Inspire Medical Systems, Inc. Announces Third Quarter 2025 Financial Results and Updates 2025 Outlook
Inspire Medical Systems (NYSE: INSP) reported third quarter 2025 results on November 3, 2025, with Q3 revenue of $224.5M (up 10% YoY) and gross margin of 85.8%. The company reported net income of $9.9M and adjusted net income of $11.2M, with diluted EPS of $0.34 and adjusted diluted EPS of $0.38. Operating cash flow for Q3 was $68.5M. Management completed $50M of share repurchases and reported strong early adoption of the Inspire V system with positive clinical and procedural results. Inspire reaffirmed 2025 revenue guidance of $900M–$910M, maintained gross margin guidance of 84%–86%, and raised diluted net income per share guidance to $0.90–$1.00 from $0.40–$0.50.
Inspire Medical Systems (NYSE: INSP) ha riportato i risultati del terzo trimestre 2025 il 3 novembre 2025, con ricavi del Q3 di 224,5 milioni di dollari (in crescita del 10% anno su anno) e margine lordo dell'85,8%. L'azienda ha riportato utile netto di 9,9 milioni di dollari e utile netto rettificato di 11,2 milioni, con un utile per azione diluito di 0,34 dollari e un utile per azione diluito rettificato di 0,38 dollari. La generazione di cassa operativa per il Q3 è stata di 68,5 milioni di dollari. La direzione ha completato riacquisti di azioni per 50 milioni di dollari e ha riportato una forte adozione precoce del sistema Inspire V con risultati clinici e procedurali positivi. Inspire ha confermato le previsioni di ricavi per il 2025 pari a 900–910 milioni di dollari, mantenuto la guidance sul margine lordo tra 84%–86%, e aumentato la guidance sull'utile diluito per azione a 0,90–1,00 dollari da 0,40–0,50 dollari.
Inspire Medical Systems (NYSE: INSP) informó los resultados del tercer trimestre de 2025 el 3 de noviembre de 2025, con ingresos del 3T de 224,5 millones de dólares (un aumento del 10% interanual) y margen bruto del 85,8%. La empresa informó beneficio neto de 9,9 millones de dólares y beneficio neto ajustado de 11,2 millones, con una ganancia diluida por acción de $0.34 y ganancia diluida ajustada por acción de $0.38. El flujo de caja operativo para el 3T fue de $68.5 millones. La dirección completó compras de acciones por 50 millones de dólares y reportó una fuerte adopción temprana del sistema Inspire V con resultados clínicos y procedimentales positivos. Inspire reafirmó la guía de ingresos 2025 de $900–$910 millones, mantuvo la guía de margen bruto de 84%–86%, y elevó la guía de beneficio por acción diluido a $0.90–$1.00 desde 0.40–0.50.
Inspire Medical Systems (NYSE: INSP)는 2025년 11월 3일에 2025년 3분기 실적을 발표했고, 3분기 매출은 2억2450만 달러(전년 대비 10% 증가) 및 총 이익률 85.8%을 기록했습니다. 회사는 순이익 990만 달러와 조정 순이익 1120만 달러, 희석 주당순이익은 $0.34, 조정 희석 주당순이익은 $0.38로 보고했습니다. 3분기 영업현금흐름은 $6,850만이었습니다. 경영진은 5,000만 달러의 자사주 매입을 완료했고 Inspire V 시스템에 대해 임상 및 절차 결과가 긍정적으로 조기에 채택되었다고 보고했습니다. Inspire는 2025년 매출 가이던스를 $900–$910 million으로 재확인하고, 총이익률 가이던스를 84%–86%로 유지했으며, 주당 순이익의 희석 가이던스를 $0.90–$1.00로 상향했습니다(이전: $0.40–$0.50).
Inspire Medical Systems (NYSE: INSP) a publié les résultats du troisième trimestre 2025 le 3 novembre 2025, avec un chiffre d'affaires du T3 de 224,5 M USD (en hausse de 10 % sur un an) et marge brute de 85,8 %. La société a déclaré un résultat net de 9,9 M USD et un résultat net ajusté de 11,2 M USD, avec un EPS dilué de 0,34 USD et un EPS dilué ajusté de 0,38 USD. Le flux de trésorerie opérationnel du T3 s’est élevé à 68,5 M USD. La direction a réalisé des rachats d’actions pour 50 M USD et a fait état d’une forte adoption précoce du système Inspire V avec des résultats cliniques et procéduraux positifs. Inspire a réaffirmé les prévisions de chiffre d’affaires pour 2025 à 900–910 M USD, maintenu la prévision de marge brute à 84%–86% et relevé la prévision de bénéfice par action dilué à 0,90–1,00 USD contre 0,40–0,50 USD.
Inspire Medical Systems (NYSE: INSP) berichtete am 3. November 2025 die Ergebnisse des dritten Quartals 2025, mit Umsatz im Q3 von 224,5 Mio. USD (um 10% YoY gestiegen) und Bruttomarge von 85,8%. Das Unternehmen meldete Nettoeinkommen von 9,9 Mio. USD und bereinigtes Nettoeinkommen von 11,2 Mio. USD, mit einer aufgelösten Ausschüttung von 0,34 USD pro Aktie und einem bereinigten verwässerten EPS von 0,38 USD. Der operative Cashflow für Q3 betrug 68,5 Mio. USD. Das Management schloss Aktienrückkäufe in Höhe von 50 Mio. USD ab und meldete eine starke frühe Adoption des Inspire V-Systems mit positiven klinischen und prozeduralen Ergebnissen. Inspire bekräftigte die Umsatzprognose für 2025 von 900–910 Mio. USD, hielt die Bruttomargenprognose von 84%–86% und erhöhte die Prognose zum verwässerten Nettomittel je Aktie auf 0,90–1,00 USD von 0,40–0,50 USD.
Inspire Medical Systems (NYSE: INSP) أبلغت عن نتائج الربع الثالث من 2025 في 3 نوفمبر 2025، مع إيرادات الربع الثالث 224.5 مليون دولار (بنمو 10% على أساس سنوي) و هامش إجمالي 85.8%. أعلنت الشركة دخل صافي قدره 9.9 مليون دولار و دخل صافي معدّل قدره 11.2 مليون دولار، مع ربحية السهم المخفّفة بـ $0.34 وربحية السهم المخفّفة المعدّلة بـ $0.38. كان التدفق النقدي التشغيلي للربع الثالث $68.5M. أكملت الإدارة إعادة شراء أسهم بقيمة 50 مليون دولار وأفادت باعتماد مبكر قوي لنظام Inspire V مع نتائج سريرية وإجرائية إيجابية. وأعادت Inspire تأكيد توجيهات إيرادات 2025 عند $900–$910 مليون، وحافظت على توجيهات الهامش الإجمالي عند 84%–86%، ورفعت توجيهات ربحية السهم المخففة إلى $0.90–$1.00 من 0.40–0.50 دولار.
- Revenue $224.5M in Q3 (+10% YoY)
- Gross margin 85.8% in Q3 (up from 84.1%)
- Operating cash flow $68.5M for Q3
- $50M of completed share repurchases
- Reaffirmed full‑year $900M–$910M revenue guidance and raised EPS guide to $0.90–$1.00
- Operating expenses $183.1M in Q3 (+17% YoY)
- Net income declined to $9.9M from $18.5M year‑ago
- Cash, cash equivalents and investments down to $410.9M from $516.5M
Insights
Solid growth, margin expansion, and a meaningful EPS upgrade; execution on Inspire V underpins guidance raise.
The company delivered revenue of
Key dependencies and risks include continued commercial adoption of the Inspire V implant (the company cites procedural time reductions and positive field feedback) and control of rising operating expenses, which grew
MINNEAPOLIS, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Inspire Medical Systems, Inc. (NYSE: INSP) (Inspire, or the company), a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea, today reported financial results for the quarter ended September 30, 2025.
Recent Business Highlights
- Generated revenue of
$224.5 million in the third quarter of 2025, a10% increase over the same quarter last year - Achieved gross margin of
85.8% in the third quarter of 2025 - Net income was
$9.9 million in the third quarter of 2025. Adjusted net income was$11.2 million - Income per share was
$0.34 in the third quarter of 2025. Adjusted diluted earnings per share was$0.38 - Generated operating cash flow of
$68.5 million for the third quarter of 2025, bringing the year-to-date total to$64.5 million - Presented Inspire V safety and efficacy data at recent industry meetings
- Completed
$50 million in share repurchase
“The Inspire team had a very productive third quarter focusing on the transition to the Inspire V system while delivering very strong results globally,” said Tim Herbert, Chairman and Chief Executive Officer of Inspire Medical Systems. “Further, at recent industry meetings, we presented clinical evidence demonstrating that the Inspire V system offers enhanced performance, building on the strong foundation established by our legacy systems.”
“Patient safety is paramount, and with our Inspire V study in Singapore of 44 patients and the Limited-Market-Release study of over 100 patients in the United States,
Third Quarter 2025 Financial Results
Revenue was
Gross margin was
Operating expenses were
Operating income was
Net income was
As of September 30, 2025, cash, cash equivalents, and investments were
Full Year 2025 Guidance
Inspire is maintaining full year 2025 revenue guidance to be in the range of
The company is maintaining its full year 2025 gross margin guidance of
Inspire anticipates diluted net income per share guidance for the full year 2025 to be in the range of
Webcast and Conference Call
Inspire’s management will host a conference call after market close today, Monday, November 3, 2025, at 5:00 p.m. Eastern Time to discuss these results and answer questions.
To access the conference call, please preregister on
https://register-conf.media-server.com/register/BIcaef92f7ac51467ca25919f83cd3e22e.
Registrants will receive confirmation with dial-in details.
A live webcast of the event can be accessed on https://edge.media-server.com/mmc/p/7um4yofb/. A replay of the webcast will be available on https://investors.inspiresleep.com starting approximately two hours after the event and archived on the site for two weeks.
About Inspire Medical Systems
Inspire is a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea. Inspire’s proprietary Inspire therapy is the first and only FDA, EU MDR and PDMA-approved neurostimulation technology of its kind that provides a safe and effective treatment for moderate to severe obstructive sleep apnea.
For additional information about Inspire, please visit www.inspiresleep.com.
Use of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measures of Adjusted net income, Adjusted earnings per share ("EPS"), Adjusted EBITDA, and Adjusted EBITDA margin, which differ from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).
We define Adjusted net income as net income or loss, plus items that are not indicative of our ongoing operations. Net income is the most directly comparable GAAP financial measure to adjusted net income. Adjusted EPS is calculated as adjusted net income divided by the dilutive weighted average shares outstanding. Diluted EPS is the most directly comparable GAAP financial measure to adjusted EPS. We define Adjusted EBITDA as net income or loss, less interest income, plus interest expense, plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense, plus litigation-related legal expenses and other non-operating expenses less non-operating income. Net income is the most directly comparable GAAP financial measure to Adjusted EBITDA. We define Adjusted EBITDA margin in this release as Adjusted EBITDA divided by revenue. Net income margin is the most directly comparable GAAP measure to Adjusted EBITDA margin. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are included in this press release.
These non-GAAP financial measures are presented because we believe they are useful indicators of our operating performance. Management uses these measures principally as measures of our operating performance and for planning purposes, including the preparation of our annual operating plan and financial projections. We believe these measures are useful to investors as supplemental information and because they are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We also believe these non-GAAP financial measures are useful to our management and investors as a measure of comparative operating performance from period to period.
These non-GAAP financial measures should not be considered as an alternative to, or superior to, the most directly comparable GAAP financial measures, as measures of financial performance or cash flows from operations, as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and they should not be construed to imply that our future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of non-GAAP financial measures should not be construed to imply that our future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on our GAAP results in addition to using non-GAAP financial measures on a supplemental basis. Our definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding full year 2025 financial outlook and our expectations regarding the launch of our Inspire V neurostimulation system, including the timeline to complete the full transition to that product. In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘could,’’ “future,” “outlook,” “guidance,” ‘‘intend,’’ ‘‘target,’’ ‘‘project,’’ ‘‘contemplate,’’ ‘‘believe,’’ ‘‘estimate,’’ ‘‘predict,’’ ‘‘potential,’’ ‘‘continue,’’ or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
These forward-looking statements are based on management’s current expectations and involve known and unknown risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, our history of operating losses and dependency on our Inspire therapy for revenues; commercial success and market acceptance of our Inspire therapy; our ability to achieve and maintain adequate levels of coverage or reimbursement for our Inspire therapy or any future products we may seek to commercialize; competitive companies, technologies and pharmaceuticals in our industry; our involvement in current or future legal disputes or regulatory proceedings; our ability to expand our indications and develop and commercialize additional products and enhancements to our Inspire therapy; future results of operations, financial position, research and development costs, capital requirements and our needs for additional financing; our ability to accurately forecast customer demand for our Inspire therapy and manage our inventory; our dependence on third-party suppliers, contract manufacturers and shipping carriers; consolidation in the healthcare industry; our ability to expand, manage and maintain our direct sales and marketing organization, and to market and sell our Inspire therapy in markets outside of the U.S.; risks associated with international operations; our ability to manage our growth; our ability to hire and retain our senior management and other highly qualified personnel; risk of product liability claims; our ability to address quality issues that may arise with our Inspire therapy; our ability to successfully integrate any acquired business, products, or technologies; changes in global macroeconomic trends; challenges experienced by patients in obtaining prior authorization, our ability to achieve and maintain adequate levels of coverage or reimbursement for our Inspire therapy; our business model and strategic plans for our products, technologies and business, including our implementation thereof; the impact of glucagon-like peptide 1 class of drugs on demand for our Inspire therapy; risks related to information technology and cybersecurity; our ability to commercialize or obtain regulatory approvals for our Inspire therapy, or the effect of delays in commercializing or obtaining regulatory approvals; and FDA or other U.S. or foreign regulatory actions affecting us or the healthcare industry generally. Other important factors that could cause actual results, performance or achievements to differ materially from those contemplated in this press release can be found under the captions “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations“ in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 to be filed with the SEC, and as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investors page of our website at www.inspiresleep.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, unless required by applicable law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Thus, one should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing our views as of any date after the date of this press release.
Investor & Media Contact
Ezgi Yagci
Vice President, Investor Relations
ezgiyagci@inspiresleep.com
617-549-2443
Inspire Medical Systems, Inc.
Consolidated Statements of Operations and Comprehensive Income (unaudited)
(in thousands, except share and per share amounts)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 224,501 | $ | 203,191 | $ | 642,904 | $ | 563,086 | ||||||||
| Cost of goods sold | 31,773 | 32,398 | 97,154 | 86,998 | ||||||||||||
| Gross profit | 192,728 | 170,793 | 545,750 | 476,088 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 24,211 | 26,083 | 78,223 | 83,792 | ||||||||||||
| Selling, general and administrative | 158,873 | 130,392 | 462,684 | 388,097 | ||||||||||||
| Total operating expenses | 183,084 | 156,475 | 540,907 | 471,889 | ||||||||||||
| Operating income | 9,644 | 14,318 | 4,843 | 4,199 | ||||||||||||
| Other (income) expense: | ||||||||||||||||
| Interest and dividend income | (3,984) | (5,890) | (13,536) | (17,695) | ||||||||||||
| Interest expense | 11 | — | 15 | — | ||||||||||||
| Other expense (income), net | 66 | (118) | 2,986 | 77 | ||||||||||||
| Total other income | (3,907) | (6,008) | (10,535) | (17,618) | ||||||||||||
| Income before income taxes | 13,551 | 20,326 | 15,378 | 21,817 | ||||||||||||
| Income taxes | 3,619 | 1,829 | 6,046 | 3,532 | ||||||||||||
| Net income | 9,932 | 18,497 | 9,332 | 18,285 | ||||||||||||
| Other comprehensive income: | ||||||||||||||||
| Foreign currency translation (loss) gain | (59) | 259 | (168) | 86 | ||||||||||||
| Unrealized gain on investments | 302 | 1,556 | 271 | 814 | ||||||||||||
| Total comprehensive income | $ | 10,175 | $ | 20,312 | $ | 9,435 | $ | 19,185 | ||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 0.34 | $ | 0.62 | $ | 0.32 | $ | 0.61 | ||||||||
| Diluted | $ | 0.34 | $ | 0.60 | $ | 0.31 | $ | 0.60 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 29,332,376 | 29,879,621 | 29,512,495 | 29,741,720 | ||||||||||||
| Diluted | 29,600,223 | 30,633,789 | 29,938,246 | 30,566,395 | ||||||||||||
Inspire Medical Systems, Inc.
Consolidated Balance Sheets (unaudited)
(in thousands, except share and per share amounts)
| September 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 112,845 | $ | 150,150 | ||||
| Investments, short-term | 209,747 | 295,396 | ||||||
| Accounts receivable, net of allowance for credit losses of | 107,989 | 93,068 | ||||||
| Inventories, net | 141,777 | 80,118 | ||||||
| Prepaid expenses and other current assets | 14,131 | 12,074 | ||||||
| Total current assets | 586,489 | 630,806 | ||||||
| Investments, long-term | 88,353 | 70,995 | ||||||
| Property and equipment, net | 91,506 | 71,925 | ||||||
| Operating lease right-of-use assets | 24,070 | 23,314 | ||||||
| Other non-current assets | 17,298 | 11,343 | ||||||
| Total assets | $ | 807,716 | $ | 808,383 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 59,240 | $ | 38,687 | ||||
| Accrued expenses | 51,603 | 49,814 | ||||||
| Total current liabilities | 110,843 | 88,501 | ||||||
| Operating lease liabilities, non-current portion | 30,302 | 30,039 | ||||||
| Other non-current liabilities | 111 | 148 | ||||||
| Total liabilities | 141,256 | 118,688 | ||||||
| Stockholders' equity: | ||||||||
| Preferred Stock, issued and outstanding | — | — | ||||||
| Common Stock, | 29 | 30 | ||||||
| Additional paid-in capital | 948,374 | 981,043 | ||||||
| Accumulated other comprehensive income | 639 | 536 | ||||||
| Accumulated deficit | (282,582) | (291,914) | ||||||
| Total stockholders' equity | 666,460 | 689,695 | ||||||
| Total liabilities and stockholders' equity | $ | 807,716 | $ | 808,383 | ||||
Inspire Medical Systems, Inc.
Reconciliation of Non-GAAP Financial Measures (unaudited)
(in thousands, except share and per share amounts)
Reconciliation of GAAP Net Income and Income per Share to Non-GAAP Adjusted Net Income and
Adjusted Net Income per Share
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net income | $ | 9,932 | $ | 18,497 | $ | 9,332 | $ | 18,285 | ||||
| Stock-based compensation expense(1) | — | — | 11,155 | — | ||||||||
| Legal fees(2) | 1,289 | — | 3,025 | — | ||||||||
| Other(3) | — | — | 4,046 | — | ||||||||
| Adjusted net income | $ | 11,221 | $ | 18,497 | $ | 27,558 | $ | 18,285 | ||||
| Net income per share: | ||||||||||||
| Basic | $ | 0.34 | $ | 0.62 | $ | 0.32 | $ | 0.61 | ||||
| Diluted | $ | 0.34 | $ | 0.60 | $ | 0.31 | $ | 0.60 | ||||
| Adjusted net income per share: | ||||||||||||
| Basic | $ | 0.38 | $ | 0.62 | $ | 0.93 | $ | 0.61 | ||||
| Diluted | $ | 0.38 | $ | 0.60 | $ | 0.92 | $ | 0.60 | ||||
| Weighted average shares outstanding: | ||||||||||||
| Basic | 29,332,376 | 29,879,621 | 29,512,495 | 29,741,720 | ||||||||
| Diluted | 29,600,223 | 30,633,789 | 29,938,246 | 30,566,395 | ||||||||
(1) Represents accelerated stock-based compensation expense for certain employees who are retirement eligible in accordance with the implementation of changes to the treatment of equity awards under the Inspire Medical Systems, Inc. 2018 Incentive Award Plan upon the holder's death, disability, or retirement.
(2) These costs represent legal-related expenses related to (a) a civil investigative demand from the Department of Justice, (b) a patent infringement suit that we filed against Nyxoah S.A. and its wholly-owned subsidiary, Nyxoah, Inc. ("Nyxoah"), and (c) a patent infringement suit brought against us by Nyxoah. These costs do not reflect costs associated with our normal ongoing operations.
(3) Represents a non-cash impairment of a strategic investment, which does not reflect costs associated with our ongoing operations.
Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income | $ | 9,932 | $ | 18,497 | $ | 9,332 | $ | 18,285 | ||||||||
| Interest and dividend income | (3,984) | (5,890) | (13,536) | (17,695) | ||||||||||||
| Interest expense | 11 | — | 15 | — | ||||||||||||
| Income taxes | 3,619 | 1,829 | 6,046 | 3,532 | ||||||||||||
| Depreciation and amortization | 3,677 | 1,850 | 10,135 | 4,072 | ||||||||||||
| EBITDA | 13,255 | 16,286 | 11,992 | 8,194 | ||||||||||||
| Stock-based compensation expense(4) | 29,468 | 28,223 | 102,247 | 86,867 | ||||||||||||
| Legal fees | 1,289 | — | 3,025 | — | ||||||||||||
| Other | — | — | 4,046 | — | ||||||||||||
| Adjusted EBITDA | $ | 44,012 | $ | 44,509 | $ | 121,310 | $ | 95,061 | ||||||||
(4) Total stock-based compensation expense.
Reconciliation of GAAP Net Income Margin and Non-GAAP Adjusted EBITDA Margin
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net income margin(5) | ||||||||||||
| Interest and dividend income | (2)% | (3)% | (2)% | (3)% | ||||||||
| Interest expense | —% | —% | —% | —% | ||||||||
| Income taxes | ||||||||||||
| Depreciation and amortization | ||||||||||||
| Stock-based compensation expense(4) | ||||||||||||
| Legal fees | —% | —% | —% | |||||||||
| Other | —% | —% | —% | |||||||||
| Adjusted EBITDA margin(6) | ||||||||||||
(4) Total stock-based compensation expense.
(5) Net income margin is calculated as net income divided by total revenue.
(6) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue.
FAQ
What were Inspire Medical Systems (INSP) Q3 2025 revenue and growth rates?
How did Inspire (INSP) perform on profitability in Q3 2025?
What guidance did Inspire (INSP) give for full‑year 2025 on November 3, 2025?
What operational progress did Inspire (INSP) report on the Inspire V system in Q3 2025?
Did Inspire (INSP) return capital to shareholders in Q3 2025?
How did Inspire's (INSP) cash and investments change through September 30, 2025?
