 1,266,738 | 4.38% | 2026-03-31 |
| State Street Corp | 956,011 | 3.31% | 2026-03-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 914,149 | 3.16% | 2026-08-31 |
| Assenagon Asset Management SA | 864,395 | 2.99% | 2026-06-30 |
| iShares Russell 2000 ETF | 739,270 | 2.56% | 2026-08-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Inspire's financial results show a business transitioning from early rapid expansion into a period of operational adjustment. Full-year 2025 revenue grew 13.6% to $912 million, while headline net income reached $145 million, though that figure was heavily boosted by an $88.8 million one-time tax accounting benefit. Performance slowed in early 2026, with second-quarter revenue falling 7.6% to $201 million due to hospital billing disruptions surrounding the newer Inspire V system. Beneath these headline fluctuations, the core cash-generating engine remains healthy. Trailing twelve-month free cash flow held firm at $117 million, proving that billing delays have not destroyed cash generation. As hospitals update billing workflows, procedural volumes should recover, allowing high device margins to drive recurring earnings growth.
Inspire's financial results show a business transitioning from early rapid expansion into a period of operational adjustment. Full-year 2025 revenue grew 13.6% to $912 million, while headline net income reached $145 million, though that figure was heavily boosted by an $88.8 million one-time tax accounting benefit. Performance slowed in early 2026, with second-quarter revenue falling 7.6% to $201 million due to hospital billing disruptions surrounding the newer Inspire V system. Beneath these headline fluctuations, the core cash-generating engine remains healthy. Trailing twelve-month free cash flow held firm at $117 million, proving that billing delays have not destroyed cash generation. As hospitals update billing workflows, procedural volumes should recover, allowing high device margins to drive recurring earnings growth.
Revenue, Net Income, and Free Cash Flow
Latest: USD 912.0M | Max: USD 912.0M | Min: USD -57.2M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 19x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Inspire's profit margins present a contrasting picture between device production and corporate overhead. Gross margins expanded to 85.5% in the second quarter of 2026, up 150 basis points from the prior year. This premium profitability is structurally driven by the Inspire V system, which eliminates the separate chest sensing lead and costs less to manufacture. In contrast, operating margins temporarily compressed toward breakeven in early 2026. This decline occurred because fixed commercial sales salaries and clinical specialist support costs were spread over lower quarterly implant counts. As surgical scheduling normalizes, high eighty-five percent gross margins will generate strong operating leverage, lifting operating profits back toward double-digit levels.
Inspire's profit margins present a contrasting picture between device production and corporate overhead. Gross margins expanded to 85.5% in the second quarter of 2026, up 150 basis points from the prior year. This premium profitability is structurally driven by the Inspire V system, which eliminates the separate chest sensing lead and costs less to manufacture. In contrast, operating margins temporarily compressed toward breakeven in early 2026. This decline occurred because fixed commercial sales salaries and clinical specialist support costs were spread over lower quarterly implant counts. As surgical scheduling normalizes, high eighty-five percent gross margins will generate strong operating leverage, lifting operating profits back toward double-digit levels.
Profitability Margins
Latest: 85.4% | Max: 85.7% | Min: <-100.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
85.4%
Gross profit / revenue
Operating Margin
5.6%
Operating income / revenue
Net Margin
15.9%
Net income / revenue
FCF Margin
8.6%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 16,427,000 | -18,528,000 | -18,255,000 |
| 2017-12-31 | 28,567,000 | -17,511,000 | -16,203,000 |
| 2018-12-31 | 50,593,000 | -21,828,000 | -18,944,000 |
| 2019-12-31 | 82,050,000 | -33,243,000 | -35,585,000 |
| 2020-12-31 | 115,381,000 | -57,203,000 | -55,500,000 |
| 2021-12-31 | 233,394,000 | -42,042,000 | -24,787,000 |
| 2022-12-31 | 407,856,000 | -44,881,000 | 2,473,000 |
| 2023-12-31 | 624,799,000 | -21,153,000 | 1,024,000 |
| 2024-12-31 | 802,804,000 | 53,509,000 | 91,123,000 |
| 2025-12-31 | 911,981,000 | 145,422,000 | 78,477,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 18.53 | Trailing four quarters |
| 2024-12-31 | 106.54 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 76.23 | -105.03 | -112.79 | -111.13 |
| 2017-12-31 | 78.93 | -56.02 | -61.3 | -56.72 |
| 2018-12-31 | 80.12 | -40.28 | -43.14 | -37.44 |
| 2019-12-31 | 83.37 | -42.53 | -40.52 | -43.37 |
| 2020-12-31 | 84.73 | -48.72 | -49.58 | -48.1 |
| 2021-12-31 | 85.74 | -17.07 | -18.01 | -10.62 |
| 2022-12-31 | 83.79 | -11.67 | -11 | 0.61 |
| 2023-12-31 | 84.54 | -6.45 | -3.39 | 0.16 |
| 2024-12-31 | 84.68 | 4.49 | 6.67 | 11.35 |
| 2025-12-31 | 85.39 | 5.59 | 15.95 | 8.61 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
Complete Research Workspace
Unlock the complete Profile & Fundamentals
Sign in to verify your access, or upgrade to the Base plan to open the complete profile & fundamentals and available source data.