Inspire Medical Systems, Inc. (INSP)

October 2025 saw a stock jump after positive clinical data for Inspire V. November 2025 had strong Q3 results but also a class action lawsuit alleging concealed failures in the Inspire V rollout. January 2026 saw a downgrade from Oppenheimer. February 2026 had Q4 revenue exceeding expectations, but full-year 2026 revenue guidance was below estimates, causing the stock to drop, and ratings were lowered by Royal Bank of Canada and Truist Financial. February also saw a stock decline due to market concerns about inflation, despite positive news about CMS assigning C-codes. In March 2026, Stifel Nicolaus cut its price objective, while Zacks Research upgraded the stock. The stock price as of March 19, 2026, was $54.67, a 66.41% decline from March 20, 2025.

Inspire Medical Systems has historically experienced seasonality in the first quarter. Revenue for the first quarter of 2026 is projected to be approximately flat due to technical challenges. The company's growth has been driven by high consumer demand and limited competition. Commercial payors typically cover a majority of Inspire implants in the U.S. The company is projected to benefit from a recovering global hypoglossal nerve stimulation (HGNS) market.

Inspire Medical Systems is a medical technology company focused on developing and commercializing minimally invasive solutions for obstructive sleep apnea (OSA). Their primary product is the Inspire therapy system, an FDA-approved neurostimulation technology. The system monitors breathing and delivers mild hypoglossal nerve stimulation to maintain an open airway. The company launched the Inspire V system in 2025, which simplifies surgical procedures by eliminating the need for a pressure-sensing lead.

Inspire Medical Systems is headquartered in Golden Valley, Minnesota, USA. The company sells its Inspire system in the United States, select European countries, and Japan through a direct sales organization. It also sells in Singapore and Hong Kong through distributors. The majority of revenue comes from the United States. Inspire has secured reimbursement in France and Belgium, expanding market opportunities.

Inspire Medical Systems' brand reputation has seen both positive and negative impacts. Positive aspects include FDA approval and launch of Inspire V, positive clinical outcomes, and strong revenue growth. Negative impacts include a class action lawsuit alleging concealed failures in the Inspire V rollout and lowered 2026 revenue guidance due to reimbursement uncertainties. The substantial stock price decline also reflects a challenging period for the company's market perception.

Inspire Medical Systems has high institutional ownership, with 445 institutional owners holding approximately 94.6% of the company as of March 27, 2026. Major institutional shareholders include BlackRock, Inc., Vanguard Group Inc, and Wellington Management Group Llp. Presidio Management Group IX LLC is the largest individual shareholder, owning 11.75% of the company. Founders were early owners, and insider selling has been reported.