INSP
Inspire Medical Systems, Inc.115.51
-3.75-3.14%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Details reimbursement fix plans
Q&A fleshed out reimbursement mitigation: short-term push with MACs and societies for minimal 10-50% physician fee cuts via -52 modifier on CPT 64582, plus long-term new CPT code by 2028 sans temporary Category III to preserve facility pay stability. WISER prior auth bugs disrupted Q1 Medicare in six states, deemed transitory. Academic centers (~30%) sidestep fee pain; private practice surgeons vulnerable, prompting patient redirection. Competition and GLP-1s minimally baked into widened $950M-$1B guide. No walk-backs. They'll lean on Inspire 4 inventory if needed. Clarity elusive yet. Watch H2 acceleration on fee data.
Key Stats
Market Cap
3.42BP/E (TTM)
79.12Basic EPS (TTM)
1.46Dividend Yield
0%Recent Filings
10-K
FY2025 10-K filed
Inspire Medical Systems filed its 10-K for FY2025 ended December 31, 2025, but key financial statements and MD&A detailing revenue, profitability, or quarterly results are not included in the provided filing. Clinical milestones shone through, with ADHERE registry hitting 5,000 patients in 2024 and follow-up completed in 2025, alongside over 125,000 total patients treated and FDA approval for Inspire V marketed in 2025. No GAAP or non-GAAP figures disclosed here. Leadership transitioned: CFO resigned end-2025, served as interim through 10-K filing, with new CFO starting January 2026. Reimbursement solid across major U.S. payors. Dependency on single product risks quarterly momentum.
8-K
Q4 revenue up 12%, guidance cut
Inspire Medical crushed Q4 2025 with $269.1M revenue, up 12%, and full-year $912M, up 14%, fueled by Inspire V launch and 86.6% gross margins. Q4 net income hit $136.1M on valuation allowance release, while operating cash flow reached $52.5M. Yet 2026 guidance tempers to $950M-$1B revenue amid coding woes for Inspire V reimbursement. Bylaws prep for board declassification.
8-K
Q4 revenue up 12%, new CFO
Inspire Medical Systems reported preliminary Q4 2025 revenue of $268.9-$269.1 million, up 12% year-over-year, and full-year revenue of $911.8-$912.0 million, up 14%, with 2026 guidance at $1.003-$1.013 billion. Board appointed Matt Osberg as CFO effective post-2025 10-K filing, with $650,000 base salary and $3 million equity grants. New CFO starts soon. Results exclude reimbursement gains.
8-K
Releases tax valuation allowance
Inspire Medical Systems expects to release a significant portion of its U.S. deferred tax asset valuation allowance in Q4 2025, generating a $90 million to $100 million income tax benefit. This will boost diluted EPS by $3.00 to $3.30 for the year. Non-cash win. Forward-looking estimates carry execution risks per SEC filings.
10-Q
Q3 FY2025 results
Inspire Medical posted Q3 revenue of $224.5M, up 10.5% y/y from $203.2M but down q/q (derived), with gross margin expanding to 85.8% from 84.1% thanks to higher-volume Inspire V sales. Operating income dipped to $9.6M from $14.3M as SG&A jumped 21.8% on advertising and headcount, while diluted EPS fell to $0.34 from $0.60 amid 29.6M shares. Cash from operations hit $64.5M YTD; liquidity strong at $411M in cash and investments, yet share repurchases totaled $125M YTD. Revenue consistent with 29.9M diluted shares. Patients delaying for Inspire V rollout. Competition from rivals like Nyxoah looms.
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