PresentationAdam MaederPiper Sandler & Co., Research Division All right. We're live here, so we're going to get going. Welcome to the 2025 Piper Sandler Healthcare Conference. My name is Adam Maeder. I'm one of the Med Tech analyst here at Piper. Very pleased to introduce the team from Inspire Medical. With us, we have Tim Herbert, Chairman and CEO; and Ezgi Yagci, from Investor Relations. Thanks so much for joining us. ...

Inspire Medical Systems FY Conference Summary Company Overview - **Company**: Inspire Medical Systems (NYSE: INSP) - **Industry**: Medical Devices, specifically focused on sleep apnea treatment Key Points Q4 Guidance and Business Visibility - The company expressed confidence in achieving Q4 implied guidance following a strong Q3 performance, which included beating revenue and EPS expectations. The full-year revenue guidance for 2025 was reaffirmed, indicating a significant quarter-over-quarter revenue increase is expected [1][2][3] Product Transition and Inventory Management - The transition from Inspire 4 to Inspire 5 has been successful, with over 75% of U.S. accounts performing Gen 5 procedures. The company expects to complete the transition by year-end, with minimal inventory impact moving forward [5][6][8] - The company noted that December is typically the busiest month for implants due to high-deductible insurance plans, which is expected to drive Q4 performance [3] Reimbursement Changes - A significant reimbursement change for CPT code 64568 is anticipated for 2026, with a 40-50% year-over-year increase in facility reimbursement, which is expected to positively impact the business [12][13] - The new tech APC is seen as a bridge to potentially achieving a level 6 APC in the future, which would further enhance reimbursement rates [15] Growth Projections - The company provided an early indication of a 10-11% top-line growth for 2026, although this is not formal guidance. The focus will be on consistency and establishing a starting point for future expectations [9][10] Patient Warehousing and Utilization - The issue of patient warehousing, where patients delayed treatment for the new Inspire 5 device, has largely been resolved, with most patients now in the queue for treatment [7][8] - Centers that have fully transitioned to Inspire 5 are experiencing over 20% year-over-year volume increases, indicating strong acceptance and utilization of the new device [18][19] Competitive Landscape - The company acknowledged the emergence of a second competitor in the market but emphasized the established safety and efficacy of Inspire's products. New data showing improved health outcomes for Inspire over CPAP is expected to strengthen its market position [31][32][33] Replacement Device Opportunity - The reimbursement for replacement devices has improved, with expectations of a high replacement rate of up to 80% for patients receiving therapy. The battery life of devices is approximately 10-11 years, leading to a new revenue stream as older devices are replaced [26][27] Impact of GLP-1 Medications - The company noted that GLP-1 medications are increasing the diagnosis rate of obstructive sleep apnea, which could lead to a favorable tailwind for Inspire as more patients seek treatment [28][29][30] Financial Outlook - The transition to Inspire 5 is expected to positively impact gross margins due to the elimination of the expensive pressure-sensing lead. Operating margins are anticipated to increase as the company continues to support direct-to-consumer initiatives [34] Leadership Transition - The company is in the process of searching for a new CFO, with several candidates being interviewed. An announcement regarding the new hire is expected soon [35] Future Developments - Inspire is working on a dual-channel device to address both tongue-based and lateral wall collapse in obstructive sleep apnea patients, which could expand its treatment capabilities [36] Conclusion Inspire Medical Systems is positioned for growth with the successful launch of Inspire 5, favorable reimbursement changes, and an increasing patient base due to the impact of GLP-1 medications. The company is focused on enhancing its market position while navigating competitive dynamics and preparing for future leadership transitions.

Upgrades - Baird upgraded Albemarle (ALB) to Neutral from Underperform with a price target of $113, up from $81, due to optimism regarding lithium end-market demand tied to energy storage [2] - Morgan Stanley upgraded DexCom (DXCM) to Overweight from Equal Weight with a price target of $75, up from $63, citing signs of recovery from operational challenges while valuation remains at trough levels [2] - Argus upgraded Restaurant Brands (QSR) to Buy from Hold with an $85 price target, expecting strong brands to lead to higher domestic comparable sales and international unit expansion [3] - Truist upgraded Six Flags (FUN) to Buy from Hold with a price target of $23, down from $27, noting the new CEO's promising approach to improve underperforming parks [3] - Stifel upgraded Teradyne (TER) to Buy from Hold with a price target of $225, up from $162, anticipating accelerated growth due to a favorable shift in test revenue composition [4] Downgrades - Morgan Stanley downgraded Inspire Medical (INSP) to Equal Weight from Overweight with a price target of $130, up from $105, citing lack of visibility into the core business and long-term market potential [5] - Goldman Sachs downgraded Symbotic (SYM) to Sell from Neutral with an unchanged $47 price target, believing the valuation is stretched with a 185-times enterprise value to expected forward adjusted EBITDA multiple [5] - Oppenheimer downgraded Sound Point Meridian Capital (SPMC) to Perform from Outperform, removing the price target of $20, due to higher than expected negative impact on earnings from borrower call options [5] - Morgan Stanley downgraded 10x Genomics (TXG) to Equal Weight from Overweight with a price target of $20, up from $17, following a stock rally that placed the multiple in a reasonable spot relative to growth [5] - BofA downgraded PagerDuty (PD) to Underperform from No Rating with a $12 price target, citing demand headwinds and a pricing model change that may delay growth stabilization [5]

Core Viewpoint - A class action securities lawsuit has been filed against Inspire Medical Systems, Inc. due to alleged securities fraud affecting investors between August 6, 2024, and August 4, 2025 [2][3]. Group 1: Lawsuit Details - The lawsuit claims that the launch of Inspire Medical Systems' new product, Inspire V, was unsuccessful due to poor demand and excess inventory at treatment centers, contradicting the company's assurances of a successful launch [3]. - Allegations include that the company failed to complete essential tasks for the product launch, such as training for treatment center customers, setting up IT systems, and ensuring proper Medicare reimbursement [3]. Group 2: Investor Information - Investors who suffered losses during the specified timeframe have until January 5, 2026, to request appointment as lead plaintiff, although participation in any recovery does not require this [4]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [4]. Group 3: Legal Representation - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions for shareholders over the past 20 years and consistently ranking among the top securities litigation firms in the U.S. [5].

NEW YORK, Dec. 01, 2025 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in Inspire Medical Systems, Inc. ("Inspire Medical Systems, Inc." or the "Company") (NYSE: INSP) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Inspire Medical Systems, Inc. investors who were adversely affected by alleged securities fraud between August 6, 2024 and August 4, 2025. Follow the link below to get more information and be contacted by a member of our team ...

ROSEN, GLOBALLY RESPECTED INVESTOR COUNSEL, Encourages Inspire Medical Systems, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action - INSPDecember 01, 2025 4:03 PM EST | Source: The Rosen Law Firm PANew York, New York--(Newsfile Corp. - December 1, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Inspire Medical Systems, Inc. (NYSE: INSP) between August 6, 2024 and August 4, 2025, both dates inclusive (the " ...

INSP SHAREHOLDERS: Inspire Medical Systems, Inc. Investors with Losses may have been Misled by the Company and are Urged to Contact BFA Law by January 5December 01, 2025 3:18 PM EST | Source: Bleichmar Fonti & AuldNew York, New York--(Newsfile Corp. - December 1, 2025) - Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Inspire Medical Systems, Inc. (NYSE: INSP) and certain of the Company's senior executives for securities fraud ...

Core Viewpoint - Inspire Medical Systems, Inc. is facing a securities class action lawsuit due to allegations of misleading investors regarding the launch of its Inspire V device for obstructive sleep apnea, which resulted in a significant decline in stock price [1][3]. Group 1: Lawsuit Details - The lawsuit, titled City of Pontiac Reestablished General Employees' Retirement System v. Inspire Medical Systems, Inc., targets the company and its executives, representing investors who acquired stock between August 6, 2024, and August 4, 2025 [3]. - The complaint alleges violations of the Securities Exchange Act of 1934, claiming that management made false statements about the successful launch of the Inspire V device [3][7]. Group 2: Allegations Against Inspire Medical - The lawsuit claims that the transition to the Inspire V device was not seamless as promised, citing operational failures that hindered the launch [4]. - Key allegations include poor market demand due to existing inventory of the previous device, incomplete readiness for the rollout, and undisclosed logistical issues that affected billing and operational processes [10]. Group 3: Market Reaction - On August 4, 2025, Inspire Medical admitted to an "elongated timeframe" for the Inspire V launch, leading to a drastic reduction in 2025 earnings guidance by over 80% [5][6]. - Following this announcement, the company's stock price plummeted by over 32% on heavy trading volume, prompting the investor class action [6]. Group 4: Investigation Focus - Hagens Berman is investigating the claims against Inspire Medical, particularly focusing on potential misstatements or omissions related to the Inspire V launch and its financial implications [11]. - The investigation aims to determine if management was aware of critical operational flaws before the public disclosure on August 4 [12].

Core Viewpoint - A class action lawsuit has been filed against Inspire Medical Systems, Inc. and its senior executives for securities fraud following a significant stock drop due to alleged violations of federal securities laws [1][3]. Company Overview - Inspire Medical Systems develops and manufactures an implantable medical device for the treatment of sleep apnea, with its latest product being the Inspire V, which received FDA approval on August 2, 2024 [4]. Allegations and Issues - The lawsuit claims that Inspire misled investors by assuring them that all necessary steps were taken for the launch of Inspire V, which was expected to meet high demand [5]. - Contrary to these assurances, Inspire allegedly failed to adequately prepare clinicians and payors for the rollout, leading to significant delays in adoption and weak demand due to customers having excess inventory of older devices [6]. Stock Performance - On August 4, 2025, Inspire disclosed that the launch of Inspire V would face an "elongated timeframe," resulting in a reduction of its 2025 earnings per share guidance by over 80% [7]. - Following this announcement, Inspire's stock price dropped by $42.04 per share, or more than 32%, from $129.95 on August 4, 2025, to $87.91 on August 5, 2025 [8].

Core Viewpoint - Inspire Medical Systems, Inc. is facing a class action lawsuit for securities fraud following a significant stock drop attributed to alleged violations of federal securities laws [1][3]. Group 1: Lawsuit Details - A class action lawsuit has been filed against Inspire Medical Systems and certain senior executives, with claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [3]. - Investors have until January 5, 2026, to request to be appointed to lead the case, which is pending in the U.S. District Court for the District of Minnesota [3]. Group 2: Company Background - Inspire Medical Systems develops an implantable medical device for treating sleep apnea, with the latest version being Inspire V, which received FDA approval on August 2, 2024 [4]. Group 3: Allegations and Stock Impact - The lawsuit alleges that Inspire misled investors by claiming it had taken necessary steps for the launch of Inspire V, while in reality, it failed to prepare clinicians and payors, leading to delays and weak demand [5][6]. - On August 4, 2025, Inspire announced an "elongated timeframe" for the Inspire V launch and reduced its 2025 earnings per share guidance by over 80%, causing the stock price to drop by $42.04, or more than 32%, from $129.95 to $87.91 per share [7][8].