Inspire Medical Systems (INSP) FY2022 results: revenue $408 million, up 74.7% on the year

Inspire Medical Systems, Inc. (INSP) reported revenue of $408 million for fiscal 2022, the year ended 31 December 2022, up 74.7% on the year before. Net income was -$45 million, and diluted earnings per share $-1.60. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2023.

Revenue

$408 million

+74.7% on the year

FY2016FY2022

Operating margin

-11.7%

-17.1% a year earlier

FY2016FY2022

Net income

-$45 million

FY2016FY2022

Diluted EPS

-$1.60

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	408	233	115	+74.7%
Cost of revenue	66.1	33.3	17.6	+98.7%
Gross profit	342	200	97.8	+70.8%
Gross margin	83.8%	85.7%	84.7%
Research and development	68.6	37.4	26.1	+83.8%
Selling, general and administrative	321	203	128	+58.3%
Operating income	-47.6	-39.9	-56.2
Operating margin	-11.7%	-17.1%	-48.7%
Interest expense	1.7	2.1	2.1	-21.2%
Pre-tax income	-44.3	-42.0	-57.1
Income tax	0.6	0.1	0.1	+751.4%
Net income	-44.9	-42.0	-57.2
Net margin	-11.0%	-18.0%	-49.6%
Diluted EPS	-$1.60	-$1.54	-$2.19

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	11.6	-20.1	-53.0
Capital expenditure	9.1	4.7	2.5	+94.9%
Free cash flow	2.5	-24.8	-55.5
Free cash flow margin	0.6%	-10.6%	-48.1%
Cash from investing	-19.6	29.1	86.6
Cash from financing	235	14.9	134	+1,472.6%
Depreciation and amortisation	1.9	1.2	0.8	+52.5%
Share-based compensation	52.0	26.2	12.8	+98.5%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	28m	27m	26m	+3.0%
Shares outstanding at period end	29m	27m	27m	+5.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	496	229	230	+116.6%
Debt	0.0	24.5	24.5
Operating lease liabilities	7.5	8.8	5.9	-14.3%
Other liabilities	61.3	32.7	21.1	+87.3%
Total liabilities and equity	565	295	281	+91.4%
Fixed assets	17.2	8.5	5.3	+103.3%
Investments	9.8	9.9	43.8	-1.2%
Cash and equivalents	442	214	191	+105.9%
Receivables	61.2	34.2	25.1	+79.1%
Inventory	11.9	17.2	8.5	-31.0%
Other assets	23.1	10.8	8.0	+114.2%
Total assets	565	295	281	+91.4%

10-K for the year ended 31 December 2022, filed 10 February 2023: the filing.