Brett Netson's questions to Inspire Medical Systems Inc (INSP) leadership • Q1 2025
Question
Brett Netson, on for Mike Kratky from Leerink Partners, asked about the progression of gross margin as the Inspire V mix increases, given the significant inventory build. He also inquired about the performance outside the U.S. (OUS) and any foreign exchange impacts.
Answer
CFO Richard Buchholz reiterated the full-year gross margin guidance of 84% to 86% and confirmed that Inspire V is accretive to margins, excluding price changes. He noted that Inspire IV will continue to be manufactured for international markets pending approval. Regarding OUS, he stated there was no real FX impact in Q1 but that the company is seeing some FX headwinds in the second quarter.