Inspire Medical Systems, Inc. income statement
In fiscal 2025, Inspire Medical Systems, Inc. reported revenue of $912m, up 13.6% on the year before, operating income of $51.0m (a 5.6% margin) and net income of $145m, or $4.89 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 16 | 29 | 51 | 82 | 115 | 233 | 408 | 625 | 803 | 912 | 881 |
| Cost of revenue | 4 | 6 | 10 | 14 | 18 | 33 | 66 | 97 | 123 | 133 | 122 |
| Gross profit | 13 | 23 | 41 | 68 | 98 | 200 | 342 | 528 | 680 | 779 | 759 |
| Research and development | 7 | 6 | 7 | 13 | 26 | 37 | 69 | 117 | 114 | 103 | 98 |
| Selling, general and administrative | 23 | 32 | 54 | 90 | 128 | 203 | 321 | 452 | 530 | 625 | 646 |
| Operating income | −17 | −16 | −20 | −35 | −56 | −40 | −48 | −40 | 36 | 51 | 16 |
| Interest expense | 1 | 2 | 3 | 2 | 2 | 2 | 2 | 0 | 0 | 0 | — |
| Income before tax | −19 | −18 | −22 | −33 | −57 | −42 | −44 | −20 | 58 | 66 | 31 |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 5 | −80 | −70 |
| Net income | −19 | −18 | −22 | −33 | −57 | −42 | −45 | −21 | 54 | 145 | 101 |
| Diluted EPS | −$16.90 | −$14.88 | −$1.50 | −$1.40 | −$2.19 | −$1.54 | −$1.60 | −$0.72 | $1.75 | $4.89 | $3.47 |
| Diluted shares (average) | 1m | 1m | 15m | 24m | 26m | 27m | 28m | 29m | 31m | 30m | 29m |
| EBITDA | −17 | −16 | −20 | −34 | −55 | −39 | −46 | −37 | 43 | 65 | 34 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 240 | 201 | 217 | 225 | 269 | 205 | 201 | 207 |
| Cost of revenue | 36 | 31 | 35 | 32 | 36 | 28 | 29 | 29 |
| Gross profit | 204 | 171 | 182 | 193 | 233 | 177 | 171 | 178 |
| Research and development | 30 | 28 | 26 | 24 | 25 | 26 | 25 | 22 |
| Selling, general and administrative | 142 | 144 | 160 | 159 | 162 | 152 | 147 | 184 |
| Operating income | 32 | −1 | −3 | 10 | 46 | −1 | −1 | −29 |
| Interest expense | 0 | — | 0 | 0 | 0 | — | — | — |
| Income before tax | 37 | 4 | −2 | 14 | 50 | 2 | 3 | −25 |
| Income tax | 1 | 1 | 1 | 4 | −86 | 14 | 3 | −1 |
| Net income | 35 | 3 | −4 | 10 | 136 | −11 | 0 | −24 |
| Diluted EPS | $1.15 | $0.10 | −$0.12 | $0.34 | $4.58 | −$0.39 | $0.01 | −$0.84 |
| EBITDA | 34 | 2 | 0 | 13 | 50 | 4 | 4 | −24 |
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