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Stocks · Health care · Surgical & Medical Instruments & Apparatus

Inspire Medical Systems, Inc.

INSP Clue Score71
United States Fiscal year ends December CIK 0001609550
$71.49 +3.77% Close, 12 Oct 2026
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Price $71.49 −70.20% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 3 May 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue28.6Operating income−16.0Net income−17.5Fiscal year 2018Revenue50.6 +77.1%Operating income−20.4Net income−21.8Fiscal year 2019Revenue82.1 +62.2%Operating income−34.9Net income−33.2EPS, diluted−1.40Fiscal year 2020Revenue115.4 +40.6%Operating income−56.2Net income−57.2EPS, diluted−2.19Fiscal year 2021Revenue233.4 +102.3%Operating income−39.9Net income−42.0EPS, diluted−1.54Fiscal year 2022Revenue407.9 +74.7%Operating income−47.6Net income−44.9EPS, diluted−1.60Fiscal year 2023Revenue624.8 +53.2%Operating income−40.3Net income−21.2EPS, diluted−0.72Fiscal year 2024Revenue802.8 +28.5%Operating income36.1Net income53.5EPS, diluted1.75Fiscal year 2025Revenue912.0 +13.6%Operating income51.0Net income145.4 +171.8%EPS, diluted4.89 +179.4%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 28.6 50.6 82.1 115.4 233.4 407.9 624.8 802.8 912.0
Growth +77.1% +62.2% +40.6% +102.3% +74.7% +53.2% +28.5% +13.6%
Operating income −16.0 −20.4 −34.9 −56.2 −39.9 −47.6 −40.3 36.1 51.0
Net income −17.5 −21.8 −33.2 −57.2 −42.0 −44.9 −21.2 53.5 145.4
Growth +171.8%
EPS, diluted n/a n/a −1.40 −2.19 −1.54 −1.60 −0.72 1.75 4.89
Growth +179.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin78.9%Operating margin−56.0%Net margin−61.3%Free cash flow margin−56.7%Fiscal year 2018Gross margin80.1%Operating margin−40.3%Net margin−43.1%Free cash flow margin−37.4%Fiscal year 2019Gross margin83.4%Operating margin−42.5%Net margin−40.5%Free cash flow margin−43.4%Fiscal year 2020Gross margin84.7%Operating margin−48.7%Net margin−49.6%Free cash flow margin−48.1%Fiscal year 2021Gross margin85.7%Operating margin−17.1%Net margin−18.0%Free cash flow margin−10.6%Fiscal year 2022Gross margin83.8%Operating margin−11.7%Net margin−11.0%Free cash flow margin0.6%Fiscal year 2023Gross margin84.5%Operating margin−6.4%Net margin−3.4%Free cash flow margin0.2%Fiscal year 2024Gross margin84.7%Operating margin4.5%Net margin6.7%Free cash flow margin11.4%Fiscal year 2025Gross margin85.4%Operating margin5.6%Net margin15.9%Free cash flow margin8.6%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 78.9% 80.1% 83.4% 84.7% 85.7% 83.8% 84.5% 84.7% 85.4%
Operating margin −56.0% −40.3% −42.5% −48.7% −17.1% −11.7% −6.4% 4.5% 5.6%
Net margin −61.3% −43.1% −40.5% −49.6% −18.0% −11.0% −3.4% 6.7% 15.9%
Free cash flow margin −56.7% −37.4% −43.4% −48.1% −10.6% 0.6% 0.2% 11.4% 8.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−15.8Capital expenditure−0.4Free cash flow−16.2Fiscal year 2018Operating cash flow−18.7Capital expenditure−0.3Free cash flow−18.9Fiscal year 2019Operating cash flow−32.8Capital expenditure−2.7Free cash flow−35.6Fiscal year 2020Operating cash flow−53.0Capital expenditure−2.5Free cash flow−55.5Fiscal year 2021Operating cash flow−20.1Capital expenditure−4.7Free cash flow−24.8Fiscal year 2022Operating cash flow11.6Capital expenditure−9.1Free cash flow2.5Buybacks0.0Fiscal year 2023Operating cash flow24.7Capital expenditure−23.6Free cash flow1.0 −58.6%Buybacks0.0Fiscal year 2024Operating cash flow130.2Capital expenditure−39.1Free cash flow91.1 +8,798.7%Buybacks0.0Fiscal year 2025Operating cash flow117.0Capital expenditure−38.5Free cash flow78.5 −13.9%Buybacks−175.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −15.8 −18.7 −32.8 −53.0 −20.1 11.6 24.7 130.2 117.0
Capital expenditure −0.4 −0.3 −2.7 −2.5 −4.7 −9.1 −23.6 −39.1 −38.5
Free cash flow −16.2 −18.9 −35.6 −55.5 −24.8 2.5 1.0 91.1 78.5
Growth −58.6% +8,798.7% −13.9%
Buybacks n/a n/a n/a n/a n/a 0.0 0.0 0.0 −175.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash9.0Shareholders’ equity1.3Fiscal year 2018Cash97.3Total debt24.5Net cash (debt)72.8Shareholders’ equity164.0Debt to equity0.15Fiscal year 2019Cash22.9Total debt24.5Net cash (debt)−1.6Shareholders’ equity139.8Debt to equity0.18Fiscal year 2020Cash190.5Total debt24.5Net cash (debt)166.0Shareholders’ equity229.7Debt to equity0.11Fiscal year 2021Cash214.5Total debt24.5Net cash (debt)190.0Shareholders’ equity229.0Debt to equity0.11Fiscal year 2022Cash441.6Shareholders’ equity496.0Fiscal year 2023Cash185.5Shareholders’ equity572.5Fiscal year 2024Cash150.2Shareholders’ equity689.7Fiscal year 2025Cash104.8Shareholders’ equity781.2
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 9.0 97.3 22.9 190.5 214.5 441.6 185.5 150.2 104.8
Total debt n/a 24.5 24.5 24.5 24.5 n/a n/a n/a n/a
Net cash (debt) n/a 72.8 −1.6 166.0 190.0 n/a n/a n/a n/a
Shareholders’ equity 1.3 164.0 139.8 229.7 229.0 496.0 572.5 689.7 781.2
Debt to equity n/a 0.15 0.18 0.11 0.11 n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
28.6 50.6 82.1 115.4 233.4 407.9 624.8 802.8 912.0
Growth +77.1% +62.2% +40.6% +102.3% +74.7% +53.2% +28.5% +13.6%
6.0 10.1 13.6 17.6 33.3 66.1 96.6 123.0 133.2
22.5 40.5 68.4 97.8 200.1 341.7 528.2 679.8 778.8
Growth +79.8% +68.8% +42.9% +104.7% +70.8% +54.6% +28.7% +14.6%
6.2 7.4 12.8 26.1 37.4 68.6 116.5 114.1 103.2
32.4 53.5 90.5 127.9 202.6 320.7 452.0 529.6 624.6
−16.0 −20.4 −34.9 −56.2 −39.9 −47.6 −40.3 36.1 51.0
Growth +41.2%
−17.5 −21.8 −33.2 −57.1 −42.0 −44.3 −19.9 58.5 65.7
0.0 0.0 0.0 0.1 0.1 0.6 1.2 4.9 −79.7
−17.5 −21.8 −33.2 −57.2 −42.0 −44.9 −21.2 53.5 145.4
Growth +171.8%
Per share
n/a n/a −1.40 −2.19 −1.54 −1.60 −0.72 1.80 4.95
n/a n/a −1.40 −2.19 −1.54 −1.60 −0.72 1.75 4.89
Growth +179.4%
n/a n/a 23.8 26.1 27.3 28.1 29.3 29.8 29.4
n/a n/a 23.8 26.1 27.3 28.1 29.3 30.5 29.8
Growth +9.5% +4.6% +3.0% +4.4% +4.2% −2.6%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 51.2% a year over five years.
  • The diluted share count rose 14.1% in five years, which is dilution.
  • Operating margin is up 54.3 points on five years ago, at 5.6%.
  • A net loss in 7 of 9 years on file.