NYSE · Financial Statements

Inspire Medical Systems, Inc. (INSP) Financial Statements

$71.11 NYSE: INSP Market Cap $2.06B

Inspire Medical Systems, Inc. most recently reported annual revenue of $912.0M, net profit of $145.0M. Revenue grew at an average annual rate of 51.3% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Inspire Medical Systems, Inc.: Revenue rose from $16.0M in 2016 to $912.0M in 2025, a change of +5600.0% over 9 years; net profit was positive in 2 of 10 reported years; operating margin moved from -105.0% to 5.6%, a shift of +110.6 percentage points; the most recent year shows net profit of $145.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$16.0M$29.0M$51.0M$82.0M$115.0M$233.0M$408.0M$625.0M$803.0M$912.0M
Operating Expenses$34.0M$45.0M$71.0M$117.0M$172.0M$273.0M$455.0M$665.0M$767.0M$861.0M
Operating Profit$-17.0M$-16.0M$-20.0M$-35.0M$-56.0M$-40.0M$-48.0M$-40.0M$36.0M$51.0M
Operating Margin-105.0%-56.0%-40.3%-42.5%-48.7%-17.1%-11.7%-6.5%4.5%5.6%
Other Income$-1.0M$-2.0M$-1.0M$2.0M$-1.0M$-2.0M$3.0M$20.0M$22.0M$15.0M
Interest$1.0M$2.0M$3.0M$2.0M$2.0M$2.0M$2.0M$0$0$0
Depreciation$0$0$0$0$1.0M$1.0M$2.0M$3.0M$7.0M$14.0M
Profit Before Tax$-19.0M$-18.0M$-22.0M$-33.0M$-57.0M$-42.0M$-44.0M$-20.0M$58.0M$66.0M
Tax$0$0$0$-120,000$-200,000$-170,000$-1.4M$-6.3M$8.5M$-121.3M
Net Profit$-19.0M$-18.0M$-22.0M$-33.0M$-57.0M$-42.0M$-45.0M$-21.0M$54.0M$145.0M
EPS$-1.49$-1.30$-1.50$-1.40$-2.19$-1.54$-1.60$-0.72$1.75$4.89
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$153.0M$193.0M$164.0M$196.0M$203.0M$240.0M$201.0M$217.0M$225.0M$269.0M$205.0M$201.0M
Operating Expenses$167.0M$183.0M$179.0M$191.0M$189.0M$208.0M$203.0M$220.0M$215.0M$223.0M$206.0M$201.0M
Operating Profit$-13.0M$9.0M$-15.0M$5.0M$14.0M$32.0M$-1.0M$-3.0M$10.0M$46.0M$-1.0M$-1.0M
Operating Margin-8.8%4.8%-9.3%2.6%7.0%13.3%-0.7%-1.5%4.3%17.1%-0.6%-0.3%
Interest$0$0$0$0$0$0$0$0$0$0$0$0
Profit Before Tax$-8.0M$15.0M$-9.0M$11.0M$20.0M$37.0M$4.0M$-2.0M$14.0M$50.0M$2.0M$3.0M
Tax$-4.2M$3.1M$-7.0M$9.7M$9.0M$3.9M$28.1M$-54.0M$26.7M$-170.4M$571.2M$89.9M
Net Profit$-9.0M$15.0M$-10.0M$10.0M$18.0M$35.0M$3.0M$-4.0M$10.0M$136.0M$-11.0M$0
EPS$-0.29$0.49$-0.34$0.32$0.60$1.15$0.10$-0.12$0.34$4.66$-0.39$0.01

Over the 10 years reported for Inspire Medical Systems, Inc., borrowings increased from $16.0M in 2016 to $32.0M in 2025, cash stood at $105.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 6.08 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$13.0M$25.0M$200.0M$181.0M$281.0M$295.0M$565.0M$677.0M$808.0M$907.0M
Current Assets$12.0M$24.0M$199.0M$171.0M$270.0M$269.0M$530.0M$594.0M$631.0M$584.0M
Cash$7.0M$9.0M$97.0M$23.0M$191.0M$214.0M$442.0M$186.0M$150.0M$105.0M
Inventory$3.0M$4.0M$3.0M$6.0M$8.0M$17.0M$12.0M$34.0M$80.0M$145.0M
Receivables$2.0M$4.0M$7.0M$13.0M$25.0M$34.0M$61.0M$90.0M$93.0M$120.0M
Fixed Assets$1.0M$1.0M$1.0M$4.0M$11.0M$16.0M$24.0M$63.0M$95.0M$121.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$7.0M$91.0M$133.0M$44.0M$10.0M$20.0M$284.0M$366.0M$300.0M
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$20.0M$24.0M$36.0M$41.0M$51.0M$66.0M$69.0M$104.0M$119.0M$126.0M
Current Liabilities$7.0M$7.0M$11.0M$17.0M$21.0M$41.0M$61.0M$78.0M$89.0M$96.0M
Borrowings$16.0M$16.0M$25.0M$25.0M$31.0M$34.0M$16.0M$25.0M$32.0M$32.0M
Other Liabilities$4.0M$7.0M$11.0M$16.0M$21.0M$32.0M$52.0M$79.0M$87.0M$94.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$-7.0M$1.0M$164.0M$140.0M$230.0M$229.0M$496.0M$573.0M$690.0M$781.0M

For Inspire Medical Systems, Inc., operating cash flow was positive in 4 of 10 reported years; free cash flow in the latest year was $78.0M; free cash flow was positive in 4 of 10 years; financing activities used $198.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-18.0M$-16.0M$-19.0M$-33.0M$-53.0M$-20.0M$12.0M$25.0M$130.0M$117.0M
Investing Cash Flow$-1.0M$-15.0M$-167.0M$-46.0M$84.0M$24.0M$-29.0M$-318.0M$-152.0M$-17.0M
Financing Cash Flow$0$0$0$0$0$0$0$-17.0M$-80.0M$-198.0M
Net Cash Flow$-5.0M$2.0M$88.0M$-74.0M$168.0M$24.0M$227.0M$-256.0M$-35.0M$-45.0M
Free Cash Flow$-18.0M$-16.0M$-19.0M$-36.0M$-55.0M$-25.0M$2.0M$1.0M$91.0M$78.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.09
EV / EBITDA23.16
FCF Yield5.79%
Quick Ratio6.16
Interest Coverage406.94
Return 1Y-61.38%
Return 3Y-82.42%
Return 5Y-71.79%

Inspire Medical Systems, Inc. (INSP) financials — frequently asked questions

What is Inspire Medical Systems, Inc.'s annual revenue?

Inspire Medical Systems, Inc. (INSP) reported annual revenue of $912.0M in its most recent fiscal year.

What is Inspire Medical Systems, Inc.'s net profit?

Inspire Medical Systems, Inc. (INSP) reported net profit of $145.0M in its most recent fiscal year.

What is INSP EV/EBITDA?

Inspire Medical Systems, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 23.16.

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