Here’s Why Summers Value Partners Sold Inspire Medical Systems (INSP)

Group 1: Fund Performance - Summers Value Fund LP achieved a net return of 20.4% in Q3 2025, outperforming the Russell 2000 Index ETF and the Russell 2000 Value Index ETF, which returned 12.4% and 12.5% respectively [1] - Year-to-date, the fund is up 4.9% net, compared to 10.3% and 8.9% returns for the respective indexes [1] Group 2: Inspire Medical Systems, Inc. Overview - Inspire Medical Systems, Inc. focuses on minimally invasive solutions for obstructive sleep apnea, with a one-month return of 2.472% and a 52-week loss of 54.77% [2] - As of November 18, 2025, the stock closed at $83.57 per share, with a market capitalization of $2.472 billion [2] Group 3: Investment Insights on Inspire Medical Systems, Inc. - Inspire Medical Systems was identified as a key detractor in the fund's performance due to a slower-than-expected transition to its Inspire V device, leading to a full exit from the position [3] - The company reported revenue of $224.5 million in Q3 2025, marking a 10% increase from Q3 2024 [4] - Despite recognizing the potential of Inspire Medical Systems, the company believes certain AI stocks present greater upside potential and less downside risk [4]