Balance Sheet Inspire Medical Systems, Inc.

Stocks

INSP

US4577301090

Medical Equipment, Supplies & Distribution

Real-time Estimate Cboe BZX Other stock markets 12:43:28 2026-06-11 pm EDT			5-day change	1st Jan Change
42.00 ^USD	-0.67%		-0.90%	-54.67%

May. 22	Inspire Medical Systems Faces Coding Overhang, Estimate Risks, BofA Says	MT
May. 22	BofA Securities Downgrades Inspire Medical Systems to Underperform From Neutral, Price Target is $39	MT

5d16d67311.qe65PL2K78gJ0MSU5arUGhiDHYm4cSqGEMrRTHSyScw.zdbfbeXQiolLvLHYs8W2eWnRLr2AOF7sQr6OIkf3GKjPi8BN0dPCh1Ckrw

Published financial data: INSPIRE MEDICAL SYSTEMS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	233M	408M	625M	803M	912M
Total Revenues	233M	408M	625M	803M	912M
Cost of Goods Sold, Total	33.28M	66.12M	96.58M	123M	133M
Gross Profit	200M	342M	528M	680M	779M
Selling General & Admin Expenses, Total	203M	321M	452M	530M	625M
R&D Expenses	37.35M	68.64M	117M	114M	103M
Other Operating Expenses, Total	240M	389M	568M	644M	728M
Operating Income	-39.85M	-47.59M	-40.27M	36.08M	50.95M
Interest Expense, Total	-2.13M	-1.68M	-	-22K	-137K
Interest And Investment Income	125K	5.05M	20.56M	23.25M	17.54M
Net Interest Expenses	-2M	3.37M	20.56M	23.22M	17.4M
Currency Exchange Gains (Loss)	-	-	-200K	-900K	-1M
Other Non Operating Income (Expenses)	-117K	-49K	5K	45K	-1.66M
EBT, Excl. Unusual Items	-41.97M	-44.27M	-19.91M	58.45M	65.7M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
EBT, Incl. Unusual Items	-41.97M	-44.27M	-19.91M	58.45M	65.7M
Income Tax Expense	72K	613K	1.25M	4.94M	-79.72M
Earnings From Continuing Operations	-42.04M	-44.88M	-21.15M	53.51M	145M
Net Income to Company	-42.04M	-44.88M	-21.15M	53.51M	145M
Net Income - (IS)	-42.04M	-44.88M	-21.15M	53.51M	145M
Net Income to Common Incl Extra Items	-42.04M	-44.88M	-21.15M	53.51M	145M
Net Income to Common Excl. Extra Items	-42.04M	-44.88M	-21.15M	53.51M	145M
Per Share Items
Net EPS - Basic	-1.54	-1.6	-0.72	1.8	4.95
Basic EPS - Continuing Operations	-1.54	-1.6	-0.72	1.8	4.95
Basic Weighted Average Shares Outstanding	27.26M	28.07M	29.3M	29.76M	29.37M
Net EPS - Diluted	-1.54	-1.6	-0.72	1.75	4.89
Diluted EPS - Continuing Operations	-1.54	-1.6	-0.72	1.75	4.89
Diluted Weighted Average Shares Outstanding	27.26M	28.07M	29.3M	30.54M	29.76M
Normalized Basic EPS	-0.96	-0.99	-0.42	1.23	1.4
Normalized Diluted EPS	-0.96	-0.99	-0.42	1.2	1.38
Supplemental Items
EBITDA	-38.63M	-45.73M	-37.42M	42.63M	64.91M
EBITA	-39.85M	-47.59M	-40.27M	36.08M	50.95M
EBIT	-39.85M	-47.59M	-40.27M	36.08M	50.95M
EBITDAR	-36.51M	-42.84M	-33.34M	48.07M	71.18M
Effective Tax Rate - (Ratio)	-0.17	-1.38	-6.26	8.46	-121.35
Current Domestic Taxes	23K	342K	644K	4.1M	8.4M
Current Foreign Taxes	49K	271K	603K	854K	624K
Total Current Taxes	72K	613K	1.25M	4.96M	9.03M
Deferred Domestic Taxes	-	-	-	-	-88.73M
Deferred Foreign Taxes	-	-	-	-13K	-19K
Total Deferred Taxes	-	-	-	-13K	-88.75M
Normalized Net Income	-26.23M	-27.67M	-12.44M	36.53M	41.06M
Interest on Long-Term Debt	2.13M	1.68M	-	22K	137K
Supplemental Operating Expense Items
Advertising Expense	47.8M	74.3M	100M	94.9M	115M
Selling and Marketing Expenses	47.8M	74.3M	100M	94.9M	115M
General and Administrative Expenses	-	-	-	-	-
Research And Development Expense From Footnotes	37.35M	68.64M	117M	114M	103M
Net Rental Expense, Total	2.13M	2.9M	4.08M	5.44M	6.27M
Imputed Operating Lease Interest Expense	1.12M	1.81M	-	33.76K	215K
Imputed Operating Lease Depreciation	1.01M	1.09M	-	5.41M	6.06M
Stock-Based Comp., COGS (Total)	341K	-	-	-	-
Stock-Based Comp., R&D Exp. (Total)	4.42M	-	-	-	-
Stock-Based Comp., S&M Exp. (Total)	-	-	-	-	-
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	21.42M	-	-	-	-
Stock-Based Comp., Other (Total)	301K	52.3M	82.82M	116M	130M
Total Stock-Based Compensation	26.48M	52.3M	82.82M	116M	130M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	214M	442M	186M	150M	105M
Short Term Investments	-	9.82M	275M	295M	203M
Total Cash And Short Term Investments	214M	451M	460M	446M	308M
Accounts Receivable, Total	34.18M	61.23M	89.88M	93.07M	120M
Total Receivables	34.18M	61.23M	89.88M	93.07M	120M
Inventory	17.23M	11.89M	33.88M	80.12M	145M
Prepaid Expenses	2.66M	5.5M	9.6M	12.07M	10.4M
Total Current Assets	269M	530M	594M	631M	584M
Gross Property Plant And Equipment	19.46M	29.04M	69.92M	109M	147M
Accumulated Depreciation	-3.05M	-4.91M	-7.27M	-13.76M	-25.65M
Net Property Plant And Equipment	16.4M	24.13M	62.65M	95.24M	121M
Long-term Investments	9.94M	10.5M	19.54M	81.6M	113M
Deferred Tax Assets Long-Term	-	-	-	-	88.67M
Other Long-Term Assets, Total	204K	215K	878K	743K	864K
Total Assets	295M	565M	677M	808M	907M
Liabilities
Accounts Payable, Total	11.66M	26.85M	38.84M	38.69M	36.56M
Accrued Expenses, Total	19.67M	32.08M	38.17M	45.52M	54.29M
Current Portion of Long-Term Debt	9.19M	-	-	-	-
Current Portion of Leases	312K	1.34M	-	1.75M	2.16M
Current Income Taxes Payable	-	-	-	1.61M	2.45M
Other Current Liabilities	468K	920K	1.1M	933K	587K
Total Current Liabilities	41.31M	61.19M	78.1M	88.5M	96.06M
Long-Term Debt	15.8M	-	-	-	-
Long-Term Leases	8.8M	7.54M	24.85M	30.04M	30M
Other Non Current Liabilities	134K	146K	1.35M	148K	104K
Total Liabilities	66.04M	68.87M	104M	119M	126M
Preferred Stock Convertible	-	-	-	-	-
Preferred Stock - Others	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	27K	29K	30K	30K	29K
Additional Paid In Capital	508M	820M	917M	981M	927M
Retained Earnings	-279M	-324M	-345M	-292M	-146M
Comprehensive Income and Other	-55K	-86K	800K	536K	464K
Total Common Equity	229M	496M	573M	690M	781M
Total Equity	229M	496M	573M	690M	781M
Total Liabilities And Equity	295M	565M	677M	808M	907M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	27.53M	29.05M	29.59M	29.67M	28.59M
ECS Total Common Shares Outstanding	27.42M	29.01M	29.56M	29.74M	28.58M
Book Value / Share	8.35	17.1	19.37	23.19	27.33
Tangible Book Value	229M	496M	573M	690M	781M
Tangible Book Value Per Share	8.35	17.1	19.37	23.19	27.33
Total Debt	34.1M	8.87M	24.85M	31.79M	32.16M
Net Debt	-180M	-443M	-436M	-414M	-276M
Debt Equivalent Oper. Leases	17.01M	23.16M	32.66M	43.51M	50.19M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	3.12M	5.64M	6.12M	22.43M	19.1M
Inventories - Work In Process, Total	-	-	-	-	13.84M
Inventories - Finished Goods, Total	14.11M	6.24M	27.77M	57.69M	112M
Machinery, Total	6.08M	8.24M	11.69M	34.1M	54.21M
Full Time Employees	485	755	1.01K	1.25K	1.33K
Accumulated Allowance for Doubtful Accounts (Supple)	99K	36K	1.65M	880K	1.08M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-42.04M	-44.88M	-21.15M	53.51M	145M
Depreciation & Amortization - CF	1.22M	1.86M	2.85M	6.55M	13.96M
Depreciation & Amortization, Total	1.22M	1.86M	2.85M	6.55M	13.96M
Amortization of Deferred Charges, Total - (CF)	240K	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	14K	-	-2.47M	-8.86M	-2.89M
Stock-Based Compensation (CF)	26.48M	52.3M	82.82M	116M	130M
Provision and Write-off of Bad Debts	-	-	-	-768K	200K
Other Operating Activities, Total	827K	487K	3.39M	1.52M	-82.59M
Change In Accounts Receivable	-9.24M	-27.02M	-30.22M	-2.6M	-26.23M
Change In Inventories	-8.75M	5.34M	-22M	-46.23M	-65.18M
Change In Accounts Payable	4.78M	14.36M	9.3M	604K	-3.75M
Change in Other Net Operating Assets	6.36M	9.13M	2.14M	10.52M	7.77M
Cash from Operations	-20.12M	11.57M	24.65M	130M	117M
Capital Expenditure	-4.67M	-9.1M	-23.63M	-39.12M	-38.5M
Investment in Marketable and Equity Securities, Total	33.81M	-10.5M	-271M	-74M	59.94M
Cash from Investing	29.14M	-19.6M	-295M	-113M	21.45M
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-	-24.5M	-	-	-
Total Debt Repaid	-	-24.5M	-	-	-
Issuance of Common Stock	14.95M	260M	31.11M	27.77M	14.61M
Repurchase of Common Stock	-	-43K	-17.16M	-80.16M	-198M
Issuance of Preferred Stock	-	-	-	-	-
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	14.95M	235M	13.95M	-52.39M	-183M
Foreign Exchange Rate Adjustments	-19K	75K	164K	-118K	-310K
Net Change in Cash	23.95M	227M	-256M	-35.39M	-45.34M
Supplemental Items
Cash Interest Paid	1.89M	2.32M	-	22K	137K
Levered Free Cash Flow	-10.45M	17.76M	381K	62.72M	54.5M
Unlevered Free Cash Flow	-9.36M	18.81M	381K	62.73M	54.59M
Change In Net Working Capital	7.48M	-3.49M	36.49M	43.25M	82.97M
Net Debt Issued / Repaid	-	-24.5M	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-8.64	-6.92	-4.05	3.04	3.71
Return on Total Capital	-9.51	-7.75	-4.57	3.42	4.15
Return On Equity %	-18.33	-12.38	-3.96	8.48	19.77
Return on Common Equity	-18.33	-12.38	-3.96	8.48	19.77
Margin Analysis
Gross Profit Margin %	85.74	83.79	84.54	84.68	85.39
SG&A Margin	86.81	78.63	72.34	65.97	68.49
EBITDA Margin %	-16.55	-11.21	-5.99	5.31	7.12
EBITA Margin %	-17.07	-11.67	-6.45	4.49	5.59
EBIT Margin %	-17.07	-11.67	-6.45	4.49	5.59
Income From Continuing Operations Margin %	-18.01	-11	-3.39	6.67	15.95
Net Income Margin %	-18.01	-11	-3.39	6.67	15.95
Net Avail. For Common Margin %	-18.01	-11	-3.39	6.67	15.95
Normalized Net Income Margin	-11.24	-6.78	-1.99	4.55	4.5
Levered Free Cash Flow Margin	-4.48	4.35	0.06	7.81	5.98
Unlevered Free Cash Flow Margin	-4.01	4.61	0.06	7.81	5.99
Asset Turnover
Asset Turnover	0.81	0.95	1.01	1.08	1.06
Fixed Assets Turnover	16.96	20.12	14.4	10.17	8.42
Receivables Turnover (Average Receivables)	7.88	8.55	8.27	8.78	8.57
Inventory Turnover (Average Inventory)	2.59	4.54	4.22	2.16	1.18
Short Term Liquidity
Current Ratio	6.5	8.66	7.6	7.13	6.08
Quick Ratio	6.02	8.38	7.05	6.09	4.46
Operating Cash Flow to Current Liabilities	-0.49	0.19	0.32	1.47	1.22
Days Sales Outstanding (Average Receivables)	46.32	42.69	44.14	41.7	42.58
Days Outstanding Inventory (Average Inventory)	140.99	80.37	86.49	169.63	308.78
Average Days Payable Outstanding	81.95	115.66	101.1	83.84	69.22
Cash Conversion Cycle (Average Days)	105.36	7.41	29.53	127.5	282.14
Long Term Solvency
Total Debt/Equity	14.89	1.79	4.34	4.61	4.12
Total Debt / Total Capital	12.96	1.76	4.16	4.41	3.95
LT Debt/Equity	10.74	1.52	4.34	4.36	3.84
Long-Term Debt / Total Capital	9.35	1.49	4.16	4.16	3.69
Total Liabilities / Total Assets	22.38	12.19	15.41	14.68	13.9
EBIT / Interest Expense	-18.73	-28.38	-	1.64K	371.93
EBITDA / Interest Expense	-17.16	-25.55	-	2.19K	519.6
(EBITDA - Capex) / Interest Expense	-19.35	-30.97	-	406.77	238.58
Total Debt / EBITDA	-0.93	-0.21	-0.75	0.66	0.45
Net Debt / EBITDA	4.94	10.33	13.06	-8.61	-3.88
Total Debt / (EBITDA - Capex)	-0.83	-0.17	-0.44	3.55	0.98
Net Debt / (EBITDA - Capex)	4.38	8.52	7.64	-46.23	-8.45
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	102.28	74.75	53.19	28.49	13.6
Gross Profit, 1 Yr. Growth %	104.7	70.77	54.57	28.7	14.55
EBITDA, 1 Yr. Growth %	-30.23	18.38	-18.17	-213.92	52.26
EBITA, 1 Yr. Growth %	-29.1	19.43	-15.38	-189.6	41.21
EBIT, 1 Yr. Growth %	-29.1	19.43	-15.38	-189.6	41.21
Earnings From Cont. Operations, 1 Yr. Growth %	-26.5	6.75	-52.87	-352.96	171.77
Net Income, 1 Yr. Growth %	-26.5	6.75	-52.87	-352.96	171.77
Normalized Net Income, 1 Yr. Growth %	-26.61	5.48	-55.03	-393.65	12.39
Diluted EPS Before Extra, 1 Yr. Growth %	-29.71	3.68	-54.85	-342.42	179.43
Accounts Receivable, 1 Yr. Growth %	36.37	79.14	46.8	3.54	28.61
Inventory, 1 Yr. Growth %	103.22	-31.02	185.08	136.44	81.35
Net Property, Plant and Equip., 1 Yr. Growth %	47.58	47.08	159.65	52.02	27.47
Total Assets, 1 Yr. Growth %	4.94	91.43	19.82	19.44	12.24
Tangible Book Value, 1 Yr. Growth %	-0.3	116.55	15.42	20.47	13.26
Common Equity, 1 Yr. Growth %	-0.3	116.55	15.42	20.47	13.26
Cash From Operations, 1 Yr. Growth %	-62.07	-157.5	113.1	428.32	-10.19
Capital Expenditures, 1 Yr. Growth %	90.14	94.86	159.77	65.57	-1.6
Levered Free Cash Flow, 1 Yr. Growth %	-69.6	-266.14	-97.86	227K	-13.1
Unlevered Free Cash Flow, 1 Yr. Growth %	-71.87	-300.96	-97.98	227K	-12.98
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	68.66	88.01	63.62	40.3	20.82
Gross Profit, 2 Yr. CAGR %	71.04	86.97	62.47	41.04	21.42
EBITDA, 2 Yr. CAGR %	5.97	-9.12	-1.57	-3.45	31.7
EBITA, 2 Yr. CAGR %	6.86	-7.98	0.53	-12.93	12.48
EBIT, 2 Yr. CAGR %	6.86	-7.98	0.53	-12.93	12.48
Earnings From Cont. Operations, 2 Yr. CAGR %	12.46	-11.42	-29.07	9.19	162.2
Net Income, 2 Yr. CAGR %	12.46	-11.42	-29.07	9.19	162.2
Normalized Net Income, 2 Yr. CAGR %	12.43	-11.94	-31.13	14.91	81.67
Diluted EPS Before Extra, 2 Yr. CAGR %	5.08	-14.63	-31.58	4.58	160.27
Accounts Receivable, 2 Yr. CAGR %	61.34	56.3	62.17	23.29	15.4
Inventory, 2 Yr. CAGR %	71.86	18.4	40.23	159.63	107.07
Net Property, Plant and Equip., 2 Yr. CAGR %	103.54	47.33	95.42	98.67	39.2
Total Assets, 2 Yr. CAGR %	27.59	41.74	51.45	19.63	15.78
Tangible Book Value, 2 Yr. CAGR %	27.98	46.93	58.1	17.92	16.81
Common Equity, 2 Yr. CAGR %	27.98	46.93	58.1	17.92	16.81
Cash From Operations, 2 Yr. CAGR %	-21.74	-53.3	10.7	235.53	117.83
Capital Expenditures, 2 Yr. CAGR %	30.55	92.49	124.99	107.39	27.64
Levered Free Cash Flow, 2 Yr. CAGR %	-33.9	-28.36	-81.13	89.68	4.34K
Unlevered Free Cash Flow, 2 Yr. CAGR %	-36.01	-24.82	-79.83	84.24	4.35K
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	66.47	70.66	75.6	50.95	30.77
Gross Profit, 3 Yr. CAGR %	70.27	70.95	75.48	50.33	31.59
EBITDA, 3 Yr. CAGR %	24.57	9.96	-12.24	3.34	12.38
EBITA, 3 Yr. CAGR %	25.05	10.9	-10.52	-3.26	2.3
EBIT, 3 Yr. CAGR %	25.05	10.9	-10.52	-3.26	2.3
Earnings From Cont. Operations, 3 Yr. CAGR %	24.42	10.52	-28.22	8.37	47.98
Net Income, 3 Yr. CAGR %	24.42	10.52	-28.22	8.37	47.98
Normalized Net Income, 3 Yr. CAGR %	24.35	10.06	-29.62	11.68	14.06
Diluted EPS Before Extra, 3 Yr. CAGR %	0.99	4.61	-30.96	4.31	45.12
Accounts Receivable, 3 Yr. CAGR %	72.43	67.06	53.07	39.64	25.04
Inventory, 3 Yr. CAGR %	86.25	26.77	58.69	66.91	130.36
Net Property, Plant and Equip., 3 Yr. CAGR %	173.49	82.65	77.96	79.73	71.36
Total Assets, 3 Yr. CAGR %	13.83	46.07	34.02	39.92	17.11
Tangible Book Value, 3 Yr. CAGR %	11.78	52.51	35.57	44.4	16.35
Common Equity, 3 Yr. CAGR %	11.78	52.51	35.57	44.4	16.35
Cash From Operations, 3 Yr. CAGR %	2.48	-29.38	-22.54	86.37	116.24
Capital Expenditures, 3 Yr. CAGR %	165.3	49.19	112.71	103.13	61.76
Levered Free Cash Flow, 3 Yr. CAGR %	-4.2	-9.44	-77.76	80.37	46.22
Unlevered Free Cash Flow, 3 Yr. CAGR %	-3.41	-6.29	-77.47	88.55	43.48
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	70.02	70.19	65.32	57.8	51.21
Gross Profit, 5 Yr. CAGR %	74.07	72.23	67.11	58.29	51.44
EBITDA, 5 Yr. CAGR %	17.64	23.81	13.37	4.38	3.23
EBITA, 5 Yr. CAGR %	18.23	24.36	14.6	0.67	-1.94
EBIT, 5 Yr. CAGR %	18.23	24.36	14.6	0.67	-1.94
Earnings From Cont. Operations, 5 Yr. CAGR %	17.81	20.71	-0.63	9.99	20.52
Net Income, 5 Yr. CAGR %	17.81	20.71	-0.63	9.99	20.52
Normalized Net Income, 5 Yr. CAGR %	17.77	20.38	-1.83	11.98	2.85
Diluted EPS Before Extra, 5 Yr. CAGR %	-38.05	-35.99	-13.57	4.62	17.39
Accounts Receivable, 5 Yr. CAGR %	74.86	73.83	68.25	47.95	36.71
Inventory, 5 Yr. CAGR %	38.72	26.5	66.26	68.87	76.51
Net Property, Plant and Equip., 5 Yr. CAGR %	80.05	89.25	139.08	88.9	61.31
Total Assets, 5 Yr. CAGR %	86.39	86.42	27.6	34.85	26.4
Tangible Book Value, 5 Yr. CAGR %	17.85	33.32	28.41	37.6	27.73
Common Equity, 5 Yr. CAGR %	17.85	33.32	28.41	37.6	27.73
Cash From Operations, 5 Yr. CAGR %	2.31	-6.03	5.69	31.72	17.14
Capital Expenditures, 5 Yr. CAGR %	72.46	85.69	148.37	70.2	73.41
Levered Free Cash Flow, 5 Yr. CAGR %	-	12.42	-49.75	21.27	9.52
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	15.6	-48.38	22.38	10.41