Inspire Medical Systems (INSP) FY2025 results: revenue $912 million, up 13.6% on the year
Inspire Medical Systems, Inc. (INSP) reported revenue of $912 million for fiscal 2025, the year ended 31 December 2025, up 13.6% on the year before. Net income was $145 million, up 171.8%, and diluted earnings per share $4.89. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.
Revenue
$912 million
+13.6% on the year
FY2018FY2025
Operating margin
5.6%
4.5% a year earlier
FY2018FY2025
Net income
$145 million
+171.8% on the year
FY2018FY2025
Diluted EPS
$4.89
+179.4% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 lowered, 9 new.
Fourth quarter revenue grew 12%: The company reported fourth quarter revenue of $269.1 million, up 12%, driven by growth at existing centers and new center additions.
Full-year revenue grew 14%: Full-year revenue reached $912.0 million, up 14%, again driven by growth at existing centers and new center additions.
FDA approval for 3.0T MRI: The release headline cites FDA approval for 3.0T MRI compatibility, announced alongside the Inspire V launch results.
Procedure billing moves to CPT 64582: Management said clarification points to the Inspire V procedure transitioning to CPT code 64582 with a -52 modifier, applying the latest payer policies.
Revenue range reflects coding uncertainty: The revised range reflects estimated first-quarter impact from coding uncertainty and the range of outcomes under CPT 64582 and physician reimbursement rates.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
117
130
24.7
-10.2%
Capital expenditure
38.5
39.1
23.6
-1.6%
Free cash flow
78.5
91.1
1.0
-13.9%
Free cash flow margin
8.6%
11.4%
0.2%
Cash from investing
21.4
-113
-295
Cash from financing
-183
-52.4
13.9
Depreciation and amortisation
14.0
6.5
2.8
+113.1%
Share-based compensation
130
116
82.5
+12.3%
Buybacks
175
0.0
0.0
Diluted shares, weighted
30m
31m
29m
-2.6%
Shares outstanding at period end
29m
30m
30m
-3.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
781
690
573
+13.3%
Debt
0.0
0.0
0.0
Operating lease liabilities
30.0
30.0
24.8
-0.1%
Other liabilities
96.2
88.6
79.5
+8.5%
Total liabilities and equity
907
808
677
+12.2%
Fixed assets
97.9
71.9
40.0
+36.1%
Investments
300
366
284
-18.2%
Cash and equivalents
105
150
186
-30.2%
Receivables
120
93.1
89.9
+28.6%
Inventory
145
80.1
33.9
+81.3%
Other assets
140
46.7
43.5
+199.3%
Total assets
907
808
677
+12.2%
10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.