Inspire Medical Systems, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results

Core Insights - Inspire Medical Systems reported strong financial results for Q4 and full year 2025, with a revenue increase of 14% year-over-year to $912 million, driven by growth at existing centers and new center additions [4][5][6]. Financial Performance - Q4 2025 revenue grew by 12% to $269.1 million compared to Q4 2024, with a gross margin increase of 160 basis points to 86.6% [5][6]. - Full year 2025 net income per diluted share was $4.89, with adjusted net income per diluted share at $2.42 [5][6]. - Operating cash flow for Q4 was $52.5 million, totaling $117 million for the full year [5][6]. Operational Highlights - The Inspire V launch showed positive patient outcomes and improvements in therapy delivery, despite challenges in the reimbursement landscape [2]. - The company received clarification on coding for the Inspire V procedure, transitioning to CPT code 64582, which will impact physician reimbursement rates [2][8]. Future Outlook - Inspire Medical Systems revised its revenue outlook for 2026 to a range of $950 million to $1 billion, reflecting expected annual growth of 4% to 10% [8][9]. - The company anticipates an adjusted operating margin of 6% to 8% and net income per diluted share between $1.23 and $1.81 for 2026 [9].