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Inspire Medical Systems (INSP)

Inspire Medical Systems, Inc. is a medical technology company focused on developing and commercializing innovative, minimally invasive solutions for patients with obstructive sleep apnea (OSA). The company sells the Inspire system, which is the first and only FDA-approved neurostimulation technology for treating moderate to severe OSA. Inspire Medical Systems markets its products primarily to hospitals and ambulatory surgery centers across the U.S., Europe, Japan, Singapore, and Hong Kong.

  1. Inspire System - Provides a neurostimulation technology that delivers mild hypoglossal nerve stimulation to maintain an open airway during sleep, specifically designed for patients with moderate to severe OSA who cannot tolerate or fail positive airway pressure treatments.

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NamePositionExternal RolesShort Bio

Timothy P. Herbert

ExecutiveBoard

President, CEO, and Chair of the Board

None

Founder of INSP, instrumental in developing proprietary neurostimulation technology, led IPO and significant growth.

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Bryan K. Phillips

Executive

SVP, General Counsel, Chief Compliance Officer, and Corporate Secretary

None

Joined INSP in 2021, previously Chief Legal Officer at Cerevel Therapeutics, extensive legal and compliance experience.

Carlton W. Weatherby

Executive

Chief Strategy and Growth Officer

None

Joined INSP in 2023, previously VP and GM at Medtronic, extensive MedTech industry experience.

Charisse Y. Sparks, M.D.

Executive

Chief Medical Officer

Board Advisor at NuShores Biosciences, Digital Health Portugal; Board Member at Sparkle Peach, Inc.; Steering Committee Chair at AvaMed, MedTech Color Collaborative Community

Joined INSP in 2023, previously CMO at AppliedVR, Inc., and VP at DePuy Synthes.

John C. Rondoni

Executive

Chief Technology Officer

None

Joined INSP in 2008, over 20 years in medical device development, previously at Medtronic.

Randall A. Ban

Executive

Chief Commercial Officer

None

Joined INSP in 2009, led sales and marketing efforts, previously at Boston Scientific and Guidant Corporation.

Richard J. Buchholz

Executive

Chief Financial Officer

None

Joined INSP in 2014, previously CFO at superDimension, Ltd., extensive financial management experience.

Steven L. Jandrich

Executive

Vice President, Human Resources

None

Joined INSP in 2017, previously VP of HR at Link Snacks, Inc., and St. Jude Medical.

Casey M. Tansey

Board

Director

Managing Partner at U.S. Venture Partners

Over three decades in the medical device industry, previously CEO of Heartport.

Cynthia B. Burks

Board

Director

Board Member at WD-40 Company, Torch, Sellars Absorbent Materials Company, Juma Ventures

Extensive expertise in human capital strategy, previously SVP and Chief People and Culture Officer at Genentech.

Dana G. Mead, Jr.

Board

Director

Director at Inari Medical Inc., Pulmonx Corporation

Extensive healthcare and medical device industry experience, previously CEO of HeartFlow, Inc..

Gary L. Ellis

Board

Lead Independent Director

Board Member at The Toro Company

Extensive financial expertise, previously EVP and CFO at Medtronic, joined INSP Board in 2019.

Georgia Garinois-Melenikiotou

Board

Director

Director at Pulmonx Corporation, Natura & Co, Douglas Group (nominee)

Extensive experience in global consumer marketing, previously EVP at The Estée Lauder Companies.

Shawn T. McCormick

Board

Director

Board Member at Nevro Corp.

Extensive financial expertise, previously CFO at Aldevron, LLC, and Tornier N.V..

Shelley G. Broader

Board

Director

Board Member at Dutch Bros Inc., Loblaw Companies Limited, IFCO Systems, Moffitt Cancer Center

Extensive C-suite leadership experience, previously CEO of Chico’s FAS, Inc., and executive roles at Walmart.

  1. "Can you provide more clarity on the potential impact of the DOJ civil investigative demand on your operations, and what steps are you taking to mitigate any risks associated with this investigation? "
  2. "Given that international revenue remains a small percentage of total revenue and is not expected to significantly increase in 2025, what are the challenges you face in accelerating growth outside the U.S., and how do you plan to address them? "
  3. "With the upcoming full launch of the Inspire V system, how are you managing the risk of patients delaying procedures to wait for the new device, and what impact do you expect this to have on your near-term revenues? "
  4. "Your guidance assumes continued sequential growth in revenue throughout the year; however, considering potential competition entering the market, how confident are you in achieving your revenue targets, and what contingencies do you have in place? "
  5. "You mentioned plans to improve profitability in 2025 despite ongoing investments; can you elaborate on the specific cost-saving measures or operational efficiencies you intend to implement to achieve this? "

Research analysts who have asked questions during Inspire Medical Systems earnings calls.

Adam Maeder

Piper Sandler Companies

4 questions for INSP

Also covers: ABT, AXNX, EW +13 more

Anthony Petrone

Mizuho Group

4 questions for INSP

Also covers: ADMA, ALC, BSX +22 more

Brett Fishbin

KeyBanc Capital Markets

4 questions for INSP

Also covers: ALC, COO, ICUI +6 more

Danielle Antalffy

UBS Group AG

4 questions for INSP

Also covers: ABT, ATRC, BAX +15 more

David Rescott

Baird

4 questions for INSP

Also covers: HAE, IRTC, LIVN +7 more

Jonathan Block

Stifel Financial Corp.

4 questions for INSP

Also covers: ALGN, COO, CUTR +11 more

Richard Newitter

Truist Securities

4 questions for INSP

Also covers: AXNX, DXCM, GKOS +18 more

Robert Marcus

JPMorgan Chase & Co.

4 questions for INSP

Also covers: ABT, BAX, BDX +21 more

Travis Steed

Bank of America

4 questions for INSP

Also covers: ABT, AXNX, BAX +15 more

Christopher Pasquale

Nephron Research

3 questions for INSP

Also covers: ALC, AXGN, BSX +12 more

Larry Biegelsen

Wells Fargo & Company

3 questions for INSP

Also covers: ABT, ALC, AXNX +24 more

Michael Polark

Wolfe Research

3 questions for INSP

Also covers: BSX, DXCM, EMBC +10 more

Michael Sarcone

Jefferies

3 questions for INSP

Also covers: ALC, AXGN, CTSO +11 more

Shagun Singh Chadha

RBC Capital Markets

3 questions for INSP

Also covers: AXNX, DXCM, GMED +10 more

Michael Kratky

Leerink Partners

2 questions for INSP

Also covers: AXGN, BBNX, DXCM +6 more

Suraj Kalia

Oppenheimer & Co. Inc.

2 questions for INSP

Also covers: AORT, ATRC, BFLY +13 more

Brett Netson

Leerink Partners

1 question for INSP

Chris Pasquale

Nephron Research LLC

1 question for INSP

Also covers: ALC, AXGN, COO +6 more

Kallum Titchmarsh

Morgan Stanley

1 question for INSP

Also covers: ATEC, AXNX, EMBC +4 more

Lawrence Biegelsen

Wells Fargo

1 question for INSP

Also covers: ABT, ALC, BAX +15 more

Mike Kratky

Leerink Partners

1 question for INSP

Also covers: AXGN, MDT, NPCE +3 more

Mike Polark

Wolfe Research, LLC

1 question for INSP

Also covers: BBNX, BSX, DXCM +6 more

Shagun Singh

RBC Capital Markets

1 question for INSP

Also covers: DXCM, GMED, JNJ +7 more
Program DetailsProgram 1
Approval DateAugust 6, 2024
End Date/DurationAugust 5, 2026
Total Additional Amount$150.0 million
Remaining Amount$75.0 million
DetailsFirst share repurchase program; $75.0 million used in November 2024 for an ASR agreement; reflects confidence in financial performance and supports stock price during volatility.

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

EnsoData, Inc.

2022

In 2022, Inspire Medical Systems made a $10 million minority investment in EnsoData to support its digital health platform and improve patient experience by addressing bottlenecks in sleep study analysis. The acquisition leverages EnsoData’s AI-powered, FDA-approved EnsoSleep platform, which operates in over 500 sleep centers and analyzes more than 30,000 sleep studies per month.

Recent press releases and 8-K filings for INSP.

Inspire Medical Systems Publishes Positive Inspire V Clinical Data
·$INSP
Product Launch
New Projects/Investments
  • Inspire Medical Systems published positive clinical outcomes data for its new Inspire V system for obstructive sleep apnea (OSA) at the American Otolaryngology-Head and Neck Surgery (AAO-HNS) and International Surgical Sleep Society (ISSS) meetings.
  • The Inspire V system demonstrated a 20% reduction in surgical times compared to the Inspire IV system in a Singapore study and achieved a superior inspiratory phase overlap percentage (IPOP) of 87.1%.
  • Clinical data from both the Singapore study and a U.S. limited market release showed high patient adherence, averaging 5.5±1.7 hours/night and 6.8 hours/night respectively, and significant reductions in the Apnea Hypopnea Index (AHI).
  • The new system also features internal respiratory sensing, eliminating the need for a pressure sensing lead, and reported no serious adverse events in the U.S. limited market release.
Oct 10, 2025, 11:00 AM
Inspire Medical Systems, Inc. Publishes Positive Inspire V Clinical Outcomes Data
·$INSP
Product Launch
New Projects/Investments
  • Inspire Medical Systems, Inc. announced the publication of positive clinical outcomes data for its Inspire V system, the fifth generation of its obstructive sleep apnea (OSA) therapy, which features a simplified procedure by eliminating the need for a separate sensing lead.
  • The Singapore clinical study of 44 patients demonstrated a 20% reduction in surgical times compared to Inspire IV and showed superiority in Inspiratory Phase Overlap Percentage (IPOP) for Inspire V (87.1% vs 79.4%).
  • Both the Singapore study and the U.S. limited market release (101 patients) reported strong patient adherence (averaging 5.5 to 6.7 hours/night) and significant reductions in Apnea Hypopnea Index (AHI).
  • The company highlighted proposed 2026 Medicare reimbursement increases for the Inspire V CPT code (64568) from $593.56 to $660.33, and for hospital implant reimbursement from $30,473.59 to $31,751.65.
Oct 10, 2025, 10:53 AM
Inspire Medical Systems Under Investigation Following Guidance Cut
·$INSP
Legal Proceedings
Guidance Update
Demand Weakening
  • Bragar Eagel & Squire, P.C. is investigating Inspire Medical Systems, Inc. (INSP) for potential violations of federal securities laws and/or unlawful business practices.
  • This investigation follows Inspire's August 5, 2025, announcement of better-than-expected second quarter fiscal 2025 results but a significant reduction in its full-year guidance.
  • The company slashed its full-year earnings guidance from an anticipated $2.20 - $2.30 to $0.40 - $0.50, and revenue guidance from $940m - $955m to $900m - $910m.
  • Management attributed the guidance setback to "certain headwinds" related to the Inspire V rollout, including centers failing training and onboarding criteria, customer delays, and technical Medicare adoption delays.
  • Following this news, Inspire's stock price fell by $46.44 per share to open at $83.51 per share.
Oct 3, 2025, 11:33 AM
Inspire Medical Systems Provides Update on Inspire five Transition and FY 2026 Outlook
·$INSP
Product Launch
Guidance Update
Revenue Acceleration/Inflection
  • Inspire Medical Systems is making significant progress on the transition to Inspire five, with 99% of surgeons certified, over 80% of contracts executed, and over 60%, closer to 65%, of sleep sync programmers implemented, expecting full adoption by the end of FY 2025.
  • The company attributes its guidance reduction to temporary headwinds, including patient warehousing for Inspire five and destocking of Inspire four inventory, which are expected to abate by year-end, with some catch-up spilling into 2026.
  • Inspire Medical acknowledges the impact of GLP-1s, noting both patients entering their funnel due to BMI reduction and others delaying treatment, but it is still too early to quantify the long-term net effect.
  • The company is confident in its competitive position against the new Nexvaxia device, citing Inspire's significantly lower trial dropout rate (2% vs. 25%), lower adverse event rate (2% vs. closer to 10%), and shorter procedural time (45-60 minutes vs. 132 minutes).
  • For FY 2026, Inspire expects growth acceleration, driven by full Inspire five adoption, footprint expansion, and proposed increases in physician reimbursement rates for Inspire five (from $600 to $660).
Sep 3, 2025, 4:04 PM
Inspire Medical Systems Announces CFO Departure and Reaffirms 2025 Guidance
·$INSP
CFO Change
Management Change
Guidance Update
  • Inspire Medical Systems' Chief Financial Officer, Richard J. Buchholz, will step down by the end of 2025 but will serve in an advisory role through February 2026 for a smooth transition.
  • His departure is for other professional opportunities and is not due to any disputes or disagreements with the company.
  • The company has initiated a search for a new CFO with an executive search firm.
  • Inspire Medical Systems reaffirmed its full-year 2025 financial guidance, projecting revenues between $900 million to $910 million and earnings per share between 40 to 50 cents.
Aug 26, 2025, 8:51 PM
Inspire Medical Systems, Inc. Under Investigation by Portnoy Law Firm Following Revised Guidance
·$INSP
Guidance Update
Legal Proceedings
Demand Weakening
  • The Portnoy Law Firm has initiated an investigation into possible securities fraud at Inspire Medical Systems, Inc..
  • This follows Inspire's August 4, 2025, announcement of revised full-year 2025 guidance, lowering revenue to a range of $900 million to $910 million and diluted net income per share to $0.40 to $0.50.
  • The company attributed the revised outlook to slower-than-expected progress in the commercial launch of its next-generation Inspire V neurostimulation system.
  • Following the announcement, Inspire's stock price declined $42.04 per share, or approximately 32.35%, closing at $87.91 per share on August 5, 2025.
Aug 6, 2025, 7:38 PM
Inspire Medical Systems Launches Inspire Five & Inspire V Neurostimulator Platforms
·$INSP
Product Launch
  • In May 2025, Inspire Medical Systems introduced both the Inspire five and Inspire V systems, featuring an internal accelerometer-based respiration sensor that replaces the pressure-sensing lead to enable synchronized upper-airway stimulation .
  • In a 56-patient clinical trial for Inspire five, inspiratory cycle detection improved from 78% to 83%, meeting noninferiority requirements and indicating enhanced performance .
  • A Singapore post-approval study reported a 20% reduction in implant time and an average of 6.0 hours of nightly therapy usage, underscoring procedural efficiency and patient adherence .
  • The Inspire V system further offers multiple-electrode capability, an 11-year average battery life, and a flexible software platform for future remote programming and feature updates .
  • Exhibit 99.1, presented at Wells Fargo 2025 MedTech Innovation Spotlight, is now available on the company’s IR website for investors .
  • Comprehensive site training along with integration of the SleepSync programming system has been deployed to streamline physician adoption and device programming .
Jun 13, 2025, 5:46 PM
Inspire Medical Systems Inc Launches Inspire V and Projects Continued Growth
·$INSP
Product Launch
Guidance Update
Revenue Acceleration/Inflection
  • Inspire V is now fully launched, offering a streamlined procedure that eliminates the pressure sensing lead and simplifies contract updates, positioning the company to more efficiently transition from Inspire IV amid patient warehousing concerns.
  • Q1 performance was strong with 23% growth and the first positive earnings, setting a transitional framework for Q2 and anticipated higher utilization in Q3 and Q4.
  • Future pipeline plans include enhancements like Inspire VI with auto-activation and SleepSync features, which aim to improve patient adherence and operational efficiency while expanding direct marketing efforts.
May 13, 2025, 6:21 PM
Inspire Medical Systems Q1 2025 Earnings, Inspire V Launch & Clinical Outcomes Update
·$INSP
Earnings
Guidance Update
Product Launch
Revenue Acceleration/Inflection
  • Achieved $201.3M Q1 2025 revenue with 23% growth and turned around to a $3M net income (EPS of $0.10), reversing a previous loss
  • Initiated the full U.S. launch of the Inspire V system, designed for reduced implant time and enhanced functionality
  • Updated full-year guidance projects revenue between $940M-$955M, with an improved EPS outlook and gross margin guidance of 84%-86%
  • Delivered robust clinical outcomes, achieving a median AHI reduction from 33.0 to 10.2 and improved therapy adherence compared to CPAP
  • Additional context: Recorded $800M in 2024 revenue with 28% growth and treated over 100,000 patients
May 5, 2025, 9:01 PM
Inspire Medical Systems Reviews Guidance and Inspire V Progress
·$INSP
Product Launch
Guidance Update
  • Revenue guidance between $940M and $955M was reiterated with discussions on inventory management and timing of the Inspire V launch as key factors.
  • The limited market release of Inspire V showed promising early results, highlighted by successful implants in Singapore and initial U.S. centers, with plans to present clinical data in June.
  • The company is shifting its reporting metrics to focus on top-line revenue, earnings per share, and macro-level operational metrics such as territory managers and field clinical representatives, aiming to provide a clearer overview of performance.
  • Updates include improved prior authorization processes and changes in reimbursement coding (reverting to the base code 64568) that are expected to streamline procedures and enhance operating efficiency.
Mar 18, 2025, 7:01 PM