Inspire Medical Systems, Inc. (INSP) Financial Statements
Industry: Surgical & Medical Instruments & Apparatus
In fiscal 2025, Inspire Medical Systems reported revenue of $912.0M, up 13.6% from $802.8M the year before. Net income was $145.4M (a 15.9% net margin), or $4.89 per diluted share. Gross margin was 85.4% and operating margin was 5.6%. Operating activities generated $117.0M of cash, leaving $78.5M of free cash flow. At fiscal year end, Inspire Medical Systems held $907.3M in total assets against $126.2M in total liabilities, including $104.8M of cash and equivalents.
Open the full interactive Inspire Medical Systems financials → Quarterly statements, key ratios, valuation history and price charts.
Inspire Medical Systems Key Stats
| Share Price | $68.86 |
|---|---|
| Market Cap | $1.99B |
| P/E Ratio | 14.1 |
| Revenue YoY Growth | +13.6% |
| 52-Week Range | $40.05 – $143.99 |
| Shares Outstanding | 28.8 million (basic, 2026 Q2) |
Inspire Medical Systems Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $115.4M | $233.4M | $407.9M | $624.8M | $802.8M | $912.0M |
| Cost of Goods Sold | $17.6M | $33.3M | $66.1M | $96.6M | $123.0M | $133.2M |
| Gross Profit | $97.8M | $200.1M | $341.7M | $528.2M | $679.8M | $778.8M |
| Operating Income | -$56.2M | -$39.9M | -$47.6M | -$40.3M | $36.1M | $51.0M |
| Pre-Tax Income | -$57.1M | -$42.0M | -$44.3M | -$19.9M | $58.5M | $65.7M |
| Income Tax | $115,000 | $72,000 | $613,000 | $1.2M | $4.9M | -$79.7M |
| Net Income | -$57.2M | -$42.0M | -$44.9M | -$21.2M | $53.5M | $145.4M |
| Diluted EPS | -$2.19 | -$1.54 | -$1.60 | -$0.72 | $1.75 | $4.89 |
Inspire Medical Systems Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $224.5M | $269.1M | $204.6M | $200.6M |
| Net Income | $9.9M | $136.1M | -$11.3M | $314,000 |
| Diluted EPS | $0.34 | $4.57 | -$0.39 | $0.01 |
Inspire Medical Systems Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $190.5M | $214.5M | $441.6M | $185.5M | $150.2M | $104.8M |
| Current Assets | $269.9M | $268.5M | $530.0M | $593.7M | $630.8M | $583.7M |
| Total Assets | $281.2M | $295.1M | $564.9M | $676.8M | $808.4M | $907.3M |
| Current Liabilities | $20.7M | $41.3M | $61.2M | $78.1M | $88.5M | $96.1M |
| Total Long-Term Debt | $24.5M | $24.5M | — | — | — | — |
| Total Liabilities | $51.4M | $66.0M | $68.9M | $104.3M | $118.7M | $126.2M |
| Shareholders' Equity | $229.7M | $229.0M | $496.0M | $572.5M | $689.7M | $781.2M |
Inspire Medical Systems Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$53.0M | -$20.1M | $11.6M | $24.7M | $130.2M | $117.0M |
| Cash From Investing | $86.6M | $29.1M | -$19.6M | -$294.8M | -$113.1M | $21.4M |
| Cash From Financing | $134.1M | $14.9M | $235.1M | $13.9M | -$52.4M | -$183.4M |
| Free Cash Flow | -$55.5M | -$24.8M | $2.5M | $1.0M | $91.1M | $78.5M |
Figures from Inspire Medical Systems' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Inspire Medical Systems financials page for every line item.
Inspire Medical Systems Company Profile
| Ticker | INSP |
|---|---|
| Exchange | NYSE |
| Industry | Surgical & Medical Instruments & Apparatus |
| Headquarters | Golden Valley, Minnesota |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001609550 |
Frequently Asked Questions
What was Inspire Medical Systems' revenue in fiscal 2025?
Inspire Medical Systems (INSP) reported revenue of $912.0M for fiscal 2025.
What is Inspire Medical Systems' annual revenue history?
Inspire Medical Systems' annual revenue by fiscal year: 2020: $115.4M; 2021: $233.4M; 2022: $407.9M; 2023: $624.8M; 2024: $802.8M; 2025: $912.0M.
What was Inspire Medical Systems' net income in fiscal 2025?
Inspire Medical Systems reported net income of $145.4M for fiscal 2025.
What was Inspire Medical Systems' earnings per share (EPS) in fiscal 2025?
Inspire Medical Systems' diluted EPS was $4.89 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Inspire Medical Systems generate in fiscal 2025?
Inspire Medical Systems generated $78.5M of free cash flow in fiscal 2025.
What was Inspire Medical Systems' revenue last quarter?
In its most recent reported quarter (2026 Q2), Inspire Medical Systems reported revenue of $200.6M.
How many shares of Inspire Medical Systems are outstanding?
Inspire Medical Systems reported a weighted average of 28.8 million basic shares outstanding in 2026 Q2.
What is Inspire Medical Systems' market cap?
Based on its latest closing price, Inspire Medical Systems (INSP) has a market capitalization of about $1.99B.
When does Inspire Medical Systems' fiscal year end?
Inspire Medical Systems' fiscal year end, as registered with the SEC, is December 31.
Where is Inspire Medical Systems headquartered?
Inspire Medical Systems lists its business address in Golden Valley, Minnesota in its SEC filings.
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