Inspire Medical Systems, Inc. (INSP)

Inspire Medical Systems' stock price experienced significant fluctuations in the past six months. In August 2025, the stock dropped due to issues with the Inspire V launch, including training delays, software update delays, and poor demand. In November 2025, the stock surged due to increased CMS reimbursement rates and strong Q3 2025 earnings. The company's board also authorized a $200 million share buyback.

Inspire Medical Systems has indicated some seasonality in its product demand, with the first quarter of 2024 showing a more pronounced seasonality. The company managed to keep the seasonality to 15% while delivering revenue growth within the expected range.

Inspire Medical Systems, Inc. is a medical technology company focused on solutions for obstructive sleep apnea (OSA). Their primary product is Inspire Therapy, an FDA-approved implantable neurostimulation device that keeps the airway open during sleep, serving as an alternative to CPAP machines.

Inspire Medical Systems has a presence in the United States, select European countries, and Japan through a direct sales organization. They also sell in Singapore and Hong Kong via distributors, with the majority of revenue generated in the United States.

Inspire Medical Systems' brand reputation has been affected by both challenges and positive developments in the past year. Class-action lawsuits alleging securities fraud related to the Inspire V launch have negatively impacted the company's reputation. Increased CMS reimbursement rates and strong Q3 2025 financial results have bolstered the company's reputation and investor confidence.

Inspire Medical Systems has significant institutional ownership, including major shareholders like BlackRock, Inc. and Vanguard Group Inc. Institutional ownership is very high, reportedly over 90%. Insider ownership is also present, with Presidio Management Group IX LLC being the largest individual shareholder. There has been some insider selling activity.