Inspire Medical Systems (INSP) Financials

$43.42 -1.32 (-2.94%)

As of 12:38 PM Eastern

Annual Income Statements for Inspire Medical Systems

This table shows Inspire Medical Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-19	-18	-22	-33	-57	-42	-45	-21	54	145
Consolidated Net Income / (Loss)	-19	-18	-22	-33	-57	-42	-45	-21	54	145
Net Income / (Loss) Continuing Operations	-19	-18	-22	-33	-57	-42	-45	-21	54	145
Total Pre-Tax Income	-19	-18	-22	-33	-57	-42	-44	-20	58	66
Total Operating Income	-17	-16	-20	-35	-56	-40	-48	-40	36	51
Total Gross Profit	13	23	41	68	98	200	342	528	680	779
Total Revenue	16	29	51	82	115	233	408	625	803	912
Operating Revenue	16	29	51	82	115	233	408	625	803	912
Total Cost of Revenue	3.91	6.02	10	14	18	33	66	97	123	133
Total Operating Expenses	30	39	61	103	154	240	389	568	644	728
Selling, General & Admin Expense	23	32	54	90	128	203	321	452	530	625
Research & Development Expense	7.09	6.19	7.39	13	26	37	69	117	114	103
Total Other Income / (Expense), net	-1.28	-1.51	-1.45	1.69	-0.88	-2.12	3.32	20	22	15
Interest & Investment Income	0.06	0.20	1.87	3.80	1.09	0.13	5.05	21	23	18
Other Income / (Expense), net	-0.03	0.04	-0.02	0.01	0.15	-0.12	-0.05	-0.20	-0.86	-2.66
Income Tax Expense	0.00	0.00	0.00	0.04	0.12	0.07	0.61	1.25	4.94	-80
Basic Earnings per Share	($16.90)	($14.88)	($1.50)	($1.40)	($2.19)	($1.54)	($1.60)	($0.72)	$1.80	$4.95
Weighted Average Basic Shares Outstanding	1.10M	1.18M	14.58M	23.80M	26.07M	27.26M	28.07M	29.30M	29.76M	29.37M
Diluted Earnings per Share	($16.90)	($14.88)	($1.50)	($1.40)	($2.19)	($1.54)	($1.60)	($0.72)	$1.75	$4.89
Weighted Average Diluted Shares Outstanding	1.10M	1.18M	14.58M	23.80M	26.07M	27.26M	28.07M	29.30M	30.54M	29.76M
Weighted Average Basic & Diluted Shares Outstanding	1.10M	1.18M	14.58M	23.80M	26.07M	27.53M	29.05M	29.59M	29.67M	28.59M

This table shows Inspire Medical Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-8.54	15	-10	9.79	18	35	2.99	-3.59	9.93	136	-11
Consolidated Net Income / (Loss)	-8.54	15	-10	9.79	18	35	2.99	-3.59	9.93	136	-11
Net Income / (Loss) Continuing Operations	-8.54	15	-10	9.79	18	35	2.99	-3.59	9.93	136	-11
Total Pre-Tax Income	-8.20	15	-9.36	11	20	37	4.16	-2.33	14	50	2.40
Total Operating Income	-13	9.30	-15	5.10	14	32	-1.49	-3.32	9.64	46	-1.12
Total Gross Profit	129	164	139	166	171	204	171	182	193	233	177
Total Revenue	153	193	164	196	203	240	201	217	225	269	205
Operating Revenue	153	193	164	196	203	240	201	217	225	269	205
Total Cost of Revenue	24	28	25	30	32	36	31	35	32	36	28
Total Operating Expenses	142	155	154	161	156	172	172	186	183	187	178
Selling, General & Admin Expense	113	124	126	132	130	142	144	160	159	162	152
Research & Development Expense	29	31	29	29	26	30	28	26	24	25	26
Total Other Income / (Expense), net	5.27	5.94	5.86	5.75	6.01	4.75	5.64	0.98	3.91	4.21	3.52
Interest & Investment Income	5.50	5.87	5.92	5.88	5.89	5.55	5.07	4.49	3.98	4.00	3.74
Other Income / (Expense), net	-0.22	0.07	-0.06	-0.14	0.12	-0.78	0.58	-3.50	-0.07	0.33	-0.23
Income Tax Expense	0.34	0.48	0.65	1.05	1.83	1.41	1.17	1.26	3.62	-86	14
Basic Earnings per Share	($0.29)	$0.51	($0.34)	$0.33	$0.62	$1.19	$0.10	($0.12)	$0.34	$4.63	($0.39)
Weighted Average Basic Shares Outstanding	29.37M	29.30M	29.62M	29.73M	29.88M	29.76M	29.70M	29.51M	29.33M	29.37M	28.70M
Diluted Earnings per Share	($0.29)	$0.51	($0.34)	$0.32	$0.60	$1.17	$0.10	($0.12)	$0.34	$4.57	($0.39)
Weighted Average Diluted Shares Outstanding	29.37M	29.30M	29.62M	30.41M	30.63M	30.54M	30.31M	29.51M	29.60M	29.76M	28.70M
Weighted Average Basic & Diluted Shares Outstanding	29.52M	29.59M	29.71M	29.82M	29.97M	29.67M	29.49M	29.57M	29.06M	28.59M	28.81M

This table details how cash moves in and out of Inspire Medical Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-5.44	2.27	88	-74	168	24	227	-256	-35	-45
Net Cash From Operating Activities	-18	-16	-19	-33	-53	-20	12	25	130	117
Net Cash From Continuing Operating Activities	-18	-16	-19	-33	-53	-20	12	25	130	117
Net Income / (Loss) Continuing Operations	-19	-18	-22	-33	-57	-42	-45	-21	54	145
Consolidated Net Income / (Loss)	-19	-18	-22	-33	-57	-42	-45	-21	54	145
Depreciation Expense	0.10	0.29	0.39	0.50	0.84	1.22	1.86	2.85	6.55	14
Amortization Expense	0.18	0.32	-0.08	-0.72	-	0.01	-0.00	-2.47	-8.86	-2.89
Non-Cash Adjustments To Reconcile Net Income	0.05	0.34	1.96	7.19	14	28	53	86	117	137
Changes in Operating Assets and Liabilities, net	0.24	0.78	0.86	-6.57	-11	-6.86	1.81	-41	-38	-176
Net Cash From Investing Activities	-0.31	-7.60	-83	-44	87	29	-20	-295	-113	21
Net Cash From Continuing Investing Activities	-0.31	-7.60	-83	-44	87	29	-20	-295	-113	21
Purchase of Property, Plant & Equipment	-0.31	-0.41	-0.25	-2.74	-2.46	-4.67	-9.10	-24	-39	-38
Purchase of Investments	0.00	-8.97	-115	-178	-53	-9.99	-11	-281	-419	-250
Sale and/or Maturity of Investments	0.00	1.78	32	137	142	44	0.00	10	345	310
Net Cash From Financing Activities	13	26	190	1.96	134	15	235	14	-52	-183
Net Cash From Continuing Financing Activities	13	26	190	1.96	134	15	235	14	-52	-183
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-75	-175
Issuance of Common Equity	0.00	0.00	182	1.36	127	3.47	248	5.30	5.61	5.02
Other Financing Activities, net	0.47	0.24	0.56	1.14	7.05	11	12	8.65	17	-13
Effect of Exchange Rate Changes	0.00	0.00	0.03	0.01	0.01	-0.02	0.08	0.16	-0.12	-0.31
Cash Interest Paid	1.23	1.32	2.02	2.03	1.89	1.89	2.32	0.00	0.02	0.14

This table details how cash moves in and out of Inspire Medical Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-137	-144	-10	13	-41	2.64	-96	53	5.92	-8.03	-5.88
Net Cash From Operating Activities	3.64	17	8.86	-0.08	52	69	-6.70	2.68	69	52	13
Net Cash From Continuing Operating Activities	3.64	17	8.86	-0.08	52	69	-6.70	2.68	69	52	13
Net Income / (Loss) Continuing Operations	-8.54	15	-10	9.79	18	35	2.99	-3.59	9.93	136	-11
Consolidated Net Income / (Loss)	-8.54	15	-10	9.79	18	35	2.99	-3.59	9.93	136	-11
Depreciation Expense	0.78	0.82	0.84	1.38	1.85	2.48	3.04	3.41	3.68	3.82	5.11
Amortization Expense	-0.07	-2.40	-2.47	-2.44	-2.41	-1.54	-1.21	-0.91	-0.39	-0.38	-0.29
Non-Cash Adjustments To Reconcile Net Income	21	24	25	33	29	30	32	46	30	29	31
Changes in Operating Assets and Liabilities, net	-9.30	-20	-4.95	-42	5.68	3.11	-43	-43	25	-116	-12
Net Cash From Investing Activities	-144	-152	-20	5.62	-103	3.76	-1.55	47	-12	-12	-11
Net Cash From Continuing Investing Activities	-144	-152	-20	5.62	-103	3.76	-1.55	47	-12	-12	-11
Purchase of Property, Plant & Equipment	-6.99	-8.03	-12	-12	-8.01	-7.03	-8.41	-9.00	-10	-11	-9.73
Purchase of Investments	-137	-144	-56	-56	-226	-81	-17	-94	-76	-63	-57
Sale and/or Maturity of Investments	-	0.25	48	74	131	92	24	149	75	62	56
Net Cash From Financing Activities	3.50	-10	0.77	7.09	9.89	-70	-88	3.70	-51	-48	-7.48
Net Cash From Continuing Financing Activities	3.50	-10	0.77	7.09	9.89	-70	-88	3.70	-51	-48	-7.48
Repurchase of Common Equity	-	-	0.00	-	-	-	-75	-	-50	-50	0.00
Other Financing Activities, net	3.50	-13	0.77	3.66	9.89	2.69	-13	0.44	-1.08	-0.06	-7.48
Effect of Exchange Rate Changes	-0.05	0.21	-0.21	-0.01	0.27	-0.17	-0.25	0.10	0.12	-0.28	0.00
Cash Interest Paid	-	-	-	-	-	-	0.00	-	0.01	0.12	0.02

This table presents Inspire Medical Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	25	200	181	281	295	565	677	808	907
Total Current Assets	24	199	171	270	269	530	594	631	584
Cash & Equivalents	8.96	97	23	191	214	442	186	150	105
Short-Term Investments	7.19	91	127	44	0.00	9.82	275	295	203
Accounts Receivable	3.86	6.67	13	25	34	61	90	93	120
Inventories, net	3.67	2.67	5.83	8.48	17	12	34	80	145
Prepaid Expenses	0.43	1.73	2.21	1.97	2.66	5.51	9.60	12	10
Plant, Property, & Equipment, net	0.99	0.80	3.05	5.31	8.49	17	40	72	98
Total Noncurrent Assets	0.00	0.00	7.57	6.01	18	18	43	106	226
Long-Term Investments	-	0.00	6.28	0.00	9.94	0.00	9.14	71	96
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	0.01	89
Other Noncurrent Operating Assets	-	0.00	1.30	6.01	8.12	18	34	35	41
Total Liabilities & Shareholders' Equity	25	200	181	281	295	565	677	808	907
Total Liabilities	24	36	41	51	66	69	104	119	126
Total Current Liabilities	7.15	11	17	21	41	61	78	89	96
Accounts Payable	3.00	3.43	4.46	7.21	12	27	39	39	37
Accrued Expenses	4.15	7.73	12	14	20	34	39	50	59
Total Noncurrent Liabilities	17	25	25	31	25	7.68	26	30	30
Other Noncurrent Operating Liabilities	0.16	0.00	0.04	5.97	8.93	7.68	26	30	30
Commitments & Contingencies	-	-	-	-	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1.33	164	140	230	229	496	573	690	781
Total Preferred & Common Equity	1.33	164	140	230	229	496	573	690	781
Preferred Stock	119	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-118	164	140	230	229	496	573	690	781
Common Stock	7.31	311	320	467	508	820	917	981	927
Retained Earnings	-125	-147	-180	-237	-279	-324	-345	-292	-146
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.05	0.10	0.03	-0.06	-0.09	0.80	0.54	0.46

This table presents Inspire Medical Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	528	572	618	639	686	728	796	731	802	808	911
Total Current Assets	496	534	560	570	572	607	583	572	573	586	567
Cash & Equivalents	418	442	467	330	175	188	148	54	107	113	99
Short-Term Investments	9.74	9.93	0.00	134	266	252	263	315	194	210	185
Accounts Receivable	48	60	64	71	72	80	90	93	138	108	105
Inventories, net	15	16	21	26	49	59	67	100	122	142	166
Prepaid Expenses	4.35	6.09	8.69	7.80	9.55	29	14	10	13	14	12
Plant, Property, & Equipment, net	14	21	25	32	52	62	67	77	85	92	101
Total Noncurrent Assets	18	17	33	38	61	60	146	82	144	130	244
Long-Term Investments	0.00	-	-	2.96	28	26	113	45	110	88	116
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	-	88
Other Noncurrent Operating Assets	18	17	33	35	34	33	33	37	34	41	40
Total Liabilities & Shareholders' Equity	528	572	618	639	686	728	796	731	802	808	911
Total Liabilities	57	67	89	95	97	90	100	95	124	141	119
Total Current Liabilities	49	60	67	70	72	66	74	63	93	111	89
Accounts Payable	20	36	40	40	44	34	35	29	53	59	42
Accrued Expenses	29	23	27	30	28	32	39	34	40	52	48
Total Noncurrent Liabilities	8.03	7.33	22	25	25	25	25	32	31	30	30
Other Noncurrent Operating Liabilities	8.03	7.33	22	25	25	25	25	32	31	30	30
Commitments & Contingencies	-	-	-	-	-	-	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	470	505	529	544	589	638	697	636	678	666	792
Total Preferred & Common Equity	470	505	529	544	589	638	697	636	678	666	792
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	470	505	529	544	589	638	697	636	678	666	792
Common Stock	798	844	881	904	944	984	1,022	924	970	948	950
Retained Earnings	-327	-340	-352	-360	-355	-346	-327	-289	-293	-283	-158
Accumulated Other Comprehensive Income / (Loss)	-0.36	0.03	0.10	0.04	0.12	-0.12	1.70	0.23	0.40	0.64	-0.35

This table displays calculated financial ratios and metrics derived from Inspire Medical Systems' official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	73.90%	77.10%	62.18%	40.62%	102.28%	74.75%	53.19%	28.49%	13.60%
EBITDA Growth	0.00%	9.64%	-30.73%	-74.82%	-57.31%	29.86%	-18.21%	12.44%	182.11%	80.34%
EBIT Growth	0.00%	7.64%	-27.77%	-71.06%	-60.71%	28.71%	-19.20%	15.06%	187.06%	37.10%
NOPAT Growth	0.00%	7.25%	-27.34%	-71.25%	-61.07%	29.10%	-19.43%	15.38%	217.17%	241.46%
Net Income Growth	0.00%	5.49%	-24.65%	-52.30%	-72.08%	26.50%	-6.75%	52.87%	352.96%	171.77%
EPS Growth	0.00%	11.95%	89.92%	6.67%	-56.43%	29.68%	-3.90%	55.00%	343.06%	179.43%
Operating Cash Flow Growth	0.00%	12.02%	-18.38%	-75.70%	-61.50%	62.07%	157.50%	113.10%	428.32%	-10.19%
Free Cash Flow Firm Growth	0.00%	0.00%	-3.81%	-142.43%	-57.32%	26.48%	-29.11%	-79.35%	57.12%	-144.08%
Invested Capital Growth	0.00%	0.00%	-56.51%	1,105.04%	133.65%	47.19%	50.51%	130.96%	68.12%	117.47%
Revenue Q/Q Growth	0.00%	0.00%	15.01%	14.43%	19.84%	16.11%	17.08%	9.58%	6.25%	3.33%
EBITDA Q/Q Growth	0.00%	0.00%	-9.43%	-12.41%	4.11%	11.95%	4.14%	15.30%	279.95%	42.97%
EBIT Q/Q Growth	0.00%	0.00%	-5.72%	-14.34%	3.92%	11.42%	3.55%	18.95%	161.10%	46.52%
NOPAT Q/Q Growth	0.00%	0.00%	-5.44%	-14.41%	3.82%	11.62%	3.03%	19.30%	174.44%	258.50%
Net Income Q/Q Growth	0.00%	0.00%	-2.47%	-14.86%	2.71%	10.81%	10.99%	35.44%	61.91%	226.38%
EPS Q/Q Growth	0.00%	0.00%	83.55%	-143.89%	6.01%	9.94%	12.09%	33.95%	60.55%	228.19%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	3.55%	-11.88%	3.57%	19.40%	266.08%	-7.51%	66.27%	-12.50%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-18.07%	-0.74%	1.88%	7.10%	-24.98%	55.33%	-74.59%
Invested Capital Q/Q Growth	0.00%	0.00%	-75.20%	-3.34%	8.85%	18.33%	4.55%	33.75%	0.58%	47.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	76.23%	78.93%	80.12%	83.37%	84.73%	85.74%	83.79%	84.54%	84.68%	85.39%
EBITDA Margin	-103.48%	-53.77%	-39.69%	-42.78%	-47.86%	-16.60%	-11.23%	-6.42%	4.10%	6.51%
Operating Margin	-105.03%	-56.02%	-40.28%	-42.53%	-48.72%	-17.07%	-11.67%	-6.45%	4.49%	5.59%
EBIT Margin	-105.20%	-55.87%	-40.31%	-42.52%	-48.59%	-17.12%	-11.68%	-6.48%	4.39%	5.30%
Profit (Net Income) Margin	-112.79%	-61.30%	-43.14%	-40.52%	-49.58%	-18.01%	-11.00%	-3.39%	6.67%	15.95%
Tax Burden Percent	100.00%	100.00%	100.00%	100.12%	100.20%	100.17%	101.38%	106.26%	91.54%	221.35%
Interest Burden Percent	107.21%	109.71%	107.03%	95.18%	101.83%	105.01%	92.92%	49.19%	165.93%	136.02%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.46%	-121.35%
Return on Invested Capital (ROIC)	0.00%	-1,362.79%	-1,209.38%	-523.59%	-273.74%	-112.12%	-89.77%	-38.20%	23.92%	41.04%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-5,343.16%	-1,200.09%	-517.60%	-263.26%	-105.20%	-86.21%	-39.73%	19.77%	33.95%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-1,276.40%	1,182.97%	501.70%	242.78%	93.79%	77.39%	34.24%	-15.44%	-21.26%
Return on Equity (ROE)	0.00%	-2,639.19%	-26.41%	-21.88%	-30.96%	-18.33%	-12.38%	-3.96%	8.48%	19.77%
Cash Return on Invested Capital (CROIC)	0.00%	-1,562.79%	-1,130.61%	-692.94%	-353.85%	-150.29%	-130.09%	-117.34%	-26.89%	-32.97%
Operating Return on Assets (OROA)	0.00%	-63.61%	-18.11%	-18.30%	-24.25%	-13.87%	-11.08%	-6.52%	4.74%	5.63%
Return on Assets (ROA)	0.00%	-69.79%	-19.39%	-17.44%	-24.74%	-14.59%	-10.44%	-3.41%	7.21%	16.95%
Return on Common Equity (ROCE)	0.00%	234,243.18%	-7.38%	-21.88%	-30.96%	-18.33%	-12.38%	-3.96%	8.48%	19.77%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1,319.59%	-13.31%	-23.77%	-24.90%	-18.36%	-9.05%	-3.69%	7.76%	0.00%
Net Operating Profit after Tax (NOPAT)	-12	-11	-14	-24	-39	-28	-33	-28	33	113
NOPAT Margin	-73.52%	-39.21%	-28.19%	-29.77%	-34.10%	-11.95%	-8.17%	-4.51%	4.11%	12.37%
Net Nonoperating Expense Percent (NNEP)	0.00%	3,980.38%	-9.28%	-5.99%	-10.48%	-6.92%	-3.55%	1.53%	4.15%	7.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-6.72%	-4.92%	4.79%	14.44%
Cost of Revenue to Revenue	23.77%	21.07%	19.88%	16.63%	15.27%	14.26%	16.21%	15.46%	15.32%	14.61%
SG&A Expenses to Revenue	138.09%	113.27%	105.80%	110.26%	110.83%	86.81%	78.63%	72.34%	65.97%	68.49%
R&D to Revenue	43.17%	21.68%	14.60%	15.65%	22.61%	16.00%	16.83%	18.65%	14.22%	11.31%
Operating Expenses to Revenue	181.26%	134.95%	120.40%	125.90%	133.44%	102.82%	95.46%	90.99%	80.19%	79.80%
Earnings before Interest and Taxes (EBIT)	-17	-16	-20	-35	-56	-40	-48	-40	35	48
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-17	-15	-20	-35	-55	-39	-46	-40	33	59
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	5.51	12.77	22.05	27.48	14.67	10.49	8.05	3.43
Price to Tangible Book Value (P/TBV)	0.00	0.00	5.51	12.77	22.05	27.48	14.67	10.49	8.05	3.43
Price to Revenue (P/Rev)	6.57	3.78	17.87	21.76	43.91	26.97	17.84	9.61	6.92	2.94
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	103.82	18.43
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.96%	5.43%
Enterprise Value to Invested Capital (EV/IC)	0.00	138.34	1,036.20	192.02	241.25	205.69	153.07	53.76	29.10	6.04
Enterprise Value to Revenue (EV/Rev)	0.00	7.96	14.64	20.16	42.09	26.11	16.74	8.86	6.28	2.49
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	153.06	38.33
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	143.03	47.11
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	152.55	20.17
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	590.03	224.58	38.69	19.45
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	12.40	0.15	0.18	0.11	0.11	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	12.40	0.15	0.18	0.11	0.07	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.24	-0.99	-0.97	-0.92	-0.89	-0.90	-0.86	-0.78	-0.63
Leverage Ratio	0.00	18.91	1.36	1.26	1.25	1.26	1.19	1.16	1.18	1.17
Compound Leverage Factor	0.00	20.74	1.46	1.19	1.27	1.32	1.10	0.57	1.95	1.59
Debt to Total Capital	0.00%	92.54%	13.19%	14.92%	9.72%	9.84%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	3.62%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	92.54%	13.19%	14.92%	9.72%	6.22%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	669.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-662.16%	86.81%	85.08%	90.28%	90.16%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	-1.07	-1.24	-0.70	-0.45	-0.65	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	-0.02	8.13	3.74	3.80	5.15	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	-1.07	-1.24	-0.70	-0.45	-0.41	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	-1.47	-1.75	-1.00	-0.63	-0.90	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	-0.03	11.45	5.37	5.33	7.15	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	-1.47	-1.75	-1.00	-0.63	-0.57	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	-4.40	15.05	25.31	58.72	57.13	64.04	35.48	29.52	14.35
Noncontrolling Interest Sharing Ratio	0.00%	8,975.58%	72.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	3.37	17.86	10.12	13.02	6.50	8.66	7.60	7.13	6.08
Quick Ratio	0.00	2.80	17.47	9.65	12.52	6.02	8.38	7.05	6.09	4.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-13	-13	-32	-51	-37	-48	-87	-37	-91
Operating Cash Flow to CapEx	-5,865.69%	-3,832.77%	-7,477.60%	-1,199.20%	-2,160.69%	-431.00%	127.19%	104.33%	332.91%	303.84%
Free Cash Flow to Firm to Interest Expense	0.00	-7.33	-4.04	-15.26	-24.02	-17.57	-28.79	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-13.78	-9.01	-5.66	-15.50	-25.06	-9.45	6.90	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-14.01	-9.24	-5.73	-16.79	-26.22	-11.65	1.47	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.14	0.45	0.43	0.50	0.81	0.95	1.01	1.08	1.06
Accounts Receivable Turnover	0.00	7.40	9.61	8.29	6.04	7.88	8.55	8.27	8.78	8.57
Inventory Turnover	0.00	1.64	3.17	3.21	2.46	2.59	4.54	4.22	2.16	1.18
Fixed Asset Turnover	0.00	28.74	56.34	42.66	27.62	33.83	31.70	21.83	14.35	10.74
Accounts Payable Turnover	0.00	2.01	3.13	3.46	3.02	3.53	3.43	2.94	3.17	3.54
Days Sales Outstanding (DSO)	0.00	49.29	37.97	44.04	60.41	46.32	42.69	44.14	41.59	42.58
Days Inventory Outstanding (DIO)	0.00	222.59	115.01	113.72	148.22	140.99	80.37	86.49	169.17	308.78
Days Payable Outstanding (DPO)	0.00	181.83	116.64	105.52	120.83	103.50	106.31	124.13	115.04	103.08
Cash Conversion Cycle (CCC)	0.00	90.05	36.33	52.24	87.80	83.81	16.76	6.51	95.72	248.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	1.64	0.72	8.62	20	30	45	103	173	377
Invested Capital Turnover	0.00	34.75	42.89	17.59	8.03	9.38	10.99	8.47	5.81	3.32
Increase / (Decrease) in Invested Capital	0.00	1.64	-0.93	7.90	12	9.50	15	58	70	203
Enterprise Value (EV)	0.00	227	741	1,654	4,857	6,095	6,826	5,537	5,039	2,275
Market Capitalization	108	108	904	1,786	5,066	6,294	7,277	6,006	5,555	2,680
Book Value per Share	$0.00	($100.10)	$7.66	$5.81	$8.53	$8.37	$17.17	$19.39	$23.02	$26.88
Tangible Book Value per Share	$0.00	($100.10)	$7.66	$5.81	$8.53	$8.37	$17.17	$19.39	$23.02	$26.88
Total Capital	0.00	18	189	164	254	254	496	573	690	781
Total Debt	0.00	16	25	25	25	25	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	16	25	25	25	16	0.00	0.00	0.00	0.00
Net Debt	0.00	0.32	-163	-131	-210	-199	-451	-470	-517	-405
Capital Expenditures (CapEx)	0.31	0.41	0.25	2.74	2.46	4.67	9.10	24	39	38
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.81	-0.09	4.32	15	22	17	55	97	179
Debt-free Net Working Capital (DFNWC)	0.00	17	188	154	249	236	469	516	542	488
Net Working Capital (NWC)	0.00	17	188	154	249	227	469	516	542	488
Net Nonoperating Expense (NNE)	6.45	6.31	7.56	8.82	18	14	12	-7.04	-20	-33
Net Nonoperating Obligations (NNO)	0.00	0.32	-163	-131	-210	-199	-451	-470	-517	-405
Total Depreciation and Amortization (D&A)	0.28	0.60	0.31	-0.22	0.84	1.23	1.85	0.38	-2.31	11
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	2.82%	-0.17%	5.26%	12.81%	9.41%	4.27%	8.84%	12.05%	19.66%
Debt-free Net Working Capital to Revenue	0.00%	59.33%	371.84%	187.42%	215.93%	101.30%	114.95%	82.53%	67.55%	53.47%
Net Working Capital to Revenue	0.00%	59.33%	371.84%	187.42%	215.93%	97.36%	114.95%	82.53%	67.55%	53.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.50)	($1.40)	($2.19)	($1.54)	($1.60)	($0.72)	$1.80	$4.95
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	23.44M	24.13M	27.13M	27.26M	28.07M	29.30M	29.76M	29.37M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.50)	($1.40)	($2.19)	($1.54)	($1.60)	($0.72)	$1.75	$4.89
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	23.44M	24.13M	27.13M	27.26M	28.07M	29.30M	30.54M	29.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($1.50)	($1.40)	($2.19)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	14.58M	23.80M	26.07M	27.53M	29.05M	29.59M	29.67M	28.59M
Normalized Net Operating Profit after Tax (NOPAT)	-12	-11	-14	-24	-39	-28	-33	-28	33	36
Normalized NOPAT Margin	-73.52%	-39.21%	-28.19%	-29.77%	-34.10%	-11.95%	-8.17%	-4.51%	4.11%	3.91%
Pre Tax Income Margin	-112.79%	-61.30%	-43.14%	-40.47%	-49.48%	-17.98%	-10.85%	-3.19%	7.28%	7.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-13.26	-9.11	-6.17	-16.46	-26.48	-18.78	-28.41	0.00	0.00	0.00
NOPAT to Interest Expense	-9.27	-6.39	-4.32	-11.53	-18.59	-13.11	-19.87	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-13.50	-9.34	-6.25	-17.76	-27.64	-20.98	-33.83	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-9.50	-6.63	-4.39	-12.82	-19.75	-15.30	-25.29	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	140.16%	120.35%

This table displays calculated financial ratios and metrics derived from Inspire Medical Systems' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	28,589,291.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	28,589,291.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	40.40%	39.60%	28.24%	29.65%	32.54%	24.52%	22.75%	10.82%	10.49%	12.25%	1.62%
EBITDA Growth	22.62%	1,539.37%	10.49%	124.43%	206.85%	311.48%	105.49%	-210.23%	-7.31%	55.69%	274.57%
EBIT Growth	20.82%	10,068.09%	21.57%	129.80%	205.41%	231.97%	94.06%	-237.27%	-33.65%	49.30%	-48.18%
NOPAT Growth	21.65%	2,895.04%	21.95%	139.62%	238.18%	240.39%	89.97%	-150.42%	-45.75%	306.81%	593.09%
Net Income Growth	49.31%	368.67%	35.13%	181.94%	316.59%	138.60%	129.91%	-136.68%	-46.30%	286.36%	-477.47%
EPS Growth	51.67%	264.29%	35.85%	178.05%	306.90%	129.41%	129.41%	-137.50%	-43.33%	290.60%	-490.00%
Operating Cash Flow Growth	-66.93%	-10.39%	759.23%	-101.53%	1,337.14%	300.65%	-175.65%	3,541.03%	31.07%	-24.16%	291.69%
Free Cash Flow Firm Growth	-47.65%	-223.11%	-166.66%	-395.52%	-87.57%	20.03%	-32.09%	7.42%	7.09%	-99.22%	-60.92%
Invested Capital Growth	80.53%	130.96%	127.92%	176.15%	123.56%	68.12%	84.99%	55.23%	48.43%	117.47%	77.08%
Revenue Q/Q Growth	1.46%	25.57%	-14.80%	19.43%	3.73%	17.98%	-16.02%	7.83%	3.42%	19.86%	-23.97%
EBITDA Q/Q Growth	18.84%	159.96%	-265.98%	123.12%	254.98%	130.92%	-97.10%	-564.33%	398.47%	287.89%	-93.03%
EBIT Q/Q Growth	17.80%	168.42%	-263.05%	132.49%	190.81%	115.48%	-102.92%	-651.27%	240.56%	384.87%	-102.89%
NOPAT Q/Q Growth	18.84%	195.51%	-218.28%	143.22%	183.01%	135.27%	-103.48%	-117.28%	404.52%	1,664.32%	-95.78%
Net Income Q/Q Growth	28.55%	272.87%	-167.77%	197.88%	88.88%	90.43%	-91.51%	-220.05%	376.50%	1,270.22%	-108.30%
EPS Q/Q Growth	29.27%	275.86%	-166.67%	194.12%	87.50%	95.00%	-91.45%	-220.00%	383.33%	1,244.12%	-108.53%
Operating Cash Flow Q/Q Growth	-28.55%	374.63%	-48.69%	-100.88%	67,129.49%	32.32%	-109.69%	140.04%	2,453.13%	-23.43%	-75.51%
Free Cash Flow Firm Q/Q Growth	-106.31%	-12.83%	-57.76%	-34.94%	21.91%	51.89%	-160.57%	5.43%	21.62%	-3.15%	-110.47%
Invested Capital Q/Q Growth	23.59%	33.75%	16.37%	43.55%	0.05%	0.58%	28.05%	20.46%	-4.33%	47.37%	4.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.10%	85.43%	84.91%	84.77%	84.06%	84.99%	84.75%	84.03%	85.85%	86.59%	86.47%
EBITDA Margin	-8.47%	4.05%	-10.31%	2.00%	6.83%	13.37%	0.46%	-1.98%	5.73%	18.54%	1.70%
Operating Margin	-8.79%	4.83%	-9.28%	2.60%	7.05%	13.30%	-0.74%	-1.53%	4.30%	17.14%	-0.55%
EBIT Margin	-8.93%	4.87%	-9.32%	2.53%	7.10%	12.98%	-0.45%	-3.14%	4.27%	17.26%	-0.66%
Profit (Net Income) Margin	-5.57%	7.67%	-6.10%	5.00%	9.10%	14.69%	1.49%	-1.65%	4.42%	50.58%	-5.52%
Tax Burden Percent	104.15%	96.87%	106.95%	90.29%	91.00%	96.15%	71.94%	154.03%	73.29%	270.45%	-471.17%
Interest Burden Percent	59.88%	162.65%	61.23%	218.49%	140.80%	117.78%	-458.54%	34.22%	141.48%	108.35%	-178.35%
Effective Tax Rate	0.00%	3.13%	0.00%	9.71%	9.00%	3.85%	28.06%	0.00%	26.71%	-170.45%	571.17%
Return on Invested Capital (ROIC)	-58.62%	39.61%	-49.79%	14.15%	38.89%	74.35%	-2.61%	-4.19%	13.00%	153.78%	7.67%
ROIC Less NNEP Spread (ROIC-NNEP)	-58.82%	38.36%	-49.93%	13.04%	37.79%	73.43%	-3.53%	-3.90%	12.38%	151.31%	11.74%
Return on Net Nonoperating Assets (RNNOA)	51.88%	-33.06%	42.05%	-10.42%	-30.20%	-57.36%	2.55%	2.60%	-8.50%	-94.76%	-6.69%
Return on Equity (ROE)	-6.74%	6.55%	-7.73%	3.73%	8.69%	16.99%	-0.07%	-1.59%	4.50%	59.02%	0.98%
Cash Return on Invested Capital (CROIC)	-115.80%	-117.34%	-107.24%	-102.25%	-66.71%	-26.89%	-32.69%	-26.24%	-24.27%	-32.97%	-21.37%
Operating Return on Assets (OROA)	-8.73%	4.90%	-9.79%	2.66%	7.48%	14.03%	-0.53%	-3.53%	4.70%	18.35%	-0.73%
Return on Assets (ROA)	-5.44%	7.72%	-6.41%	5.24%	9.58%	15.89%	1.76%	-1.86%	4.87%	53.77%	-6.15%
Return on Common Equity (ROCE)	-6.74%	6.55%	-7.73%	3.73%	8.69%	16.99%	-0.07%	-1.59%	4.50%	59.02%	0.98%
Return on Equity Simple (ROE_SIMPLE)	-6.02%	0.00%	-2.67%	0.94%	4.74%	0.00%	10.46%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-9.43	9.01	-11	4.60	13	31	-1.07	-2.32	7.07	125	5.27
NOPAT Margin	-6.15%	4.68%	-6.50%	2.35%	6.41%	12.79%	-0.53%	-1.07%	3.15%	46.35%	2.57%
Net Nonoperating Expense Percent (NNEP)	0.20%	1.25%	0.14%	1.11%	1.10%	0.93%	0.92%	-0.29%	0.61%	2.47%	-4.07%
Return On Investment Capital (ROIC_SIMPLE)	-	1.57%	-	-	-	4.44%	-0.17%	-0.34%	1.06%	15.96%	0.66%
Cost of Revenue to Revenue	15.90%	14.57%	15.09%	15.24%	15.94%	15.01%	15.25%	15.97%	14.15%	13.41%	13.53%
SG&A Expenses to Revenue	73.87%	64.47%	76.59%	67.43%	64.17%	59.03%	71.67%	73.48%	70.77%	60.19%	74.40%
R&D to Revenue	19.01%	16.13%	17.59%	14.73%	12.84%	12.65%	13.81%	12.07%	10.78%	9.27%	12.62%
Operating Expenses to Revenue	92.88%	80.60%	94.18%	82.16%	77.01%	71.69%	85.48%	85.56%	81.55%	69.46%	87.02%
Earnings before Interest and Taxes (EBIT)	-14	9.37	-15	4.96	14	31	-0.91	-6.81	9.58	46	-1.34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-13	7.79	-17	3.91	14	32	0.93	-4.31	13	50	3.48
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.70	10.49	10.77	6.23	9.04	8.05	7.43	5.65	3.29	3.43	1.86
Price to Tangible Book Value (P/TBV)	10.70	10.49	10.77	6.23	9.04	8.05	7.43	5.65	3.29	3.43	1.86
Price to Revenue (P/Rev)	10.21	9.61	9.60	5.63	8.33	6.92	5.63	4.44	2.49	2.94	1.61
Price to Earnings (P/E)	0.00	0.00	0.00	661.49	190.45	103.82	71.06	72.05	49.25	18.43	11.25
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.15%	0.53%	0.96%	1.41%	1.39%	2.03%	5.43%	8.89%
Enterprise Value to Invested Capital (EV/IC)	69.53	53.76	48.99	20.40	33.51	29.10	19.45	12.79	6.98	6.04	2.74
Enterprise Value to Revenue (EV/Rev)	9.39	8.86	8.89	4.97	7.64	6.28	5.13	3.97	2.02	2.49	1.17
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	665.91	153.06	84.95	80.32	42.95	38.33	17.36
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	427.62	143.03	86.93	90.34	54.11	47.11	22.46
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	479.35	152.55	93.66	91.33	56.69	20.17	10.21
Enterprise Value to Operating Cash Flow (EV/OCF)	200.87	224.58	168.47	118.24	73.65	38.69	37.60	29.09	13.34	19.45	7.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.88	-0.86	-0.84	-0.80	-0.80	-0.78	-0.72	-0.67	-0.69	-0.63	-0.57
Leverage Ratio	1.15	1.16	1.15	1.15	1.16	1.18	1.16	1.16	1.18	1.17	1.15
Compound Leverage Factor	0.69	1.89	0.70	2.52	1.63	1.39	-5.30	0.40	1.66	1.26	-2.05
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	37.62	35.72	40.34	27.63	39.10	29.50	31.25	19.72	10.67	14.34	8.82
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.14	7.60	7.93	9.25	7.84	7.13	9.01	6.14	5.29	6.08	6.34
Quick Ratio	7.65	7.05	7.12	7.91	6.74	6.09	7.28	4.70	3.88	4.46	4.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-44	-49	-78	-105	-82	-40	-103	-97	-76	-79	-166
Operating Cash Flow to CapEx	52.06%	214.95%	75.75%	-0.63%	652.97%	984.50%	-79.73%	29.83%	656.44%	492.39%	132.11%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.98	1.01	1.05	1.05	1.05	1.08	1.19	1.13	1.10	1.06	1.11
Accounts Receivable Turnover	9.51	8.27	10.01	9.86	9.37	8.78	10.19	7.92	8.93	8.57	9.26
Inventory Turnover	4.40	4.22	3.14	2.68	2.46	2.16	1.73	1.48	1.27	1.18	0.98
Fixed Asset Turnover	24.59	21.83	18.06	16.24	15.16	14.35	12.98	11.72	11.11	10.74	10.29
Accounts Payable Turnover	3.01	2.94	2.53	2.91	3.07	3.17	3.54	3.08	2.83	3.54	3.67
Days Sales Outstanding (DSO)	38.39	44.14	36.48	37.04	38.94	41.59	35.84	46.06	40.89	42.58	39.42
Days Inventory Outstanding (DIO)	83.05	86.49	116.28	136.17	148.39	169.17	210.47	246.47	286.77	308.78	372.83
Days Payable Outstanding (DPO)	121.44	124.13	144.42	125.46	118.90	115.04	103.24	118.40	129.07	103.08	99.51
Cash Conversion Cycle (CCC)	0.00	6.51	8.34	47.75	68.42	95.72	143.07	174.14	198.58	248.27	312.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	77	103	120	172	172	173	222	267	256	377	393
Invested Capital Turnover	9.53	8.47	7.67	6.02	6.07	5.81	4.92	3.92	4.13	3.32	2.98
Increase / (Decrease) in Invested Capital	34	58	67	110	95	70	102	95	83	203	171
Enterprise Value (EV)	5,354	5,537	5,872	3,510	5,769	5,039	4,312	3,417	1,783	2,275	1,075
Market Capitalization	5,821	6,006	6,342	3,976	6,294	5,555	4,726	3,827	2,194	2,680	1,475
Book Value per Share	$18.55	$19.39	$19.89	$21.48	$23.36	$23.02	$21.43	$22.98	$22.54	$26.88	$27.71
Tangible Book Value per Share	$18.55	$19.39	$19.89	$21.48	$23.36	$23.02	$21.43	$22.98	$22.54	$26.88	$27.71
Total Capital	544	573	589	638	697	690	636	678	666	781	792
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-467	-470	-469	-466	-524	-517	-414	-411	-411	-405	-400
Capital Expenditures (CapEx)	6.99	8.03	12	12	8.01	7.03	8.41	9.00	10	11	9.73
Debt-free, Cash-free Net Working Capital (DFCFNWC)	35	55	59	102	97	97	139	179	153	179	194
Debt-free Net Working Capital (DFNWC)	500	516	500	542	508	542	508	480	476	488	477
Net Working Capital (NWC)	500	516	500	542	508	542	508	480	476	488	477
Net Nonoperating Expense (NNE)	-0.89	-5.76	-0.65	-5.19	-5.47	-4.57	-4.06	1.27	-2.86	-11	17
Net Nonoperating Obligations (NNO)	-467	-470	-469	-466	-524	-517	-414	-411	-411	-405	-400
Total Depreciation and Amortization (D&A)	0.71	-1.58	-1.63	-1.06	-0.56	0.94	1.84	2.51	3.28	3.45	4.82
Debt-free, Cash-free Net Working Capital to Revenue	6.21%	8.84%	8.88%	14.43%	12.87%	12.05%	16.55%	20.77%	17.34%	19.66%	21.15%
Debt-free Net Working Capital to Revenue	87.62%	82.53%	75.66%	76.73%	67.27%	67.55%	60.49%	55.71%	53.89%	53.47%	52.16%
Net Working Capital to Revenue	87.62%	82.53%	75.66%	76.73%	67.27%	67.55%	60.49%	55.71%	53.89%	53.47%	52.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.29)	$0.51	($0.34)	$0.33	$0.62	$1.19	$0.10	($0.12)	$0.34	$4.63	($0.39)
Adjusted Weighted Average Basic Shares Outstanding	29.37M	29.30M	29.62M	29.73M	29.88M	29.76M	29.70M	29.51M	29.33M	29.37M	28.70M
Adjusted Diluted Earnings per Share	($0.29)	$0.51	($0.34)	$0.32	$0.60	$1.17	$0.10	($0.12)	$0.34	$4.57	($0.39)
Adjusted Weighted Average Diluted Shares Outstanding	29.37M	29.30M	29.62M	30.41M	30.63M	30.54M	30.31M	29.51M	29.60M	29.76M	28.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	29.52M	29.59M	29.71M	29.82M	29.97M	29.67M	29.49M	29.57M	29.06M	28.59M	28.81M
Normalized Net Operating Profit after Tax (NOPAT)	-9.43	9.01	-11	4.60	13	31	-1.07	-2.32	7.07	32	-0.78
Normalized NOPAT Margin	-6.15%	4.68%	-6.50%	2.35%	6.41%	12.79%	-0.53%	-1.07%	3.15%	12.00%	-0.38%
Pre Tax Income Margin	-5.35%	7.92%	-5.70%	5.54%	10.00%	15.28%	2.07%	-1.07%	6.04%	18.70%	1.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	140.16%	225.56%	282.39%	448.89%	120.35%	76.26%

Financials Breakdown Chart

Key Financial Trends

Here is Inspire Medical Systems, Inc. (INSP) analyzed across the most recent four years of quarterly data (through Q4 2025). The focus is on trends in cash flow, earnings, and balance-sheet position to help retail investors gauge ongoing profitability, liquidity, and capital allocation patterns.

Positive indicators

Revenue trend in 2025 shows ongoing growth, with Q4 2025 operating revenue of $269.1 million versus $239.7 million in Q4 2024 (about +12%). Q1–Q4 2025 also show steady sequential gains (Q1: $201.3m, Q2: $217.1m, Q3: $224.5m, Q4: $269.1m).
Gross margin remains very strong and relatively stable in 2025, around the mid‑80s. For example, Q4 2025 gross profit was $233.0 million on $269.1 million revenue (roughly 86.6% gross margin), with Q3 2025 ~85.9% and Q2/Q1 in the low‑ to mid‑80s.
Strong operating cash flow in late 2025, supported by solid cash generation from operations (Q3 2025 net cash from continuing operating activities $68.5 million; Q4 2025 $52.5 million). This indicates healthy cash conversion on recent revenue growth.
Debt-free balance sheet signal: no long‑term debt reported during 2025 quarters, together with meaningful cash and investments (cash & equivalents around $113 million and short‑term investments around $210 million in late 2025, contributing to a robust liquidity position).

Neutral indicators

Q4 2025 net income benefited from a tax credit (income tax expense shows a negative amount, effectively boosting net income for the quarter). This is a one‑time, non-operating factor and may not repeat each quarter.
Earnings per share show quarterly volatility: Q4 2025 basic EPS $4.63 (diluted $4.57) reflecting the one‑time tax effect, while earlier 2025 quarters showed much smaller or negative earnings per share depending on quarterly profitability and tax treatment.
R&D spending remains meaningful (roughly 9–14% of quarterly revenue in 2024–2025), indicating continued investment in product development. This is important for long‑term growth but also presses on near‑term margin, given the high upfront R&D costs common in device makers.

Negative indicators

Profitability is not consistently strong on a quarterly basis. For example, Q3 2025 generated only about $9.9 million in pre‑tax income on roughly $224.5 million in revenue (operating margin around 4.3%), while Q4 2025 delivered a much stronger margin driven by a tax benefit.
Quarterly net income has shown volatility, including a small loss in Q2 2025 (net income continuing operations negative in that quarter), signaling sensitivity to quarterly cost structure and non‑recurring items.
Balance-sheet level of retained earnings is negative over multiple periods (e.g., negative retained earnings around the mid‑$280s to mid‑$340s millions across 2023–2025), indicating cumulative deficits in the equity section despite positive net income in some quarters. This can raise questions about long‑term earnings retention and how profits are being allocated.

05/22/26 12:39 PM ETAI Generated. May Contain Errors.

Inspire Medical Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Inspire Medical Systems' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Inspire Medical Systems' net income appears to be on a downward trend, with a most recent value of $145.42 million in 2025, falling from -$18.53 million in 2016. The previous period was $53.51 million in 2024. Find out what analysts predict for Inspire Medical Systems in the coming months.

Inspire Medical Systems' total operating income in 2025 was $50.95 million, based on the following breakdown:

Total Gross Profit: $778.76 million
Total Operating Expenses: $727.80 million

Over the last 9 years, Inspire Medical Systems' total revenue changed from $16.43 million in 2016 to $911.98 million in 2025, a change of 5,451.7%.

Inspire Medical Systems' total liabilities were at $126.16 million at the end of 2025, a 6.3% increase from 2024, and a 430.9% increase since 2017.

In the past 8 years, Inspire Medical Systems' cash and equivalents has ranged from $8.96 million in 2017 to $441.59 million in 2022, and is currently $104.81 million as of their latest financial filing in 2025.

Over the last 9 years, Inspire Medical Systems' book value per share changed from 0.00 in 2016 to 26.88 in 2025, a change of 2,688.4%.

Related Companies

Financial statements for NYSE:INSP last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Inspire Medical Systems (INSP) Financials

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Inspire Medical Systems (INSP) Financials

Annual Income Statements for Inspire Medical Systems

Quarterly Income Statements for Inspire Medical Systems

Annual Cash Flow Statements for Inspire Medical Systems

Quarterly Cash Flow Statements for Inspire Medical Systems

Annual Balance Sheets for Inspire Medical Systems

Quarterly Balance Sheets for Inspire Medical Systems

Annual Metrics And Ratios for Inspire Medical Systems

Quarterly Metrics And Ratios for Inspire Medical Systems

Financials Breakdown Chart

Key Financial Trends

Inspire Medical Systems Financials - Frequently Asked Questions

When does Inspire Medical Systems' fiscal year end?

How has Inspire Medical Systems' net income changed over the last 9 years?

What is Inspire Medical Systems' operating income?

How has Inspire Medical Systems' revenue changed over the last 9 years?

How much debt does Inspire Medical Systems have?

How much cash does Inspire Medical Systems have?

How has Inspire Medical Systems' book value per share changed over the last 9 years?

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