Q4 2025 Inspire Medical Systems Inc Earnings Call Transcript
Key Points
- Inspire Medical Systems Inc (INSP) reported a 12% increase in fourth-quarter revenue to $269 million and a 14% increase in full-year revenue to $912 million, driven by growth at existing centers and new center additions.
- The company achieved positive operating income and earnings in the fourth quarter, demonstrating strong revenue performance and cost discipline.
- Inspire V system has shown superiority over Inspire IV, with a 79.5% responder rate in the Singapore study, compared to 66% in the STAR Phase III pivotal trial.
- The company has completed physician training and contracting for over 95% of its centers, with SleepSync onboarding complete for over 90%, facilitating the adoption of Inspire V.
- Inspire Medical Systems Inc (INSP) ended the year with a strong cash position of $405 million, allowing for continued investments to drive profitable growth.
- The transition to CPT code 64582 with a -52 modifier for the Inspire V procedure could result in a reduction of the professional fee by 10% to 50%, potentially affecting physicians' willingness to perform the procedure.
- The WISeR program, requiring prior authorization of Medicare cases in six pilot states, has caused disruptions and denials, impacting Medicare patient procedures in the first quarter.
- The company revised its 2026 revenue guidance to reflect the uncertainty in coding and reimbursement, with a wide range of possible impacts on revenue.
- There is a risk that the RUC process for a new CPT code could result in a lower payment than the current reimbursement for CPT code 64582.
- The company faces challenges in maintaining physician engagement and procedure volumes due to the potential reduction in professional fees, particularly for private practice physicians.
Good afternoon. My name is Dilem, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Inspire Medical Systems fourth-quarter and full year 2025 conference call. (Operator Instructions)
I'll now hand the call over to your first speaker, Ezgi Yagci, the Vice President of Investor Relations at INSPIRE. You may begin the conference.
Thank you, Dilem, and thank you all for participating in today's call. Joining me are Tim Herbert, Chairman and Chief Executive Officer; and Matt Osberg, Chief Financial Officer. Earlier today, we released financial results for the 3 and 12 months ended December 31, 2025. A copy of the press release is available on our website
On this call, management will make forward-looking statements within the meaning of the federal securities laws. All forward-looking statements, including, without limitation, those relating to our operations, financial results and financial condition, investments in our
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
