Inspire(INSP) - 2025 Q1 - Quarterly Results

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]