Inspire Medical Systems (INSP) investor relations material

Financial performance and guidance

• 2025 revenue guidance is approximately $912 million, with 2026 guidance at $1.003–$1.013 billion, reflecting 10%-11% growth and not including potential reimbursement increases.

• Five-year revenue CAGR exceeds 50%, with over 125,000 patients treated to date.

• Q4 saw a seasonal boost due to high-deductible insurance plans and reduced procedure times, enabling more cases to be scheduled and completed.

• Inspire V launch improved margins, and profitability is expected to continue as revenue surpasses $1 billion.

• Reimbursement developments are ongoing, with positive steps noted but not yet included in financial outlook.

Product innovation and clinical outcomes

• Inspire V features a single-port design, accelerometer-based sensing, and 20% reduced implant time, improving patient throughput and therapy performance.

• Clinical data shows improved inspiratory phase overlap (87%), high responder rates (79–80%), and high therapy adherence (5.9–6.3 hours/night at six months).

• No serious device or intraoperative adverse events reported; device reliability exceeds 97% at multiple years post-implant.

• Inspire VI, a software upgrade with auto sleep detection, is in development to further boost adherence and patient experience.

• Device explant and revision rates have dropped significantly since 2018, with less than 1% explant and 1–1.5% revision rates.

Market expansion and outreach

• Over 125,000 patients have received Inspire, with a large under-penetrated market and 500,000 eligible patients annually.

• Direct-to-consumer campaigns and partnerships have increased awareness and patient engagement.

• SleepSync and Advisor Care Program are key to improving patient conversion and optimizing workflows.

• Over 1,300 employees and 1,500 implanters support ongoing expansion.

• GLP-1 medications are seen as a long-term tailwind, expanding the treatable population by reducing BMI and lateral wall collapse.