Inspire Medical Systems, Inc.
INSP · NYSE
Company research
Inspire Medical Systems, Inc. (NYSE: INSP) is a Golden Valley, Minnesota-based medical technology company founded in 2007 as a spin-off from Medtronic, focused on the development and commercialization of innovative, minimally invasive solutions for patients suffering from moderate to severe obstructive sleep apnea (OSA). The company's flagship product, the Inspire system, is the first and only FDA, EU MDR, and PDMA-approved implantable neurostimulation therapy of its kind, utilizing a proprietary closed-loop algorithm to monitor breathing patterns and deliver mild stimulation to the hypoglossal nerve, keeping the airway open during sleep without the need for a CPAP mask. With over 135,000 patients treated and approximately $900 million in 2025 revenue, Inspire has established a dominant first-mover advantage backed by extensive patent protection, broad insurance coverage across all 50 U.S. states, and a growing international presence in markets such as Germany and Japan. Under the leadership of CEO Timothy Herbert, the company continues to expand its reach through physician training programs, direct-to-consumer marketing, and next-generation product development targeting an underpenetrated U.S. market estimated at over $10 billion.
Research reports
StockStory assigns INSP an “Underperform” rating, arguing that decelerating growth, a small revenue base and lowered 2026 revenue and EPS guidance amid persistent coding and reimbursement uncertainty outweigh its exceptional five‑year growth, improving margins and recent Q1 2026 revenue/EPS beats, so they see better risk‑reward opportunities elsewhere.
Margin Of Insight · May 29, 2026Inspire Medical Systems Inc. (INSP) — Equity ResearchMargin of Insight’s deep‑dive primer highlights INSP as a one‑product, high‑gross‑margin OSA neuromodulation business with revenue compounding from 28.6 million in 2017 to 912 million in 2025 and 85%+ gross margins, but frames the core debate as whether 2026’s reimbursement, GLP‑1 and Nyxoah competitive headwinds represent a temporary trough before revenue and margins re‑accelerate or a structural reset that caps long‑run growth and earnings power.
Simply Wall St Via Yahoo Finance · May 9, 2026Inspire Medical Systems (INSP) Is Down 18.8% After Cutting 2026 Guidance Amid Reimbursement Challenges – What’s ChangedThis Simply Wall St analysis reviews Q1 2026 results and management’s cut to 2026 revenue (to 825–875 million) and EPS guidance due to reimbursement and coding issues, links these to an 18.8% share‑price drop, and uses DCF‑based fair‑value work suggesting a target around 79.42 dollars—roughly 70–75% above the then‑current price—to argue that, despite policy risk, the stock looks materially undervalued on long‑term fundamentals.
Simply Wall St Via Yahoo Finance · December 4, 2025Can Inspire Medical Systems’ 83% Surge Reflect Its True Value After Recent Regulatory Optimism?In this note, Simply Wall St examines INSP after an 83% short‑term rally and concludes that both a two‑stage DCF (with intrinsic value estimated around 41 dollars per share) and a Fair‑Ratio‑based PE analysis indicate the shares are significantly overvalued versus fundamentals, so recent optimism and regulatory tailwinds appear more than priced in.