Inspire Medical Financials
This page shows Inspire Medical (INSP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Inspire Medical has an operating margin of 5.6%, meaning the company retains $6 of operating profit per $100 of revenue. This below-average margin results in a low score of 28/100, suggesting thin profitability after operating expenses. This is up from 4.5% the prior year.
Inspire Medical's revenue declined 99.9% year-over-year, from $802.8M to $912K. This contraction results in a growth score of 0/100.
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 100/100, indicating a strong balance sheet with room for future borrowing.
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.
Inspire Medical has a free cash flow margin of 8.6%, earning a moderate score of 43/100. The company generates positive cash flow after capital investments, but with room for improvement.
Inspire Medical earns a strong 18.6% return on equity (ROE), meaning it generates $19 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 74/100. This is up from 7.8% the prior year.
Inspire Medical scores 8124.71, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.7B) relative to total liabilities ($126K). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
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.
For every $1 of reported earnings, Inspire Medical generates $0.80 in operating cash flow ($117K OCF vs $145K net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Inspire Medical earns $371.9 in operating income for every $1 of interest expense ($51K vs $137). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Inspire Medical generated $912K in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Inspire Medical's EBITDA was $65K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 99.8% from the prior year.
Inspire Medical generated $78K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 99.9% from the prior year.
Inspire Medical reported $145K in net income in fiscal year 2025. This represents a decrease of 99.7% from the prior year.
Inspire Medical earned $4.89 per diluted share (EPS) in fiscal year 2025. This represents an increase of 179.4% from the prior year.
Inspire Medical held $105K in cash against $0 in long-term debt as of fiscal year 2025.
Inspire Medical had 29M shares outstanding in fiscal year 2025. This represents a decrease of 3.6% from the prior year.
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.
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.
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.
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.
Inspire Medical invested $103K in research and development in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Inspire Medical spent $175K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Inspire Medical invested $38K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.9% 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) | $4.57+1244.1% | $0.34+383.3% | $-0.12-220.0% | $0.10-91.5% | $1.17+95.0% | $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% | N/A | 0.5%-4.6pp | 5.1%+2.5pp | 2.7%+1.1pp | 1.5% | N/A |
| 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
What is Inspire Medical's annual revenue?
Inspire Medical (INSP) reported $912K in total revenue for fiscal year 2025. This represents a -99.9% 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.
How fast is Inspire Medical's revenue growing?
Inspire Medical (INSP) revenue declined by 99.9% year-over-year, from $802.8M to $912K in fiscal year 2025.
Is Inspire Medical profitable?
Yes, Inspire Medical (INSP) reported a net income of $145K in fiscal year 2025, with a net profit margin of 16.0%.
What is Inspire Medical's earnings per share (EPS)?
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.
What is Inspire Medical's EBITDA?
Inspire Medical (INSP) had EBITDA of $65K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Inspire Medical's gross margin?
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.
What is Inspire Medical's operating margin?
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.
What is Inspire Medical's net profit margin?
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.
What is Inspire Medical's return on equity (ROE)?
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.
What is Inspire Medical's free cash flow?
Inspire Medical (INSP) generated $78K in free cash flow during fiscal year 2025. This represents a -99.9% 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.
What is Inspire Medical's operating cash flow?
Inspire Medical (INSP) generated $117K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Inspire Medical's total assets?
Inspire Medical (INSP) had $907K in total assets as of fiscal year 2025, including both current and long-term assets.
What are Inspire Medical's capital expenditures?
Inspire Medical (INSP) invested $38K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Inspire Medical spend on research and development?
Inspire Medical (INSP) invested $103K in research and development during fiscal year 2025.
Does Inspire Medical buy back shares?
Yes, Inspire Medical (INSP) spent $175K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Inspire Medical have outstanding?
Inspire Medical (INSP) had 29M shares outstanding as of fiscal year 2025.
What is Inspire Medical's current ratio?
Inspire Medical (INSP) had a current ratio of 6.08 as of fiscal year 2025, which is generally considered healthy.
What is Inspire Medical's debt-to-equity ratio?
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.
What is Inspire Medical's return on assets (ROA)?
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.
What is Inspire Medical's Altman Z-Score?
Inspire Medical (INSP) has an Altman Z-Score of 8124.71, 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.
What is Inspire Medical's Piotroski F-Score?
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.
Are Inspire Medical's earnings high quality?
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.
Can Inspire Medical cover its interest payments?
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.
How financially healthy is Inspire Medical?
Inspire Medical (INSP) scores 58 out of 100 on our Financial Profile, indicating moderate 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.