Inspire Medical Systems (INSP) FY2023 results: revenue $625 million, up 53.2% on the year

Inspire Medical Systems, Inc. (INSP) reported revenue of $625 million for fiscal 2023, the year ended 31 December 2023, up 53.2% on the year before. Net income was -$21 million, and diluted earnings per share $-0.72. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue

$625 million

+53.2% on the year

FY2016FY2023

Operating margin

-6.4%

-11.7% a year earlier

FY2016FY2023

Net income

-$21 million

FY2016FY2023

Diluted EPS

-$0.72

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	625	408	233	+53.2%
Cost of revenue	96.6	66.1	33.3	+46.1%
Gross profit	528	342	200	+54.6%
Gross margin	84.5%	83.8%	85.7%
Research and development	117	68.6	37.4	+69.8%
Selling, general and administrative	452	321	203	+40.9%
Operating income	-40.3	-47.6	-39.9
Operating margin	-6.4%	-11.7%	-17.1%
Interest expense	0.0	1.7	2.1
Pre-tax income	-19.9	-44.3	-42.0
Income tax	1.2	0.6	0.1	+103.4%
Net income	-21.2	-44.9	-42.0
Net margin	-3.4%	-11.0%	-18.0%
Diluted EPS	-$0.72	-$1.60	-$1.54

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	24.7	11.6	-20.1	+113.1%
Capital expenditure	23.6	9.1	4.7	+159.8%
Free cash flow	1.0	2.5	-24.8	-58.6%
Free cash flow margin	0.2%	0.6%	-10.6%
Cash from investing	-295	-19.6	29.1
Cash from financing	13.9	235	14.9	-94.1%
Depreciation and amortisation	2.8	1.9	1.2	+53.2%
Share-based compensation	82.5	52.0	26.2	+58.7%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	29m	28m	27m	+4.4%
Shares outstanding at period end	30m	29m	27m	+1.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	573	496	229	+15.4%
Debt	0.0	0.0	24.5
Operating lease liabilities	24.8	7.5	8.8	+229.7%
Other liabilities	79.5	61.3	32.7	+29.5%
Total liabilities and equity	677	565	295	+19.8%
Fixed assets	40.0	17.2	8.5	+131.8%
Investments	284	9.8	9.9	+2,791.6%
Cash and equivalents	186	442	214	-58.0%
Receivables	89.9	61.2	34.2	+46.8%
Inventory	33.9	11.9	17.2	+185.1%
Other assets	43.5	23.1	10.8	+88.5%
Total assets	677	565	295	+19.8%

10-K for the year ended 31 December 2023, filed 9 February 2024: the filing.