INSP on NYSE

Inspire Medical Systems (United States)

We are a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea ("OSA").4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

2007Founded1

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  • TickerINSP on NYSE1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersMaple Grove1
  • Websitewww.inspiresleep.com
  • Incorporated inDE3
  • Business address5500 Wayzata Blvd, Suite 1600, Golden Valley, Mn 554163
  • Filer categoryLarge accelerated filer3

We are a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea ("OSA"). Our proprietary Inspire system is the first FDA, European Union ("EU") Regulation No. 2017/745 ("MDR" or "EU Medical Devices Regulation"), and Japan Pharmaceuticals and Medical Devices Agency-approved neurostimulation technology of its kind that provides a safe and effective treatment for patients with moderate to severe OSA. We have developed a novel, closed-loop solution that continuously monitors a patient’s breathing and delivers mild hypoglossal nerve stimulation to maintain an open airway. A significant body of clinical data, which includes a publication in the New England Journal of Medicine , multiple publications in leading respiratory, ear, nose and throat ("ENT") and sleep medicine journals, and more…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

85.4%Gross margin5
5.6%Operating margin5
15.9%Net margin5
13.6%Revenue growth, 20255
18.6%Return on equity5
$78.5MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 96% of the revenue Inspire Medical Systems (United States) broke down this way in fiscal 2025.

  1. United States$872.1M596%up 13% from 2024
  2. Outside the United States$39.9M54%up 26% from 2024
Regions by year
Regions202320242025
United States$606.2M$771.0M$872.1M
Outside the United States$18.6M$31.8M$39.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue12¢$133.2M
  • Research and development9¢$103.2M
  • Selling, general and admin58¢$624.6M
  • Income tax7¢$79.7M
  • Profit13¢$145.4M

Out of $912.0M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending18¢$38.5M
  • Share buybacks82¢$175.0M

Out of $117.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue67895$912.0M in 2025+1011% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $82.0M$82.0M20192020: $115.4M$115.4M2020+41%2021: $233.4M$233.4M2021+102%2022: $407.9M$407.9M2022+75%2023: $624.8M$624.8M2023+53%2024: $802.8M$802.8M2024+28%2025: $912.0M$912.0M2025+14%
Gross profit67895$778.8M in 2025+1038% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $68.4M$68.4M20192020: $97.8M$97.8M2020+43%2021: $200.1M$200.1M2021+105%2022: $341.7M$341.7M2022+71%2023: $528.2M$528.2M2023+55%2024: $679.8M$679.8M2024+29%2025: $778.8M$778.8M2025+15%
Operating income67895$51.0M in 2025
-$100.0M-$50.0M0$50.0M$100.0M2019: -$34.9M-$34.9M20192020: -$56.2M-$56.2M2020+61%2021: -$39.9M-$39.9M2021−29%2022: -$47.6M-$47.6M2022+19%2023: -$40.3M-$40.3M2023−15%2024: $36.1M$36.1M20242025: $51.0M$51.0M2025+41%
Net income67895$145.4M in 2025
-$100.0M0$100.0M$200.0M2019: -$33.2M-$33.2M20192020: -$57.2M-$57.2M2020+72%2021: -$42.0M-$42.0M2021−27%2022: -$44.9M-$44.9M2022+7%2023: -$21.2M-$21.2M2023−53%2024: $53.5M$53.5M20242025: $145.4M$145.4M2025+172%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenue$912.0M$802.8M$624.8M
Cost of goods sold$133.2M$123.0M$96.6M
Gross profit$778.8M$679.8M$528.2M
Research and development$103.2M$114.1M$116.5M
Selling, general and administrative$624.6M$529.6M$452.0M
Total operating expenses$727.8M$643.7M$568.5M
Operating income (loss)$51.0M$36.1M-$40.3M
Interest and dividend income-$17.5M-$23.2M-$20.6M
Interest expense$137.0K$22.0K$0
Other expense, net$2.7M$855.0K$195.0K
Total other income-$14.7M-$22.4M-$20.4M
Income (loss) before income taxes$65.7M$58.5M-$19.9M
Income tax (benefit) expense-$79.7M$4.9M$1.2M
Net income (loss)$145.4M$53.5M-$21.2M
Foreign currency translation (loss) gain-$296.0K-$65.0K$140.0K
Unrealized gain (loss) on investments$224.0K-$199.0K$746.0K
Total comprehensive income (loss)$145.3M$53.2M-$20.3M
Basic (in dollars per share)$4.95$1.80-$0.72
Diluted (in dollars per share)$4.89$1.75-$0.72
Basic (in shares)29.4M shares29.8M shares29.3M shares
Diluted (in shares)29.8M shares30.5M shares29.3M shares

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Leadership

Who has led Inspire Medical Systems (United States), and when. Pick a name to see everywhere that person has worked.

Board members and other officers (22)

Timeline

  1. May 2, 2018New chief executive Timothy P. Herbert becomes CEO14
  2. 2007Founded Founded1

Filings

513 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 322 insider forms, 36 large holders, 76 other. The latest 20:

  1. Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Aug 24, 2026144 EDGAR
  3. Aug 13, 2026SCHEDULE 13G/A EDGAR
  4. Aug 12, 2026SCHEDULE 13G EDGAR
  5. Aug 11, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Aug 7, 2026144 EDGAR
  7. Aug 4, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Aug 3, 202610-Q EDGAR
  9. Aug 3, 20268-K EDGAR
  10. Jul 31, 2026SCHEDULE 13G/A EDGAR
  11. Jul 28, 2026SCHEDULE 13G/A EDGAR
  12. Jul 27, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Jul 27, 20263 OWNERSHIP DOCUMENT EDGAR
  14. Jul 24, 20268-K EDGAR
  15. Jul 22, 20268-K EDGAR
  16. Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Jul 2, 2026SCHEDULE 13G EDGAR

The 513 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

88 open-market trades by officers, directors and large owners since October 2021: 3 buys and 85 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 7, 2026Kelly Jason PSee RemarksSale963$59.55$57.3KForm 4
May 15, 2026Rondoni JohnSee RemarksSale2,641$43.28$114.3KForm 4
May 14, 2026Rondoni JohnSee RemarksSale700$43.01$30.1KForm 4
May 8, 2026mcCormick ShawnDirectorSale696$45.31$31.5KForm 4
Jan 9, 2026Rondoni JohnSee RemarksSale109$100.00$10.9KForm 4
Dec 2, 2025mcCormick ShawnDirectorSale1,200$139.00$166.8KForm 4
Nov 28, 2025mcCormick ShawnDirectorSale2,000$127.48$255.0KForm 4
Aug 29, 2025Buchholz RichardInterim CFOSale11,000$93.39$1.0MForm 4
Aug 8, 2025Curet MyriamDirectorSale4$77.28$309Form 4
May 19, 2025Rondoni JohnSee RemarksSale1,734$149.38$259.0KForm 4
May 8, 2025Curet MyriamDirectorSale2$153.22$306Form 4
May 2, 2025mcCormick ShawnDirectorSale360$160.00$57.6KForm 4
Apr 7, 2025Curet MyriamDirectorBuy1$148.26$148Form 4
Mar 20, 2025Curet MyriamDirectorBuy4$163.84$655Form 4
Mar 3, 2025Ban RandySee RemarksSale3,947$185.84$733.5KForm 4
Mar 3, 2025Rondoni JohnSee RemarksSale2,287$185.60$424.5KForm 4
Feb 13, 2025Ban RandySee RemarksSale25,584$183.50$4.7MForm 4
Feb 11, 2025Rondoni JohnSee RemarksSale583$170.49$99.4KForm 4
Jan 7, 2025Rondoni JohnSee RemarksSale58$215.00$12.5KForm 4
Nov 1, 2024Rondoni JohnSee RemarksSale8,703$193.47$1.7MForm 4

All 88 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,737,519$211.3M0.0%+1,187,965
Wellington Management Group Llp2,382,660$106.3M0.0%−153,294
Vanguard Portfolio Management LLC2,088,961$93.2M0.0%+451,788
Soleus Capital Management, L.P.1,931,436$86.2M3.0%+1,355,137
Aqr Capital Management LLC1,856,800$80.9M0.0%+1,548,138
Assenagon Asset Management S.A.1,728,790$77.1M0.1%+1,208,616
UBS Group AG1,645,511$73.4M0.0%+1,006,583
D. E. Shaw & Co., Inc.1,470,462$65.6M0.0%+281,925
Nomura Holdings Inc1,369,410$61.1M0.3%New
Deerfield Management Company, L.P.1,296,862$57.9M0.7%−1,406,376
Vanguard Capital Management LLC1,270,928$56.7M0.0%+4,190
State Street Corp1,206,494$53.8M0.0%+250,483
Morgan Stanley791,222$35.3M0.0%−659,412
Artisan Partners Limited Partnership732,323$32.7M0.1%−48,252
Geode Capital Management, LLC700,836$31.3M0.0%+190,602
Braidwell LP677,570$30.2M1.2%No change
Goldman Sachs Group Inc645,858$28.8M0.0%−18,145
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC546,020$24.4M0.0%+97,233
Nantahala Capital Management, LLC538,948$24.0M0.7%New
Citadel Advisors LLC506,334$22.6M0.0%+112,258
Bnp Paribas Financial Markets428,069$19.1M0.0%+108,311
Renaissance Technologies LLC426,000$19.0M0.0%−43,968
ADAR1 Capital Management, LLC374,617$16.7M0.8%−30,580
Aberdeen Group plc358,968$16.0M0.0%−118,508
Northern Trust Corp334,039$14.9M0.0%+137,006

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Apr 10, 2023Daniel S. GoldmanDemocratic, HousePartial sale$1,001 - $15,000+158.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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