INSP on NYSE
Inspire Medical Systems (United States)
Logo: inspiresleep.com3
In its 2026 annual report the company says: “We are a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea. Our proprietary Inspire system is the first FDA, European Union Regulation No. 2017/745, and Japan Pharmaceuticals and Medical Devices Agency-approved neurostimulation technology of its kind that provides a safe and effective treatment for patients with moderate to severe OSA.”5 It was founded in 2007.1 It is headquartered in Maple Grove.1
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Last updated Oct 21, 2026.
Overview
2007Founded1
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- TickerINSP on NYSE1
- IndustrySurgical & Medical Instruments & Apparatus1
- HeadquartersMaple Grove1
- Websitewww.inspiresleep.com
- Incorporated inDE4
- Business address5500 Wayzata Blvd, Suite 1600, Golden Valley, Mn 554164
- Filer categoryLarge accelerated filer4
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We are a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea ("OSA"). Our proprietary Inspire system is the first FDA, European Union ("EU") Regulation No. 2017/745 ("MDR" or "EU Medical Devices Regulation"), and Japan Pharmaceuticals and Medical Devices Agency-approved neurostimulation technology of its kind that provides a safe and effective treatment for patients with moderate to severe OSA. We have developed a novel, closed-loop solution that continuously monitors a patient’s breathing and delivers mild hypoglossal nerve stimulation to maintain an open airway. A significant body of clinical data, which includes a publication in the New England Journal of Medicine , multiple publications in leading respiratory, ear, nose and throat ("ENT") and sleep medicine journals, and more…5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
85.4%Gross margin6
5.6%Operating margin6
15.9%Net margin6
13.6%Revenue growth, 20256
18.6%Return on equity6
$78.5MFree cash flow6
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
United States brought in 96% of the revenue Inspire Medical Systems (United States) broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $606.2M | $771.0M | $872.1M |
| Outside the United States | $18.6M | $31.8M | $39.9M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue12¢$133.2M
- Research and development9¢$103.2M
- Selling, general and admin58¢$624.6M
- Income tax7¢$79.7M
- Profit13¢$145.4M
Out of $912.0M in revenue.6
Where each dollar of operating cash went, fiscal 2025
- Capital spending18¢$38.5M
- Share buybacks82¢$175.0M
Out of $117.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $912.0M | $802.8M | $624.8M |
| Cost of goods sold | $133.2M | $123.0M | $96.6M |
| Gross profit | $778.8M | $679.8M | $528.2M |
| Research and development | $103.2M | $114.1M | $116.5M |
| Selling, general and administrative | $624.6M | $529.6M | $452.0M |
| Total operating expenses | $727.8M | $643.7M | $568.5M |
| Operating income (loss) | $51.0M | $36.1M | -$40.3M |
| Interest and dividend income | -$17.5M | -$23.2M | -$20.6M |
| Interest expense | $137.0K | $22.0K | $0 |
| Other expense, net | $2.7M | $855.0K | $195.0K |
| Total other income | -$14.7M | -$22.4M | -$20.4M |
| Income (loss) before income taxes | $65.7M | $58.5M | -$19.9M |
| Income tax (benefit) expense | -$79.7M | $4.9M | $1.2M |
| Net income (loss) | $145.4M | $53.5M | -$21.2M |
| Foreign currency translation (loss) gain | -$296.0K | -$65.0K | $140.0K |
| Unrealized gain (loss) on investments | $224.0K | -$199.0K | $746.0K |
| Total comprehensive income (loss) | $145.3M | $53.2M | -$20.3M |
| Basic (in dollars per share) | $4.95 | $1.80 | -$0.72 |
| Diluted (in dollars per share) | $4.89 | $1.75 | -$0.72 |
| Basic (in shares) | 29.4M shares | 29.8M shares | 29.3M shares |
| Diluted (in shares) | 29.8M shares | 30.5M shares | 29.3M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $104.8M | $150.2M | ||
| Investments, short-term | $203.5M | $295.4M | ||
| Accounts receivable, net of allowance for credit losses of $1,080 and $880, respectively | $119.7M | $93.1M | ||
| Inventories, net | $145.3M | $80.1M | ||
| Prepaid expenses and other current assets | $10.4M | $12.1M | ||
| Total current assets | $583.7M | $630.8M | ||
| Investments, long-term | $96.3M | $71.0M | ||
| Property and equipment, net | $97.9M | $71.9M | ||
| Operating lease right-of-use assets | $23.5M | $23.3M | ||
| Deferred tax assets | $88.7M | $13.0K | ||
| Other non-current assets | $17.3M | $11.3M | ||
| Total assets | $907.3M | $808.4M | ||
| Accounts payable | $36.6M | $38.7M | ||
| Accrued expenses | $59.5M | $49.8M | ||
| Total current liabilities | $96.1M | $88.5M | ||
| Operating lease liabilities, non-current portion | $30.0M | $30.0M | ||
| Other non-current liabilities | $104.0K | $148.0K | ||
| Total liabilities | $126.2M | $118.7M | ||
| Preferred Stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | $0 | $0 | ||
| Common Stock, $0.001 par value, 200,000,000 shares authorized; 28,579,015 and 29,740,176 shares issued and outstanding at December 31, 2025 and 2024, respectively | $29.0K | $30.0K | ||
| Additional paid-in capital | $927.2M | $981.0M | ||
| Accumulated other comprehensive income | $464.0K | $536.0K | ||
| Accumulated deficit | -$146.5M | -$291.9M | ||
| Total stockholders' equity | $781.2M | $689.7M | $572.5M | $496.0M |
| Total liabilities and stockholders' equity | $907.3M | $808.4M | ||
| Allowance for credit loss | $1.1M | $880.0K | $1.6M | $36.0K |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, authorized (in shares) | 200.0M shares | 200.0M shares | ||
| Common stock, issued (in shares) | 28.6M shares | 29.7M shares | ||
| Common stock, outstanding (in shares) | 28.6M shares | 29.7M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $104.8M | $150.2M | ||
| Investments, short-term | $203.5M | $295.4M | ||
| Accounts receivable, net of allowance for credit losses of $1,080 and $880, respectively | $119.7M | $93.1M | ||
| Inventories, net | $145.3M | $80.1M | ||
| Prepaid expenses and other current assets | $10.4M | $12.1M | ||
| Total current assets | $583.7M | $630.8M | ||
| Investments, long-term | $96.3M | $71.0M | ||
| Property and equipment, net | $97.9M | $71.9M | ||
| Operating lease right-of-use assets | $23.5M | $23.3M | ||
| Deferred tax assets | $88.7M | $13.0K | ||
| Other non-current assets | $17.3M | $11.3M | ||
| Total assets | $907.3M | $808.4M | ||
| Accounts payable | $36.6M | $38.7M | ||
| Accrued expenses | $59.5M | $49.8M | ||
| Total current liabilities | $96.1M | $88.5M | ||
| Operating lease liabilities, non-current portion | $30.0M | $30.0M | ||
| Other non-current liabilities | $104.0K | $148.0K | ||
| Total liabilities | $126.2M | $118.7M | ||
| Preferred Stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | $0 | $0 | ||
| Common Stock, $0.001 par value, 200,000,000 shares authorized; 28,579,015 and 29,740,176 shares issued and outstanding at December 31, 2025 and 2024, respectively | $29.0K | $30.0K | ||
| Additional paid-in capital | $927.2M | $981.0M | ||
| Accumulated other comprehensive income | $464.0K | $536.0K | ||
| Accumulated deficit | -$146.5M | -$291.9M | ||
| Total stockholders' equity | $781.2M | $689.7M | $572.5M | $496.0M |
| Total liabilities and stockholders' equity | $907.3M | $808.4M | ||
| Allowance for credit loss | $1.1M | $880.0K | $1.6M | $36.0K |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, authorized (in shares) | 200.0M shares | 200.0M shares | ||
| Common stock, issued (in shares) | 28.6M shares | 29.7M shares | ||
| Common stock, outstanding (in shares) | 28.6M shares | 29.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $145.4M | $53.5M | -$21.2M |
| Depreciation and amortization | $14.0M | $6.5M | $2.8M |
| Accretion of investment discount | -$2.9M | -$8.9M | -$2.5M |
| Stock-based compensation expense | $130.3M | $116.0M | $82.5M |
| Deferred income taxes (benefit) | -$88.7M | $0 | $0 |
| Provision (benefit) for estimated credit losses | $200.0K | -$768.0K | $1.6M |
| Impairment of strategic investment | $4.0M | $0 | $0 |
| Other non-cash expenses | $2.1M | $1.5M | $2.1M |
| Accounts receivable | -$26.2M | -$2.6M | -$30.2M |
| Inventories | -$65.2M | -$46.2M | -$22.0M |
| Prepaid expenses and other current assets | $1.7M | -$2.3M | -$4.8M |
| Accounts payable | -$3.7M | $604.0K | $9.3M |
| Accrued expenses and other liabilities | $6.1M | $12.9M | $6.9M |
| Net cash provided by operating activities | $117.0M | $130.2M | $24.7M |
| Purchases of property and equipment | -$38.5M | -$39.1M | -$23.6M |
| Purchases of investments | -$240.3M | -$418.4M | -$281.2M |
| Proceeds from sales or maturities of investments | $310.4M | $344.6M | $10.2M |
| Purchases of strategic investments | -$10.1M | -$250.0K | -$250.0K |
| Net cash provided by (used in) investing activities | $21.4M | -$113.1M | -$294.8M |
| Proceeds from the exercise of stock options | $9.6M | $22.2M | $25.8M |
| Accelerated share repurchase of common stock | $0 | -$75.0M | $0 |
| Share repurchase of common stock | -$175.0M | $0 | $0 |
| Payment of taxes on net share settlement of equity awards | -$23.0M | -$5.2M | -$17.2M |
| Proceeds from the issuance of common stock from employee stock purchase plan | $5.0M | $5.6M | $5.3M |
| Net cash (used in) provided by financing activities | -$183.4M | -$52.4M | $13.9M |
| Effect of exchange rate on cash | -$310.0K | -$118.0K | $164.0K |
| Decrease in cash and cash equivalents | -$45.3M | -$35.4M | -$256.1M |
| Cash paid for interest | $137.0K | $22.0K | $0 |
| Property and equipment included in accounts payable and accrued expenses | $4.8M | $3.4M | $4.0M |
| Excise taxes accrued but not paid | $1.0M | $0 | $0 |
No quarter-by-quarter statement was filed.
Compare Inspire Medical Systems (United States) with another company
Corporate structure
Inspire Medical Systems (United States) sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Inspire Medical Systems (United States)
- Soleus Capital Master Fund, L.P. Filed SCHEDULE 13G/A on Inspire Medical Systems (United States), latest Aug 13, 2026 (2 filings since May 27, 2026)
- AQR CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Inspire Medical Systems (United States), latest Aug 12, 2026
- VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G/A on Inspire Medical Systems (United States), latest Jul 31, 2026 (2 filings since Apr 29, 2026)
- BlackRock Filed SCHEDULE 13G/A on Inspire Medical Systems (United States), latest Jul 28, 2026 (7 filings since Feb 3, 2022)
- D. E. SHAW & CO, L.P. Filed SCHEDULE 13G on Inspire Medical Systems (United States), latest Jul 2, 2026
- Wellington Management Company Filed SCHEDULE 13G/A on Inspire Medical Systems (United States), latest May 15, 2026 (2 filings since Feb 10, 2026)
- James E. Flynn Filed SCHEDULE 13G/A on Inspire Medical Systems (United States), latest May 14, 2026 (2 filings since Nov 13, 2025)
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Inspire Medical Systems (United States), latest Apr 30, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Inspire Medical Systems (United States), latest Mar 27, 2026 (6 filings since Feb 10, 2022)
- CITADEL ADVISORS LLC Filed SCHEDULE 13G/A on Inspire Medical Systems (United States), latest Feb 17, 2026 (2 filings since Oct 6, 2025)
- Dragoneer Investment Group, LLC Filed SCHEDULE 13G/A on Inspire Medical Systems (United States), latest Nov 14, 2025 (2 filings since Aug 14, 2025)
- WASATCH ADVISORS LP Filed SCHEDULE 13G/A on Inspire Medical Systems (United States), latest Nov 12, 2025 (2 filings since May 13, 2025)
- Inspire Medical Systems (United States) Maple Grove
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Inspire Medical Systems (United States) reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $123.5M6 Dec 31, 2025 | $85.7M6 Dec 31, 2024 | +44.2% |
| Accumulated depreciation | $25.6M6 Dec 31, 2025 | $13.8M6 Dec 31, 2024 | +86.4% |
| Property and equipment, net | $97.9M6 Dec 31, 2025 | $71.9M6 Dec 31, 2024 | +36.1% |
| Operating-lease assets (leased space) | $23.5M6 Dec 31, 2025 | $23.3M6 Dec 31, 2024 | +0.9% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Area of real estate | 10,000 sq ft6 Oct 31, 2024 | 106,000 sq ft9 Dec 31, 2023 | −90.6% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $104.8M6 Dec 31, 2025 | $150.2M6 Dec 31, 2024 | −30.2% |
| Marketable securities, current | $203.5M6 Dec 31, 2025 | $295.4M6 Dec 31, 2024 | −31.1% |
| Marketable securities, non-current | $96.3M6 Dec 31, 2025 | $71.0M6 Dec 31, 2024 | +35.7% |
| Debt securities available for sale | $299.8M6 Dec 31, 2025 | $366.4M6 Dec 31, 2024 | −18.2% |
| Long-term investments | $96.3M6 Dec 31, 2025 | $71.0M6 Dec 31, 2024 | +35.7% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $145.3M6 Dec 31, 2025 | $80.1M6 Dec 31, 2024 | +81.3% |
| Raw materials | $19.1M6 Dec 31, 2025 | $22.4M6 Dec 31, 2024 | −14.9% |
| Work in process | $13.8M6 Dec 31, 2025 | $06 Dec 31, 2024 | |
| Finished goods | $112.4M6 Dec 31, 2025 | $57.7M6 Dec 31, 2024 | +94.8% |
Properties, in its own words
Our principal offices are located in Golden Valley, Minnesota, where we lease approximately 116,000 square feet of office space. We also lease warehouse space adjacent to our principal office. We lease these spaces under non-cancelable operating lease agreements that expire May 31, 2035, with options to renew for two additional periods of five years each. We intend to add new facilities as we grow, and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations.
Item 2 of the 10-K filed Feb 13, 2026.5
Leadership
Who has led Inspire Medical Systems (United States), and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerTimothy P. Herbert May 2, 2018 to now15
- ChairTimothy P. Herbert Jun 4, 2024 to Jun 4, 202416
- PresidentTimothy P. Herbert May 2, 2018 to now15
- Chief financial officerMatthew J. Osberg Feb 24, 2026 to now17
- Chief financial officerRichard Buchholz May 2, 2018 to Feb 24, 202618
- Chief operating officerPhilip Ebeling Jun 9, 2020 to Feb 13, 202419
Board members and other officers (22)
- Chief People OfficerMelissa Mann Aug 1, 2024 to now20
- Chief Strategy OfficerCarlton Weatherby Aug 2, 2023 to now21
- Chief Medical OfficerCharisse Y. Sparks Aug 2, 2023 to May 31, 202422
- Chief Technology OfficerJohn Rondoni Jun 2, 2022 to now23
- OfficerBryan K. Phillips Jan 27, 2021 to now24
- Senior VP. & Sales & MarketingRandy Ban May 2, 2018 to now25
- Chief Comp Off & VP, Human ResSteven Jandrich May 2, 2018 to Jan 31, 202426
- Board memberMichael H. Carrel Jul 27, 2026 to now27
- Board memberCuret Myriam Dec 26, 2023 to now28
- Board memberCharisse Y. Sparks Aug 3, 2022 to Oct 17, 202329
- Board memberCynthia Burks Aug 4, 2022 to now30
- Board memberGeorgia Melenikiotou Jul 10, 2020 to now31
- Board memberShelley G. Broader Oct 22, 2020 to now32
- Board memberGary Lee Ellis Jul 29, 2019 to now33
- Board memberCasey M. Tansey May 2, 2018 to now34
- Board memberChau Quang Khuong May 2, 2018 to Oct 13, 202035
- Board memberJerry C. Griffin May 2, 2018 to Apr 3, 202436
- Board memberJoyce Erony May 2, 2018 to Jul 18, 201937
- Board memberMarilyn C. Nelson May 2, 2018 to May 1, 202438
- Board memberMudit K. Jain May 2, 2018 to Jul 14, 202039
- Board memberShawn McCormick May 2, 2018 to now40
- Board memberTimothy P. Herbert May 2, 2018 to now15
Timeline
- Aug 3, 20268-K Results of operations; Regulation FD disclosure41
- Jul 24, 20268-K Executive or director change42
- Jul 22, 20268-K Executive or director change43
- Jun 26, 20268-K Regulation FD disclosure44
- May 5, 20268-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote45
- May 4, 20268-K Results of operations; Regulation FD disclosure46
- Feb 11, 20268-K Results of operations; Bylaws or fiscal year changed; Regulation FD disclosure47
- Jan 12, 20268-K Results of operations; Executive or director change; Regulation FD disclosure48
- Nov 17, 20258-K Other events49
- Nov 3, 20258-K Results of operations; Regulation FD disclosure50
- Oct 10, 20258-K Regulation FD disclosure51
- Aug 26, 20258-K Executive or director change; Regulation FD disclosure52
- May 2, 2018New chief executive Timothy P. Herbert becomes CEO15
- 2007Founded Founded1
Calendar
Coming up
- Nov 2, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.38 a share, on Nov 3, 2025.53
When it reported results
- Aug 3, 2026Reported quarterly or annual results41
- May 4, 2026Reported quarterly or annual results46
- Feb 11, 2026Reported quarterly or annual results47
- Jan 12, 2026Reported quarterly or annual results48
- Nov 3, 2025Reported quarterly or annual results50
- Aug 4, 2025Reported quarterly or annual results54
- May 5, 2025Reported quarterly or annual results55
- Feb 10, 2025Reported quarterly or annual results56
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
514 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 322 insider forms, 37 large holders, 76 other. The latest 20:
- Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 24, 2026144 EDGAR
- Aug 13, 2026SCHEDULE 13G/A EDGAR
- Aug 12, 2026SCHEDULE 13G EDGAR
- Aug 11, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 7, 2026144 EDGAR
- Aug 4, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 3, 202610-Q EDGAR
- Aug 3, 20268-K EDGAR
- Jul 31, 2026SCHEDULE 13G/A EDGAR
- Jul 28, 2026SCHEDULE 13G/A EDGAR
- Jul 27, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 27, 20263 OWNERSHIP DOCUMENT EDGAR
- Jul 24, 20268-K EDGAR
- Jul 22, 20268-K EDGAR
- Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 2, 2026SCHEDULE 13G EDGAR
The 514 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
88 open-market trades by officers, directors and large owners since October 2021: 3 buys and 85 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | Kelly Jason PSee Remarks | Sale | 963 | $59.55 | $57.3K | Form 4 |
| May 15, 2026 | Rondoni JohnSee Remarks | Sale | 2,641 | $43.28 | $114.3K | Form 4 |
| May 14, 2026 | Rondoni JohnSee Remarks | Sale | 700 | $43.01 | $30.1K | Form 4 |
| May 8, 2026 | mcCormick ShawnDirector | Sale | 696 | $45.31 | $31.5K | Form 4 |
| Jan 9, 2026 | Rondoni JohnSee Remarks | Sale | 109 | $100.00 | $10.9K | Form 4 |
| Dec 2, 2025 | mcCormick ShawnDirector | Sale | 1,200 | $139.00 | $166.8K | Form 4 |
| Nov 28, 2025 | mcCormick ShawnDirector | Sale | 2,000 | $127.48 | $255.0K | Form 4 |
| Aug 29, 2025 | Buchholz RichardInterim CFO | Sale | 11,000 | $93.39 | $1.0M | Form 4 |
| Aug 8, 2025 | Curet MyriamDirector | Sale | 4 | $77.28 | $309 | Form 4 |
| May 19, 2025 | Rondoni JohnSee Remarks | Sale | 1,734 | $149.38 | $259.0K | Form 4 |
| May 8, 2025 | Curet MyriamDirector | Sale | 2 | $153.22 | $306 | Form 4 |
| May 2, 2025 | mcCormick ShawnDirector | Sale | 360 | $160.00 | $57.6K | Form 4 |
| Apr 7, 2025 | Curet MyriamDirector | Buy | 1 | $148.26 | $148 | Form 4 |
| Mar 20, 2025 | Curet MyriamDirector | Buy | 4 | $163.84 | $655 | Form 4 |
| Mar 3, 2025 | Ban RandySee Remarks | Sale | 3,947 | $185.84 | $733.5K | Form 4 |
| Mar 3, 2025 | Rondoni JohnSee Remarks | Sale | 2,287 | $185.60 | $424.5K | Form 4 |
| Feb 13, 2025 | Ban RandySee Remarks | Sale | 25,584 | $183.50 | $4.7M | Form 4 |
| Feb 11, 2025 | Rondoni JohnSee Remarks | Sale | 583 | $170.49 | $99.4K | Form 4 |
| Jan 7, 2025 | Rondoni JohnSee Remarks | Sale | 58 | $215.00 | $12.5K | Form 4 |
| Nov 1, 2024 | Rondoni JohnSee Remarks | Sale | 8,703 | $193.47 | $1.7M | Form 4 |
All 88 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Soleus Capital Master Fund, L.P.SCHEDULE 13G/A, 2 filings May 27, 2026 to Aug 13, 202657
- AQR CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Aug 12, 202658
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G/A, 2 filings Apr 29, 2026 to Jul 31, 202659
- BlackRockSCHEDULE 13G/A, 7 filings Feb 3, 2022 to Jul 28, 202660
- D. E. SHAW & CO, L.P.SCHEDULE 13G, 1 filing Jul 2, 202661
- Wellington Management CompanySCHEDULE 13G/A, 2 filings Feb 10, 2026 to May 15, 202662
- James E. FlynnSCHEDULE 13G/A, 2 filings Nov 13, 2025 to May 14, 202663
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 202664
- VANGUARD GROUP INCSCHEDULE 13G/A, 6 filings Feb 10, 2022 to Mar 27, 202665
- CITADEL ADVISORS LLCSCHEDULE 13G/A, 2 filings Oct 6, 2025 to Feb 17, 202666
- Dragoneer Investment Group, LLCSCHEDULE 13G/A, 2 filings Aug 14, 2025 to Nov 14, 202567
- WASATCH ADVISORS LPSCHEDULE 13G/A, 2 filings May 13, 2025 to Nov 12, 202568
- FMR LLCSCHEDULE 13G/A, 7 filings Jan 10, 2022 to Oct 7, 202569
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Timothy P. HerbertPresident and Chief Executive Officer | $750.6K | $7.7M70 | |
| 2025 | Carlton W. WeatherbyChief Strategy Officer | $506.2K | $2.8M70 | |
| 2025 | Randall A. BanChief Commercial Officer | $490.8K | $2.7M70 | |
| 2025 | Richard J. BuchholzChief Financial Officer | $478.0K | $2.7M70 | |
| 2025 | Bryan K. PhillipsSVP, General Counsel, CCO and Corporate Secretary | $475.2K | $2.7M70 | |
| 2024 | Timothy P. HerbertPresident and Chief Executive Officer | $725.2K | $8.1M70 | |
| 2024 | Carlton W. WeatherbyChief Strategy Officer | $465.2K | $2.9M70 | |
| 2024 | Randall A. BanChief Commercial Officer | $474.2K | $2.9M70 | |
| 2024 | Bryan K. PhillipsSVP, General Counsel, CCO and Corporate Secretary | $432.0K | $2.8M70 | |
| 2024 | Richard J. BuchholzChief Financial Officer | $457.8K | $2.8M70 | |
| 2023 | Timothy P. HerbertPresident and Chief Executive Officer | $690.0K | $7.5M70 | |
| 2023 | Richard J. BuchholzChief Financial Officer | $447.2K | $2.3M70 | |
| 2023 | Carlton W. WeatherbyChief Strategy Officer | $200.1K | $2.3M70 | |
| 2023 | Randall A. BanChief Commercial Officer | $370.5K | $2.3M70 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 4,737,519 | $211.3M | 0.0% | +1,187,965 |
| Wellington Management Group Llp | 2,382,660 | $106.3M | 0.0% | −153,294 |
| Vanguard Portfolio Management LLC | 2,088,961 | $93.2M | 0.0% | +451,788 |
| Soleus Capital Management, L.P. | 1,931,436 | $86.2M | 3.0% | +1,355,137 |
| Aqr Capital Management LLC | 1,856,800 | $80.9M | 0.0% | +1,548,138 |
| Assenagon Asset Management S.A. | 1,728,790 | $77.1M | 0.1% | +1,208,616 |
| UBS Group AG | 1,645,511 | $73.4M | 0.0% | +1,006,583 |
| D. E. Shaw & Co., Inc. | 1,470,462 | $65.6M | 0.0% | +281,925 |
| Nomura Holdings Inc | 1,369,410 | $61.1M | 0.3% | New |
| Deerfield Management Company, L.P. | 1,296,862 | $57.9M | 0.7% | −1,406,376 |
| Vanguard Capital Management LLC | 1,270,928 | $56.7M | 0.0% | +4,190 |
| State Street Corp | 1,206,494 | $53.8M | 0.0% | +250,483 |
| Morgan Stanley | 791,222 | $35.3M | 0.0% | −659,412 |
| Artisan Partners Limited Partnership | 732,323 | $32.7M | 0.1% | −48,252 |
| Geode Capital Management, LLC | 700,836 | $31.3M | 0.0% | +190,602 |
| Braidwell LP | 677,570 | $30.2M | 1.2% | No change |
| Goldman Sachs Group Inc | 645,858 | $28.8M | 0.0% | −18,145 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 546,020 | $24.4M | 0.0% | +97,233 |
| Nantahala Capital Management, LLC | 538,948 | $24.0M | 0.7% | New |
| Citadel Advisors LLC | 506,334 | $22.6M | 0.0% | +112,258 |
| Bnp Paribas Financial Markets | 428,069 | $19.1M | 0.0% | +108,311 |
| Renaissance Technologies LLC | 426,000 | $19.0M | 0.0% | −43,968 |
| ADAR1 Capital Management, LLC | 374,617 | $16.7M | 0.8% | −30,580 |
| Aberdeen Group plc | 358,968 | $16.0M | 0.0% | −118,508 |
| Northern Trust Corp | 334,039 | $14.9M | 0.0% | +137,006 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Apr 10, 2023 | Daniel S. GoldmanDemocratic, House | Partial sale | $1,001 - $15,000 | +158.2% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Inspire Medical Systems (United States) is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARInspire Medical Systems, Inc.2
- CIK0001609550
- Employer ID (EIN)26-13776745
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 312
- Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus2
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
- Business address5500 Wayzata Blvd, Suite 1600, Golden Valley, MN 554162
- Phone763-957-50372
- Shares outstanding28,910,375 as of Jul 30, 202612
- Public float$3.8B as of Jun 30, 20255
- AuditorErnst & Young LLP, Minneapolis, MN PCAOB ID 42; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceMay 30, 20142
- Filings890 in all: 4 (546), 8-K (101), 144 (56), 3 (34), 10-Q (26), SC 13G/A (21), SCHEDULE 13G/A (13), SC 13G (11)2
All 34 form types
SCHEDULE 13G (10), 10-K (8), DEF 14A (8), DEFA14A (8), 4/A (7), CORRESP (5), 424B5 (4), ARS (4), 424B4 (2), 5 (2), D (2), DRS (2), EFFECT (2), S-1 (2), S-1/A (2), S-8 (2), SD (2), UPLOAD (2), 8-A12B (1), CERT (1), DEFR14A (1), DRS/A (1), DRSLTR (1), FWP (1), PRE 14A (1), S-3ASR (1)
- Latest filingsAnnual report (10-K) Feb 13, 2026
Quarterly report (10-Q) Aug 3, 2026
Proxy statement (DEF 14A) Mar 20, 2026
Latest 8-K (8-K) Aug 3, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common stock, $0.001 par value | INSP | New York Stock Exchange |
From the cover page of the 10-K filed Feb 13, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks Inspire Medical Systems (United States) names in Item 1A of its 10-K filed Feb 13, 2026: 60 risks under these headings, as written.5
- Risks Related to Our Business
- Our revenue is primarily generated from sales of our Inspire system and we are, therefore, highly dependent on it for our success.
- Our financial results and the market price of our common stock may fluctuate significantly and may not fully reflect the underlying performance of our business.
- We may not be able to sustain profitability, we have historically incurred significant operating losses, and we may incur operating losses in the future.
- If patients or physicians are not willing to change practices to adopt our Inspire therapy to treat moderate to severe OSA, our Inspire therapy may fail to gain increased market acceptance, and our business will be adversely affected.
- If we are unable to achieve and maintain adequate levels of coverage or reimbursement for our Inspire system, or any future products we may seek to commercialize, our business, financial condition or results of operations may be adversely affected.
- We currently compete and will in the future continue to compete against other companies, some of which have longer operating histories, more established products or greater resources than we do, which may prevent us from achieving increased market penetration and improved operating results.
- We are involved, and may become involved in the future, in disputes and other legal or regulatory proceedings that, if adversely decided or settled, could materially and adversely affect our business, financial condition, and results of operations.
- Our long-term growth depends on our ability to enhance our Inspire system, expand our indications, and develop and commercialize additional products.
- Our results of operations could be materially harmed if we are unable to accurately forecast customer demand for our Inspire system and manage our inventory.
- We rely on a limited number of third-party suppliers and contract manufacturers for the manufacture and assembly of our products, and a loss or degradation in performance of these suppliers and contract manufacturers could have a material adverse effect on our business, financial condition, and results of operations.
- Performance issues, service interruptions or price increases by our shipping carriers could adversely affect our business and harm our reputation and ability to provide our services on a timely basis.
The other 49 risks
- Consolidation in the healthcare industry or group purchasing organizations could lead to demands for price concessions, which may affect our ability to sell our products at prices necessary to support our current business strategies.
- If we are unable to effectively size, manage and maintain our direct sales and marketing organization we may not be able to generate revenue growth.
- To successfully market and sell our Inspire system in markets outside of the U.S., we must address many international business risks.
- We primarily rely on our own direct sales force for our Inspire system, which may result in higher fixed costs than our competitors and may slow our ability to reduce costs in the face of a sudden decline in demand for our products.
- We face the risk of product liability claims that could be expensive, divert management’s attention and harm our reputation and business. We may not be able to maintain adequate product liability insurance.
- If the quality of our Inspire system does not meet the expectations of physicians or patients, then our brand and reputation or our business could be adversely affected.
- If we choose to acquire new and complementary businesses, products or technologies, we may be unable to complete these acquisitions or to successfully integrate them in a cost-effective and non-disruptive manner.
- Unfavorable global economic conditions could adversely affect our business, financial condition or results of operations.
- Failure of a key information technology system, process or site, cyberattacks, or other deficiencies in our cybersecurity could have an adverse effect on our business and operations.
- If our facilities are damaged or become inoperable, we may be unable to continue to research, develop, and supply our Inspire system and, as a result, there could be an adverse effect on our business until we are able to secure a new facility and rebuild our inventory.
- We rely on third-party distributors to effectively distribute our products in certain markets.
- We are subject to anti-bribery, anti-corruption, and anti-money laundering laws, including the U.S. Foreign Corrupt Practices Act, as well as export control laws, customs laws, sanctions laws and other laws governing our operations. If we fail to comply with these laws, we could be subject to civil or criminal penalties, other remedial measures and legal expenses, which could adversely affect our business, results of operations and financial condition.
- We bear the risk of warranty claims on our Inspire system.
- We may need substantial additional funding beyond our existing cash resources and may be unable to raise capital when needed, which could force us to delay or reduce our commercialization efforts or product development programs.
- Our ability to use our net operating losses and research and development credit carryforwards to offset future taxable income may be subject to certain limitations.
- Fluctuations in our tax obligations and effective tax rate and realization of our net deferred tax assets may result in volatility of our operating results and materially impact our financial condition or financial results.
- If we were deemed to be an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business, financial condition and results of operations.
- The evolving focus on sustainability and environmental, social, and governance initiatives from regulators and stakeholders could increase our costs, expose us to new risks, harm our reputation and adversely impact our financial results.
- Climate-related events, geopolitical and global events, and other events could harm our business.
- Risks Related to Government Regulation
- Our products and operations are subject to extensive and changing laws, government regulation and oversight both in the U.S. and abroad, and our failure to comply with applicable requirements could harm our business.
- We may not receive the necessary approvals or certifications for our future products or expanded indications, and failure to timely obtain necessary approvals or certifications for our future products or expanded indications would adversely affect our ability to grow our business and our results of operations.
- Modifications to our products or manufacturing processes may require us to obtain new PMAs or approvals of a PMA supplement or certification, and if we market modified products without obtaining necessary approvals or certifications, we may be required to cease marketing or recall the modified products until required approvals are obtained.
- Failure to comply with post-marketing regulatory requirements could subject us to enforcement actions, including substantial penalties, and might require us to recall or withdraw a product from the market.
- Our products must be manufactured in accordance with foreign, federal and state regulations, and we or any of our suppliers or third-party manufacturers could be forced to recall our installed systems or terminate production if we fail to comply with these regulations.
- The misuse or off-label use of our Inspire system may harm our reputation in the marketplace, result in injuries that lead to product liability suits or result in costly investigations, fines or sanctions by regulatory bodies if we are deemed to have engaged in the promotion of these uses, any of which could be costly to our business.
- Our products may cause or contribute to adverse medical events or be subject to failures or malfunctions that we are required to report to the FDA and foreign regulatory authorities, and if we fail to do so, we would be subject to sanctions that could harm our reputation, business, financial condition and results of operations. The discovery of serious safety issues with our products, or a recall of our products either voluntarily or at the direction of the FDA or another governmental authority, could have a negative impact on us.
- If we do not obtain and maintain international regulatory registrations, approvals or certifications for our products, we will be unable to market and sell our products outside of the U.S.
- The FDA may modify its enforcement policies with respect to medical software products, and our software products may become subject to extensive regulatory requirements, which may increase the cost of conducting, or otherwise harm, our business.
- Legislative or regulatory reforms in the U.S. or the EU may make it more difficult and costly for us to obtain regulatory clearances, approvals or certification for our products or to manufacture, market or distribute our products after clearance, approval or certification is obtained.
- We are subject to federal, state and foreign fraud and abuse laws, and transparency laws, which, if violated, could subject us to substantial penalties. Additionally, any challenge to or investigation into our practices under these laws could cause adverse publicity and be costly to respond to, and thus could harm our business.
- We are or may be subject to U.S. federal, state, and foreign laws and regulations which impose obligations on how we collect, store and process health-related and other personal information. Our actual or perceived failure to comply with such obligations could harm our business, operations, and financial condition. Ensuring compliance with such laws could also impair our efforts to maintain and expand our customer base, and thereby decrease our revenue.
- Our business may be affected by the evolving regulatory framework for AI Technologies.
- Current and future healthcare reform legislation or regulation may increase the difficulty and cost for us to commercialize our products and could harm our business, financial condition and results of operations.
- Our business involves the use of hazardous materials and our third-party manufacturers must comply with environmental laws and regulations, which may be expensive and restrict how we do business.
- The clinical study process required to obtain regulatory approvals or certifications is lengthy and expensive with uncertain outcomes. If clinical studies of our future products do not produce results necessary to support regulatory clearance or approval in the U.S. or foreign approval or certification, with respect to our current or future products, elsewhere, we will be unable to expand the indications for or commercialize these products and may incur additional costs or experience delays in completing, or ultimately be unable to complete, the commercialization of those products.
- Disruptions at the FDA, other government agencies or notified bodies caused by funding shortages, staffing limitations, or policy changes could hinder their ability to hire and retain key leadership and other personnel, or otherwise prevent new products and services from being developed or commercialized in a timely manner, which could negatively impact our business.
- Risks Related to Intellectual Property Matters
- If we are unable to adequately protect our intellectual property rights, or if we are accused of infringing on the intellectual property rights of others, our competitive position could be harmed or we could be required to incur significant expenses to enforce or defend our rights.
- Litigation or other proceedings or third-party claims of intellectual property infringement could require us to spend significant time and money and could prevent us from selling our products or affect our stock price.
- If we are unable to protect the confidentiality of our trade secrets, our business and competitive position could be harmed.
- We may be unable to enforce our intellectual property rights throughout the world.
- Third parties may assert ownership or commercial rights to inventions we develop.
- Third parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets.
- Changes in U.S. and foreign patent laws may limit our ability to obtain, defend and/or enforce our patents.
- Risks Related to Our Common Stock
- Provisions in our governing documents and under Delaware law could make an acquisition of us more difficult and may prevent attempts by our stockholders to replace or remove our current management.
- Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
- Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
- General Risk Factors
- Changes in U.S. and foreign tax laws could have a material adverse effect on our business, cash flow, results of operations and financial condition.
- Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
- Securities analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause our stock price or trading volume to decline.
Legal proceedings
From time to time we may be involved in claims and proceedings arising in the ordinary course of our business. The outcome of any such claims or proceedings, regardless of the merits, is inherently uncertain.
The information contained in “Note 12 — Commitments and Contingencies” in the Notes to the Consolidated Financial Statements is incorporated by reference into this Item 3.
The opening of Item 3, Legal Proceedings.5
Links
- Websitewww.inspiresleep.com1
- WikidataQ50038595
- SEC EDGARCIK 1609550
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 3Company websiteInspire Medical Systems (United States) logo
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- 16SEC EDGARTimothy P. Herbert, Chair
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- 20SEC EDGARMelissa Mann, Chief People Officer
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- 24SEC EDGARBryan K. Phillips, Officer
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- 27SEC EDGARMichael H. Carrel, Board member
- 28SEC EDGARCuret Myriam, Board member
- 29SEC EDGARCharisse Y. Sparks, Board member
- 30SEC EDGARCynthia Burks, Board member
- 31SEC EDGARGeorgia Melenikiotou, Board member
- 32SEC EDGARShelley G. Broader, Board member
- 33SEC EDGARGary Lee Ellis, Board member
- 34SEC EDGARCasey M. Tansey, Board member
- 35SEC EDGARChau Quang Khuong, Board member
- 36SEC EDGARJerry C. Griffin, Board member
- 37SEC EDGARJoyce Erony, Board member
- 38SEC EDGARMarilyn C. Nelson, Board member
- 39SEC EDGARMudit K. Jain, Board member
- 40SEC EDGARShawn McCormick, Board member
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- 42SEC EDGARExecutive or director change
- 43SEC EDGARExecutive or director change
- 44SEC EDGARRegulation FD disclosure
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- 49SEC EDGAROther events
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- 51SEC EDGARRegulation FD disclosure
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- 53NasdaqNasdaq calendar
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