$INSP

Inspire Medical Systems, Inc.

CIK:0001609550|SEC Filings

Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 200,581	$ 217,086	$ 405,164	$ 418,403
Cost of goods sold	29,122	34,672	56,793	65,381
Gross profit	171,459	182,414	348,371	353,022
Operating expenses:
Research and development	24,698	26,209	50,524	54,012
Selling, general and administrative	147,275	159,521	299,479	303,811
Total operating expenses	171,973	185,730	350,003	357,823
Operating income (loss)	(514)	(3,316)	(1,632)	(4,801)
Interest and dividend (income), net	(3,739)	(4,482)	(7,480)	(9,548)
Other expense, net	110	3,498	336	2,920
Earnings (loss) before income taxes	3,115	(2,332)	5,512	1,827
Income tax expense	2,801	1,260	16,492	2,427
Net earnings (loss)	$ 314	$ (3,592)	$ (10,980)	$ (600)
Basic earnings (loss) per share (in dollars per share)	$ 0.01	$ (0.12)	$ (0.38)	$ (0.02)
Diluted earnings (loss) per share (in dollars per share)	$ 0.01	$ (0.12)	$ (0.38)	$ (0.02)
Weighted average shares outstanding:
Basic (in shares)	28,835,058	29,506,807	28,768,163	29,604,043
Diluted (in shares)	28,940,846	29,506,807	28,768,163	29,604,043

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net (loss)	$ (10,980)	$ (600)
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	9,707	6,458
Accretion of investment discount	(527)	(2,118)
Stock-based compensation expense	61,915	72,780
Deferred income tax expense	11,161	0
Impairment charge	0	4,046
Other non-cash expenses	741	1,383
Changes in operating assets and liabilities:
Accounts receivable	16,212	(44,321)
Inventories	(25,159)	(41,515)
Prepaid expenses and other current assets	(4,067)	(639)
Accounts payable	(6,699)	11,816
Accrued expenses and other liabilities	(16,227)	(11,309)
Net cash provided by (used in) operating activities	36,077	(4,019)
Investing activities
Capital expenditures	(18,886)	(17,404)
Purchases of investments	(82,246)	(111,238)
Proceeds from sales or maturities of investments	93,431	173,651
Net cash (used in) provided by investing activities	(7,701)	45,009
Financing activities
Proceeds from the exercise of stock options	512	8,615
Share repurchase of common stock	0	(75,009)
Payment of taxes on net share settlement of equity awards	(8,276)	(20,924)
Proceeds from issuance of common stock from employee stock purchase plan	2,193	3,255
Net cash (used in) financing activities	(5,571)	(84,063)
Effect of exchange rate on cash	143	(150)
Increase (decrease) in cash and cash equivalents	22,948	(43,223)
Cash and cash equivalents at beginning of period	104,813	150,150
Cash and cash equivalents at end of period	127,761	106,927
Supplemental cash flow information
Capital expenditures included in accounts payable and accrued expenses	$ 2,067	$ 5,789

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 127,761	$ 104,813
Investments, short-term	192,923	203,455
Accounts receivable, net of allowance for credit losses of $997 and $1,080, respectively	103,340	119,692
Inventories, net	170,451	145,293
Prepaid expenses and other current assets	14,199	10,399
Total current assets	608,674	583,652
Investments, long-term	94,480	96,330
Property and equipment, net	104,330	97,872
Operating lease right-of-use assets	22,599	23,532
Deferred tax assets	77,582	88,667
Other non-current assets	18,328	17,264
Total assets	925,993	907,317
Current liabilities:
Accounts payable	27,102	36,565
Accrued expenses	44,080	59,490
Total current liabilities	71,182	96,055
Operating lease liabilities, non-current portion	29,093	29,998
Other non-current liabilities	136	104
Total liabilities	100,411	126,157
Commitments and contingencies (Note 9)
Stockholders' equity:
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; 28,907,221 and 28,579,015 issued and outstanding at June 30, 2026 and December 31, 2025, respectively	29	29
Additional paid-in capital	983,670	927,159
Accumulated other comprehensive (loss) income	(645)	464
Accumulated deficit	(157,472)	(146,492)
Total stockholders' equity	825,582	781,160
Total liabilities and stockholders' equity	$ 925,993	$ 907,317