Inspire Medical Systems Inc
NYSE: INSP · HEALTHCARE · MEDICAL DEVICES
Updated 2026-06-05
Inspire Medical Systems Inc (INSP) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.01M | $16.43M | $28.57M | $50.59M | $82.05M | $115.38M | $233.39M | $407.86M | $624.80M | $802.80M | $911.98M |
| Revenue growth (YoY) | — | +105.0% | +73.9% | +77.1% | +62.2% | +40.6% | +102.3% | +74.7% | +53.2% | +28.5% | +13.6% |
| Cost of revenue | $2.81M | $3.90M | $6.02M | $10.06M | $13.64M | $17.62M | $33.28M | $66.11M | $96.58M | $122.99M | $133.22M |
| Gross profit | $5.20M | $12.52M | $22.55M | $40.54M | $68.41M | $97.76M | $200.12M | $341.74M | $528.22M | $679.82M | $778.76M |
| Gross margin | 64.9% | 76.2% | 78.9% | 80.1% | 83.4% | 84.7% | 85.7% | 83.8% | 84.5% | 84.7% | 85.4% |
| R&D | $7.08M | $7.09M | $6.19M | $7.39M | $12.84M | $26.09M | $37.35M | $68.64M | $116.54M | $114.13M | $103.17M |
| SG&A | $2.63M | $19.28M | $3.81M | $44.23M | $72.47M | $101.47M | $154.81M | $246.39M | $422.69M | $434.71M | $624.64M |
| Operating income | $-19.80M | $-17.25M | $-16.00M | $-20.38M | $-34.90M | $-56.21M | $-39.85M | $-47.59M | $-40.27M | $36.08M | $50.95M |
| Operating margin | -247.1% | -105.0% | -56.0% | -40.3% | -42.5% | -48.7% | -17.1% | -11.7% | -6.4% | 4.5% | 5.6% |
| EBITDA | $-19.65M | $-17.12M | $-15.47M | $-18.13M | $-30.59M | $-54.13M | $-38.62M | $-40.73M | $-40.27M | $65.03M | $64.91M |
| EBITDA margin | -245.3% | -104.2% | -54.2% | -35.8% | -37.3% | -46.9% | -16.5% | -10.0% | -6.4% | 8.1% | 7.1% |
| EBIT | $-19.77M | $-17.23M | $-15.76M | $-18.52M | $-31.08M | $-54.97M | $-39.84M | $-42.59M | $-40.27M | $58.48M | $50.95M |
| Interest expense | $1.56M | $1.30M | $1.75M | $3.30M | $2.12M | $2.12M | $2.13M | $1.68M | $0.00 | $22000.00 | $137000.00 |
| Income tax | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-21.34M | $-18.53M | $-17.51M | $-21.83M | $-33.24M | $-57.20M | $-42.04M | $-44.88M | $-21.15M | $53.51M | $145.42M |
| Net income growth (YoY) | — | +13.2% | +5.5% | -24.7% | -52.3% | -72.1% | +26.5% | -6.8% | +52.9% | +353.0% | +171.8% |
| Profit margin | -266.3% | -112.8% | -61.3% | -43.1% | -40.5% | -49.6% | -18.0% | -11.0% | -3.4% | 6.7% | 15.9% |
Frequently asked questions
What is Inspire Medical Systems Inc's revenue?
Inspire Medical Systems Inc's trailing twelve-month revenue is $915.25M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is INSP?
In its most recent fiscal year, INSP ran a gross margin of 85.39%, an operating margin of 5.59%, and a net margin of 15.95%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does INSP generate?
INSP produced $78.48M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is INSP's balance sheet healthy?
INSP holds $104.81M in cash and equivalents against — in long-term debt, on $781.16M of shareholder equity. That debt is best read against the cash flow the business throws off each year.