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Inspire Medical Systems, Inc. (INSP) 10-Year Financial Performance & Capital Metrics

INSP • • Industrial / General
HealthcareMedical DevicesNeurological & Neurostimulation DevicesNeurostimulation & Neuromodulation
AboutInspire Medical Systems, Inc., a medical technology company, focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA) in the United States and internationally. The company offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe OSA. It also develops a novel, a closed-loop solution that continuously monitors a patient's breathing and delivers mild hypoglossal nerve stimulation to maintain an open airway. The company was incorporated in 2007 and is headquartered in Golden Valley, Minnesota.Show more
  • Revenue $803M +28.5%
  • EBITDA $43M +213.9%
  • Net Income $54M +353.0%
  • EPS (Diluted) 1.75 +343.1%
  • Gross Margin 84.68% +0.2%
  • EBITDA Margin 5.31% +188.7%
  • Operating Margin 4.49% +169.7%
  • Net Margin 6.67% +296.9%
  • ROE 8.48% +314.1%
  • ROIC 5.51% +143.3%
  • Debt/Equity 0.05 +6.2%
  • Interest Coverage 1640.14
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 57.8%

✗Weaknesses

  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y57.8%
3Y50.95%
TTM16.81%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM34.82%

EPS CAGR

10Y-
5Y-
3Y-
TTM37.38%

ROCE

10Y Avg-58.51%
5Y Avg-11.27%
3Y Avg-4.8%
Latest5.47%

Peer Comparison

Neurostimulation & Neuromodulation
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Size & Scale
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Per Share
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Profitability
Quality & Returns
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
BWAYBrainsWay Ltd.452.42M23.10128.3329.04%12.73%8.92%1.44%0.09
INSPInspire Medical Systems, Inc.2.8B96.4755.1328.49%5.05%6.69%3.25%0.05
TIVCTivic Health Systems, Inc.3.11M1.23-0.06-33.67%-15.57%-134.25%
COCHEnvoy Medical, Inc.19.42M0.67-0.45-28.8%-104.75%
HSDTSolana Company128.03M3.10-0.72-19.25%-393.59%-6.89%0.01
NXLNexalin Technology, Inc.12.87M0.69-0.8352.35%-55.3%-182.01%
CVRXCVRx, Inc.143.37M5.47-2.0630.53%-92.95%-108.26%0.71
VANIVivani Medical, Inc.91.92M1.26-2.93-19.88%1.10

Profit & Loss

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+16.43M28.57M50.59M82.05M115.38M233.39M407.86M624.8M802.8M
Revenue Growth %-0.74%0.77%0.62%0.41%1.02%0.75%0.53%0.28%
Cost of Goods Sold+3.9M6.02M10.06M13.64M17.62M33.28M66.11M96.58M122.99M
COGS % of Revenue0.24%0.21%0.2%0.17%0.15%0.14%0.16%0.15%0.15%
Gross Profit+12.52M22.55M40.54M68.41M97.76M200.12M341.74M528.22M679.82M
Gross Margin %0.76%0.79%0.8%0.83%0.85%0.86%0.84%0.85%0.85%
Gross Profit Growth %-0.8%0.8%0.69%0.43%1.05%0.71%0.55%0.29%
Operating Expenses+29.77M38.55M60.91M103.3M153.97M239.97M389.33M568.49M643.74M
OpEx % of Revenue1.81%1.35%1.2%1.26%1.33%1.03%0.95%0.91%0.8%
Selling, General & Admin22.68M32.36M53.53M90.47M127.87M202.62M320.69M451.96M529.61M
SG&A % of Revenue1.38%1.13%1.06%1.1%1.11%0.87%0.79%0.72%0.66%
Research & Development7.09M6.19M7.39M12.84M26.09M37.35M68.64M116.54M114.13M
R&D % of Revenue0.43%0.22%0.15%0.16%0.23%0.16%0.17%0.19%0.14%
Other Operating Expenses-29K42K-16K000000
Operating Income+-17.25M-16M-20.38M-34.9M-56.21M-39.85M-47.59M-40.27M36.08M
Operating Margin %-1.05%-0.56%-0.4%-0.43%-0.49%-0.17%-0.12%-0.06%0.04%
Operating Income Growth %-0.07%-0.27%-0.71%-0.61%0.29%-0.19%0.15%1.9%
EBITDA+-17.15M-15.72M-19.98M-34.4M-55.37M-38.63M-45.73M-37.42M42.63M
EBITDA Margin %-1.04%-0.55%-0.4%-0.42%-0.48%-0.17%-0.11%-0.06%0.05%
EBITDA Growth %-0.08%-0.27%-0.72%-0.61%0.3%-0.18%0.18%2.14%
D&A (Non-Cash Add-back)103K285K393K495K840K1.22M1.86M2.85M6.55M
EBIT-17.23M-15.76M-18.52M-31.08M-54.97M-39.84M-42.59M-19.91M58.48M
Net Interest Income+-1.25M-1.55M-1.43M1.68M-1.02M-2M3.37M20.56M23.23M
Interest Income57K203K1.87M3.8M1.09M125K5.05M20.56M23.25M
Interest Expense1.3M1.75M3.3M2.12M2.12M2.13M1.68M022K
Other Income/Expense-1.27M-1.51M-1.45M1.69M-880K-2.12M3.32M20.36M22.37M
Pretax Income+-18.53M-17.51M-21.83M-33.2M-57.09M-41.97M-44.27M-19.91M58.45M
Pretax Margin %-1.13%-0.61%-0.43%-0.4%-0.49%-0.18%-0.11%-0.03%0.07%
Income Tax+00040K115K72K613K1.25M4.94M
Effective Tax Rate %1%1%1%1%1%1%1.01%1.06%0.92%
Net Income+-18.53M-17.51M-21.83M-33.24M-57.2M-42.04M-44.88M-21.15M53.51M
Net Margin %-1.13%-0.61%-0.43%-0.41%-0.5%-0.18%-0.11%-0.03%0.07%
Net Income Growth %-0.05%-0.25%-0.52%-0.72%0.27%-0.07%0.53%3.53%
Net Income (Continuing)-18.53M-17.51M-21.83M-33.24M-57.2M-42.04M-44.88M-21.15M53.51M
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)+-1.49-1.30-1.50-1.40-2.19-1.54-1.60-0.721.75
EPS Growth %-0.13%-0.15%0.07%-0.56%0.3%-0.04%0.55%3.43%
EPS (Basic)-1.49-1.30-1.50-1.40-2.19-1.54-1.60-0.721.80
Diluted Shares Outstanding12.46M13.49M14.58M23.8M26.07M27.26M28.07M29.3M30.54M
Basic Shares Outstanding12.46M13.49M14.58M23.8M26.07M27.26M28.07M29.3M29.76M
Dividend Payout Ratio---------

Balance Sheet

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+12.25M24.1M199.28M170.64M269.87M268.54M530.03M593.74M630.81M
Cash & Short-Term Investments6.68M16.14M188.21M149.47M234.36M214.47M451.41M460.38M445.55M
Cash Only6.68M8.96M97.29M22.86M190.52M214.47M441.59M185.54M150.15M
Short-Term Investments07.19M90.92M126.61M43.84M09.82M274.84M295.4M
Accounts Receivable2.09M3.86M6.67M13.13M25.06M34.18M61.23M89.88M93.07M
Days Sales Outstanding46.4649.2948.158.4179.2953.4554.7952.5142.31
Inventory3.35M3.67M2.67M5.83M8.48M17.23M11.89M33.88M80.12M
Days Inventory Outstanding313.59222.5996.8156.08175.61188.9965.62128.07237.78
Other Current Assets118K426K1.73M0005.5M9.6M12.07M
Total Non-Current Assets+867K994K802K10.62M11.32M26.55M34.84M83.07M177.58M
Property, Plant & Equipment867K994K802K3.96M11.12M16.41M24.13M62.65M95.24M
Fixed Asset Turnover18.95x28.74x63.08x20.72x10.38x14.23x16.90x9.97x8.43x
Goodwill000000000
Intangible Assets000000000
Long-Term Investments0006.28M09.94M09.14M71M
Other Non-Current Assets000381K204K204K10.71M11.28M11.34M
Total Assets+13.12M25.09M200.08M181.25M281.19M295.08M564.88M676.81M808.38M
Asset Turnover1.25x1.14x0.25x0.45x0.41x0.79x0.72x0.92x0.99x
Asset Growth %-0.91%6.97%-0.09%0.55%0.05%0.91%0.2%0.19%
Total Current Liabilities+7.29M7.15M11.15M16.86M20.73M41.31M61.19M78.11M88.5M
Accounts Payable1.17M3M3.43M4.46M7.21M11.66M26.85M38.84M38.69M
Days Payables Outstanding109.64181.83124.46119.29149.31127.94148.21146.79114.82
Short-Term Debt3.31M00009.19M000
Deferred Revenue (Current)000000000
Other Current Liabilities382K555K1.24M000000
Current Ratio1.68x3.37x17.86x10.12x13.02x6.50x8.66x7.60x7.13x
Quick Ratio1.22x2.86x17.63x9.78x12.61x6.08x8.47x7.17x6.22x
Cash Conversion Cycle250.4190.0520.4495.2105.59114.5-27.833.79165.27
Total Non-Current Liabilities+12.43M16.62M24.93M24.56M30.72M24.73M7.68M26.19M30.19M
Long-Term Debt12.38M16.46M24.93M24.52M24.75M15.8M000
Capital Lease Obligations00005.89M8.8M7.54M24.85M30.04M
Deferred Tax Liabilities000000000
Other Non-Current Liabilities53K157K040K85K134K146K1.35M148K
Total Liabilities19.72M23.61M36.08M41.42M51.44M66.04M68.87M104.3M118.69M
Total Debt+15.69M16.46M24.93M25.35M30.63M34.09M8.87M24.85M31.79M
Net Debt9.01M7.5M-72.36M2.49M-159.89M-180.37M-432.72M-160.69M-118.36M
Debt / Equity-11.09x0.15x0.18x0.13x0.15x0.02x0.04x0.05x
Debt / EBITDA--------0.75x
Net Debt / EBITDA---------2.78x
Interest Coverage-13.24x-9.13x-6.17x-16.47x-26.55x-18.73x-28.38x-1640.14x
Total Equity+-6.61M1.48M164M139.84M229.75M229.05M496.01M572.51M689.7M
Equity Growth %-1.22%109.51%-0.15%0.64%-0%1.17%0.15%0.2%
Book Value per Share-0.530.1111.255.878.818.4017.6719.5422.58
Total Shareholders' Equity-6.61M1.48M164M139.84M229.75M229.05M496.01M572.51M689.7M
Common Stock1K13K23K24K27K27K29K30K30K
Retained Earnings-107.57M-125.08M-146.91M-180.16M-237.35M-279.39M-324.27M-345.42M-291.91M
Treasury Stock000000000
Accumulated OCI00-52K102K29K-55K-86K800K536K
Minority Interest000000000

Cash Flow

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-17.95M-15.79M-18.69M-32.85M-53.05M-20.12M11.57M24.65M130.25M
Operating CF Margin %-1.09%-0.55%-0.37%-0.4%-0.46%-0.09%0.03%0.04%0.16%
Operating CF Growth %-0.12%-0.18%-0.76%-0.61%0.62%1.58%1.13%4.28%
Net Income-18.53M-17.51M-21.83M-33.24M-57.2M-42.04M-44.88M-21.15M53.51M
Depreciation & Amortization103K285K393K495K840K1.22M1.86M2.85M6.55M
Stock-Based Compensation248K243K1.22M6.2M12.82M26.48M51.97M82.47M116.01M
Deferred Taxes-195K100K-53K0-22K0000
Other Non-Cash Items180K315K714K279K1.4M5.86M15.17M1.27M-7.51M
Working Capital Changes243K777K861K-6.57M-10.88M-11.63M-12.54M-40.78M-38.31M
Change in Receivables-760K-1.77M-2.84M-6.48M-11.84M-9.24M-27.02M-30.22M-2.6M
Change in Inventory612K-315K1M-3.17M-2.65M-8.75M5.34M-22M-46.23M
Change in Payables-480K1.82M439K1.03M2.05M009.3M0
Cash from Investing+-306K-7.6M-83.39M-43.56M86.63M29.14M-19.6M-294.82M-113.12M
Capital Expenditures-306K-412K-250K-2.74M-2.46M-4.67M-9.1M-23.63M-39.12M
CapEx % of Revenue0.02%0.01%0%0.03%0.02%0.02%0.02%0.04%0.05%
Acquisitions---------
Investments---------
Other Investing0-7.19M-83.14M089.08M33.81M-10.5M0-74M
Cash from Financing+12.81M25.66M190.38M1.96M134.06M14.95M235.08M13.95M-52.39M
Debt Issued (Net)---------
Equity Issued (Net)---------
Dividends Paid000000000
Share Repurchases---------
Other Financing466K235K558K1.96M9.41M14.95M259.62M13.95M27.77M
Net Change in Cash---------
Free Cash Flow+-18.25M-16.2M-18.94M-35.59M-55.5M-24.79M2.47M1.02M91.12M
FCF Margin %-1.11%-0.57%-0.37%-0.43%-0.48%-0.11%0.01%0%0.11%
FCF Growth %-0.11%-0.17%-0.88%-0.56%0.55%1.1%-0.59%87.99%
FCF per Share-1.46-1.20-1.30-1.49-2.13-0.910.090.032.98
FCF Conversion (FCF/Net Income)0.97x0.90x0.86x0.99x0.93x0.48x-0.26x-1.17x2.43x
Interest Paid0002.03M01.89M2.32M022K
Taxes Paid000000000

Key Ratios

Metric201620172018201920202021202220232024
Return on Equity (ROE)--1179.99%-26.38%-21.88%-30.96%-18.33%-12.38%-3.96%8.48%
Return on Invested Capital (ROIC)--210.81%-30.38%-22.37%-39.73%-50.43%-63.76%-12.71%5.51%
Gross Margin76.23%78.93%80.12%83.37%84.73%85.74%83.79%84.54%84.68%
Net Margin-112.79%-61.3%-43.14%-40.52%-49.58%-18.01%-11%-3.39%6.67%
Debt / Equity-11.09x0.15x0.18x0.13x0.15x0.02x0.04x0.05x
Interest Coverage-13.24x-9.13x-6.17x-16.47x-26.55x-18.73x-28.38x-1640.14x
FCF Conversion0.97x0.90x0.86x0.99x0.93x0.48x-0.26x-1.17x2.43x
Revenue Growth-73.9%77.1%62.18%40.62%102.28%74.75%53.19%28.49%

Revenue by Segment

2018201920202021202220232024
Operating------802.8M
Operating Growth-------

Revenue by Geography

2018201920202021202220232024
UNITED STATES44.38M73.66M106.11M220.98M394.83M606.18M771.04M
UNITED STATES Growth-65.98%44.05%108.26%78.68%53.53%27.20%
Non-US------31.76M
Non-US Growth-------
All Other Countries---12.42M13.02M18.62M-
All Other Countries Growth----4.87%42.99%-
Europe6.21M8.39M9.27M----
Europe Growth-35.00%10.52%----

Frequently Asked Questions

Valuation & Price

Inspire Medical Systems, Inc. (INSP) has a price-to-earnings (P/E) ratio of 55.1x. This suggests investors expect higher future growth.

Growth & Financials

Inspire Medical Systems, Inc. (INSP) reported $882.6M in revenue for fiscal year 2024. This represents a 5273% increase from $16.4M in 2016.

Inspire Medical Systems, Inc. (INSP) grew revenue by 28.5% over the past year. This is strong growth.

Yes, Inspire Medical Systems, Inc. (INSP) is profitable, generating $44.6M in net income for fiscal year 2024 (6.7% net margin).

Dividend & Returns

Inspire Medical Systems, Inc. (INSP) has a return on equity (ROE) of 8.5%. This is below average, suggesting room for improvement.

Inspire Medical Systems, Inc. (INSP) generated $98.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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