Inspire Medical Systems
Uses hypoglossal-nerve stimulation to treat obstructive sleep apnea.
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Profile
Develops and commercializes Inspire, an implantable closed-loop therapy for obstructive sleep apnea. The single-therapy business is moving to the Inspire V system, with coverage, regulatory approvals, implanting-center adoption, and manufacturing execution shaping commercialization.
Implantable Inspire therapy addresses obstructive sleep apnea through a closed-loop system that monitors breathing and stimulates the hypoglossal nerve to help keep the airway open. The system includes an implantable pulse generator, stimulation and sensing leads, a physician programmer, and a patient remote. It is intended for qualifying people who cannot use or tolerate PAP or BiPAP.
The business centers on a single therapy, has expanded its regulatory reach, and completed the Inspire V launch. The current system refresh adds a next-generation neurostimulator, Bluetooth patient remote, and physician programmer. Commercial acceptance, reimbursement coverage, adoption by implanting centers, regulatory approvals, component supply, and manufacturing execution shape the business.
Company facts
Categories
Key statistics
Year to date −33.3% · Average volume (30d) 703.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | Evercore ISI | Target | $40 | $54 | ||
| Aug 4, 2026 | Truist Financial | Target | $54 | $62 | ||
| Aug 4, 2026 | RBC Capital | Reiterate | Sector Perform | $45 | $60 | |
| Aug 4, 2026 | Stifel Nicolaus | Target | $70 | $75 | ||
| Aug 4, 2026 | Oppenheimer | Upgrade | Perform | Outperform | $175 | $85 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | −$0.24 | $0.14 | +159.3% | $194.7M | $200.6M | +3.0% | +22.83% |
| May 4, 2026Q1 FY26 | −$0.28 | $0.10 | +136.3% | $200.0M | $204.6M | +2.3% | −12.02% |
| Feb 11, 2026Q4 FY25 | $0.69 | $1.65 | +139.1% | $265.7M | $269.1M | +1.3% | −12.20% |
| Nov 3, 2025Q3 FY25 | −$0.15 | $0.38 | +353.3% | $262.3M | $224.5M | −14.4% | +15.33% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $201.3M | $217.1M | $224.5M | $269.1M | $204.6M | $200.6M | |
| Gross profit | $170.6M | $182.4M | $192.7M | $233.0M | $176.9M | $171.5M | |
| Operating income | −$1.5M | −$3.3M | $9.6M | $46.1M | −$1.1M | −$514.0K | |
| Net income | $3.0M | −$3.6M | $9.9M | $136.1M | −$11.3M | $314.0K | |
| Diluted EPS | $0.10 | −$0.12 | $0.34 | $4.66 | −$0.39 | $0.01 | |
| Gross margin | 84.7% | 84.0% | 85.8% | 86.6% | 86.5% | 85.5% | |
| Operating margin | -0.7% | -1.5% | 4.3% | 17.1% | -0.5% | -0.3% |
Fiscal years (4-quarter sums)FY21 $233.4M · FY22 $407.9M · FY23 $624.8M · FY24 $802.8M · FY25 $912.0M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $320.7M · Total debt $29.1M · Total assets $926.0M · Shareholders' equity $825.6M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 28.91M · Float 27.25M · 94.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 4.74M | 16.39% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 2.38M | 8.24% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 2.09M | 7.23% | 13F | Aug 13, 2026 |
| Soleus Capital Management, L.P. | 1.93M | 6.68% | 13F | Aug 11, 2026 |
| AQR Capital Management LLC | 1.86M | 6.42% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Jason P. Kelly | officer: See Remarks | −963 | $59.55 |
| May 15, 2026 | John Rondoni | officer: See Remarks | −2,641 | $43.28 |
| May 14, 2026 | John Rondoni | officer: See Remarks | −700 | $43.01 |
| May 8, 2026 | Shawn mcCormick | director | −696 | $45.31 |
| Jan 9, 2026 | John Rondoni | officer: See Remarks | −109 | $100.00 |
Peers
- Nyxoah
FDA-approved Genio bilateral HNS for moderate-to-severe OSA
- LivaNova
FDA-approved aura6000 proximal HNS for moderate-to-severe OSA
- ResMed
PAP devices and masks for OSA first-line treatment
- Five Point
OSA masks in a global homecare respiratory portfolio
- Vivos Therapeutics
FDA-cleared CARE oral appliances for adult OSA
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Inspire Medical Systems | $61.44 | −0.11% | $1.78B | 13.3 | 47.3 | 2.0 | −7.6% |
| Nyxoah | $1.59 | −0.90% | $160.1M | — | — | 6.1 | +455.6% |
| LivaNova | $80.32 | −0.02% | $4.41B | 23.7 | 18.2 | 3.0 | +10.8% |
| ResMed | $240.33 | +0.01% | $34.86B | 23.1 | 19.8 | 6.2 | +8.6% |
| Five Point | $5.11 | −0.10% | $363.3M | 14.7 | — | 3.1 | +86.0% |
| Vivos Therapeutics | $0.2250 | +0.31% | $3.1M | — | — | 0.1 | +34.9% |
| Median | 23.1 | 19.0 | 3.1 | +34.9% |