A Business at a Glance
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Inspire Medical Systems, Inc.
INSP
$1.5B
Mkt Cap
$49.19
-3.19%
Inspire Medical Systems, Inc. (INSP) has a current P/E ratio of 10.1, compared to its historical median P/E of 19.5. The stock is currently considered Cheap based on its historical valuation range.
Inspire Medical Systems, Inc. (INSP) has a 5-year average return on invested capital (ROIC) of -0.3%. This is below average and may indicate limited pricing power.
Inspire Medical Systems, Inc. (INSP) has a market capitalization of $1.4B. It is classified as a small-cap stock.
Inspire Medical Systems, Inc. (INSP) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 7.06%.
Based on historical P/E analysis, Inspire Medical Systems, Inc. (INSP) appears cheap. The current P/E of 10.1 is 48% below its historical median of 19.5. The estimated fair value CAGR (P/E method) is 72.7%.
Inspire Medical Systems, Inc. (INSP) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
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 than 385 peer-reviewed publications, supports the safety and efficacy of Inspire therapy.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 915M | 912M | 803M | 625M | 408M | 233M |
| Net Income | 131M | 145M | 54M | -21M | -45M | -42M |
| EPS | $4.59 | $4.89 | $1.75 | $-0.72 | $-1.60 | $-1.54 |
| Free Cash Flow | 97M | 78M | 91M | 1.0M | 2.5M | -25M |
| ROIC | 20.7% | 13.6% | 17.0% | -3.9% | -11.6% | -16.6% |
| Gross Margin | 85.8% | 85.4% | 84.7% | 84.5% | 83.8% | 85.7% |
| Debt/Equity | 0.00 | 0.04 | 0.05 | 0.04 | 0.07 | 0.19 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 51M | 51M | 36M | -40M | -48M | -40M |
| Operating Margin | 5.6% | 5.6% | 4.5% | -6.4% | -11.7% | -17.1% |
| ROE | 16.6% | 19.8% | 8.5% | -4.0% | -12.4% | -18.3% |
| Shares Outstanding | 29M | 30M | 31M | 29M | 28M | 27M |
| Metric | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 16M | 29M | 51M | 82M | 115M | 233M | 408M | 625M | 803M | 912M | 915M |
| Gross Margin | 76.2% | 78.9% | 80.1% | 83.4% | 84.7% | 85.7% | 83.8% | 84.5% | 84.7% | 85.4% | 85.8% |
| R&D | 7.1M | 6.2M | 7.4M | 13M | 26M | 37M | 69M | 117M | 114M | 103M | 101M |
| SG&A | 23M | 32M | 54M | 90M | 128M | 203M | 321M | 452M | 530M | 625M | 633M |
| EBIT | -17M | -16M | -20M | -35M | -56M | -40M | -48M | -40M | 36M | 51M | 51M |
| Op. Margin | -105.0% | -56.0% | -40.3% | -42.5% | -48.7% | -17.1% | -11.7% | -6.4% | 4.5% | 5.6% | 5.6% |
| Net Income | -19M | -18M | -22M | -33M | -57M | -42M | -45M | -21M | 54M | 145M | 131M |
| Net Margin | -112.8% | -61.3% | -43.1% | -40.5% | -49.6% | -18.0% | -11.0% | -3.4% | 6.7% | 15.9% | 14.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||
| ROIC | N/A | -69.7% | -21.2% | -18.8% | -27.3% | -16.6% | -11.6% | -3.9% | 17.0% | 13.6% | 20.7% |
| ROE | 478.1% | -1319.6% | -26.4% | -21.9% | -31.0% | -18.3% | -12.4% | -4.0% | 8.5% | 19.8% | 16.6% |
| ROA | N/A | -140.1% | -19.4% | -17.4% | -24.7% | -14.6% | -10.4% | -3.4% | 7.2% | 17.0% | 14.4% |
| Cash Flow | |||||||||||
| Op. Cash Flow | -18M | -16M | -19M | -33M | -53M | -20M | 12M | 25M | 130M | 117M | 137M |
| Free Cash Flow | -18M | -16M | -19M | -36M | -56M | -25M | 2.5M | 1.0M | 91M | 78M | 97M |
| Owner Earnings | -18M | -16M | -20M | -40M | -67M | -48M | -42M | -61M | 7.7M | -27M | -9.4M |
| CapEx | 306K | 412K | 250K | 2.7M | 2.5M | 4.7M | 9.1M | 24M | 39M | 38M | 40M |
| Maint. CapEx | 103K | 285K | 393K | 495K | 840K | 1.2M | 1.9M | 2.8M | 6.6M | 14M | 16M |
| Growth CapEx | 203K | 127K | 0 | 2.2M | 1.6M | 3.5M | 7.2M | 21M | 33M | 25M | 24M |
| D&A | 103K | 285K | 393K | 495K | 840K | 1.2M | 1.9M | 2.8M | 6.6M | 14M | 16M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 78.6% | 95.8% | 30.0% | 32.9% | 29.2% |
| Capital Allocation | |||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 175M | 100M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6.2% | 7.1% |
| Stock-Based Comp | 248K | 243K | 1.2M | 6.2M | 13M | 26M | 52M | 82M | 116M | 130M | 130M |
| Debt Repayment | 0 | 0 | 0 | 531K | 0 | 0 | 25M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||
| Net Debt | -6.7M | 17M | -164M | -124M | -204M | -172M | -418M | -436M | -414M | -276M | -284M |
| Cash & Equiv. | 6.7M | 9.0M | 97M | 23M | 191M | 214M | 442M | 186M | 150M | 105M | 284M |
| Long-Term Debt | 0 | 16M | 25M | 25M | 25M | 25M | 25M | 0 | 0 | N/A | N/A |
| Debt/Equity | 0.00 | 24.84 | 0.15 | 0.18 | 0.13 | 0.19 | 0.07 | 0.04 | 0.05 | 0.04 | 0.00 |
| Interest Coverage | -13.2 | -9.1 | -6.2 | -16.5 | -26.6 | -18.7 | -28.4 | N/A | 1640.1 | 371.9 | 371.9 |
| Equity | -6.6M | 1.3M | 164M | 140M | 230M | 229M | 496M | 573M | 690M | 781M | 792M |
| Total Assets | N/A | 25M | 200M | 181M | 281M | 295M | 565M | 677M | 808M | 907M | 911M |
| Total Liabilities | 4K | 24M | 36M | 41M | 51M | 66M | 69M | 104M | 119M | 126M | 119M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | -125M | -147M | -180M | -237M | -279M | -324M | -345M | -292M | -146M | -158M |
| Working Capital | N/A | 17M | 188M | 154M | 249M | 227M | 469M | 516M | 542M | 488M | 477M |
| Current Assets | N/A | 24M | 199M | 171M | 270M | 269M | 530M | 594M | 631M | 584M | 567M |
| Current Liabilities | N/A | 7.1M | 11M | 17M | 21M | 41M | 61M | 78M | 89M | 96M | 89M |
| Per Share Data | |||||||||||
| EPS | -16.90 | -14.88 | -1.50 | -1.40 | -2.19 | -1.54 | -1.60 | -0.72 | 1.75 | 4.89 | 4.59 |
| Owner EPS | -16.69 | -13.87 | -1.40 | -1.67 | -2.55 | -1.74 | -1.51 | -2.06 | 0.25 | -0.92 | -0.33 |
| Book Value | -6.03 | 1.13 | 11.27 | 5.89 | 8.80 | 8.39 | 17.68 | 19.49 | 22.56 | 26.27 | 27.51 |
| Cash Flow/Share | -16.37 | -13.42 | -1.28 | -1.38 | -2.03 | -0.74 | 0.41 | 0.84 | 4.26 | 3.93 | 5.11 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 1.1M | 1.2M | 14.6M | 23.7M | 26.1M | 27.3M | 28.1M | 29.4M | 30.6M | 29.7M | 28.8M |
| Valuation | |||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 107.7 | 19.5 | 10.7 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 63.2 | 36.2 | 14.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 22.1 |
| Price/Book | N/A | N/A | 3.7 | 12.6 | 21.9 | 27.3 | 14.3 | 10.5 | 8.4 | 3.6 | 1.8 |
| Price/Sales | N/A | N/A | 12.0 | 17.2 | 23.8 | 25.2 | 14.5 | 11.2 | 7.2 | 4.3 | 1.5 |
| FCF Yield | N/A | N/A | -3.1% | -2.0% | -1.1% | -0.4% | 0.0% | 0.0% | 1.6% | 2.8% | 6.8% |
| Market Cap | 0 | N/A | 610M | 1.8B | 5.0B | 6.3B | 7.1B | 6.0B | 5.8B | 2.8B | 1.4B |
| Avg. Price | 0.00 | N/A | 41.67 | 59.35 | 105.26 | 215.46 | 210.43 | 238.24 | 188.26 | 130.68 | 49.19 |
| Year-End Price | 0.00 | N/A | 41.95 | 74.23 | 192.67 | 229.31 | 252.03 | 203.83 | 188.48 | 95.47 | 49.19 |
Inspire Medical Systems, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Inspire Medical Systems, Inc. trades at 10.1x trailing earnings, compared to its 15-year median P/E of 19.5x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 17.9x vs a median of 49.7x. The company's 5-year average gross margin is 84.8%. Total shareholder yield (buybacks) is 7.1%. At current prices, the estimated annualized return to fair value is +40.0%.
Inspire Medical Systems, Inc. (INSP) reported annual revenue of $912 million in its most recent fiscal year, based on SEC EDGAR filings.
Inspire Medical Systems, Inc. (INSP) has a net profit margin of 15.9%. This is a healthy margin.
Inspire Medical Systems, Inc. (INSP) generated $78 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Inspire Medical Systems, Inc. (INSP) has a debt-to-equity ratio of 0.04. This indicates a conservatively financed balance sheet.
Inspire Medical Systems, Inc. (INSP) reported earnings per share (EPS) of $4.89 in its most recent fiscal year.
Inspire Medical Systems, Inc. (INSP) has a return on equity (ROE) of 19.8%. This indicates the company generates strong returns for shareholders.
Inspire Medical Systems, Inc. (INSP) has a 5-year average gross margin of 84.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 10 years of financial data for Inspire Medical Systems, Inc. (INSP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Inspire Medical Systems, Inc. (INSP) has a book value per share of $26.27, based on its most recent annual SEC filing.