Inspire Medical Systems, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $912.0M | $802.8M | $624.8M | $407.9M | $233.4M |
| Cost of revenue | $133.2M | $123.0M | $96.6M | $66.1M | $33.3M |
| Gross profit | $778.8M | $679.8M | $528.2M | $341.7M | $200.1M |
| Selling, general & administrative | $624.6M | $529.6M | $452.0M | $320.7M | $202.6M |
| Research and development | $103.2M | $114.1M | $116.5M | $68.6M | $37.4M |
| Operating expenses | — | — | $568.5M | $389.3M | $240.0M |
| Operating income | $51.0M | $36.1M | -$40.3M | -$47.6M | -$39.9M |
| Interest expense | $137,000 | $22,000 | $0 | $1.7M | $2.1M |
| Pretax income | $65.7M | $58.5M | -$19.9M | -$44.3M | -$42.0M |
| Income tax expense | -$79.7M | $4.9M | $1.2M | $613,000 | $72,000 |
| Net income | $145.4M | $53.5M | -$21.2M | -$44.9M | -$42.0M |
| Balance Sheet | |||||
| Cash and equivalents | $104.8M | $150.2M | $185.5M | $441.6M | $214.5M |
| Current assets | $583.7M | $630.8M | $593.7M | $530.0M | $268.5M |
| Total assets | $907.3M | $808.4M | $676.8M | $564.9M | $295.1M |
| Current liabilities | $96.1M | $88.5M | $78.1M | $61.2M | $41.3M |
| Total liabilities | $126.2M | $118.7M | $104.3M | $68.9M | $66.0M |
| Stockholders' equity | $781.2M | $689.7M | $572.5M | $496.0M | $229.0M |
| Cash Flow Statement | |||||
| Cash from operations | $117.0M | $130.2M | $24.7M | $11.6M | -$20.1M |
| Depreciation and amortization | $14.0M | $6.5M | $2.8M | $1.9M | $1.2M |
| Stock-based compensation | $130.3M | $116.0M | $82.5M | $52.0M | $26.2M |
| Capital expenditure | $38.5M | $39.1M | $23.6M | $9.1M | $4.7M |
| Free cash flow | $78.5M | $91.1M | $1.0M | $2.5M | -$24.8M |
| Share repurchases | $175.0M | $0 | $0 | $0 | — |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 28.8M · Free float 92.6%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.