Inspire Medical Systems (INSP)
Market Price (9/16/2026): $74.64 | Market Cap: $2.2 BilSector: Health Care | Industry: Health Care Equipment
Inspire Medical Systems (INSP)
Market Price (9/16/2026): $74.64Market Cap: $2.2 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, FCF Yield is 5.5% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Megatrend and thematic driversMegatrends include Precision Medicine, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -104%, 3Y Excs Rtn is -139% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x Weak revenue growthRev Chg QQuarterly Revenue Change % is -7.6% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% Key risksINSP key risks include [1] execution failures and legal challenges from its Inspire V product launch, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, FCF Yield is 5.5% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Megatrend and thematic driversMegatrends include Precision Medicine, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -104%, 3Y Excs Rtn is -139% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -7.6% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Key risksINSP key risks include [1] execution failures and legal challenges from its Inspire V product launch, Show more. |
Qualitative Assessment
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Inspire Medical Systems (INSP) stock has gained about 80% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Upbeat Guidance.
Inspire Medical Systems reported robust financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced an adjusted diluted EPS of $0.14, significantly surpassing the consensus estimate of a loss of $0.24 per share. Additionally, revenue reached $200.6 million, exceeding analysts' expectations of $194.72 million. Following these strong results, management raised its full-year 2026 revenue guidance to a range of $835 million to $875 million and adjusted diluted EPS guidance to between $1.05 and $1.45. This positive outlook signaled an improving trajectory for the company's financial health.
2. Improving Reimbursement Environment and Catalysts.
A significant factor contributing to the stock's upward trend was the improving clarity and outlook regarding reimbursement. While the company initially faced challenges in its coding and reimbursement environment earlier in 2026, management indicated that prior authorization trends were improving, signaling a recovery in the second half of 2026. Furthermore, Stifel's analysis after the June Sleep conference suggested that the worst of the reimbursement volatility was over, with "green shoots starting to emerge". A key catalyst identified was the anticipated increase of approximately $10,000 per procedure in Medicare reimbursement for hospitals and surgical centers starting in 2026, which is crucial as Medicare accounts for 25-30% of Inspire's patient mix.
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Inspire Medical Systems (INSP) stock has gained about 80% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Upbeat Guidance.
Inspire Medical Systems reported robust financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced an adjusted diluted EPS of $0.14, significantly surpassing the consensus estimate of a loss of $0.24 per share. Additionally, revenue reached $200.6 million, exceeding analysts' expectations of $194.72 million. Following these strong results, management raised its full-year 2026 revenue guidance to a range of $835 million to $875 million and adjusted diluted EPS guidance to between $1.05 and $1.45. This positive outlook signaled an improving trajectory for the company's financial health.
2. Improving Reimbursement Environment and Catalysts.
A significant factor contributing to the stock's upward trend was the improving clarity and outlook regarding reimbursement. While the company initially faced challenges in its coding and reimbursement environment earlier in 2026, management indicated that prior authorization trends were improving, signaling a recovery in the second half of 2026. Furthermore, Stifel's analysis after the June Sleep conference suggested that the worst of the reimbursement volatility was over, with "green shoots starting to emerge". A key catalyst identified was the anticipated increase of approximately $10,000 per procedure in Medicare reimbursement for hospitals and surgical centers starting in 2026, which is crucial as Medicare accounts for 25-30% of Inspire's patient mix.
3. Introduction of Strategic Growth Plan "Project Horizon".
On August 3, 2026, coinciding with its fiscal Q2 earnings, Inspire Medical Systems unveiled "Project Horizon," a strategic growth plan designed to enhance financial flexibility and accelerate growth. This initiative aims to unlock and redeploy approximately $30 million in annualized investment capacity towards targeted growth initiatives by aligning resources and streamlining the organization. This strategic move was perceived positively by investors, as it demonstrated a proactive approach to optimizing operations and fostering future expansion.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Following the strong fiscal Q2 2026 results and strategic announcements, several prominent equity research firms upgraded their ratings and raised price targets for Inspire Medical Systems. Oppenheimer, for instance, upgraded the stock from "market perform" to "outperform" and set an $85.00 price objective on August 4th. Mizuho also lifted its price objective from $55.00 to $65.00 with an "outperform" rating, and Zacks Research upgraded the stock from "hold" to "strong-buy" on August 17th. Most recently, on September 11, 2026, Stifel raised its price target to $80 from $75 while maintaining a Buy rating. This wave of positive analyst revisions contributed to increased investor confidence and buying interest.
5. Enhanced Product Mix with Inspire V System.
The successful adoption and increased sales mix of the company's fifth-generation Inspire V system played a role in improving profitability. In fiscal Q2 2026, the higher gross margin of the Inspire V system, compared to the Inspire IV system, led to a 150 basis point increase in gross margin, reaching 85.5%. The Inspire V system represented the majority of implants year-to-date in 2026, indicating strong market acceptance and a favorable shift in product mix contributing to healthier margins.
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Stock Movement Drivers
Fundamental Drivers
The 80.4% change in INSP stock from 5/31/2026 to 9/15/2026 was primarily driven by a 76.0% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.36 | 74.60 | 80.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 915 | 899 | -1.8% |
| Net Income Margin (%) | 14.3% | 15.0% | 4.9% |
| P/E Multiple | 9.1 | 15.9 | 76.0% |
| Shares Outstanding (Mil) | 29 | 29 | -0.5% |
| Cumulative Contribution | 80.4% |
Market Drivers
5/31/2026 to 9/15/2026| Return | Correlation | |
|---|---|---|
| INSP | 80.4% | |
| Market (SPY) | 0.1% | 24.9% |
| Sector (XLV) | 12.2% | 19.9% |
Fundamental Drivers
The 15.6% change in INSP stock from 2/28/2026 to 9/15/2026 was primarily driven by a 24.1% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.51 | 74.60 | 15.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 912 | 899 | -1.5% |
| Net Income Margin (%) | 15.9% | 15.0% | -5.8% |
| P/E Multiple | 12.8 | 15.9 | 24.1% |
| Shares Outstanding (Mil) | 29 | 29 | 0.4% |
| Cumulative Contribution | 15.6% |
Market Drivers
2/28/2026 to 9/15/2026| Return | Correlation | |
|---|---|---|
| INSP | 15.6% | |
| Market (SPY) | 10.7% | 16.5% |
| Sector (XLV) | 5.1% | 26.9% |
Fundamental Drivers
The -20.4% change in INSP stock from 8/31/2025 to 9/15/2026 was primarily driven by a -69.4% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 93.69 | 74.60 | -20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 861 | 899 | 4.3% |
| Net Income Margin (%) | 6.2% | 15.0% | 143.6% |
| P/E Multiple | 52.0 | 15.9 | -69.4% |
| Shares Outstanding (Mil) | 30 | 29 | 2.3% |
| Cumulative Contribution | -20.4% |
Market Drivers
8/31/2025 to 9/15/2026| Return | Correlation | |
|---|---|---|
| INSP | -20.4% | |
| Market (SPY) | 18.4% | 18.7% |
| Sector (XLV) | 23.6% | 19.8% |
Fundamental Drivers
The -67.1% change in INSP stock from 8/31/2023 to 9/15/2026 was primarily driven by a -81.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 226.88 | 74.60 | -67.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 526 | 899 | 70.8% |
| P/S Multiple | 12.6 | 2.4 | -81.0% |
| Shares Outstanding (Mil) | 29 | 29 | 1.4% |
| Cumulative Contribution | -67.1% |
Market Drivers
8/31/2023 to 9/15/2026| Return | Correlation | |
|---|---|---|
| INSP | -67.1% | |
| Market (SPY) | 74.1% | 24.2% |
| Sector (XLV) | 31.8% | 22.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INSP Return | 22% | 9% | -19% | -9% | -50% | -19% | -60% |
| Peers Return | 16% | -14% | -13% | 42% | 0% | -7% | 15% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| INSP Win Rate | 58% | 58% | 50% | 50% | 17% | 56% | |
| Peers Win Rate | 50% | 50% | 48% | 53% | 47% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| INSP Max Drawdown | -34% | -45% | -62% | -50% | -67% | -60% | |
| Peers Max Drawdown | -30% | -42% | -46% | -23% | -35% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PEN, GMED, NVCR, ABT, ISRG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/15/2026 (YTD)
How Low Can It Go
| Event | INSP | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.4% | -6.7% |
| % Gain to Breakeven | 19.7% | 7.1% |
| Time to Breakeven | 17 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.0% | -24.5% |
| % Gain to Breakeven | 61.3% | 32.4% |
| Time to Breakeven | 205 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.2% | -33.7% |
| % Gain to Breakeven | 96.8% | 50.9% |
| Time to Breakeven | 58 days | 140 days |
In The Past
Inspire Medical Systems's stock fell -4.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.4% gain to breakeven.
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Asset Allocation
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| Event | INSP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.0% | -24.5% |
| % Gain to Breakeven | 61.3% | 32.4% |
| Time to Breakeven | 205 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.2% | -33.7% |
| % Gain to Breakeven | 96.8% | 50.9% |
| Time to Breakeven | 58 days | 140 days |
In The Past
Inspire Medical Systems's stock fell -4.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Inspire Medical Systems (INSP)
Inspire Medical Systems (INSP) is a medical technology company focused on developing and commercializing minimally invasive solutions for patients with obstructive sleep apnea (OSA). Since its incorporation in 2007, the company has positioned itself as an innovator in addressing this common sleep disorder, offering an alternative to traditional treatments.
The company's core product is the Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe OSA. This implanted system works by gently stimulating the hypoglossal nerve to keep the airway open during sleep. Inspire Medical Systems is also engaged in developing a novel, closed-loop solution designed to continuously monitor a patient's breathing and deliver precisely timed hypoglossal nerve stimulation.
Inspire Medical Systems serves patients with moderate to severe obstructive sleep apnea. Its market reach spans both the United States and international geographies, providing a critical treatment option for individuals who may not tolerate or benefit from other OSA therapies.
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Here are 1-2 brief analogies to describe Inspire Medical Systems (INSP):
- Like a specialized Medtronic focused on treating sleep apnea.
- The Cochlear Limited of sleep apnea treatment.
AI Analysis | Feedback
- Inspire system: A neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea (OSA).
- Novel closed-loop solution: A developing technology designed to continuously monitor a patient's breathing and deliver mild hypoglossal nerve stimulation to maintain an open airway.
AI Analysis | Feedback
Inspire Medical Systems (INSP) sells its Inspire system primarily to healthcare providers and facilities, which then use the technology to treat individual patients with obstructive sleep apnea (OSA).
The major categories of customers for Inspire Medical Systems are:
- Hospitals: Large medical institutions that perform a wide range of surgical procedures and treatments, including those for sleep disorders.
- Ambulatory Surgical Centers (ASCs): Facilities where surgical procedures that do not require an overnight hospital stay are performed, often offering a more cost-effective setting for device implantation.
- Specialized ENT (Ear, Nose, and Throat) Practices and Sleep Clinics: Medical practices and centers that specialize in the diagnosis and treatment of conditions related to the ear, nose, throat, and sleep disorders, where Inspire system implantations are performed.
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Timothy P. Herbert, Chairman, President and Chief Executive Officer
Mr. Herbert is the founder of Inspire Medical Systems, establishing the company in 2007. He has served as President and CEO since its inception and assumed the role of Chairman of the Board in May 2024. Before founding Inspire, Mr. Herbert spent 11 years, from 1996 to 2007, at Medtronic plc, where he held various management positions across product development, clinical research, sales, marketing, and healthcare reimbursement. He was instrumental in developing Inspire's core neurostimulation technology and leading its capital formation strategies. Mr. Herbert holds a B.S. in Electrical Engineering from North Dakota State University and an M.B.A. from the University of St. Thomas.
Matt Osberg, Executive Vice President and Chief Financial Officer
Mr. Osberg was appointed Executive Vice President and Chief Financial Officer, effective January 19, 2026. He brings over 20 years of experience in financial leadership. Prior to joining Inspire, Mr. Osberg served as Executive Vice President and CFO at Apogee Enterprises, Inc. His career also includes CFO positions at Helen of Troy, Ltd. and various finance leadership roles at Best Buy, Inc. He began his career at Ernst & Young LLP. Mr. Osberg has a background primarily outside of the medical technology industry.
Bryan K. Phillips, SVP, General Counsel, Chief Compliance Officer and Corporate Secretary
Mr. Phillips joined Inspire Medical Systems in January 2021. Before his role at Inspire, he served as Chief Legal Officer at Cerevel Therapeutics Holdings, Inc. from 2019 to 2021. He also spent 14 years at Surmodics, Inc., a publicly traded medical technology company, holding various positions including Senior Vice President, Legal and Human Resources, General Counsel, and Secretary. Earlier in his career, he was patent counsel at Guidant Corporation's Cardiac Rhythm Management Group (now part of Boston Scientific) and began his legal career at a Minneapolis-based intellectual property law firm. Mr. Phillips holds a B.S. in Mechanical Engineering from the University of Kansas and a J.D. from the University of Minnesota Law School.
Carlton W. Weatherby, Chief Strategy and Growth Officer
Mr. Weatherby has been Inspire Medical Systems' Chief Strategy and Growth Officer since January 2024. Prior to joining Inspire, he served as the Chief Commercial Officer at AliveCor, Inc., a medical device company, from July 2021 to December 2023. He also held roles as President, Commercial Operations, and Chief Commercial Officer at Intersect ENT, Inc., a medical technology company, from October 2017 to July 2021, and as Vice President, Sales & Marketing, ENT at Smith & Nephew plc from January 2013 to October 2017. Mr. Weatherby received his B.S. in Biology from West Chester University.
John C. Rondoni, Chief Product & Innovation Officer
Mr. Rondoni has served as Inspire Medical Systems' Chief Product & Innovation Officer since January 2025. He has been with Inspire since January 2010, holding various positions including Vice President of Product Development, Operations & Quality. Before joining Inspire, Mr. Rondoni spent 11 years at Medtronic, Inc., where he held leadership roles in research and development. He began his career at Boston Scientific, Inc. in research and development. Mr. Rondoni holds a B.S. in Bioengineering from Syracuse University and an M.S. in Biomedical Engineering from the University of Alabama, Birmingham.
AI Analysis | Feedback
The key risks to Inspire Medical Systems (INSP) primarily revolve around reimbursement challenges, increasing competition, and operational hurdles related to product launches.
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Reimbursement Uncertainty and Operational Challenges with New Product Launches: Inspire Medical Systems faces significant risks due to evolving and uncertain reimbursement policies, particularly concerning its latest device, Inspire V. There have been issues with CMS coding, including a shift from CPT code 64568 to 64582, which could reduce professional fees. A notable concern was the reversal of a key Medicare reimbursement code by administrative contractors, which negatively impacted reimbursement rates and created uncertainty about future revenue growth. Furthermore, the company is facing securities fraud lawsuits alleging that it concealed critical operational failures during the Inspire V launch, such as incomplete training and onboarding for treatment centers, delays in software updates for Medicare claims processing, and an excess inventory of the older Inspire IV device, all of which led to a significant reduction in 2025 earnings guidance.
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Increasing Competition from Alternative Therapies and Competitors: The market for obstructive sleep apnea (OSA) treatment is becoming more competitive. Inspire faces competition from established players like ResMed, which dominates the CPAP machine market (the standard first-line treatment for OSA). Moreover, emerging alternative therapies pose a threat, including oral appliance therapies, new pharmaceutical treatments like GLP-1 drugs (e.g., Lilly's Tirzepatide, which can improve sleep quality in obese patients), and Apnimed's AD109. These alternatives could potentially dilute Inspire's market opportunity, especially for its third-line treatment offering.
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Healthcare Provider Capacity Constraints: The growth and adoption of Inspire's hypoglossal nerve stimulation therapy are heavily reliant on ear, nose, and throat (ENT) surgeons who perform the implantation procedures. A potential constraint on the company's growth is the capacity of the ENT workforce. If the growth in the number of ENT surgeons or their availability to perform these procedures does not keep pace with the demand for Inspire's device, it could cap the company's growth potential.
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The emergence of competing hypoglossal nerve stimulation devices represents a clear emerging threat. Specifically, Nyxoah's Genio system, which received FDA approval in August 2023, is a direct competitor to Inspire's core technology. Nyxoah's system is also designed for obstructive sleep apnea and offers a battery-free, leadless, and minimally invasive solution, which could differentiate it in the market and challenge Inspire's market share and first-mover advantage.
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Inspire Medical Systems (INSP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:
- Successful launch and adoption of new product generations: The company anticipates continued revenue growth from the successful launch and strong acceptance of its fifth-generation Inspire V system, which was a significant contributor to revenue in late 2025 and is expected to fuel momentum in 2026.
- Increased utilization at existing implanting centers: A primary driver of U.S. revenue growth has been, and is expected to continue to be, higher utilization of the Inspire therapy at already established medical centers.
- Expansion of implanting centers and sales territories: Inspire Medical Systems consistently focuses on activating new U.S. medical centers and expanding its sales organization by creating new sales territories, thereby increasing market penetration and access to its therapy.
- Direct-to-consumer marketing programs: The company's ongoing direct-to-consumer marketing initiatives are expected to continue raising awareness and driving patient interest, contributing to overall demand and revenue growth.
- Potential positive reimbursement developments: Inspire Medical Systems sees potential upside from ongoing reimbursement developments, although these have not yet been fully factored into current growth forecasts. Recent clarifications regarding CPT codes for the Inspire V procedure could influence future revenue.
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Share Repurchases
- Inspire Medical Systems' Board of Directors authorized a share repurchase program of up to $200 million on August 11, 2025, which is set to expire on August 7, 2027.
- In 2025, the company completed $175 million in share repurchases.
- Previously, on August 6, 2024, the Board authorized the repurchase of up to $150 million of common stock, a program that was the first of its kind for Inspire and set to expire on August 5, 2026.
Share Issuance
- As of April 30, 2025, Inspire Medical Systems had 29,493,924 shares of common stock outstanding.
- For 2026, the estimated weighted average diluted shares outstanding are approximately 29.4 million.
- In February 2026, an executive acquired 2,196 shares through vested performance stock units, and another officer acquired 2,400 shares from similar vested units, along with 15,958 additional shares via a new stock award.
Capital Expenditures
- For the upcoming year, 2026, Inspire Medical Systems anticipates capital expenditures to range between $45 million and $50 million.
- The company made significant investments in 2025 to build its commercial infrastructure, increase patient marketing, and expand medical education expenses, particularly to support the U.S. launch of its Inspire V neurostimulation system.
Peer Outperformance in Health Care Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| INSP | Inspire Medical Systems | 20.2% | 15.9x | -7.6% | -64.6% | -69.5% | — |
| UFPT | UFP Technologies | 18.8% | 29.5x | 35.0% | 68.5% | 332.2% | +402pp |
| ISRG | Intuitive Surgical | 18.4% | 42.5x | -13.1% | 27.6% | 9.4% | +79pp |
| PEN | Penumbra | 17.1% | 78.0x | 21.0% | 19.0% | 9.3% | +79pp |
| BSX | Boston Scientific | 16.2% | 17.6x | -56.1% | -17.1% | -2.3% | +67pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 11.8% | 82.9% | 82.9% | CAH 392% · MCK 344% · COR 174% |
| Managed Health Care | 8 | 42.4% | -0.4% | 7.2% | OSCR 85% · HQY 56% · ELV 20% |
| Health Care Services | 20 | 25.7% | 44.9% | -0.2% | HIMS 223% · RDNT 178% · DGX 76% |
| Health Care Facilities | 24 | 5.6% | 6.5% | -13.9% | NHC 276% · THC 256% · ENSG 121% |
| Health Care Equipment ← | 50 | -2.8% | -4.6% | -23.3% | POCI 10425% · UFPT 332% · GKOS 225% |
| Health Care Supplies | 12 | 17.5% | -10.5% | -39.5% | LNTH 293% · HAE 55% · MMSI 20% |
| Pharmaceuticals | 62 | -8.4% | 8.3% | -40.9% | LQDA 2380% · INDV 1129% · ETON 983% |
| Life Sciences Tools & Services | 110 | -2.0% | -22.5% | -70.2% | SNWV 1578% · MEDP 236% · NTRA 191% |
| Health Care Technology | 21 | -25.1% | -50.8% | -79.7% | SPOK 76% · HSTM 7% · VEEV -13% |
| Biotechnology | 364 | -1.4% | -26.5% | -80.1% | DNTH 1425% · CELZ 1164% · ELVN 1094% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 88.36 |
| Mkt Cap | 11.3 |
| Rev LTM | 2,325 |
| Op Inc LTM | 431 |
| FCF LTM | 481 |
| FCF 3Y Avg | 320 |
| CFO LTM | 594 |
| CFO 3Y Avg | 408 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.3% |
| Rev Chg 3Y Avg | 17.7% |
| Rev Chg Q | 14.0% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Inc Chg LTM | 24.2% |
| Op Inc Chg 3Y Avg | 42.6% |
| Op Mgn LTM | 14.1% |
| Op Mgn 3Y Avg | 12.3% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 19.9% |
| CFO/Rev 3Y Avg | 17.9% |
| FCF/Rev LTM | 15.6% |
| FCF/Rev 3Y Avg | 13.9% |
Price Behavior
| Market Price | $74.60 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 05/03/2018 | |
| Distance from 52W High | -48.2% | |
| 50 Days | 200 Days | |
| DMA Price | $58.45 | $65.73 |
| DMA Trend | down | up |
| Distance from DMA | 27.6% | 13.5% |
| 3M | 1YR | |
| Volatility | 63.6% | 70.9% |
| Downside Capture | -50.77 | 95.47 |
| Upside Capture | 271.99 | 69.74 |
| Correlation (SPY) | 29.3% | 19.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 5.64 | 2.62 | 1.16 | 0.72 | 1.06 | 1.08 |
| Up Beta | 9.12 | 5.15 | 1.84 | 1.01 | 2.14 | 1.39 |
| Down Beta | -2.42 | 0.19 | 0.52 | 0.51 | 0.62 | 0.81 |
| Up Capture | 594% | 364% | 231% | 47% | 35% | 31% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 22 | 35 | 64 | 122 | 365 |
| Down Capture | 268% | 79% | 8% | 80% | 110% | 107% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 20 | 29 | 63 | 128 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INSP | |
|---|---|---|---|---|
| INSP | -6.8% | 70.8% | 0.18 | - |
| Sector ETF (XLV) | 23.1% | 16.1% | 1.10 | 18.5% |
| Equity (SPY) | 16.3% | 12.8% | 0.90 | 19.3% |
| Gold (GLD) | 17.6% | 29.3% | 0.55 | 9.6% |
| Commodities (DBC) | 48.6% | 20.6% | 1.82 | -1.7% |
| Real Estate (VNQ) | 5.3% | 13.5% | 0.13 | 15.6% |
| Bitcoin (BTCUSD) | -33.1% | 43.8% | -0.79 | 12.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INSP | |
|---|---|---|---|---|
| INSP | -20.0% | 60.9% | -0.12 | - |
| Sector ETF (XLV) | 5.9% | 15.2% | 0.20 | 30.1% |
| Equity (SPY) | 12.4% | 17.2% | 0.55 | 35.6% |
| Gold (GLD) | 18.7% | 18.8% | 0.80 | 6.1% |
| Commodities (DBC) | 11.7% | 19.5% | 0.47 | 5.9% |
| Real Estate (VNQ) | 0.8% | 18.9% | -0.06 | 28.6% |
| Bitcoin (BTCUSD) | 10.7% | 52.5% | 0.38 | 19.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INSP | |
|---|---|---|---|---|
| INSP | 11.9% | 60.7% | 0.48 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.51 | 38.0% |
| Equity (SPY) | 15.1% | 18.0% | 0.71 | 40.9% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 6.2% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 11.3% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 32.8% |
| Bitcoin (BTCUSD) | 63.4% | 66.2% | 1.03 | 16.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 22.8% | 14.4% | 17.8% |
| 5/4/2026 | -12.0% | -21.0% | -26.3% |
| 2/11/2026 | -12.5% | -12.4% | -14.1% |
| 11/3/2025 | 15.3% | 16.8% | 90.0% |
| 8/4/2025 | -32.4% | -38.7% | -34.1% |
| 5/5/2025 | 2.0% | -1.4% | -13.1% |
| 2/10/2025 | 1.7% | -0.5% | -10.2% |
| 11/4/2024 | 3.3% | 4.8% | 2.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 9 |
| # Negative | 11 | 12 | 15 |
| Median Positive | 7.0% | 7.5% | 19.9% |
| Median Negative | -12.0% | -17.2% | -13.2% |
| Max Positive | 31.8% | 39.1% | 90.0% |
| Max Negative | -33.5% | -38.7% | -36.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 22.8% | 14.4% | 17.8% |
| 5/4/2026 | -12.0% | -21.0% | -26.3% |
| 2/11/2026 | -12.5% | -12.4% | -14.1% |
| 11/3/2025 | 15.3% | 16.8% | 90.0% |
| 8/4/2025 | -32.4% | -38.7% | -34.1% |
| 5/5/2025 | 2.0% | -1.4% | -13.1% |
| 2/10/2025 | 1.7% | -0.5% | -10.2% |
| 11/4/2024 | 3.3% | 4.8% | 2.2% |
| 8/6/2024 | 28.1% | 30.7% | 34.2% |
| 5/7/2024 | -33.5% | -35.4% | -36.3% |
| 2/6/2024 | -10.5% | -16.7% | -8.9% |
| 11/7/2023 | -19.7% | -17.7% | -0.5% |
| 8/1/2023 | -4.5% | -15.8% | -18.3% |
| 5/2/2023 | 7.0% | 12.0% | 17.5% |
| 1/9/2023 | -1.5% | 4.2% | 1.2% |
| 11/1/2022 | 7.5% | 5.4% | 24.7% |
| 8/2/2022 | 0.7% | -2.3% | -11.7% |
| 5/3/2022 | -3.1% | -27.6% | -13.2% |
| 2/8/2022 | 2.0% | 0.0% | -4.6% |
| 11/2/2021 | -1.4% | 2.0% | -18.2% |
| 8/3/2021 | 12.8% | 0.6% | 19.9% |
| 5/4/2021 | -12.6% | -20.6% | -26.8% |
| 2/23/2021 | 4.9% | 9.5% | -12.3% |
| 11/2/2020 | 31.8% | 39.1% | 57.3% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 9 |
| # Negative | 11 | 12 | 15 |
| Median Positive | 7.0% | 7.5% | 19.9% |
| Median Negative | -12.0% | -17.2% | -13.2% |
| Max Positive | 31.8% | 39.1% | 90.0% |
| Max Negative | -33.5% | -38.7% | -36.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/4/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 835.00 Mil | 855.00 Mil | 875.00 Mil | 0.6% | Raised | Guidance: 850.00 Mil for 2026 | |
| 2026 Adjusted Operating Margin | Reported | 4.0% | 5.0% | 6.0% | 2.0% | Raised | Guidance: 3.0% for 2026 | |
| 2026 Diluted EPS | Reported | -0.42 | -0.12 | 0.17 | -136.2% | Lowered | Guidance: 0.34 for 2026 | |
| 2026 Adjusted Diluted EPS | Reported | 1.05 | 1.25 | 1.45 | 25.0% | Raised | Guidance: 1 for 2026 | |
| 2026 Capital Expenditures | Reported | 35.00 Mil | 37.50 Mil | 40.00 Mil | -11.8% | Lowered | Guidance: 42.50 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 825.00 Mil | 850.00 Mil | 875.00 Mil | -12.8% | Lowered | Guidance: 975.00 Mil for 2026 | |
| 2026 Adjusted Operating Margin | Reported | 2.0% | 3.0% | 4.0% | -4.0% | Lowered | Guidance: 7.0% for 2026 | |
| 2026 Diluted EPS | Reported | 0.07 | 0.34 | 0.62 | -77.3% | Lowered | Guidance: 1.52 for 2026 | |
| 2026 Adjusted Diluted EPS | Reported | 0.75 | 1 | 1.25 | -52.4% | Lowered | Guidance: 2.1 for 2026 | |
| 2026 Capital Expenditures | Reported | 40.00 Mil | 42.50 Mil | 45.00 Mil | -10.5% | Lowered | Guidance: 47.50 Mil for 2026 | |
Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 950.00 Mil | 975.00 Mil | 1.00 Bil | 7.7% | Higher New | Guidance: 905.00 Mil for 2025 | |
| 2026 Revenue Growth | Reported | 4.0% | 7.0% | 10.0% | -5.5% | Lower New | Guidance: 12.5% for 2025 | |
| 2026 Adjusted Operating Margin | Reported | 6.0% | 7.0% | 8.0% | -78.0% | Lower New | Guidance: 85.0% for 2025 | |
| 2026 Net Income per Diluted Share | Reported | 1.23 | 1.52 | 1.81 | 60.0% | Higher New | Guidance: 0.95 for 2025 | |
| 2026 Adjusted Net Income per Diluted Share | Reported | 1.85 | 2.1 | 2.35 | 121.1% | Higher New | Guidance: 0.95 for 2025 | |
| 2026 Capital Expenditures | Reported | 45.00 Mil | 47.50 Mil | 50.00 Mil | ||||
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 900.00 Mil | 905.00 Mil | 910.00 Mil | 0 | Affirmed | Guidance: 905.00 Mil for 2025 | |
| 2025 Revenue Growth | Reported | 12.0% | 12.5% | 13.0% | 0 | Affirmed | Guidance: 12.5% for 2025 | |
| 2025 Gross Profit | Calculated | 756.00 Mil | 769.25 Mil | 782.60 Mil | Rev x Gross Margin | |||
| 2025 Gross Margin | Reported | 84.0% | 85.0% | 86.0% | 0 | Affirmed | Guidance: 85.0% for 2025 | |
| 2025 EPS | Reported | 0.9 | 0.95 | 1 | 111.1% | 50.0% | Raised | Guidance: 0.45 for 2025 |
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kelly, Jason P | See Remarks | Direct | Sell | 8112026 | 59.55 | 963 | 57,347 | 1,130,557 | Form |
| 2 | Rondoni, John | See Remarks | Direct | Sell | 5192026 | 43.28 | 2,641 | 114,302 | 1,175,701 | Form |
| 3 | Rondoni, John | See Remarks | Direct | Sell | 5152026 | 43.01 | 700 | 30,107 | 1,281,956 | Form |
| 4 | McCormick, Shawn | Direct | Sell | 5112026 | 45.31 | 696 | 31,536 | 1,255,631 | Form | |
| 5 | Rondoni, John | See Remarks | Direct | Sell | 1122026 | 100.00 | 109 | 10,900 | 1,379,700 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kelly, Jason P | See Remarks | Direct | Sell | 8112026 | 59.55 | 963 | 57,347 | 1,130,557 | Form |
| 2 | Rondoni, John | See Remarks | Direct | Sell | 5192026 | 43.28 | 2,641 | 114,302 | 1,175,701 | Form |
| 3 | Rondoni, John | See Remarks | Direct | Sell | 5152026 | 43.01 | 700 | 30,107 | 1,281,956 | Form |
| 4 | McCormick, Shawn | Direct | Sell | 5112026 | 45.31 | 696 | 31,536 | 1,255,631 | Form | |
| 5 | Rondoni, John | See Remarks | Direct | Sell | 1122026 | 100.00 | 109 | 10,900 | 1,379,700 | Form |
| 6 | McCormick, Shawn | Direct | Sell | 12042025 | 139.00 | 1,200 | 166,800 | 3,453,594 | Form | |
| 7 | McCormick, Shawn | Direct | Sell | 12012025 | 127.48 | 2,000 | 254,960 | 3,320,344 | Form | |
| 8 | Curet, Myriam | Direct | Sell | 11242025 | 77.28 | 4 | 309 | 260,032 | Form | |
| 9 | Curet, Myriam | Direct | Sell | 11242025 | 153.22 | 2 | 306 | 516,211 | Form | |
| 10 | Curet, Myriam | Direct | Buy | 11242025 | 148.26 | 1 | 148 | 499,791 | Form | |
| 11 | Curet, Myriam | Direct | Buy | 11242025 | 163.84 | 4 | 655 | 552,137 | Form | |
| 12 | Buchholz, Richard | Chief Financial Officer | Direct | Sell | 9022025 | 93.39 | 11,000 | 1,027,290 | 4,190,129 | Form |
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