Inspire Medical Systems, Inc. (INSP) Stock

Inspire Medical Systems, Inc. (INSP) is a Healthcare stock trading at $61.12 (as of 2026-08-20), with a market capitalization of $1.77B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Inspire Medical Systems, Inc. develops and commercializes minimally invasive therapies for obstructive sleep apnea, including its Inspire system for delivering neurostimulation to maintain an open airway. The company also works on a closed-loop approach that monitors breathing and provides hypoglossal nerve stimulation, serving patients in the United States and internationally.

Understand Inspire Medical Systems, Inc.: how it makes money

Inspire Medical Systems develops and commercializes an implanted neurostimulation treatment, the Inspire system, for patients with moderate to severe obstructive sleep apnea (OSA), and it also works on a closed-loop solution, generating revenue primarily from worldwide and United States sales of these medical technology solutions.

Profitability depends on expanding and executing the Inspire care pathway, including contracting centers, onboarding centers, training physicians, and achieving payer policy coverage, so the installed base and patient treatment activity can translate into repeatable system revenue.

Revenue by segment (latest quarter)
US	$0.2B
Intl	$0.0B

Business quality (Weak): The company shows very high gross margin but an operating loss in the latest period, so investor focus is likely on whether execution in center contracting, onboarding, and physician training converts into sustainable revenue and improved operating leverage.

Valuation: At 10× earnings, INSP trades 68% below the Medical Equipment average (32×). Note: one-time items can distort reported P/E.

Bull case

Very high gross margin: Gross margin was 86.5% in the period ended 2026-03-31.
Strong execution on Inspire 5 operational milestones: Inspire 5 centers contracting completion was 95%, Inspire 5 SleepSync onboarding completion was 90%, and physician training completion for Inspire 5 was 98%.
Payer and reimbursement coverage appears to support commercialization: Coverage of policies using current procedural terminology code was 80%.

Bear case

Operating loss: Operating margin was -0.5% in the period ended 2026-03-31.
Limited international contribution in the provided snapshot: United States revenue was 0.21B versus international revenue of 0.01B for the same overall revenue context.
Business execution risk is central to progress: Several tracked operational metrics relate to building the Inspire ecosystem (centers, territories, onboarding, and training), which implies results depend on consistent execution and adoption.

Valuation — source: SEC EDGAR (first-party)
Price	$61.12
Market Cap	$1.77B
EV / EBITDA	64.5
Price / Book	2.14
Price / Sales	2.12
FCF Yield	3.4%
DCF Value (model)	$6.05
DCF Upside vs Price	-90.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$911.98M
Net Margin	15.9%
Revenue Growth (YoY)	13.6%
EPS Growth (YoY)	175.0%
FCF Growth (YoY)	-13.9%

Financial Health — source: SEC EDGAR
Altman Z-Score	9.92 (safe)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	32.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($272.37M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Timothy Herbert
Employees	1,246
Country	US
IPO Date	2018-05-03

Related Companies (Business model: Medical Devices / Life Science Tools; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.