Financial Performance - Revenue for Q1 2025 was $201.3 million, a 22.7% increase from $164.0 million in Q1 2024[20] - Gross profit for Q1 2025 was $170.6 million, compared to $139.3 million in Q1 2024, reflecting a gross margin improvement[20] - Operating loss narrowed to $1.5 million in Q1 2025 from a loss of $15.2 million in Q1 2024[20] - Net income for Q1 2025 was $3.0 million, a significant recovery from a net loss of $10.0 million in Q1 2024[20] - Revenue for the three months ended March 31, 2025, was $201.3 million, a 22.7% increase from $164.0 million in the same period of 2024[125] - The operating loss for the three months ended March 31, 2025, was $1.5 million, significantly improved from a loss of $15.2 million in the same period of 2024[125] - The net income for the three months ended March 31, 2025, was $2.99 million, compared to a net loss of $10.0 million in the same period of 2024[132] - Gross profit for the three months ended March 31, 2025, was $170.6 million, with a gross margin of 84.7%, slightly down from 84.9% in the prior year[170][175] Cash and Assets - Cash and cash equivalents decreased to $53.9 million as of March 31, 2025, down from $150.2 million at the end of 2024[17] - Total assets decreased to $730.8 million as of March 31, 2025, from $808.4 million at the end of 2024[17] - Total liabilities decreased to $95.1 million as of March 31, 2025, from $118.7 million at the end of 2024[17] - As of March 31, 2025, total cash equivalents and investments amounted to $389.896 million, a decrease from $425.997 million as of December 31, 2024[42][44] - Cash, cash equivalents, and available-for-sale debt securities totaled $414.0 million as of March 31, 2025, a decrease of $102.5 million from $516.5 million as of December 31, 2024[182] Investments and Stock Repurchase - The company repurchased $75.0 million worth of common stock during Q1 2025[25] - The company has a share repurchase program authorized for up to $150.0 million, set to expire in August 2026[95] - An accelerated share repurchase agreement was entered into in November 2024, with a prepayment of $75.0 million for 409,043 shares at an average price of $190.29[96][97] - The company repurchased a total of 442,649 shares during the three months ended March 31, 2025, with an average price of $164.23 per share[214] Research and Development - Research and development expenses for Q1 2025 were $27.8 million, slightly down from $28.9 million in Q1 2024[20] - Research and development expenses are expected to increase as the company develops next generation versions of its Inspire system and expands clinical studies[165] - Research and development expenses include costs related to product development and clinical studies, with prelaunch inventory expensed unless regulatory approval is probable[71] Inventory and Expenses - Total inventories rose to $99,727,000 as of March 31, 2025, compared to $80,118,000 at the end of 2024, with finished goods increasing from $57,688,000 to $71,638,000[53] - Advertising expenses decreased from $25,600,000 in Q1 2024 to $20,900,000 in Q1 2025[76] - Total accrued expenses decreased from $49,814,000 at the end of 2024 to $34,333,000 as of March 31, 2025[62] - SG&A expenses rose by $18.7 million, or 14.9%, to $144.3 million for the three months ended March 31, 2025, primarily driven by a $17.4 million increase in compensation[177] Market and Operational Insights - Inspire Medical Systems continues to focus on expanding its innovative solutions for obstructive sleep apnea, with ongoing development of its proprietary Inspire system[27] - The company plans to fully launch its next generation Inspire system ("Inspire V") in the U.S. in 2025, following FDA approval in August 2024[151] - The company anticipates that some patients and physicians are delaying Inspire therapy until Inspire V is available, which may impact consolidated revenue until the full launch[152] - The company experienced supply disruptions in 2023, particularly related to polyurethane-based stimulation leads, which affected European revenue and consolidated revenue[147] - The global economic environment is facing challenges such as inflation and increased costs, which may lead customers to decrease or delay orders for the company's products[157] Tax and Income - The company recorded income tax expense of $1.2 million for the three months ended March 31, 2025, compared to $0.7 million for the same period in 2024[116] - The company had gross federal net operating loss carryforwards of $51.2 million as of December 31, 2024, which are no longer subject to expiration[117] Employee and Compensation - The company’s matching contributions to the employee retirement plan totaled $1.9 million for the three months ended March 31, 2025[94] - The total stock-based compensation expense recognized for the three months ended March 31, 2025, was $1.9 million, compared to $1.5 million for the same period in 2024[94] - The company has unearned stock-based compensation estimated to be expensed through 2028, amounting to $56.7 million for unvested stock options and $171.9 million for unvested RSUs[109][111] Accounting and Compliance - The company is evaluating the impact of recent accounting pronouncements, including ASU 2023-09 and ASU 2024-03, on its financial statement disclosures[86][87] - The company has not experienced material changes in its critical accounting policies and estimates from those described in its Annual Report[199]

Revenue Performance - Revenue for Q1 2025 was $201.3 million, a 23% increase from $164.0 million in Q1 2024[3] - U.S. revenue for the quarter was $193.6 million, reflecting a 24% increase compared to the prior year[3] - Full year 2025 revenue guidance is maintained at $940 million to $955 million, representing a growth of 17% to 19% over 2024[9] Profitability Metrics - Gross margin for Q1 2025 was 84.7%, slightly down from 84.9% in Q1 2024[4] - Operating loss improved to $1.5 million in Q1 2025, a 90% improvement from a loss of $15.2 million in the prior year[5] - Net income for Q1 2025 was $3.0 million, compared to a net loss of $10.0 million in Q1 2024[6] - Adjusted EBITDA for Q1 2025 was $33.2 million, up from $11.9 million in the same period last year[6] - The adjusted EBITDA margin improved to 16% in Q1 2025, compared to 7% in Q1 2024[29] - The net income margin improved to 1% in Q1 2025, compared to a negative margin of 6% in Q1 2024[29] Patient and Product Updates - The company surpassed 100,000 patients receiving Inspire therapy[2] - The Inspire V system is set for full launch in the U.S. this month[2] Financial Position - Total assets decreased from $808,383,000 on December 31, 2024, to $730,809,000 on March 31, 2025, representing a decline of approximately 9.6%[26] - Total current assets decreased from $630,806,000 at the end of 2024 to $571,679,000 by March 31, 2025, a reduction of about 9.4%[26] - Total liabilities decreased from $118,688,000 on December 31, 2024, to $95,066,000 on March 31, 2025, a decline of approximately 19.9%[26] - Cash and cash equivalents decreased significantly from $150,150,000 at the end of 2024 to $53,882,000 by March 31, 2025, a drop of approximately 64.1%[26] - Accounts payable decreased from $38,687,000 at the end of 2024 to $29,137,000 by March 31, 2025, a reduction of approximately 24.7%[26] Stock-Based Compensation - Stock-based compensation expense increased to $31,056,000 in Q1 2025, compared to $26,322,000 in Q1 2024, reflecting a rise of about 18.5%[28] Guidance Updates - Diluted net income per share guidance for 2025 is increased to between $2.20 to $2.30, up from the previous guidance of $2.10 to $2.20[9]

Core Insights - Inspire Medical Systems reported a year-over-year revenue growth of 23% in Q1 2025, reaching $201.3 million, compared to $164.0 million in Q1 2024 [4][11] - The company achieved a net income of $3.0 million in Q1 2025, a significant improvement from a net loss of $10.0 million in the same period last year [7][11] - Inspire surpassed 100,000 patients receiving its therapy and is set to launch the Inspire V system in the U.S. [3][4] Financial Performance - Revenue for Q1 2025 was $201.3 million, a 23% increase from $164.0 million in Q1 2024 [4][11] - U.S. revenue was $193.6 million, reflecting a 24% increase year-over-year, while international revenue decreased by 6% to $7.7 million [4] - Gross margin for Q1 2025 was 84.7%, slightly down from 84.9% in Q1 2024 [4] Operating Expenses and Profitability - Operating expenses increased by 11% to $172.1 million in Q1 2025, up from $154.5 million in the prior year, primarily due to investments in the U.S. sales organization [5] - The operating loss improved to $1.5 million in Q1 2025, compared to a loss of $15.2 million in Q1 2024, indicating better revenue growth and operating leverage [6] - Adjusted EBITDA for Q1 2025 was $33.2 million, compared to $11.9 million in the same quarter last year [7][26] Guidance and Future Outlook - Inspire maintains its full-year 2025 revenue guidance of $940 million to $955 million, representing a growth of 17% to 19% over 2024 [9] - The company has increased its diluted net income per share guidance for 2025 to between $2.20 and $2.30, up from the previous range of $2.10 to $2.20 [9]

Core Insights - Inspire Medical Systems, Inc. is a medical technology company specializing in minimally invasive solutions for obstructive sleep apnea [3] - The company will present at the BofA Securities 2025 Health Care Conference on May 13, 2025, at 2:20 p.m. Eastern Time [2] - Inspire's proprietary therapy is the first and only FDA, EU MDR, and PDMA-approved neurostimulation technology for treating moderate to severe obstructive sleep apnea [3] Company Information - Inspire focuses on the development and commercialization of innovative solutions for obstructive sleep apnea [3] - The company’s Inspire therapy is recognized for its safety and effectiveness in treating the condition [3] - Additional information about Inspire can be found on their official website [3]

Core Viewpoint - Inspire Medical Systems, Inc. has announced the appointment of two prominent physicians, Dr. Paul T. Hoff and Dr. Ruchir P. Patel, to key leadership roles, aiming to enhance the company's efforts in treating obstructive sleep apnea (OSA) through innovative medical solutions [1][2]. Group 1: Company Overview - Inspire Medical Systems focuses on developing and commercializing minimally invasive solutions for patients with obstructive sleep apnea [1][9]. - The company's proprietary Inspire therapy is the first and only FDA, EU MDR, and PDMA-approved neurostimulation technology for moderate to severe obstructive sleep apnea [9]. Group 2: New Appointments - Dr. Paul T. Hoff will join Inspire as Vice President, Senior Medical Director, effective April 21, 2025, while Dr. Ruchir P. Patel will assume his role on June 2, 2025 [1][2]. - Both physicians are recognized experts in sleep medicine and surgery, with extensive experience in treating sleep apnea patients and familiarity with Inspire therapy [2][8]. Group 3: Dr. Paul T. Hoff's Background - Dr. Hoff holds an M.D. from the University of Michigan Medical School and has over 25 years of clinical practice experience [3][4]. - He has held leadership positions in various organizations, including President of the Michigan Otolaryngology Society and the International Surgical Sleep Society [4]. Group 4: Dr. Ruchir P. Patel's Background - Dr. Patel earned his M.D. from the Royal College of Surgeons in Ireland and has over 15 years of clinical practice experience [6][7]. - He founded The Insomnia and Sleep Institute of Arizona and has been involved in multiple clinical trials and research in sleep medicine [7][8].

Core Viewpoint - Inspire Medical Systems, Inc. will release its financial results for Q1 2025 on May 5, 2025, after market close, followed by a conference call to discuss the results and business developments [1]. Financial Results Announcement - The financial results for the first quarter of 2025 will be announced after the close of trading on May 5, 2025 [1]. - A conference call will take place at 5:00 p.m. Eastern Time to discuss these results [1]. Conference Call Details - A webcast of the conference call will be available on the Investor Relations page of Inspire's website [2]. - Participants wishing to ask questions must register through a provided link to receive dial-in details and a unique access code [3]. - It is recommended to register at least 10 minutes before the call starts to ensure connection [3]. - A replay of the call will be available approximately two hours after the event and archived for two weeks [4]. Company Overview - Inspire Medical Systems focuses on developing and commercializing innovative, minimally invasive solutions for obstructive sleep apnea [5]. - The company's proprietary Inspire therapy is the first and only FDA, EU MDR, and PDMA-approved neurostimulation technology for treating moderate to severe obstructive sleep apnea [5].

Company Overview - Inspire Medical Systems, Inc. is a medical technology company focused on developing and commercializing innovative, minimally invasive solutions for patients with obstructive sleep apnea [3]. - The company's proprietary Inspire therapy is the first and only FDA, EU MDR, and PDMA-approved neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea [3]. Upcoming Presentation - Inspire is scheduled to present at the KeyBanc Capital Markets Healthcare Forum on March 18, 2025, at 3:00 p.m. Eastern Time [2]. - The presentation will be accessible via a live webcast, with a replay available for two weeks following the event in the Event Archive section of Inspire's Investor website [2].

Company Overview - Inspire Medical Systems is a medical technology company based in Minneapolis, MN, focused on developing and commercializing innovative, minimally-invasive solutions for patients with obstructive sleep apnea (OSA) [11] - The company's proprietary Inspire system is the first and only FDA-approved neurostimulation technology for treating moderate to severe OSA, utilizing a closed-loop solution that monitors breathing and delivers mild hypoglossal nerve stimulation [11] Financial Performance - Inspire Medical has a Zacks Rank of 2 (Buy) and a VGM Score of A, indicating strong potential for investment [12] - The company has seen a positive trend in earnings estimates, with seven analysts revising their estimates higher for fiscal 2025, leading to an increase in the Zacks Consensus Estimate by $0.12 to $2.16 per share [12] - Inspire Medical boasts an impressive average earnings surprise of 332.5%, highlighting its ability to exceed earnings expectations [12] Investment Potential - The Momentum Style Score for Inspire Medical is rated B, and the stock has increased by 1.1% over the past four weeks, suggesting positive momentum [12] - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, Inspire Medical is recommended for investors looking for promising opportunities in the medical technology sector [13]

Core Viewpoint - Inspire Medical Systems (INSP) has shown a 6.1% gain over the past four weeks, with a mean price target of $235.40 indicating a potential upside of 25.9% from the current price of $187.01 [1] Price Target Analysis - The average of 15 short-term price targets ranges from a low of $190 to a high of $270, with a standard deviation of $26.31, suggesting variability in analyst estimates [2] - The lowest estimate indicates a 1.6% increase, while the highest suggests a 44.4% upside, highlighting the range of analyst opinions [2] Analyst Consensus and Earnings Estimates - Analysts have shown a strong agreement in revising earnings estimates higher, which is a positive indicator for potential stock upside [4][9] - The Zacks Consensus Estimate for the current year has increased by 6.3% over the past month, with six estimates going higher and two lower [10] Zacks Rank and Investment Potential - INSP holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [11] - This rank, along with a strong externally-audited track record, suggests a solid potential upside for the stock in the near term [11] Caution on Price Targets - While price targets can provide insights, they should be approached with skepticism as they may not reliably indicate actual stock price movements [5][8]

2025年2月10日，Inspire Medical Systems（纽约证券交易所代码：INSP）公布了截至2024年12月31日的季度和年度财务业绩。公司2024年第四季度收入为2.397亿美 元，同比增长25%。 2024年全年收入为 8.028亿美元 （约合人民币59亿元），同比增长 28% 。 Inspire Medical Systems 是一家专注于开发和商业化创新性、微创性治疗方案的医疗技术公司，旨在为阻塞性睡眠呼吸暂停患者提供解决方案。 # 近期业务亮点及2025年全年指引 公司董事长兼首席执行官蒂姆·赫伯特（Tim Herbert）表示："我们对第四季度的强劲表现感到非常兴奋，收入同比增长25%，运营收入接近3,200万美元， 每股摊薄净收入同比增长135%。在本季度，我们稳步推进Inspire V的全面上市，优化领导团队以推动未来增长，持续提升盈利能力，启动了7,500万美元的 加速股票回购计划，并达到了一个重要的里程碑，超过9万名患者接受了Inspire疗法。我们期待在2025年借助Inspire V的上市继续保持强劲表现。" ▲图片源自公司官网（下同） # 2024年第四季度财务业绩 ...