Inspire Medical Systems AGM: 2025 Revenue Hits $912M as Shareholders OK Governance, Equity Plan

Key Points

• Inspire reported $912 million in 2025 revenue, a 14% year-over-year increase, and said it has treated more than 125,000 patients as it approaches the $1 billion revenue milestone.
• The company launched the Inspire V neurostimulation system in the U.S., pointed to over 385 peer‑reviewed publications supporting its therapy, and announced leadership changes including new CFO Matt Osberg and promotion of Carlton Weatherby.
• Stockholders approved key governance and compensation items, notably to phase out the classified board for annual director elections beginning in 2029 and to ratify the amended and restated 2018 Incentive Award Plan, along with director elections and auditor ratification.

Inspire Medical Systems NYSE: INSP highlighted revenue growth, product innovation, and a series of governance and compensation-related items that won stockholder approval at its 2026 annual meeting held virtually on April 30, 2026.

Management highlights 2025 performance and milestones

Timothy P. Herbert, chairman, president, and CEO, opened the meeting by pointing to what he described as another year of “strong financial and operational performance,” attributing results to continued adoption of Inspire therapy. Herbert said the company delivered $912 million in revenue in 2025, representing 14% year-over-year growth, and reported it has surpassed 125,000 patients treated with Inspire therapy.

Looking ahead, Herbert said the company is “approach[ing] the $1 billion revenue milestone” and is continuing to “advance profitability” and deliver growth and operating margins through “disciplined execution.”

Product launch, clinical evidence, and leadership updates

On the operational front, Herbert said Inspire launched the Inspire V neurostimulation system in the U.S., which he said reinforced the company’s commitment to innovation. He also noted continued growth in clinical engagement, citing “more than 385 peer-reviewed publications supporting Inspire therapy.”

Herbert also outlined changes to the executive team. He said that in early 2026 the company welcomed Matt Osberg as its new chief financial officer, and that Carlton Weatherby was recently elevated to chief strategy and growth officer. Herbert said these transitions position the company for its next phase of growth.

Governance proposals and incentive plan put to a vote

During the formal portion of the meeting, the operator reviewed the agenda and voting process, including the March 2, 2026 record date and the appointment of Tony Carideo of The Carideo Group as inspector of election. Stockholders considered seven proposals, and the company recommended votes in favor of director nominees, “one year” for the say-on-pay frequency item, and approval of the remaining proposals.

Among the most notable governance items was a proposal to phase out the classified board structure and move to annual elections beginning in 2029. Herbert said the proposal reflected the company’s stage of growth and a commitment to good governance, and was informed by stockholder feedback and evolving market practices. Stockholders also voted on an amendment and restatement of the company’s 2018 incentive award plan, which Herbert said was intended to support the company’s ability to attract and retain talent while aligning employee interests with long-term stockholder value.

Voting results: Directors elected; governance changes approved

After polls closed at 8:11 a.m. Central Time, the operator reported that, based on the preliminary inspector of election report, stockholders approved each proposal presented. Results announced during the meeting included:

• Election of directors: Gary L. Ellis, Georgia Melenikiotou, and Dana G. Mead, Jr. were elected as class 2 directors to serve until the 2029 annual meeting.
• Auditor ratification: The appointment of Ernst & Young LLP as independent registered public accounting firm for fiscal 2026 was ratified.
• Say-on-pay: Stockholders approved, on an advisory non-binding basis, the compensation of named executive officers.
• Say-on-pay frequency: Stockholders approved an advisory non-binding vote to hold say-on-pay votes every one year.
• Governance change: Stockholders approved the amendment to the certificate of incorporation to phase out the classified board and provide for annual election of all directors beginning with the 2029 annual meeting.
• Equity plan: Stockholders approved the amended and restated 2018 Incentive Award Plan.
• Adjournment proposal: Stockholders approved a proposal to adjourn the meeting if necessary to solicit additional proxies for proposals 5 and/or 6.

The operator said the “final tally of votes” would be published within four days in a Form 8-K filing with the Securities and Exchange Commission.

Upcoming earnings call noted

The operator also reminded stockholders that Inspire plans to hold its next quarterly earnings call at 4:00 p.m. Central Time on May 4 to discuss first-quarter 2026 financial results and recent business developments. The meeting adjourned at 8:13 a.m. Central Time.

About Inspire Medical Systems NYSE: INSP

Inspire Medical Systems, Inc is a medical technology company specializing in implantable neurostimulation devices for the treatment of obstructive sleep apnea (OSA). The company's flagship offering, the Inspire® system, delivers targeted stimulation of the hypoglossal nerve to maintain airway patency during sleep, providing an alternative therapy for patients who are intolerant of or inadequately managed by continuous positive airway pressure (CPAP) devices.

The Inspire system comprises an implantable pulse generator, a sensing lead that monitors breathing patterns, and a stimulation lead that activates the hypoglossal nerve.

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