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Dec 31, 2025
Inspire Q4 2025 Earnings Report
Inspire Medical Systems reported strong fourth quarter 2025 results with double-digit revenue growth and significant profitability expansion.
Key Takeaways
In Q4 2025, Inspire generated revenue of 269077000 with net income of 136090000 and diluted EPS of 4.66. Gross margin expanded to 86.6% and adjusted EBITDA reached 79299000, representing a 29.5% margin, while operating cash flow totaled 52500000.
Revenue increased 12% year over year to 269077000.
Net income was 136090000 with diluted EPS of 4.66.
Gross margin improved to 86.6%.
Adjusted EBITDA rose to 79299000 with a 29.5% margin and operating cash flow was 52500000.
Revenue by Geographic Location
Forward Guidance
For full year 2026, Inspire expects revenue between 950000000 and 1000000000, adjusted operating margin of 6% to 8%, net income per diluted share of 1.23 to 1.81 and adjusted net income per diluted share of 1.85 to 2.35.
Positive Outlook
- Revenue outlook of 950000000 to 1000000000 for 2026.
- Expected adjusted operating margin of 6% to 8%.
- Adjusted EPS guidance of 1.85 to 2.35.
- Continued growth driven by Inspire V launch.
- Capital expenditures expected between 45000000 and 50000000.
Challenges Ahead
- Revenue outlook reflects coding uncertainty impact.
- Expected effective tax rate of approximately 44% to 49%.
- Adjusted effective tax rate expected between 26% and 28%.
- Potential physician reimbursement pressure from CPT code transition.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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