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INSP 8-K filings, explained
Every material Form 8-K Inspire Medical Systems has filed with the SEC since August 06, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Inspire Medical Systems reported third-quarter 2026 revenue of $206.7 million, down 7.9% from a year earlier, and a net loss of $24.4 million, or $(0.84) per diluted share, versus earnings of $0.34 per share in the prior-year quarter. The company narrowed its full-year 2026 revenue outlook to $850 million to $860 million and set a GAAP diluted EPS range of $(0.36) to $(0.10), with the loss driven partly by $24.1 million of restructuring charges and $7.0 million of legal settlement expense.
Q3 2026 revenue of $206.7 million, down from $224.5 million; the company cites U.S. revenue declines tied to coding and reimbursement challenges.
Diluted EPS of $(0.84) versus $0.34 a year earlier; adjusted diluted EPS of $0.14 versus $0.37.
Full-year 2026 revenue outlook narrowed to $850 million to $860 million from $835 million to $875 million; adjusted diluted EPS outlook of $1.20 to $1.40.
Operating cash flow of $46.4 million, compared with $68.5 million in the prior-year quarter.
Inspire Medical Systems reported second-quarter 2026 revenue of $200.6 million, down 7.6% from $217.1 million a year earlier, mainly due to a U.S. decline tied to evolving coding and reimbursement, partly offset by International growth. The company swung to a diluted profit of $0.01 per share from a loss of $(0.12), and raised its full-year 2026 revenue outlook to $835 million to $875 million, while announcing Project Horizon, a restructuring plan with $20 million to $25 million of pre-tax charges, mostly non-cash.
Q2 2026 revenue of $200.6 million versus $217.1 million in Q2 2025; U.S. revenue declined while International revenue grew.
Diluted EPS of $0.01 versus $(0.12) a year earlier; adjusted diluted EPS of $0.14 versus $0.34.
Full-year 2026 revenue outlook raised to $835 million to $875 million; adjusted operating margin expected at 4% to 6%.
Project Horizon restructuring: $20 million to $25 million of pre-tax charges, with about $30 million of annualized growth investment capacity; most actions expected in Q3 and substantially complete by end of 2026.
Inspire Medical Systems appointed Michael H. Carrel to its Board of Directors effective immediately on July 20, 2026, as a Class III director with a term expiring at the 2027 Annual Meeting. Mr. Carrel is president, chief executive officer and a director of AtriCure, Inc., and he was also named to the Organization and Compensation Committee and the Quality, Product Supply and Technology Committee.
Board appointment effective immediately, made July 20, 2026, on the recommendation of the Nominating and Corporate Governance Committee
Mr. Carrel has been CEO of AtriCure, Inc. (NASDAQ: ATRC) since November 2012
Director compensation includes a $55,000 annual cash retainer, a $300,000 initial restricted stock unit award vesting over three years, and a $200,000 annual restricted stock unit award
Committee retainers of $7,500 each apply for the Organization and Compensation Committee and the Quality, Product Supply and Technology Committee
Inspire Medical Systems said director Casey Tansey, a board member for more than eighteen years, will retire from the board effective July 30, 2026, and will not stand for re-election at the 2027 Annual Meeting. The company said the decision was not the result of any disagreement with the company or any matter relating to its operations, policies or practices, and it expects to name a replacement director in the near future.
Casey Tansey's retirement from the board and its committees is effective July 30, 2026.
Tansey led the Series A financing in November 2007 for U.S. Venture Partners and has served on the board since then.
The company said it expects to announce a new director to replace Tansey in the near future.
At its April 30, 2026 annual meeting, Inspire Medical Systems stockholders approved phasing out the classified board, with all directors elected annually starting in 2029, and approved an amended 2018 Incentive Award Plan that adds 2,600,000 shares and removes the evergreen share increase. The equity plan passed with 14,330,536 votes for and 8,796,686 against, so shareholders should note the sizable opposition alongside the approval.
Declassification amendment approved: 23,121,710 votes for and 11,103 against, with all directors elected annually beginning with the 2029 annual meeting
Amended 2018 Incentive Award Plan authorizes 9,903,857 shares, including an increase of 2,600,000 shares, and runs through March 6, 2036
Plan approval: 14,330,536 votes for and 8,796,686 against; about 88% of common stock outstanding as of the March 2, 2026 record date was represented
Gary L. Ellis received 5,883,344 votes withheld, the largest withhold count among the three director nominees, all of whom were elected
Inspire Medical Systems reported first-quarter 2026 revenue of $204.6 million, up 1.6% from a year earlier, but posted a net loss of $11.3 million, or $(0.39) per diluted share, compared with earnings of $0.10 per diluted share a year earlier. The company lowered its full-year 2026 revenue outlook to $825 million-$875 million, a decline of 4% to 10% from 2025, and said it expects coding and reimbursement uncertainty for Inspire V to persist through the rest of 2026.
Q1 2026 revenue rose 1.6% to $204.6 million; GAAP diluted EPS was $(0.39) versus $0.10 a year earlier.
Adjusted diluted EPS was $0.10; the company reported a $11.3 million net loss, which includes a $13.1 million tax impact of stock-based compensation.
2026 revenue guidance revised to $825 million-$875 million; diluted EPS guidance of $0.07-$0.62 and adjusted diluted EPS guidance of $0.75-$1.25.
Management expects to return to revenue growth in 2027; the earnings call is set for 5:00 p.m. Eastern Time on May 4, 2026.
Inspire Medical Systems reported fourth-quarter 2025 revenue up 12% to $269.1 million and full-year revenue up 14% to $912.0 million. The company revised its 2026 revenue outlook to $950 million to $1.0 billion after a clarified billing code change for its Inspire V procedure, and it plans a shareholder vote in 2026 to declassify its board.
Q4 2025 revenue rose 12% to $269.1 million; full-year 2025 revenue rose 14% to $912.0 million.
Q4 2025 GAAP net income was $136.1 million, or $4.66 per diluted share, including an $85.8 million income tax benefit; adjusted EPS was $1.65.
2026 revenue outlook is $950 million to $1.0 billion, or 4% to 10% growth; GAAP EPS outlook is $1.23 to $1.81.
The company said the Inspire V procedure will transition to CPT code 64582 with a -52 modifier; the 2026 annual meeting will consider declassifying the board.
Inspire Medical Systems reported preliminary, unaudited revenue for the fourth quarter and full year 2025, with full-year revenue up about 14% from 2024, and gave initial 2026 revenue guidance of $1,003 million to $1,013 million, a 10% to 11% increase. The company said final results may differ and the audit is not complete. It also named Matthew Osberg as Chief Financial Officer, starting January 19, 2026, succeeding interim CFO Richard Buchholz.
Q4 2025 revenue preliminarily estimated at $268.9 million to $269.1 million, about 12% higher than Q4 2024
Full-year 2025 revenue preliminarily estimated at $911.8 million to $912.0 million, about 14% higher than 2024
2026 revenue guidance of $1,003 million to $1,013 million, reaffirmed from the outlook given on the third-quarter 2025 call; excludes any increase from reimbursement
Matthew Osberg's start date is January 19, 2026; his CFO appointment is effective after the 2025 Form 10-K is filed, with a $650,000 base salary and a $600,000 sign-on bonus
Inspire Medical Systems reported third-quarter 2025 revenue of $224.5 million, up 10%, but net income fell to $9.9 million from $18.5 million, and diluted EPS was $0.34 versus $0.60 a year earlier. The company raised its full-year 2025 diluted EPS guidance to $0.90 to $1.00 from $0.40 to $0.50 while maintaining full-year revenue guidance of $900 million to $910 million.
Q3 revenue was $224.5 million, up 10% from $203.2 million; U.S. revenue was $214.4 million, up 9%.
Net income was $9.9 million versus $18.5 million, and diluted EPS was $0.34 versus $0.60 a year earlier.
Full-year 2025 diluted EPS guidance raised to $0.90 to $1.00 from $0.40 to $0.50; revenue guidance maintained at $900 million to $910 million.
Operating expenses rose 17% to $183.1 million, and cash, cash equivalents and investments were $410.9 million at September 30, 2025.
Inspire Medical Systems said Chief Financial Officer Richard Buchholz will step down to pursue other professional opportunities, effective December 31, 2025 or the day before a permanent successor starts, whichever is earlier. The company said his decision was not due to any disagreement over operations, policies, or accounting and financial reporting, and it has begun a search for a new CFO. The company also reaffirmed its full-year 2025 guidance.
Buchholz will remain principal financial and accounting officer until his resignation takes effect, then serve in a financial advisory role through February 28, 2026
Transition terms include a cash payment equal to nine months of his 2025 base salary and up to nine months of COBRA coverage
Full-year 2025 guidance reaffirmed: revenue of $900 million to $910 million, gross margin of 84% to 86%, and diluted net income per share of $0.40 to $0.50
Inspire Medical Systems reported second-quarter 2025 revenue of $217.1 million, up 11%, but posted a GAAP net loss of $3.6 million and cut its full-year 2025 revenue and diluted EPS guidance. Management said the U.S. launch of Inspire V is progressing slower than expected and the timeline for the full transition has been pushed out, which will affect results for the year. The filing also discloses that Executive Vice President Randall A. Ban will retire on January 30, 2026.
Q2 2025 revenue was $217.1 million, up from $195.9 million; GAAP net loss was $3.6 million, or $0.12 per share, versus net income of $9.8 million a year earlier.
2025 revenue guidance lowered to $900 million to $910 million from $940 million to $955 million; diluted EPS guidance lowered to $0.40 to $0.50 from $2.20 to $2.30.
Gross margin was 84.0% versus 84.8% a year earlier, including a $2.1 million charge for excess Inspire IV components inventory.
EVP Randall A. Ban notified the company on July 31, 2025 of his intent to retire on January 30, 2026.
Inspire Medical Systems reported first quarter 2025 revenue of $201.3 million, up 23% from a year earlier, and diluted earnings of $0.10 per share compared with a loss of $0.34 per share in the prior-year quarter. The company maintained its full year 2025 revenue guidance of $940 million to $955 million and raised its diluted EPS guidance to $2.20 to $2.30 from $2.10 to $2.20.
Q1 2025 revenue was $201.3 million, up 23% from $164.0 million; U.S. revenue rose 24% to $193.6 million, while revenue outside the U.S. fell 6% to $7.7 million
Q1 2025 net income was $3.0 million, compared with a net loss of $10.0 million a year earlier; operating loss narrowed to $1.5 million from $15.2 million
Full year 2025 revenue guidance of $940 million to $955 million was maintained; diluted EPS guidance was raised to $2.20 to $2.30
Cash, cash equivalents and investments were $414.0 million at March 31, 2025, versus $516.5 million at December 31, 2024
Inspire Medical Systems reported fourth-quarter 2024 revenue of $239.7 million, up 25% from a year earlier, and diluted earnings per share of $1.15 versus $0.49. It also reaffirmed 2025 revenue guidance of $940 million to $955 million and introduced 2025 diluted EPS guidance of $2.10 to $2.20, which gives shareholders a profit target for the year.
Q4 2024 net income was $35.2 million, with diluted EPS of $1.15 versus $0.49 a year earlier
Full-year 2024 revenue was $802.8 million, up 28%, with net income of $53.5 million and diluted EPS of $1.75
2025 revenue guidance of $940 million to $955 million was reaffirmed; diluted EPS guidance of $2.10 to $2.20 was introduced
Q4 2024 gross margin was 85.0%, compared with 85.4% a year earlier
Inspire Medical Systems reported preliminary, unaudited fourth-quarter 2024 revenue of $239.5 million to $239.7 million, about 25% higher than a year earlier, and full-year 2024 revenue of $802.6 million to $802.8 million, up about 28%. The company also gave initial 2025 revenue guidance of $940 million to $955 million, a 17% to 19% increase, and announced leadership changes, including a new Chief Manufacturing and Quality Officer. The figures are estimates that may change before the full 2024 results are reported in the Form 10-K.
Preliminary Q4 2024 revenue of $239.5 million to $239.7 million, up about 25% year over year
Preliminary full-year 2024 revenue of $802.6 million to $802.8 million, up about 28%
Initial 2025 revenue guidance of $940 million to $955 million, a 17% to 19% increase
Jason Kelly named Chief Manufacturing and Quality Officer effective January 20, 2025; Chief Medical Officer Charisse Sparks left the company at the beginning of 2025
Inspire Medical Systems reported third-quarter 2024 revenue of $203.2 million, up 33% from $153.3 million a year earlier, and diluted earnings per share of $0.60 compared with a loss of $0.29 per share in the prior-year quarter. The company raised its full-year 2024 revenue guidance to $793 million to $798 million from $788 million to $798 million, and raised its full-year diluted EPS guidance to $1.20 to $1.40 from $0.60 to $0.80.
Q3 2024 revenue $203.2 million, up 33% year over year; U.S. revenue $195.8 million
Q3 2024 net income $18.5 million; diluted EPS $0.60 versus a diluted net loss of $0.29 per share in Q3 2023
Full-year 2024 revenue guidance raised to $793 million to $798 million; EPS guidance raised to $1.20 to $1.40
Full-year 2024 gross margin guidance maintained at 83% to 85%
Inspire Medical Systems reported second-quarter 2024 revenue of $195.9 million, up 30% from a year earlier, and net income of $9.8 million, compared with a net loss of $12.0 million a year earlier. The company raised its full-year 2024 revenue and diluted EPS guidance and authorized its first share repurchase program, of up to $150.0 million.
Q2 2024 revenue $195.9 million, up 30% from $151.1 million; diluted EPS $0.32 vs. a $0.41 loss a year earlier
Full-year 2024 revenue guidance raised to $788 million-$798 million from $783 million-$793 million
Full-year 2024 diluted EPS guidance raised to $0.60-$0.80 from $0.10-$0.20, excluding any share repurchases
Board authorized repurchase of up to $150.0 million of common stock, the first in company history
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