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Inspire Medical Financials

INSP
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Inspire Medical (INSP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 65 / 100
Financial Profile 65/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
35

Inspire Medical has an operating margin of 5.6%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 35/100, indicating healthy but not exceptional operating efficiency. This is up from 4.5% the prior year.

Growth
56

Inspire Medical's revenue grew 13.6% year-over-year to $912.0M, a solid pace of expansion. This earns a growth score of 56/100.

Leverage
99

Inspire Medical carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
100

With a current ratio of 6.08, Inspire Medical holds $6.08 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
47

Inspire Medical has a free cash flow margin of 8.6%, earning a moderate score of 47/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
52

Inspire Medical's ROE of 18.6% shows moderate profitability relative to equity, earning a score of 52/100. This is up from 7.8% the prior year.

Altman Z-Score Safe
9.14

Inspire Medical scores 9.14, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.6B) relative to total liabilities ($126.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
6/9

Inspire Medical passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
0.80x

For every $1 of reported earnings, Inspire Medical generates $0.80 in operating cash flow ($117.0M OCF vs $145.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe
371.9x

Inspire Medical earns $371.9 in operating income for every $1 of interest expense ($51.0M vs $137K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$912.0M
YoY+13.6%
5Y CAGR+51.2%

Inspire Medical generated $912.0M in revenue in fiscal year 2025. This represents an increase of 13.6% from the prior year.

EBITDA
$64.9M
YoY+52.3%

Inspire Medical's EBITDA was $64.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 52.3% from the prior year.

Net Income
$145.4M
YoY+171.8%

Inspire Medical reported $145.4M in net income in fiscal year 2025. This represents an increase of 171.8% from the prior year.

EPS (Diluted)
$4.89
YoY+179.4%

Inspire Medical earned $4.89 per diluted share (EPS) in fiscal year 2025. This represents an increase of 179.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$78.5M
YoY-13.9%

Inspire Medical generated $78.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 13.9% from the prior year.

Cash & Debt
$104.8M
YoY-30.2%
5Y CAGR-11.3%

Inspire Medical held $104.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
29M
YoY-3.6%
5Y CAGR+1.1%

Inspire Medical had 29M shares outstanding in fiscal year 2025. This represents a decrease of 3.6% from the prior year.

Margins & Returns

Gross Margin
85.4%
YoY+0.7pp
5Y CAGR+0.7pp

Inspire Medical's gross margin was 85.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.

Operating Margin
5.6%
YoY+1.1pp
5Y CAGR+54.3pp

Inspire Medical's operating margin was 5.6% in fiscal year 2025, reflecting core business profitability. This is up 1.1 percentage points from the prior year.

Net Margin
16.0%
YoY+9.3pp
5Y CAGR+65.5pp

Inspire Medical's net profit margin was 16.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.3 percentage points from the prior year.

Return on Equity
18.6%
YoY+10.9pp
5Y CAGR+43.5pp

Inspire Medical's ROE was 18.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 10.9 percentage points from the prior year.

Capital Allocation

R&D Spending
$103.2M
YoY-9.6%
5Y CAGR+31.6%

Inspire Medical invested $103.2M in research and development in fiscal year 2025. This represents a decrease of 9.6% from the prior year.

Share Buybacks
$175.0M

Inspire Medical spent $175.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$38.5M
YoY-1.6%
5Y CAGR+73.4%

Inspire Medical invested $38.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.6% from the prior year.

INSP Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $269.1M+19.9% $224.5M+3.4% $217.1M+7.8% $201.3M-16.0% $239.7M+18.0% $203.2M+3.7% $195.9M+19.4% $164.0M
Cost of Revenue $36.1M+13.5% $31.8M-8.4% $34.7M+12.9% $30.7M-14.7% $36.0M+11.1% $32.4M+8.6% $29.8M+20.5% $24.8M
Gross Profit $233.0M+20.9% $192.7M+5.7% $182.4M+6.9% $170.6M-16.3% $203.7M+19.3% $170.8M+2.9% $166.0M+19.2% $139.3M
R&D Expenses $24.9M+3.0% $24.2M-7.6% $26.2M-5.7% $27.8M-8.3% $30.3M+16.3% $26.1M-9.6% $28.9M0.0% $28.9M
SG&A Expenses $162.0M+1.9% $158.9M-0.4% $159.5M+10.6% $144.3M+2.0% $141.5M+8.5% $130.4M-1.3% $132.1M+5.1% $125.6M
Operating Income $46.1M+378.1% $9.6M+390.8% -$3.3M-123.3% -$1.5M-104.7% $31.9M+122.7% $14.3M+180.8% $5.1M+133.5% -$15.2M
Interest Expense N/A $11K+175.0% $4K N/A N/A $0 $0 N/A
Income Tax -$85.8M-2470.0% $3.6M+187.2% $1.3M+8.0% $1.2M-17.4% $1.4M-22.8% $1.8M+73.7% $1.1M+62.0% $650K
Net Income $136.1M+1270.2% $9.9M+376.5% -$3.6M-220.1% $3.0M-91.5% $35.2M+90.4% $18.5M+88.9% $9.8M+197.9% -$10.0M
EPS (Diluted) N/A $0.34+383.3% $-0.12-220.0% $0.10 N/A $0.60+87.5% $0.32+194.1% $-0.34

INSP Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $907.3M+12.3% $807.7M+0.7% $802.2M+9.8% $730.8M-9.6% $808.4M+1.5% $796.2M+9.3% $728.4M+6.2% $685.8M
Current Assets $583.7M-0.5% $586.5M+2.3% $573.2M+0.3% $571.7M-9.4% $630.8M+8.3% $582.5M-4.1% $607.2M+6.1% $572.2M
Cash & Equivalents $104.8M-7.1% $112.8M+5.5% $106.9M+98.4% $53.9M-64.1% $150.2M+1.8% $147.5M-21.6% $188.0M+7.2% $175.4M
Inventory $145.3M+2.5% $141.8M+16.6% $121.6M+22.0% $99.7M+24.5% $80.1M+18.8% $67.4M+14.2% $59.0M+20.5% $49.0M
Accounts Receivable $119.7M+10.8% $108.0M-21.6% $137.7M+48.6% $92.6M-0.5% $93.1M+3.7% $89.7M+12.6% $79.7M+10.2% $72.3M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $126.2M-10.7% $141.3M+13.6% $124.4M+30.8% $95.1M-19.9% $118.7M+19.1% $99.6M+10.3% $90.3M-6.7% $96.8M
Current Liabilities $96.1M-13.3% $110.8M+18.7% $93.4M+47.1% $63.5M-28.3% $88.5M+19.2% $74.3M+13.1% $65.7M-9.0% $72.2M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $781.2M+17.2% $666.5M-1.7% $677.8M+6.6% $635.7M-7.8% $689.7M-1.0% $696.6M+9.2% $638.1M+8.3% $589.0M
Retained Earnings -$146.5M+48.2% -$282.6M+3.4% -$292.5M-1.2% -$288.9M+1.0% -$291.9M+10.8% -$327.1M+5.4% -$345.6M+2.8% -$355.4M

INSP Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $52.5M-23.4% $68.5M+2453.1% $2.7M+140.0% -$6.7M-109.7% $69.2M+32.3% $52.3M+67129.5% -$78K-100.9% $8.9M
Capital Expenditures $10.7M+2.1% $10.4M+16.0% $9.0M+7.0% $8.4M+19.6% $7.0M-12.2% $8.0M-35.4% $12.4M+6.0% $11.7M
Free Cash Flow $41.8M-28.0% $58.1M+1020.1% -$6.3M+58.2% -$15.1M-124.3% $62.2M+40.4% $44.3M+455.0% -$12.5M-339.7% -$2.8M
Investing Cash Flow -$11.9M-2.3% -$11.6M-125.0% $46.6M+3098.2% -$1.6M-141.3% $3.8M+103.7% -$103.0M-1932.2% $5.6M+128.8% -$19.5M
Financing Cash Flow -$48.3M+5.4% -$51.1M-1481.6% $3.7M+104.2% -$87.8M-25.1% -$70.1M-809.2% $9.9M+39.6% $7.1M+822.8% $768K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $50.0M0.0% $50.0M $0-100.0% $75.0M $0 $0 $0 $0

INSP Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 86.6%+0.7pp 85.9%+1.8pp 84.0%-0.7pp 84.8%-0.2pp 85.0%+0.9pp 84.1%-0.7pp 84.8%-0.1pp 84.9%
Operating Margin 17.1%+12.8pp 4.3%+5.8pp -1.5%-0.8pp -0.7%-14.0pp 13.3%+6.3pp 7.0%+4.5pp 2.6%+11.9pp -9.3%
Net Margin 50.6%+46.2pp 4.4%+6.1pp -1.7%-3.1pp 1.5%-13.2pp 14.7%+5.6pp 9.1%+4.1pp 5.0%+11.1pp -6.1%
Return on Equity 17.4%+15.9pp 1.5%+2.0pp -0.5%-1.0pp 0.5%-4.6pp 5.1%+2.5pp 2.7%+1.1pp 1.5%+3.2pp -1.7%
Return on Assets 15.0%+13.8pp 1.2%+1.7pp -0.4%-0.9pp 0.4%-4.0pp 4.4%+2.0pp 2.3%+1.0pp 1.3%+2.8pp -1.5%
Current Ratio 6.08+0.8 5.29-0.8 6.14-2.9 9.01+1.9 7.13-0.7 7.84-1.4 9.25+1.3 7.93
Debt-to-Equity 0.16-0.1 0.21+0.0 0.18+0.0 0.15-0.0 0.17+0.0 0.140.0 0.14-0.0 0.16
FCF Margin 15.5%-10.3pp 25.9%+28.8pp -2.9%+4.6pp -7.5%-33.4pp 25.9%+4.1pp 21.8%+28.2pp -6.4%-4.6pp -1.7%

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Frequently Asked Questions

Inspire Medical (INSP) reported $912.0M in total revenue for fiscal year 2025. This represents a 13.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Inspire Medical (INSP) revenue grew by 13.6% year-over-year, from $802.8M to $912.0M in fiscal year 2025.

Yes, Inspire Medical (INSP) reported a net income of $145.4M in fiscal year 2025, with a net profit margin of 16.0%.

Inspire Medical (INSP) reported diluted earnings per share of $4.89 for fiscal year 2025. This represents a 179.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Inspire Medical (INSP) had EBITDA of $64.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Inspire Medical (INSP) had a gross margin of 85.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Inspire Medical (INSP) had an operating margin of 5.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Inspire Medical (INSP) had a net profit margin of 16.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Inspire Medical (INSP) has a return on equity of 18.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Inspire Medical (INSP) generated $78.5M in free cash flow during fiscal year 2025. This represents a -13.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Inspire Medical (INSP) generated $117.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Inspire Medical (INSP) had $907.3M in total assets as of fiscal year 2025, including both current and long-term assets.

Inspire Medical (INSP) invested $38.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Inspire Medical (INSP) invested $103.2M in research and development during fiscal year 2025.

Yes, Inspire Medical (INSP) spent $175.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Inspire Medical (INSP) had 29M shares outstanding as of fiscal year 2025.

Inspire Medical (INSP) had a current ratio of 6.08 as of fiscal year 2025, which is generally considered healthy.

Inspire Medical (INSP) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Inspire Medical (INSP) had a return on assets of 16.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Inspire Medical (INSP) has an Altman Z-Score of 9.14, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Inspire Medical (INSP) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Inspire Medical (INSP) has an earnings quality ratio of 0.80x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Inspire Medical (INSP) has an interest coverage ratio of 371.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Inspire Medical (INSP) scores 65 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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