[Form 4] Inspire Medical Systems, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Richard Buchholz, Chief Financial Officer and Director of Inspire Medical Systems, Inc. (INSP), reported an insider sale on 08/29/2025 of 11,000 shares of common stock at a price of $93.39 per share. After the sale, Mr. Buchholz beneficially owned 44,867 shares (direct). The filing also discloses indirect holdings of 1,475 shares each held by his daughter and three sons. The Form 4 was signed by an attorney-in-fact on 09/02/2025.

Positive

• None.

Negative

• Insider sale: The CFO and director sold 11,000 shares at $93.39 on 08/29/2025, reducing direct holdings to 44,867 shares.

Insights

Corporate Governance Expert

TL;DR: A routine disclosure of a non-derivative insider sale by the CFO; no additional governance issues shown in the filing.

The Form 4 documents a clear, single-date sale of 11,000 common shares at $93.39 on 08/29/2025 by Richard Buchholz, who is both an officer and director. The filing lists direct and small indirect family holdings. There is no mention of trading pursuant to a Rule 10b5-1 plan, no related-party transactions, and no other contemporaneous transactions disclosed, indicating a straightforward reporting of an open-market sale.

Securities Analyst

TL;DR: Insider sold a moderate stake; the transaction is disclosed properly but by itself provides limited insight into company fundamentals.

The sale of 11,000 shares reduces the reporting person’s direct holding to 44,867 shares. The filing does not include any derivative activity or additional sales/purchases that could indicate a larger pattern. Without accompanying financial results or disclosures, this single sale is a liquidity event by an insider rather than a clear signal about company performance.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Buchholz Richard

(Last) (First) (Middle)

C/O INSPIRE MEDICAL SYSTEMS, INC.

5500 WAYZATA BLVD., SUITE 1600

(Street)

GOLDEN VALLEY MN 55416

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Inspire Medical Systems, Inc. [ INSP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/29/2025		S		11,000	D	$93.39	44,867	D
Common Stock								1,475	I	By Daughter
Common Stock								1,475	I	By Son
Common Stock								1,475	I	By Son
Common Stock								1,475	I	By Son

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Bryan Phillips, Attorney-in-Fact for Richard Buchholz	09/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Richard Buchholz report on the Form 4 for INSP?

He reported a sale of 11,000 shares of Inspire Medical Systems common stock on 08/29/2025 at $93.39 per share and a post-transaction direct holding of 44,867 shares.

What is Richard Buchholz's role at Inspire Medical Systems (INSP)?

The Form 4 lists Richard Buchholz as a Director and the company's Chief Financial Officer.

Does the filing show any derivative transactions or Rule 10b5-1 plan trades?

No. The filing discloses only a non-derivative sale of common stock and does not indicate any derivative transactions or that the trade was made under a Rule 10b5-1 plan.

Who executed the Form 4 filing for Richard Buchholz?

The Form 4 was signed by /s/ Bryan Phillips, Attorney-in-Fact on 09/02/2025.

Does the filing disclose indirect family holdings?

Yes. The filing shows indirect holdings of 1,475 shares each attributed to his daughter and three sons.