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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.

    View Report →

    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 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 $660).
    6 days ago
    Inspire Medical Systems Announces CFO Departure and Reaffirms 2025 Guidance
    ·$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