INSPInspire Medical Systems, Inc.
Surgical & Medical Instruments & Apparatus
- Revenue
- $912M
- 14% YoY
- Operating margin
- 5.6%
- 24% YoY
- EBITDA
- $65M
- 52% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- -1.6×
- −$106M net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear80% of net incomeCash flow under 80% of net income
- Dilutive SBCFired14% of revenueOver 10% of revenue
- Payouts exceed cash flowFired150% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $233M | $408M | $625M | $803M | $912M | 14% |
| Operating income | −$40M | −$48M | −$40M | $36M | $51M | 41% |
| Net income | −$42M | −$45M | −$21M | $54M | $145M | 172% |
| Operating cash flow | −$20M | $12M | $25M | $130M | $117M | 10% |
| Capex | $5M | $9M | $24M | $39M | $38M | 1.6% |
| Stock-based comp | $26M | $52M | $82M | $116M | $130M | 12% |
| Buybacks | — | $0 | $0 | $0 | $175M |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.