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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $912M | $80M | $145M | $78M | 18.6% | 13.6% | 171.8% |
| 2024 | $803M | $65M | $54M | $91M | 7.8% | 28.5% | -353.0% |
| 2023 | $625M | $-17M | $-21M | $1M | -3.7% | 53.2% | -52.9% |
| 2022 | $408M | $-41M | $-45M | $2M | -9.0% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 407.86 | 624.80 | 802.80 | 911.98 |
| Cost Of Revenue | - | 66.11 | 96.58 | 122.99 | 133.22 |
| Gross Profit | - | 341.74 | 528.22 | 679.82 | 778.76 |
| Operating Expense | - | 389.33 | 568.49 | 643.74 | 727.80 |
| Operating Income | - | -47.59 | -40.27 | 36.08 | 50.95 |
| EBITDA | - | -40.73 | -17.06 | 65.03 | 79.79 |
| EBIT | - | -42.59 | -19.91 | 58.48 | 65.83 |
| Pretax Income | - | -44.27 | -19.91 | 58.45 | 65.70 |
| Tax Provision | - | 0.61 | 1.25 | 4.94 | -79.72 |
| Net Income | - | -44.88 | -21.15 | 53.51 | 145.42 |
| Net Income Common Stockholders | - | -44.88 | -21.15 | 53.51 | 145.42 |
| Total Expenses | - | 455.45 | 665.07 | 766.72 | 861.03 |
| Interest Expense | - | 1.68 | 0 | 0.02 | 0.14 |
| Interest Income | - | 5.05 | 20.56 | 23.25 | 17.54 |
| Research And Development | - | 68.64 | 116.54 | 114.13 | 103.16 |
| Selling General And Administration | - | 320.69 | 451.96 | 529.61 | 624.64 |
| Normalized EBITDA | - | -40.73 | -17.06 | 65.03 | 79.79 |
| Normalized Income | - | -44.88 | -21.15 | 53.51 | 145.42 |
| Market Cap | 1,621.58 | 1,621.58 | 1,621.58 | 1,621.58 | 1,621.58 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Inspire Medical Systems, Inc.this co. | INSP | - | 11.15 | 2.08 | 18.6% | 19.41 |
| Actuate Therapeutics, Inc. Common stock | ACTU | $68M | - | 8.45 | -280.5% | - |
| LENSAR, Inc. | LNSR | $65M | - | -2.48 | 131.7% | -3.17 |
| Pulmonx Corporation | LUNG | $51M | - | 0.92 | -99.8% | -0.71 |
| Accuray Incorporated | ARAY | $50M |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 0.94 |
| -2.0% |
| -107.66 |
| INmune Bio Inc. | INMB | $35M | - | 1.50 | -195.3% | -0.38 |
| Myomo, Inc. | MYO | $31M | - | 2.68 | -136.6% | -2.33 |
| Tvardi Therapeutics, Inc. | TVRD | $29M | - | 1.37 | -87.0% | 0.07 |
| Tevogen Bio Holdings Inc. | TVGN | $27M | - | -1.52 | 319.1% | -1.64 |
| Peer Median | - | - | 1.15 | -93.4% | -1.64 | |