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Maker of an implantable neurostimulation device (Inspire) that treats obstructive sleep apnea by stimulating the airway.
Maker of an implantable neurostimulation device (Inspire) that treats obstructive sleep apnea by stimulating the airway.
Sold per implant to hospitals and surgery centres, where surgeons place the pulse generator and nerve lead, so revenue follows the number of procedures, which depend on insurer approval of each patient. Sleep doctors refer patients who cannot tolerate CPAP masks, and the company trains surgeons and runs patient-marketing campaigns to feed the pipeline.
Moat: narrow (IP / patents, regulatory licence, switching costs). First and only FDA-approved implantable neurostimulator for OSA, with surgeon training lock-in.
Headquarters: Golden Valley, Minnesota · Founded: 2007 · Employees: 1,333
Size Inspire Medical Systems (INSP) is a United States Health Care company (Medical Specialties) with a market value of $1.85B, the 1848th largest of 3,117 United States companies the cockpit tracks. Shares closed at $63.98 on 6 Nov 2026.
Performance Over six months the shares gained 44.5%, against -4.5% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 0.2% over the last twelve months (peer median +11.6%); the operating margin is 1.8% (peer median 11.5%).
Valuation It trades at 45.4× forward earnings against a peer median of 26.9× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is +51%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.8 points below its cost of capital (8.2% WACC).
Short interest Short interest is 15.5% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $881M | $912M | $803M | $625M | $408M |
| Revenue growth | — | +14% | +28% | +53% | — |
| Gross profit | $759M | $779M | $680M | $528M | $342M |
| EBITDA | $34.4M | $64.9M | $42.6M | -$37.4M | -$44.7M |
| Net income | $101M | $145M | $53.5M | -$21.2M | -$44.9M |
| Free cash flow | $97.9M | $78.5M | $91.1M | $1.02M | $2.47M |
| Capital expenditure | $37.1M | $38.5M | $39.1M | $23.6M | $9.10M |
| Total debt | $28.6M | $32.2M | $31.8M | $24.8M | $8.87M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Inspire Medical Systems INSP | $1.85B | +45% | 0% | 2% | 45.4× | 30.9% |
| ResMed RMD | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% |
| Koninklijke Philips PHIA.AS | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% |
| LivaNova LIVN | $4.96B | +25% | +12% | 13% | 19.9× | 11.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INSP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.1% | +0.3% | 9th lowest of 21 |
| 6-month return | +44.5% | -4.5% | 5th highest of 21 |
| Distance from 52-week high | -56.5% | -28.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | -0.2% | +11.6% | 3rd lowest of 21 |
| Operating margin | 1.8% | 11.5% | 5th lowest of 21 |
| Forward P/E | 45.4× | 26.9× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 30.9% | 11.4% | most demanding of 15 |
| Growth delivered (Del g) | +51.2% | +10.9% | highest of 15 |
| Hurdle (Req g minus delivered) | -20.3 pp | -4.9 pp | least demanding of 15 |
| ROIC minus cost of capital | -5.8 pp | +1.1 pp | 7th lowest of 21 |
| Net debt / EBITDA | -8.7× | -0.9× | least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Inspire Medical Systems INSP | United States | $1.85B | +45% | 0% | 2% | 45.4× | 30.9% | +51.2% |
| LeMaitre Vascular LMAT | United States | $1.85B | -25% | +12% | 29% | 26.2× | 2.9% | +14.0% |
| Inner Mongolia Furui Medical Science 300049.SZ | China | $1.85B | -5% | +11% | 25% | 53.2× | 6.6% | +14.6% |
| Medartis MED.SW | Switzerland | $1.83B | +47% | +30% | 2% | 74.2× | n/a | n/a |
| DENTSPLY SIRONA XRAY | United States | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% | +1.9% |
| Draegerwerk AG & Co. KGaA DRW8.DE | Germany | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% | +0.4% |
| Wuxi Unicomp Technology 688531.SS | China | $1.80B | -36% | +53% | 12% | 40.7× | n/a | n/a |
| SKAN SKAN.SW | Switzerland | $1.92B | +49% | +9% | 11% | 49.8× | 13.8% | +11.7% |
| Veracyte VCYT | United States | $1.94B | -40% | +17% | 17% | 14.9× | 15.1% | +34.5% |
| Mehow Innovative 301363.SZ | China | $1.95B | -14% | +10% | 21% | 38.8× | 18.9% | +12.9% |
| Fukuda Denshi 6960.T | Japan | $1.75B | -5% | 0% | 19% | 14.6× | -3.2% | -1.0% |
| Shandong Weigao Group Medical Polymer 1066.HK | Hong Kong | $1.96B | -4% | +7% | 14% | 8.8× | -11.8% | +2.1% |
| Embla Medical hf EMBLA.CO | Denmark | $1.75B | +3% | +6% | 14% | 17.9× | -1.8% | +8.3% |
| JEOL 6951.T | Japan | $1.98B | -3% | -18% | 11% | 14.2× | 21.3% | +10.2% |
| Angelalign Technology 6699.HK | Hong Kong | $1.74B | -7% | +84% | 9% | 52.1× | 18.1% | +25.8% |
| Poly Medicure POLYMED.NS | India | $1.73B | -4% | +18% | 17% | 40.6× | n/a | n/a |
| Establishment Labs ESTA | United States | $2.00B | -7% | +38% | -7% | n/a | n/a | n/a |
| Kestra Medical Technologies KMTS | United States | $1.72B | +37% | +61% | -134% | n/a | n/a | n/a |
| Cofoe Medical Technology 301087.SZ | China | $1.71B | -5% | +33% | 10% | 26.9× | 12.5% | +7.4% |
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | n/a | n/a | n/a |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 52.0× | 17.9% | +12.7% |