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Inspire Medical Systems (INSP)
NYSE:INSP
Earnings Data
Report Date
May 05, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.3Last Year’s EPS
0.1Same Quarter Last Year
Moderate Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presents a balanced picture: strong 2025 financial results, cash generation, buybacks, and clear clinical and commercial traction for Inspire 5 (training, high center adoption, superior clinical metrics). However, material near-term reimbursement and coding uncertainty (transition to CPT 64582 with a -52 modifier), the WISER prior-authorization pilot, and inconsistent claims processing introduce significant short- to medium-term risk that widened 2026 guidance and could constrain physician willingness and early-year procedures. Management has a dual-path remediation plan (short-term payer engagement to reduce the modifier impact and long-term pursuit of a new CPT code), plus product and operational levers, but the timing and magnitude of reimbursement outcomes remain the key risk to achieving the higher end of guidance.Company Guidance
Revenue Growth
Fourth quarter revenue increased 12% to $269 million; full year 2025 revenue increased 14% to $912 million, driven by growth at existing centers and new center additions.
Profitability and Earnings Performance
Fourth quarter delivered positive operating income and earnings. Q4 net income per diluted share rose by $3.51 to $4.66 and full year net income per diluted share rose by $3.09 to $4.89.
Adjusted Earnings and Cash Flow
Q4 adjusted net income per diluted share increased $0.51 to $1.65 and full year adjusted EPS increased $0.80 to $2.42. Fourth quarter operating cash flow was $52 million, bringing full year operating cash flow to $117 million.
Capital Allocation and Balance Sheet Strength
Completed $50 million of share repurchases in Q4 and $175 million for the full year; ended the quarter with $405 million in cash and investments, supporting investments for growth.
Inspire 5 Clinical and Reliability Performance
Inspire 5 showed clinical superiority vs. Inspire 4: reduced surgical time, significantly improved inspiratory overlap, and a 79.5% responder rate (Sher criteria) in the Singapore study vs. 66% in STAR pivotal trial. System reliability improved in 2025 with device explants at 0.5% and revisions at 1.5%.
Successful U.S. Launch Execution
Physician training complete, contracting over 95% complete for centers, SleepSync onboarding complete for over 90% of centers, and over 90% of centers implanting Inspire 5; expect stable product inventory for Inspire 5 through 2026.
Product and R&D Progress
Received FDA approval for 3 Tesla MRI compatibility; testing prior-authorization feature in SleepSync; announced Inspire 6 program for sleep detection and auto-activation targeting improved adherence.
Operational Discipline
Q4 and full year operating margins improved driven by sales leverage and a higher sales mix of Inspire 5 systems; management cites disciplined spending and targeted commercial reorganization (295 U.S. territories, 275 field clinical reps).
2026 Financial Guidance (Range Provided)
Management provided a full-year 2026 revenue outlook of $950 million to $1,000 million (4% to 10% growth), adjusted operating margin guidance of 6% to 8%, and adjusted EPS guidance of $1.85 to $2.35, while disclosing assumptions and risks.
Commercial and Global Footprint
U.S. remains the core market (Q4 U.S. revenue $256.9M, ~95% of revenue); management continues focus on expanding provider capacity, training advanced practice providers, and certifying additional surgeons to treat more patients.
INSP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
INSP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | $68.21 | $59.65 | -12.55% |
Nov 03, 2025 | $73.71 | $85.01 | +15.33% |
Aug 04, 2025 | $129.95 | $87.91 | -32.35% |
May 05, 2025 | $158.74 | $161.88 | +1.98% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Inspire Medical Systems (INSP) report earnings?
Inspire Medical Systems (INSP) is schdueled to report earning on May 05, 2026, After Close (Confirmed).
What is Inspire Medical Systems (INSP) earnings time?
Inspire Medical Systems (INSP) earnings time is at May 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is INSP EPS forecast?
INSP EPS forecast for the fiscal quarter 2026 (Q1) is -0.3.