Inspire Medical Systems Inc Stock Research

Market Summary

USD253.71+11.65

Market Closed

4.81%

INSP Alerts

4 major insider sales recently.
Big jump in Revenue (Y/Y)
Big jump in Earnings (Y/Y)

INSP Stock Price

INSP RSI Chart

INSP Valuation

Market Cap

7.4B

Price/Earnings (Trailing)

-163.98

Price/Sales (Trailing)

18.04

EV/EBITDA

-169.84

Price/Free Cashflow

3.0K

INSP Price/Sales (Trailing)

INSP Profitability

EBT Margin

-10.85%

Return on Equity

-9.05%

Return on Assets

-7.95%

Free Cashflow Yield

0.03%

INSP Fundamentals

INSP Revenue

Revenue (TTM)

407.9M

Revenue Y/Y

75.9%

Revenue Q/Q

26.3%

INSP Earnings

Earnings (TTM)

-44.9M

Earnings Y/Y

231.74%

Earnings Q/Q

118.7%

Price Action

52 Week Range

142.74282.31

(Low)(High)

Last 7 days

-4.5%

Last 30 days

-10.7%

Last 90 days

-5.3%

Trailing 12 Months

16.7%

INSP Financial Health

Current Ratio

8.66

INSP Investor Care

Shares Dilution (1Y)

5.81%

Diluted EPS (TTM)

-1.6

Peers (Alternatives to Inspire Medical Systems)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
SYK	104.1B	18.4B	2.26%	8.00%	44.16	5.64	7.84%	18.25%
ISRG	84.2B	6.2B	-4.47%	-13.27%	63.66	13.53	8.97%	-22.43%
BSX	69.1B	12.7B	0.59%	12.45%	99.06	5.45	6.68%	-32.95%
BDX	67.4B	19.0B	-5.16%	-6.78%	41.86	3.55	-0.43%	-8.78%
EW	49.8B	5.4B	2.41%	-25.12%	32.74	9.26	2.86%	1.25%
MID-CAP
PEN	10.2B	847.1M	-3.64%	34.52%	-5.1K	12.05	13.32%	-137.89%
INSP	7.4B	407.9M	-10.70%	16.71%	-163.98	18.04	74.75%	-6.75%
GMED	5.2B	1.0B	-11.64%	-20.31%	30.19	5.09	6.76%	24.45%
IRTC	3.5B	410.9M	4.51%	-3.13%	-29.82	8.43	27.29%	-14.60%
OMCL	2.5B	1.3B	1.97%	-58.05%	451.35	1.97	14.48%	-92.74%
SMALL-CAP
SDGR	1.7B	181.0M	12.30%	-10.66%	-11.1	9.15	31.19%	-48.60%
AVNS	1.3B	820.0M	-8.35%	-12.22%	25.89	1.59	10.13%	701.59%
ICAD	33.3M	29.3M	-34.48%	-66.75%	-2.27	1.14	-19.35%	-69.01%
HTGM	2.7M	6.8M	-26.89%	55.78%	-0.12	0.4	-21.00%	-36.01%

Financials for Inspire Medical Systems

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	17.1%	407,856,000	348,354,000	300,851,000	262,424,000	233,394,000
Gross Profit	16.5%	341,741,000	293,235,000	256,894,000	225,122,000	200,115,000
Operating Expenses	13.7%	389,333,000	342,313,000	298,574,000	265,339,000	239,965,000
S&GA Expenses	12.7%	320,688,000	284,622,000	252,262,000	224,273,000	202,615,000
R&D Expenses	19.0%	68,645,000	57,691,000	46,312,000	41,066,000	37,350,000
EBITDA	11.6%	-40,733,000	-46,066,000	-40,105,000	-38,939,000	-
EBITDA Margin	24.5%	-0.10	-0.13	-0.13	-0.15	-
Earnings Before Taxes	11.3%	-44,268,000	-49,914,000	-43,657,000	-42,371,000	-41,970,000
EBT Margin	24.3%	-0.11	-0.14	-0.15	-0.16	-
Interest Expenses	-24.3%	1,677,000	2,215,000	2,096,000	2,132,000	2,128,000
Net Income	11.0%	-44,881,000	-50,422,000	-43,922,000	-42,520,000	-42,042,000
Net Income Margin	24.0%	-0.11	-0.14	-0.15	-0.16	-
Free Cahsflow	118.1%	2,473,000	-13,645,000	-22,624,000	-27,028,000	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	7.1%	565	528	292	290	295
Current Assets	7.0%	530	496	263	262	269
Cash Equivalents	5.7%	442	418	187	203	214
Inventory	-21.5%	12.00	15.00	22.00	22.00	17.00
Net PPE	22.0%	17.00	14.00	11.00	9.00	8.00
Liabilities	20.1%	69.00	57.00	65.00	65.00	66.00
Current Liabilities	24.1%	61.00	49.00	47.00	43.00	41.00
Shareholder's Equity	5.5%	496	470	227	225	229
Retained Earnings	1.0%	-324	-327	-310	-296	-279
Additional Paid-In Capital	2.8%	820	798	538	521	508
Shares Outstanding	0.7%	29.00	29.00	28.00	28.00	27.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	266.1%	12.00	-6.97	-18.31	-22.47	-20.12
Share Based Compensation	18.1%	52.00	44.00	36.00	30.00	26.00
Cashflow From Investing	-14.1%	-19.60	-17.18	17.00	29.00	29.00
Cashflow From Financing	1.4%	235	232	12.00	14.00	15.00

Risks for INSP

What is the probability of a big loss on INSP?

88.3%

Probability that Inspire Medical Systems stock will be more than 20% underwater in next one year

70.8%

Probability that Inspire Medical Systems stock will be more than 30% underwater in next one year.

29.6%

Probability that Inspire Medical Systems stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does INSP drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Inspire Medical Systems was unfortunately bought at previous high price.

Drawdowns

Returns for INSP

Cumulative Returns on INSP

54.8%

3-Year Cumulative Returns

Which funds bought or sold INSP recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-12.18	67,312	343,312	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-33.45	-2,771,990	47,631,000	0.05%
2023-03-10	BAILLIE GIFFORD & CO	unchanged	-	11,805	40,805	-%
2023-03-06	Rockefeller Capital Management L.P.	added	18.52	91,000	225,000	-%
2023-02-28	Voya Investment Management LLC	added	413	21,095,500	24,450,500	0.04%
2023-02-24	NATIXIS	added	54.00	2,196,350	4,166,350	0.02%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	new	-	602,000	602,000	0.01%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	added	375	12,358	14,358	-%
2023-02-21	MACQUARIE GROUP LTD	reduced	-24.66	17,372,000	267,162,000	0.32%
2023-02-17	TRUIST FINANCIAL CORP	reduced	-20.29	301,312	2,587,310	-%

Latest Funds Activity

Are funds buying INSP calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own INSP

No. of Funds

Inspire Medical Systems News

Schedule 13G FIlings of Inspire Medical Systems

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	10.31%	2,978,391	SC 13G/A
Jan 31, 2023	blackrock inc.	7.4%	2,135,708	SC 13G/A
Nov 10, 2022	vanguard group inc	10.04%	2,899,902	SC 13G/A
Feb 03, 2022	blackrock inc.	6.7%	1,846,227	SC 13G/A
Jan 10, 2022	fmr llc	-	0	SC 13G/A
Feb 12, 2021	orbimed advisors llc	0.00%	0	SC 13G/A
Feb 10, 2021	vanguard group inc	8.92%	2,401,971	SC 13G
Feb 08, 2021	fmr llc	-	0	SC 13G/A
Feb 02, 2021	blackrock inc.	7.4%	1,993,714	SC 13G

INSP Fair Value

Inspire Medical Systems fair value in different scenarios

The table shows the Fair Value estimates for Inspire Medical Systems for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	8.17 -96.78%	12.73 -94.98%	30.42 -88.01%	60.76 -76.05%	121.35 -52.17%
Current Inflation	7.83 -96.91%	11.86 -95.33%	27.20 -89.28%	53.06 -79.09%	104.43 -58.84%
Very High Inflation	7.40 -97.08%	10.81 -95.74%	23.40 -90.78%	44.12 -82.61%	85.00 -66.50%

Historical Inspire Medical Systems Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Inspire Medical Systems

View All Filings

Date Filed	Form Type	Document
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4/A	Insider Trading
Mar 13, 2023	4/A	Insider Trading
Mar 10, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 21, 2023	4	Insider Trading
Feb 14, 2023	4	Insider Trading
Feb 14, 2023	4	Insider Trading
Feb 14, 2023	4	Insider Trading

Latest Insider Trading transactions for INSP

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-08	Rondoni John	acquired	9,081	2.07	4,387	chief technology officer
2023-03-01	Ban Randy	sold	-83,531,100	8,353	-10,000	chief commercial officer
2023-03-01	Ban Randy	acquired	9,400	0.94	10,000	chief commercial officer
2023-02-27	Jandrich Steven	gifted	-	-	128	vp, human resources
2023-02-27	Jandrich Steven	gifted	-	-	-128	vp, human resources
2023-02-24	Jandrich Steven	gifted	-	-	-256	vp, human resources
2023-02-24	Jandrich Steven	gifted	-	-	128	vp, human resources
2023-02-16	Ebeling Philip	sold	-1,925,000	275	-7,000	chief operating officer
2023-02-16	Ebeling Philip	acquired	1,363,740	194	7,000	chief operating officer
2023-02-15	Herbert Timothy P.	sold	-3,223,620	275	-11,715	ceo and president

About Inspire Medical Systems

Timothy P. Herbert

www.inspiresleep.com

480

Inspire 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.

INSP Income Statement

2022-09-30

Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 109,188	$ 61,685	$ 269,956	$ 154,996
Cost of goods sold	19,786	8,624	43,963	22,123
Gross profit	89,402	53,061	225,993	132,873
Operating expenses:
Research and development	20,993	9,614	47,397	27,056
Selling, general and administrative	85,603	53,243	225,853	143,846
Total operating expenses	106,596	62,857	273,250	170,902
Operating loss	(17,194)	(9,796)	(47,257)	(38,029)
Other expense (income):
Interest and dividend income	(1,350)	(22)	(1,681)	(110)
Interest expense	656	537	1,677	1,590
Other expense, net	101	33	290	90
Total other (income) expense	(593)	548	286	1,570
Loss before income taxes	(16,601)	(10,344)	(47,543)	(39,599)
Income taxes	246	3	488	52
Net loss	(16,847)	(10,347)	(48,031)	(39,651)
Other comprehensive loss:
Foreign currency translation loss	(148)	0	(106)	0
Unrealized (loss) gain on investments	(14)	3	(202)	(38)
Total comprehensive loss	$ (17,009)	$ (10,344)	$ (48,339)	$ (39,689)
Net loss per share, basic (in dollars per share)	$ (0.60)	$ (0.38)	$ (1.73)	$ (1.46)
Net loss per share, diluted (in dollars per share)	$ (0.60)	$ (0.38)	$ (1.73)	$ (1.46)
Weighted average common shares used to compute net loss per share, basic (in shares)	28,226,345	27,300,377	27,782,093	27,225,499
Weighted average common shares used to compute net loss per share, diluted (in shares)	28,226,345	27,300,377	27,782,093	27,225,499

INSP Balance Sheet

2022-09-30

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 417,808	$ 214,467
Investments, short-term	9,741	0
Accounts receivable, net of allowance for credit losses of $34 and $99, respectively	48,498	34,179
Inventories	15,146	17,231
Prepaid expenses and other current assets	4,351	2,660
Total current assets	495,544	268,537
Investments, long-term	0	9,938
Property and equipment, net	14,134	8,486
Operating lease right-of-use assets	7,141	7,919
Other non-current assets	10,704	204
Total assets	527,523	295,084
Current liabilities:
Accounts payable	20,305	11,665
Accrued expenses	28,986	20,454
Notes payable, current portion	0	9,188
Total current liabilities	49,291	41,307
Notes payable, non-current portion	0	15,799
Operating lease liabilities, non-current portion	7,882	8,796
Other non-current liabilities	146	134
Total liabilities	57,319	66,036
Stockholders' equity:
Preferred Stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common Stock, $0.001 par value per share; 200,000,000 shares authorized; 28,820,680 and 27,416,106 issued and outstanding at September 30, 2022 and December 31, 2021, respectively	29	27
Additional paid-in capital	797,958	508,465
Accumulated other comprehensive loss	(363)	(55)
Accumulated deficit	(327,420)	(279,389)
Total stockholders' equity	470,204	229,048
Total liabilities and stockholders' equity	$ 527,523	$ 295,084