INSPNYSESurgical & Medical Instruments & ApparatusUS GAAP · USD

Inspire Medical Systems, Inc.

Inspire Medical Systems develops and commercializes a minimally invasive neurostimulation therapy for obstructive sleep apnea. Its proprietary Inspire system senses breathing and delivers mild hypoglossal nerve stimulation to keep the airway open, and it is sold primarily to hospitals and ambulatory surgery centers in the U.S. with additional international distribution.

Kysy yhtiöstä
Liikevaihto912milj. USD
+13,6 %v/v
Liikevoitto (EBIT)51,0milj. USD
+41,2 %v/v
EBIT-marginaali5,6%
+1,1 %-yks.v/v
Nettotulos145milj. USD
+171,8 %v/v
Vapaa kassavirta78,5milj. USD
−13,9 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−20002004006008001 000milj. USD2020: 115 milj. USD2020: EBIT −56 milj. USD20202021: 233 milj. USD2021: EBIT −40 milj. USD20212022: 408 milj. USD2022: EBIT −48 milj. USD20222023: 625 milj. USD2023: EBIT −40 milj. USD20232024: 803 milj. USD2024: EBIT 36 milj. USD20242025: 912 milj. USD2025: EBIT 51 milj. USD202591251
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Inspire Medical Systems, Inc.

Liiketoiminta

Osuus liikevaihdosta
Inspire therapy systems95 %

Implantable neurostimulation systems used to treat moderate to severe OSA.

Next-generation Inspire V3 %

The newer platform launched in the U.S. to expand adoption and upgrade the installed base.

International distribution sales2 %

Sales through distributors in selected Asia-Pacific markets and other non-U.S. countries.

Asiakkaat

The company sells to hospitals and ambulatory surgery centers, which are the purchasing entities for the procedure, while physicians and sleep centers drive patient identification and adoption. Reimbursement from commercial insurers, Medicare, Medicare Advantage, and government programs is central to customer purchasing decisions because the therapy is typically used in reimbursed care pathways.

Hospitals and ambulatory surgery centers

Primary purchasing customers that acquire the Inspire system for implantation procedures and need reimbursement support.

ENT physicians and sleep centers

Clinical referral and procedure-driving users who identify eligible OSA patients and influence adoption.

Commercial payors and Medicare beneficiaries

Patients covered by insurers and Medicare who need positive coverage policies for treatment access.

International distributors

Channel partners in Japan, Singapore, Hong Kong, Thailand, and other select markets that sell and promote the therapy locally.

Veterans Health Administration

Government healthcare channel that purchases under contract for eligible patients.

Strategia

The company is focused on expanding adoption of Inspire therapy through physician education, direct-to-consumer marketing, and broader reimbursement coverage. It is also investing in next-generation products, especially Inspire V, and in regulatory expansion to support growth in additional international markets.

Scale Inspire V adoptionLyhyt aikaväli

A newer platform can refresh demand, support upgrades, and improve the product's competitive position.

Expand reimbursement accessLyhyt aikaväli

Coverage policies are essential because treatment uptake depends on payor approval and patient affordability.

Increase patient and physician awarenessKeskipitkä aikaväli

The business relies on referral-driven adoption and patient activation for procedure growth.

Expand international marketsKeskipitkä aikaväli

Non-U.S. markets are still small but offer long runway if approvals and reimbursement improve.

Maantiede

Q1/2026

Revenue is heavily concentrated in the United States, which represented 95.6% of 2025 revenue, while all other countries contributed 4.4%. Outside the U.S., the company sells directly in select European markets and Japan, and through distributors in parts of Asia-Pacific, which makes international growth dependent on local regulatory approvals, reimbursement, and channel execution.

USA96 %
Other countries (US filing)4,4 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

The company is highly dependent on a single product franchise, so adoption, reimbursement, and competitive pressure directly affect growth. It also faces execution risk from direct sales scaling, surgeon capacity constraints, cybersecurity exposure, and foreign market complexity, while emerging alternatives such as GLP-1 drugs and competing OSA devices could slow penetration.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Product concentration1Reimbursement and coverage risk2Cybersecurity and IT disruption3Competitive substitution4Sales force and capacity constraints5International regulatory and foreign exchange risk6
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Product concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Nearly all revenue comes from one therapy platform, so any slowdown in adoption or product issues would affect results materially.

    Kohdistuu: Sales of Inspire system accounted for substantially all revenue

  2. Reimbursement and coverage riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The therapy depends on third-party payor approval, prior authorization, and coverage policy maintenance.

    KohdistuuCommercial insurersMedicareMedicare AdvantageGovernment programs
  3. Cybersecurity and IT disruptionVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Core functions such as manufacturing, distribution, and patient data handling rely on IT systems and third parties.

    KohdistuuSensitive patient and employee informationSupply chainOrder processing
  4. Competitive substitutionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Alternative OSA treatments, including GLP-1 drugs and competing neurostimulation devices, may divert patients or physicians.

    KohdistuuZepboundApnimedNyxoahLivaNova
  5. Sales force and capacity constraintsVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Growth depends on a large direct sales organization and enough trained surgeons to perform procedures.

    Kohdistuu: ENT surgeon capacity constraints and direct sales execution

  6. International regulatory and foreign exchange riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Non-U.S. expansion requires approvals, local compliance, and exposure to currency and trade issues.

    Kohdistuu: Europe and Asia-Pacific markets

Kysy Clarifolta: Inspire Medical Systems, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition timing

Product sales can shift between quarters depending on procedure volume and shipment timing.

Vaikutus: Quarterly comparability and reported growth rates

Inventory and manufacturing-related estimates

A device company launching new products must manage inventory levels, tooling, and obsolescence risk.

Vaikutus: Cost of goods sold and gross margin

Share-based compensation and tax on net share settlements

The company uses equity awards and has recorded taxes on net share settlement activity.

Vaikutus: Operating expenses, equity, and cash flow

Capitalized equipment and tooling for Inspire V

Investment in next-generation manufacturing assets affects depreciation and asset carrying values.

Vaikutus: Balance sheet and future cost structure

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Intuitive Surgical, Inc

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Globus Medical, Inc

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RemSleep Holdings Inc.

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Päivitetty: 24.9.2026

Inspire Medical Systems, Inc. (INSP) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo