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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Inspire Medical Systems reported revenue of $912M in the fiscal year ended Dec 2025, up 13.6% from the year before. Operating income was $51M, an operating margin of 5.6%, and net income was $145M. Operating cash flow of $117M less capital expenditure of $38M left free cash flow of $78M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 233 | 408 | 625 | 803 | 912 |
| Cost of revenue | 33.3 | 66.1 | 96.6 | 123 | 133 |
| Gross profit | 200 | 342 | 528 | 680 | 779 |
| Research & development | 37.4 | 68.6 | 117 | 114 | 103 |
| Selling, general & admin | 203 | 321 | 452 | 530 | 625 |
| Operating income | −39.9 | −47.6 | −40.3 | 36.1 | 51.0 |
| Interest expense | 2.1 | 1.7 | 0.0 | 0.0 | 0.1 |
| Pre-tax income | −42.0 | −44.3 | −19.9 | 58.5 | 65.7 |
| Income tax | 0.1 | 0.6 | 1.2 | 4.9 | −79.7 |
| Net income | −42.0 | −44.9 | −21.2 | 53.5 | 145 |
| Diluted EPS | −1.54 | −1.60 | −0.72 | 1.75 | 4.89 |
| Diluted shares | 27.3 | 28.1 | 29.3 | 30.5 | 29.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 214 | 442 | 186 | 150 | 105 |
| Receivables | 34.2 | 61.2 | 89.9 | 93.1 | 120 |
| Inventory | 17.2 | 11.9 | 33.9 | 80.1 | 145 |
| Current assets | 269 | 530 | 594 | 631 | 584 |
| Net PP&E | 8.5 | 17.2 | 40.0 | 71.9 | 97.9 |
| Total assets | 295 | 565 | 677 | 808 | 907 |
| Payables | 11.7 | 26.8 | 38.8 | 38.7 | 36.6 |
| Current liabilities | 41.3 | 61.2 | 78.1 | 88.5 | 96.1 |
| Long-term debt | 24.5 | 0.0 | – | – | – |
| Total liabilities | 66.0 | 68.9 | 104 | 119 | 126 |
| Shareholders' equity | 229 | 496 | 573 | 690 | 781 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −20.1 | 11.6 | 24.7 | 130 | 117 |
| Capital expenditure | 4.7 | 9.1 | 23.6 | 39.1 | 38.5 |
| Free cash flow | −24.8 | 2.5 | 1.0 | 91.1 | 78.5 |
| Depreciation & amortisation | 1.2 | 1.9 | 2.8 | 6.6 | 14.0 |
| Stock-based compensation | 26.2 | 52.0 | 82.5 | 116 | 130 |
| Share buybacks | – | 0.0 | 0.0 | 0.0 | 175 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 74.7% | 53.2% | 28.5% | 13.6% |
| Operating income growth (YoY) | – | – | – | – | 41.2% |
| EPS growth (YoY) | – | – | – | – | 179.4% |
| Gross margin | 85.7% | 83.8% | 84.5% | 84.7% | 85.4% |
| Operating margin | −17.1% | −11.7% | −6.4% | 4.5% | 5.6% |
| Net margin | −18.0% | −11.0% | −3.4% | 6.7% | 15.9% |
| Return on equityBlank when equity is negative | −18.4% | −9.0% | −3.7% | 7.8% | 18.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −15.7% | −9.4% | −6.7% | 5.0% | 6.3% |
| Free cash flow margin | −10.6% | 0.6% | 0.2% | 11.4% | 8.6% |
| Cash conversion (CFO ÷ net income) | 0.48x | −0.26x | −1.17x | 2.43x | 0.80x |
| Receivable days | 53 | 55 | 53 | 42 | 48 |
| Inventory days | 189 | 66 | 128 | 238 | 398 |
| Payable days | 128 | 148 | 147 | 115 | 100 |
| Interest cover | −18.7x | −28.4x | – | 1640x | 372x |
| Debt ÷ equity | 0.11x | 0.00x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −190 | −442 | – | – | – |
| Current ratio | 6.50x | 8.66x | 7.60x | 7.13x | 6.08x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.