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 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).
High gross margins and a sales-force-heavy model are finally converting scale into operating profit and self-funded growth.
FY2025’s earnings surge was less dramatic in cash terms: net income reached$145.4M , but operating cash flow slipped to$117.0M from$130.2M in FY2024 as inventory and receivables absorbed cash. That means the business crossed into real profitability in FY2024-FY2025, yet part of the FY2025 profit jump came from a$79.7M tax benefit rather than an equally large step-up in core operations.
From FY2021 to FY2025, gross margin stayed around
The balance sheet remains lightly burdened: FY2025 ended with
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Inspire Medical's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 29/100, suggesting thin profitability after operating expenses. This is up from 4.5% the prior year.
Inspire Medical's revenue grew 13.6% year-over-year to $912.0M, a solid pace of expansion. This earns a growth score of 68/100.
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 99/100, 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 44/100. The company generates positive cash flow after capital investments, but with room for improvement.
Inspire Medical's ROE of 18.6% shows moderate profitability relative to equity, earning a score of 35/100. This is up from 7.8% the prior year.
Inspire Medical scores 7.74, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.3B) relative to total liabilities ($126.2M). 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 ($117.0M OCF vs $145.4M 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 ($51.0M vs $137K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Inspire Medical generated $912.0M in revenue in fiscal year 2025. This represents an increase of 13.6% from the prior year.
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.
Inspire Medical reported $145.4M in net income in fiscal year 2025. This represents an increase of 171.8% 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.
Cash & Balance Sheet
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.
Inspire Medical held $104.8M 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.
Margins & Returns
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.
Capital Allocation
Inspire Medical invested $103.2M in research and development in fiscal year 2025. This represents a decrease of 9.6% from the prior year.
Inspire Medical spent $175.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $204.6M-24.0% | $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 |
| Cost of Revenue | $27.7M-23.3% | $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 |
| Gross Profit | $176.9M-24.1% | $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 |
| R&D Expenses | $25.8M+3.5% | $24.9M+3.0% | $24.2M-7.6% | $26.2M-5.7% | $27.8M-8.3% | $30.3M+16.3% | $26.1M-9.6% | $28.9M |
| SG&A Expenses | $152.2M-6.0% | $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 |
| Operating Income | -$1.1M-102.4% | $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 |
| Interest Expense | N/A | N/A | $11K+175.0% | $4K | N/A | N/A | $0 | $0 |
| Income Tax | $13.7M+116.0% | -$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 |
| Net Income | -$11.3M-108.3% | $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 |
| EPS (Diluted) | $-0.39 | N/A | $0.34+383.3% | $-0.12-220.0% | $0.10 | N/A | $0.60+87.5% | $0.32 |
INSP Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $911.4M+0.4% | $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 |
| Current Assets | $566.8M-2.9% | $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 |
| Cash & Equivalents | $98.9M-5.6% | $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 |
| Inventory | $166.2M+14.4% | $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 |
| Accounts Receivable | $105.1M-12.2% | $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 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $119.0M-5.6% | $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 |
| Current Liabilities | $89.4M-6.9% | $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 |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $792.3M+1.4% | $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 |
| Retained Earnings | -$157.8M-7.7% | -$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 |
INSP Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $12.8M-75.5% | $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 |
| Capital Expenditures | $9.7M-8.7% | $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 |
| Free Cash Flow | $3.1M-92.5% | $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 |
| Investing Cash Flow | -$11.2M+5.6% | -$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 |
| Financing Cash Flow | -$7.5M+84.5% | -$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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $50.0M0.0% | $50.0M | $0-100.0% | $75.0M | $0 | $0 | $0 |
INSP Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.5%-0.1pp | 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% |
| Operating Margin | -0.5%-17.7pp | 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% |
| Net Margin | -5.5%-56.1pp | 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% |
| Return on Equity | -1.4%-18.9pp | 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% |
| Return on Assets | -1.2%-16.2pp | 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% |
| Current Ratio | 6.34+0.3 | 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 |
| Debt-to-Equity | 0.15-0.0 | 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 |
| FCF Margin | 1.5%-14.0pp | 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% |
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Frequently Asked Questions
What is Inspire Medical's annual revenue?
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.
How fast is Inspire Medical's revenue growing?
Inspire Medical (INSP) revenue grew by 13.6% year-over-year, from $802.8M to $912.0M in fiscal year 2025.
Is Inspire Medical profitable?
Yes, Inspire Medical (INSP) reported a net income of $145.4M in fiscal year 2025, with a net profit margin of 16.0%.
What is Inspire Medical's EBITDA?
Inspire Medical (INSP) had EBITDA of $64.9M 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 $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.
What is Inspire Medical's operating cash flow?
Inspire Medical (INSP) generated $117.0M 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 $907.3M 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 $38.5M 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 $103.2M in research and development during 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 7.74, 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 to 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 63 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.