---
schema_version: "secwatch.filing_event.v1"
accession: "0001609550-26-000021"
form_type: "8-K"
ticker: "INSP"
cik: "0001609550"
company_name: "Inspire Medical Systems, Inc."
filed_at: "2026-05-04T23:59:59+00:00"
generated_at: "2026-05-14T23:54:51.974695+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Inspire Medical Q1 revenue up 1.6% to $204.6M; guides FY2026 revenue down 4-10%

## Summary
- GAAP diluted EPS $(0.39); adjusted diluted EPS $0.10; operating cash flow $12.8M.
- Coding/reimbursement uncertainty for Inspire V and WISeR program disrupted Q1.
- FY2026 revenue guidance revised to $825M-$875M (decline 4-10% vs 2025).
- Adjusted operating margin guidance of 2%-4%; adjusted diluted EPS $0.75-$1.25.
- Expects coding challenges to persist through 2026, with growth returning in 2027.

## SEC filing metadata
- accession: 0001609550-26-000021
- form_type: 8-K
- ticker: INSP
- cik: 0001609550
- company_name: Inspire Medical Systems, Inc.
- filed_at: 2026-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1609550/000160955026000021/0001609550-26-000021-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1609550/000160955026000021/insp-20260504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001609550-26-000021
- JSON: https://secwatch.observer/filing/0001609550-26-000021.json
- Plain text: https://secwatch.observer/filing/0001609550-26-000021.txt

## Key facts
- Earnings Releases
  Inspire Medical Systems, Inc. reported Full Year 2026 results: revenue in the range of $825 million to $875 million, EPS diluted EPS in the range of $0.07 to $0.62 and adjusted diluted EPS in the range of $0.75 to $1.25. Guidance lowered.
  - Period: Full Year 2026
  - Revenue: in the range of $825 million to $875 million
  - EPS: diluted EPS in the range of $0.07 to $0.62 and adjusted diluted EPS in the range of $0.75 to $1.25
  - Guidance: lowered
  - Result: guidance update
  source text: The Company is revising its previously announced revenue outlook to be in the range of $825 million to $875 million, which represents a decline of 4% to 10% compared to 2025. Additionally, the Company now expects annual adjusted operating margin in the range of 2% to 4%, diluted EPS in the range of $0.07 to $0.62 and adjusted diluted EPS in the range of $0.75 to $1.25.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609550/000160955026000021/0001609550-26-000021-index.htm
- Earnings Releases
  Inspire Medical Systems, Inc. reported the quarter ended March 31, 2026 results: revenue $204.6 million, net income Net loss was $11.3 million, EPS Diluted EPS was $(0.39) and adjusted diluted EPS was $0.10.
  - Period: the quarter ended March 31, 2026
  - Revenue: $204.6 million
  - Net income: Net loss was $11.3 million
  - EPS: Diluted EPS was $(0.39) and adjusted diluted EPS was $0.10
  - Result: reported results
  source text: Revenue increased 1.6% to $204.6 million, primarily driven by increased market penetration, offset by the adverse effects of reimbursement disruption and the Wasteful and Inappropriate Service Reduction (WISeR) program. • Gross margin increased 180 bps to 86.5%, primarily due to increased sales mix of the Inspire V system, which has a higher gross margin than the Inspire IV system. • Operating expenses increased $5.9 million, or 3.4%, to $178.0 million, primarily driven by higher marketing expenses, legal fees and employee-related costs, partially offset by lower R&D expenses. • Operating loss decreased $0.4 million to $1.1 million, and operating margin was (0.5)%. Adjusted operating income was $0.3 million, and adjusted operating margin was 0.2%. • Interest and dividend income decreased by $1.3 million, primarily due to lower average interest rates and lower average cash, cash equivalents, and investment balances. • The effective tax rate was 571.2% compared to 28.1%. The increase in
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609550/000160955026000021/0001609550-26-000021-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.