Inspire Medical Systems (INSP) FY2024 results: revenue $803 million, up 28.5% on the year

Inspire Medical Systems, Inc. (INSP) reported revenue of $803 million for fiscal 2024, the year ended 31 December 2024, up 28.5% on the year before. Net income was $54 million, and diluted earnings per share $1.75. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2025.

Revenue

$803 million

+28.5% on the year

FY2017FY2024

Operating margin

4.5%

-6.4% a year earlier

FY2017FY2024

Net income

$54 million

FY2017FY2024

Diluted EPS

$1.75

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	803	625	408	+28.5%
Cost of revenue	123	96.6	66.1	+27.3%
Gross profit	680	528	342	+28.7%
Gross margin	84.7%	84.5%	83.8%
Research and development	114	117	68.6	-2.1%
Selling, general and administrative	530	452	321	+17.2%
Operating income	36.1	-40.3	-47.6
Operating margin	4.5%	-6.4%	-11.7%
Interest expense	0.0	0.0	1.7
Pre-tax income	58.5	-19.9	-44.3
Income tax	4.9	1.2	0.6	+296.5%
Effective tax rate	8.5%	n/a	n/a
Net income	53.5	-21.2	-44.9
Net margin	6.7%	-3.4%	-11.0%
Diluted EPS	$1.75	-$0.72	-$1.60

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	130	24.7	11.6	+428.3%
Capital expenditure	39.1	23.6	9.1	+65.6%
Free cash flow	91.1	1.0	2.5	+8,798.7%
Free cash flow margin	11.4%	0.2%	0.6%
Cash from investing	-113	-295	-19.6
Cash from financing	-52.4	13.9	235
Depreciation and amortisation	6.5	2.8	1.9	+130.1%
Share-based compensation	116	82.5	52.0	+40.7%
Buybacks	0.0	0.0	0.0
Diluted shares, weighted	31m	29m	28m	+4.2%
Shares outstanding at period end	30m	30m	29m	+0.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	690	573	496	+20.5%
Debt	0.0	0.0	0.0
Operating lease liabilities	30.0	24.8	7.5	+20.9%
Other liabilities	88.6	79.5	61.3	+11.6%
Total liabilities and equity	808	677	565	+19.4%
Fixed assets	71.9	40.0	17.2	+79.9%
Investments	366	284	9.8	+29.0%
Cash and equivalents	150	186	442	-19.1%
Receivables	93.1	89.9	61.2	+3.5%
Inventory	80.1	33.9	11.9	+136.4%
Other assets	46.7	43.5	23.1	+7.3%
Total assets	808	677	565	+19.4%

10-K for the year ended 31 December 2024, filed 10 February 2025: the filing.