INSP - Inspire Medical Systems, Inc.
Price:
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--
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CONSENSUS:
Hold
DETAILS
|
PRICE TARGET:
$75.85
DETAILS
HIGH:
$180.00
LOW:
$39.00
MEDIAN:
$60.00
CONSENSUS:
$75.85
UPSIDE:
73.02%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Revenue | 912.0 | 802.8 | 624.8 | 407.9 | 233.4 | 115.4 | 82.0 | 50.6 | 28.6 | 16.4 | 8.0 |
| Cost of Revenue | 133.2 | 123.0 | 96.6 | 66.1 | 33.3 | 17.6 | 13.6 | 10.1 | 6.0 | 3.9 | 2.8 |
| Gross Profit | 778.8 | 679.8 | 528.2 | 341.7 | 200.1 | 97.8 | 68.4 | 40.5 | 22.5 | 12.5 | 5.2 |
| Operating Expenses | |||||||||||
| R&D Expenses | 103.2 | 114.1 | 116.5 | 68.6 | 37.4 | 26.1 | 12.8 | 7.4 | 6.2 | 7.1 | 7.1 |
| SG&A Expenses | 624.6 | 529.6 | 452.0 | 320.7 | 202.6 | 127.9 | 90.5 | 53.5 | 32.4 | 22.7 | 17.9 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.0) | 0.0 | (0.0) | (0.0) |
| Operating Expenses | 727.8 | 643.7 | 568.5 | 389.3 | 240.0 | 154.0 | 103.3 | 60.9 | 38.6 | 29.8 | 25.0 |
| Operating Income | |||||||||||
| Operating Income | 51.0 | 36.1 | (40.3) | (47.6) | (39.9) | (56.2) | (34.9) | (20.4) | (16.0) | (17.3) | (19.8) |
| Interest Expense | 0.1 | 0.0 | 0 | 1.7 | 2.1 | 2.1 | 2.1 | 3.3 | 1.8 | 1.3 | 1.6 |
| Interest Income | 17.5 | 23.2 | 20.6 | 5.0 | 0.1 | 1.1 | 3.8 | 1.9 | 0.2 | 0.1 | 0.1 |
| Profitability | |||||||||||
| EBITDA | 64.9 | 65.0 | (17.1) | (40.7) | (38.6) | (54.1) | (30.6) | (18.1) | (15.5) | (17.1) | (19.7) |
| EBIT | 51.0 | 58.5 | (19.9) | (42.6) | (39.8) | (55.0) | (31.1) | (18.5) | (15.8) | (17.2) | (19.8) |
| Income Before Tax | 65.7 | 58.5 | (19.9) | (44.3) | (42.0) | (57.1) | (33.2) | (21.8) | (17.5) | (18.5) | (21.3) |
| Income Tax Expense | (79.7) | 4.9 | 1.2 | 0.6 | 0.1 | 0.1 | 0.0 | 0 | 0 | 0 | 0 |
| Net Income | 145.4 | 53.5 | (21.2) | (44.9) | (42.0) | (57.2) | (33.2) | (21.8) | (17.5) | (18.5) | (21.3) |
| Per Share Data | |||||||||||
| EPS (Basic) | 4.95 | 1.80 | -0.72 | -1.60 | -1.54 | -2.19 | -1.40 | -1.50 | -1.30 | -1.49 | -1.71 |
| EPS (Diluted) | 4.89 | 1.75 | -0.72 | -1.60 | -1.54 | -2.19 | -1.40 | -1.50 | -1.30 | -1.49 | -1.71 |
| Shares Outstanding | 29.4 | 29.8 | 29.3 | 28.1 | 27.3 | 26.1 | 23.8 | 14.6 | 13.5 | 12.5 | 12.5 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||
| Cash & Cash Equivalents | 104.8 | 150.2 | 185.5 | 441.6 | 214.5 | 190.5 | 22.9 | 97.3 | 9.0 | 6.7 |
| Short-Term Investments | 203.5 | 295.4 | 274.8 | 9.8 | 0 | 43.8 | 126.6 | 90.9 | 7.2 | 0 |
| Net Receivables | 119.7 | 93.1 | 89.9 | 61.2 | 34.2 | 25.1 | 13.1 | 6.7 | 3.9 | 2.1 |
| Inventory | 145.3 | 80.1 | 33.9 | 11.9 | 17.2 | 8.5 | 5.8 | 2.7 | 3.7 | 3.4 |
| Other Current Assets | 10.4 | 12.1 | 9.6 | 5.5 | 0 | 0 | 0 | 1.7 | 0.4 | 0.1 |
| Total Current Assets | 583.7 | 630.8 | 593.7 | 530.0 | 268.5 | 269.9 | 170.6 | 199.3 | 24.1 | 12.2 |
| Non-Current Assets | ||||||||||
| Property, Plant & Equipment | 121.4 | 95.2 | 62.7 | 24.1 | 16.4 | 11.1 | 4.0 | 0.8 | 1.0 | 0.9 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 96.3 | 71.0 | 9.1 | 0 | 9.9 | 0 | 6.3 | 0 | 0 | 0 |
| Other Non-Current Assets | 6.1 | 11.3 | 11.3 | 10.7 | 0.2 | 0.2 | 0.4 | 0 | 0 | 0 |
| Total Non-Current Assets | 323.7 | 177.6 | 83.1 | 34.8 | 26.5 | 11.3 | 10.6 | 0.8 | 1.0 | 0.9 |
| Total Assets | 907.3 | 808.4 | 676.8 | 564.9 | 295.1 | 281.2 | 181.3 | 200.1 | 25.1 | 13.1 |
| Current Liabilities | ||||||||||
| Account Payables | 36.6 | 38.7 | 38.8 | 26.8 | 11.7 | 7.2 | 4.5 | 3.4 | 3.0 | 1.2 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 9.2 | 0 | 0 | 0 | 0 | 3.3 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 8.4 | 0 | 0 | 0 | 0 | 0 | 0 | 1.2 | 0.6 | 0.4 |
| Total Current Liabilities | 96.1 | 88.5 | 78.1 | 61.2 | 41.3 | 20.7 | 16.9 | 11.2 | 7.1 | 7.3 |
| Non-Current Liabilities | ||||||||||
| Long-Term Debt | 0 | 0 | 0 | 7.5 | 15.8 | 24.7 | 24.5 | 24.9 | 16.5 | 12.4 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0.1 | 0.1 | 1.3 | (7.4) | 0.1 | 0.1 | 0.0 | 0 | 0.2 | 0.1 |
| Total Non-Current Liabilities | 30.1 | 30.2 | 26.2 | 7.7 | 24.7 | 30.7 | 24.6 | 24.9 | 16.6 | 12.4 |
| Total Liabilities | 126.2 | 118.7 | 104.3 | 68.9 | 66.0 | 51.4 | 41.4 | 36.1 | 23.6 | 19.7 |
| Stockholders' Equity | ||||||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | (146.5) | (291.9) | (345.4) | (324.3) | (279.4) | (237.3) | (180.2) | (146.9) | (125.1) | (107.6) |
| Accumulated Other Comprehensive Income | 0.5 | 0.5 | 0.8 | (0.1) | (0.1) | 0.0 | 0.1 | (0.1) | 0 | 0 |
| Total Stockholders' Equity | 781.2 | 689.7 | 572.5 | 496.0 | 229.0 | 229.7 | 139.8 | 164.0 | 1.5 | (6.6) |
| Total Liabilities & Equity | 907.3 | 808.4 | 676.8 | 564.9 | 295.1 | 281.2 | 181.3 | 200.1 | 25.1 | 13.1 |
| Debt Metrics | ||||||||||
| Total Debt | 32.2 | 31.8 | 24.8 | 16.4 | 34.1 | 30.6 | 25.4 | 24.9 | 16.5 | 15.7 |
| Net Debt | (72.7) | (118.4) | (160.7) | (425.2) | (180.4) | (159.9) | 2.5 | (72.4) | 7.5 | 9.0 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 145.4 | 53.5 | (21.2) | (44.9) | (42.0) | (57.2) | (33.2) | (21.8) | (17.5) | (18.5) |
| Depreciation & Amortization | 14.0 | 6.5 | 2.8 | 2.9 | 2.0 | 0.8 | 1.4 | 0.4 | 0.3 | 0.1 |
| Stock-Based Compensation | 0 | 116.0 | 82.5 | 0 | 0 | 12.8 | 0 | 1.2 | 0.2 | 0.2 |
| Change in Working Capital | (87.4) | (37.7) | (40.8) | 1.8 | (6.9) | (10.9) | (6.6) | 0.9 | 0.8 | 0.2 |
| Other Non-Cash Items | 133.7 | (7.5) | 1.3 | 51.7 | 26.8 | 1.4 | 5.0 | 0.7 | 0.3 | 0.2 |
| Operating Cash Flow | 117.0 | 130.2 | 24.7 | 11.6 | (20.1) | (53.0) | (32.8) | (18.7) | (15.8) | (17.9) |
| Investing Activities | ||||||||||
| Capital Expenditure | (38.5) | (39.1) | (23.6) | (9.1) | (4.7) | (2.5) | (2.7) | (0.2) | (0.4) | (0.3) |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | (89.1) | 0 | 0 | 0 | 0 |
| Purchases of Investments | (250.4) | (418.6) | (281.4) | 0 | (10.0) | (52.7) | (178.1) | (115.5) | (9.0) | 0 |
| Sales/Maturities of Investments | 310.4 | 344.6 | 10.2 | 0 | 43.8 | 141.8 | 137.3 | 32.3 | 1.8 | 0 |
| Other Investing Activities | 0 | 0 | 0 | (10.5) | 0 | 89.1 | 0 | (83.1) | (7.2) | 0 |
| Investing Cash Flow | 21.4 | (113.1) | (294.8) | (19.6) | 29.1 | 86.6 | (43.6) | (83.4) | (7.6) | (0.3) |
| Financing Activities | ||||||||||
| Net Debt Issuance | 0 | 0 | 0 | (24.5) | 0 | 0 | 0 | 8 | 0.5 | 0 |
| Stock Repurchased | (175.0) | (75) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (23.0) | (5.2) | (17.2) | (0.0) | 0 | 0 | 0 | 0 | 0 | 0 |
| Financing Cash Flow | (183.4) | (52.4) | 13.9 | 235.1 | 14.9 | 134.1 | 2.5 | 190.4 | 25.7 | 12.8 |
| Cash Position | ||||||||||
| Net Change in Cash | (45.3) | (35.4) | (256.1) | 227.1 | 23.9 | 167.7 | (74.4) | 88.3 | 2.3 | (5.4) |
| Cash at Beginning | 150.2 | 185.5 | 441.6 | 214.5 | 190.5 | 22.9 | 97.3 | 9.0 | 6.7 | 12.1 |
| Cash at End | 104.8 | 150.2 | 185.5 | 441.6 | 214.5 | 190.5 | 22.9 | 97.3 | 9.0 | 6.7 |
| Free Cash Flow | 78.5 | 91.1 | 1.0 | 2.5 | (24.8) | (55.5) | (35.6) | (18.9) | (16.2) | (18.3) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 912.0 | 802.8 | 624.8 | 407.9 | 233.4 | 115.4 | 82.0 | 50.6 | 28.6 | 16.4 | 8.0 |
| Gross Profit | 778.8 | 679.8 | 528.2 | 341.7 | 200.1 | 97.8 | 68.4 | 40.5 | 22.5 | 12.5 | 5.2 |
| Operating Income | 51.0 | 36.1 | (40.3) | (47.6) | (39.9) | (56.2) | (34.9) | (20.4) | (16.0) | (17.3) | (19.8) |
| Net Income | 145.4 | 53.5 | (21.2) | (44.9) | (42.0) | (57.2) | (33.2) | (21.8) | (17.5) | (18.5) | (21.3) |
| EPS (Diluted) | 4.89 | 1.75 | -0.72 | -1.60 | -1.54 | -2.19 | -1.40 | -1.50 | -1.30 | -1.49 | -1.71 |
| Balance Sheet | |||||||||||
| Cash & Equivalents | 104.8 | 150.2 | 185.5 | 441.6 | 214.5 | 190.5 | 22.9 | 97.3 | 9.0 | 6.7 | |
| Total Assets | 907.3 | 808.4 | 676.8 | 564.9 | 295.1 | 281.2 | 181.3 | 200.1 | 25.1 | 13.1 | |
| Total Debt | 32.2 | 31.8 | 24.8 | 16.4 | 34.1 | 30.6 | 25.4 | 24.9 | 16.5 | 15.7 | |
| Stockholders' Equity | 781.2 | 689.7 | 572.5 | 496.0 | 229.0 | 229.7 | 139.8 | 164.0 | 1.5 | (6.6) | |
| Cash Flow | |||||||||||
| Operating Cash Flow | 117.0 | 130.2 | 24.7 | 11.6 | (20.1) | (53.0) | (32.8) | (18.7) | (15.8) | (17.9) | |
| Capital Expenditure | (38.5) | (39.1) | (23.6) | (9.1) | (4.7) | (2.5) | (2.7) | (0.2) | (0.4) | (0.3) | |
| Free Cash Flow | 78.5 | 91.1 | 1.0 | 2.5 | (24.8) | (55.5) | (35.6) | (18.9) | (16.2) | (18.3) | |