0001609550-26-000016
SEC filingInspire Medical Systems, Inc. (INSP) reported strong FY 2025 results with revenue of $912.0M, reflecting robust demand for its medical device solutions. Gross profit reached $778.8M, driven by a low cost of goods sold at $133.2M, yielding an implied gross margin of approximately 85.4%. Operating expenses totaled $727.8M, including $103.2M in R&D and $624.6M in SG&A, resulting in operating income of $51.0M—a significant profitability milestone. Total other income of $14.7M, bolstered by $17.5M interest income, contributed to pre-tax income of $65.7M. A substantial income tax benefit of -$79.7M propelled net income to $145.4M, or $5 per basic and diluted share. Balance sheet strength is evident with $907.3M total assets, including $583.7M current assets and $104.8M cash equivalents, against $126.2M liabilities, yielding $781.2M stockholders' equity. Operating cash flow of $117.0M supported investments, though $175.0M share repurchases drove a $183.4M financing outflow, reducing cash by $45.3M to $441.6M end-of-year (noting XBRL variance). This performance underscores operational efficiency and positions INSP for sustained growth in the medical technology sector.
Inspire Medical Systems, Inc. delivered impressive FY 2025 results ending December 31, 2025. Revenue totaled $912.0M, with cost of goods sold at $133.2M yielding gross profit of $778.8M. Operating expenses reached $727.8M, comprising $103.2M research and development and $624.6M selling, general, and administrative expenses, resulting in operating income of $51.0M. Other income netted $14.7M, including $17.5M interest and dividend income offset by $137K interest expense and -$2.7M other expense. Pre-tax income was $65.7M, boosted by a -$79.7M income tax benefit to net income of $145.4M. Earnings per share stood at $5 basic (29.4M weighted shares) and $5 diluted (29.8M shares). Total comprehensive income was $145.3M. Balance sheet shows total assets of $907.3M and equity of $781.2M. No prior year figures disclosed for direct YoY comparison.
Revenue for FY 2025 was $912.0M. No segment breakdown, geographic mix, or specific growth drivers disclosed in the provided filing data. Gross profit of $778.8M from $133.2M COGS indicates strong pricing power and cost control in core medical device operations. Accounts receivable netted $119.7M (allowance $1,080K), supporting revenue recognition.
Gross margin calculated at 85.4% ($778.8M / $912.0M), reflecting efficient manufacturing and high-value products. Operating margin of 5.6% ($51.0M / $912.0M) achieved despite elevated SG&A at 68.5% of revenue. R&D at 11.3% supports innovation. Net margin effectively over 15.9% due to tax benefit. Stock-based compensation of $130.3M in cash flow adjustments highlights non-cash expense impact on profitability.
Net cash from operating activities was $117.0M, driven by $145.4M net income, $130.3M stock compensation, -$88.7M deferred taxes, and working capital changes including $26.2M accounts receivable improvement and $65.2M inventories increase. Investing activities provided $21.4M net (investments turnover $310.4M proceeds vs. $240.3M purchases; $38.5M capex). Financing used $183.4M, primarily $175.0M share repurchases. Cash decreased $45.3M; end balance $441.6M (XBRL note: current assets show $104.8M). Total assets $907.3M include $583.7M current, $299.8M investments. Liabilities low at $126.2M; no debt noted beyond minor interest expense.
No management guidance, strategic priorities, or specific risk factors explicitly disclosed in the provided filing excerpt. Commitments noted in Note 11; common shares outstanding reduced to 28,579,015 from prior 29,740,176, aligning with repurchase activity.