Inspire Medical Systems
(NYSE: INSP)
is fully launching its next-gen system in the U.S. this month.
The news of the Inspire V launch, which came after the markets closed yesterday, came with a Street-beating first-quarter earnings report. However, by afternoon trading today, INSP stock was down more than 2% to $155.41 apiece, while the S&P 500 was down slightly.
[Top Inspire engineers will discuss the company’s innovations at DeviceTalks Minnesota, June 11, 2025. Register here.]
Inspire Medical announced FDA approval of Inspire V in August 2024. According to Richard Newitter and his colleagues at Truist, the launch comes one to two quarters later than expected. The Truist analysts have a Buy rating on INSP shares, describing the company as a second-half 2025 story if it succeeds in a smooth Inspire V launch.
The new system has only one lead, versus two for previous models. “The significantly faster [Inspire V] procedure time seems to be resonating with physicians who are ‘excited’ about not having to deal with implanting a pressure-sensing lead,” said Newitter and his colleagues.
Inspire Medical earned $3.0 million, or 10¢ per share, for the quarter that ended March 31, 2025, versus a loss of $10.0 million, or 34¢ per share, in Q1 2024. Revenue was up 23%, to $201.3 million.
Analysts had expected EPS of –23¢ and $194.93 million in revenue.
“We are very proud of our performance in the first quarter, which included strong revenue growth and continued progress on profitability. We achieved a tremendous milestone with over 100,000 patients receiving Inspire therapy, and we are still just getting started in growing awareness and adoption,” Inspire Medical CEO Tim Herbert said in a news release.
Inspire Medical is maintaining its full-year 2025 revenue guidance of between $940 and $955 million, representing 17–19% growth over 2024. It increased its EPS guidance for the year to $2.20–2.30 from $2.10–2.20.
