Inspire Medical Systems (INSP) financial statements
Inspire Medical Systems reported revenue of $912M in fiscal 2025, up 56.3% a year over 9 years.
Net income was $145M and the operating margin 5.6%, against -105.0% in 2016.
Free cash flow was $78M, and the company returned $175M in net buybacks.
The diluted share count rose 2615% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Inspire Medical Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16M | $29M | $51M | $82M | $115M | $233M | $408M | $625M | $803M | $912M |
| Cost of revenue | $4M | $6M | $10M | $14M | $18M | $33M | $66M | $97M | $123M | $133M |
| Gross profit | $13M | $23M | $41M | $68M | $98M | $200M | $342M | $528M | $680M | $779M |
| Research and development | $7M | $6M | $7M | $13M | $26M | $37M | $69M | $117M | $114M | $103M |
| Selling, general and admin | $23M | $32M | $54M | $90M | $128M | $203M | $321M | $452M | $530M | $625M |
| Operating income | -$17M | -$16M | -$20M | -$35M | -$56M | -$40M | -$48M | -$40M | $36M | $51M |
| Interest expense | $1M | $2M | $3M | $2M | $2M | $2M | $2M | $0 | $22,000 | $137,000 |
| Pre-tax income | -$19M | -$18M | -$22M | -$33M | -$57M | -$42M | -$44M | -$20M | $58M | $66M |
| Income tax | $0 | $0 | $0 | $40,000 | $115,000 | $72,000 | $613,000 | $1M | $5M | -$80M |
| Net income | -$19M | -$18M | -$22M | -$33M | -$57M | -$42M | -$45M | -$21M | $54M | $145M |
| EPS (diluted) | -$16.90 | -$14.88 | -$1.50 | -$1.40 | -$2.19 | -$1.54 | -$1.60 | -$0.72 | $1.75 | $4.89 |
| Diluted shares | 1M | 1M | 15M | 24M | 26M | 27M | 28M | 29M | 31M | 30M |
| Gross margin | 76.2% | 78.9% | 80.1% | 83.4% | 84.7% | 85.7% | 83.8% | 84.5% | 84.7% | 85.4% |
| Operating margin | -105.0% | -56.0% | -40.3% | -42.5% | -48.7% | -17.1% | -11.7% | -6.4% | 4.5% | 5.6% |
| Net margin | -112.8% | -61.3% | -43.1% | -40.5% | -49.6% | -18.0% | -11.0% | -3.4% | 6.7% | 15.9% |
Balance sheet
Fiscal years, from Inspire Medical Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7M | $16M | $188M | $149M | $234M | $214M | $451M | $460M | $446M | $308M |
| Receivables | — | $4M | $7M | $13M | $25M | $34M | $61M | $90M | $93M | $120M |
| Inventory | — | $4M | $3M | $6M | $8M | $17M | $12M | $34M | $80M | $145M |
| Total current assets | — | $24M | $199M | $171M | $270M | $269M | $530M | $594M | $631M | $584M |
| Property, plant and equipment | — | $994,000 | $802,000 | $3M | $5M | $8M | $17M | $40M | $72M | $98M |
| Total assets | — | $25M | $200M | $181M | $281M | $295M | $565M | $677M | $808M | $907M |
| Total current liabilities | — | $7M | $11M | $17M | $21M | $41M | $61M | $78M | $89M | $96M |
| Total liabilities | — | $24M | $36M | $41M | $51M | $66M | $69M | $104M | $119M | $126M |
| Shareholders' equity | -$7M | $1M | $164M | $140M | $230M | $229M | $496M | $573M | $690M | $781M |
| Net debt | -$7M | -$9M | -$97M | -$23M | -$191M | -$214M | -$442M | -$186M | -$150M | -$105M |
Cash flow
Fiscal years, from Inspire Medical Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18M | -$16M | -$19M | -$33M | -$53M | -$20M | $12M | $25M | $130M | $117M |
| Capital spending | $306,000 | $412,000 | $250,000 | $3M | $2M | $5M | $9M | $24M | $39M | $38M |
| Free cash flow | -$18M | -$16M | -$19M | -$36M | -$56M | -$25M | $2M | $1M | $91M | $78M |
| Stock-based compensation | $248,000 | $243,000 | $1M | $6M | $13M | $26M | $52M | $82M | $116M | $130M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | $0 | -$175M |
| Net borrowing | — | — | — | — | $0 | $0 | -$24M | $0 | $0 | — |
| Free cash flow margin | -111.1% | -56.7% | -37.4% | -43.4% | -48.1% | -10.6% | 0.6% | 0.2% | 11.4% | 8.6% |
Questions
What was Inspire Medical Systems's revenue in 2025?
$912M in fiscal 2025, from its 10-K filing.
How much free cash flow does Inspire Medical Systems generate?
$78M in fiscal 2025 (operating cash flow minus capital spending).
From Inspire Medical Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.