Inspire Medical Systems

What Inspire Medical Systems does

Inspire Medical Systems, Inc. (NYSE: INSP), founded in 2007 and headquartered in Maple Grove, Minnesota, develops and commercializes Inspire therapy, an implantable hypoglossal nerve stimulation system for the treatment of moderate-to-severe obstructive sleep apnea (OSA) in adults who cannot tolerate CPAP therapy. The core technology consists of an implantable pulse generator, a sensing lead, and a stimulation lead that monitors respiration during sleep and delivers mild stimulation to the hypoglossal nerve to keep the airway open, complemented by a Bluetooth-enabled patient remote and the Inspire Sleep mobile app. The connected SleepSync platform provides clinicians with a programmer application and web portal for wireless implant monitoring, care coordination, and remote therapeutic monitoring, while the Inspire Institute and Excellence Program provide provider training and certification pathways.

The company sells its implantable systems through a direct enterprise sales force targeting hospital systems, sleep clinics, and individual ENT and sleep medicine physician practices in the United States, with localized digital presence in Germany, Spain, France, Italy, and the Netherlands. Revenue is generated primarily through hardware sales of the implant, leads, programmer, and remote, with reimbursement supported by commercial insurers, Medicare, and the Veterans Affairs system under CPT code 64582 (effective January 2026 for the Inspire V generation). Inspire has treated over 125,000 patients, holds FDA approval for a pediatric Down syndrome indication (ages 13-18), and maintains a peer-reviewed evidence base exceeding 385 publications.

Financially, Inspire reported full-year 2025 revenue of $912 million (+14% YoY) and Q1 2026 revenue of $204.6 million (+1.6% YoY), with management guiding 2026 revenue to $825-$875 million. The company holds approximately $400 million in cash with no debt as of Q1 2026. Recent operating headwinds include a problematic Inspire V launch in 2025 involving CMS coding delays and inventory dislocation, a 20% salesforce reduction over the trailing twelve months, CFO transition in January 2026, multiple securities class action lawsuits, and an ongoing DOJ Civil Investigative Demand under the False Claims Act.

Name

Inspire Medical Systems

Legal name

Inspire Medical Systems, Inc.

Website

https://inspiresleep.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Inspire Medical Systems (NYSE: INSP) develops and commercializes the Inspire implantable hypoglossal nerve stimulation system for CPAP-intolerant adults with moderate-to-severe obstructive sleep apnea, selling directly to trained ENT and sleep medicine providers in the United States.

Ownership category

akta.pro rank

Product category

Sleep Apnea Neurostimulation Medical Devices

NAICS

Electromedical and Electrotherapeutic Apparatus Manufacturing (334510)

SIC

Electromedical & Electrotherapeutic Apparatus (3845), Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

Implantable Neuromodulation & Neurostimulation (SCS/DBS/VNS/PNS) (HLAHAEAK)

akta.pro secondary industry

Sleep Apnea Therapy Devices (CPAP/APAP/BiPAP/ASV) (HLAHAGAA)

Keywords

• Implantable neurostimulation devices
• Obstructive sleep apnea therapy
• Hypoglossal nerve stimulation
• Medical device manufacturing
• Sleep medicine technology

Headquarters

HQ city

Maple Grove

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Medical Device Sales (Implantable Systems): Inspire Medical Systems generates revenue primarily from the sale of its implantable Inspire neurostimulation systems, including the generator implant, sensing lead, and stimulation lead. The company also sells programmer devices and remote controls to healthcare providers. Revenue comes from both the initial device sale and follow-on services.
2. Physician/Sleep Services: The company provides billing guides and coding support for sleep services including programming, titration, and follow-up care visits, which may generate revenue through associated procedure codes.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Inspire Medical Systems develops and sells the Inspire therapy system, an implantable hypoglossal nerve stimulation device for adults with moderate-to-severe obstructive sleep apnea who cannot tolerate CPAP. The offering includes the Inspire V implant (with sensing and stimulation leads), a Bluetooth-enabled patient remote, a mobile app, and the SleepSync connected patient management platform for clinicians.

Product overview

Inspire Medical Systems offers Inspire therapy, an implantable hypoglossal nerve stimulation system for obstructive sleep apnea, comprising the Inspire V (fifth-generation) or Inspire IV implant devices, the Inspire remote, and the Inspire Sleep mobile app. The ecosystem is supported by the SleepSync Patient Management Platform (web portal + programmer software) for clinicians and the Inspire Institute training platform. The Inspire Excellence Program provides care pathway certification. The company serves patients who have tried and struggled with CPAP, with recent FDA approval expanding to pediatric Down syndrome patients.

Differentiator

Problem solved

Functional benefit

Brands

• SleepSync: Connected patient management platform consisting of bluetooth-enabled Inspire remote, Inspire app, and SleepSync web portal for wireless implant monitoring, care coordination, and patient engagement

Products and services

• Inspire V Neurostimulation System Fifth-generation implantable hypoglossal nerve stimulation system for obstructive sleep apnea. Implanted through two small incisions, the device monitors breathing and delivers gentle stimulation to the hypoglossal nerve to keep the airway open during sleep. Sold to certified ENT surgeons and sleep medicine specialists for use in adult OSA patients (and pediatric Down syndrome patients ages 13-18).
• Inspire Patient Remote Bluetooth-enabled handheld remote that allows patients to turn Inspire therapy on and off before sleep. Sold to providers and issued to patients as part of the Inspire therapy ecosystem.
• Inspire Sleep Mobile App Mobile application for iOS and Android that enables patients to control therapy settings, track sleep goals, share data with providers, access educational content, and connect with the Inspire patient community. Distributed via the Apple App Store and Google Play Store.
• SleepSync Patient Management Platform Connected patient management system comprising the SleepSync web portal, Bluetooth-enabled Inspire remote, and Inspire app. Enables wireless and automatic implant monitoring, care coordination, and remote therapeutic monitoring for healthcare providers managing Inspire therapy patients.
• SleepSync Programming System (Model 2740S) Clinician software application installed on Windows devices that interfaces with the patient's Inspire implant via Bluetooth cable. Used during surgery and follow-up appointments by ENT surgeons and sleep specialists to interrogate, monitor, and program the implant.

Quantifiable outcome

• 79% reduction in sleep apnea events (AHI)
• +6 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered minor.

• American Academy of Sleep Medicine FoundationminorOthersInspire Medical Systems is a Corporate Supporter of the American Academy of Sleep Medicine Foundation, supporting sleep medicine research and education initiatives.
• SRS & SRSF Corporate Partners ProgramminorOthersInspire participates in the Sleep Research Society (SRS) and Sleep Research Society Foundation corporate partners program, supporting sleep science research.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• ResMed: Global leader in CPAP devices and sleep apnea treatment. ResMed is the dominant incumbent in the OSA market that Inspire is targeting with an alternative therapy for CPAP-intolerant patients, making them the primary direct competitor.

Broad incumbents

• Philips Respironics: Major manufacturer of CPAP, BiPAP, and sleep apnea therapy devices. As a broad incumbent in respiratory and sleep care, Philips is a major competitor in the OSA treatment space, though currently constrained by product recall issues.
• Fisher & Paykel Healthcare: New Zealand-based manufacturer of respiratory care products including CPAP interfaces and humidification. Operates broadly in sleep apnea treatment with overlapping patient population but different product offering.
• LivaNova: Medical device company with a Vagus Nerve Stimulation (VNS) system for epilepsy and depression. Operates in the implantable neurostimulation space with similar technology platform and regulatory pathway as Inspire's hypoglossal nerve stimulation.
• Medtronic: Diversified medical device leader with deep neurostimulation portfolio including DBS for Parkinson's and SCS for chronic pain. Early investor in Inspire and a broader neuromodulation incumbent with relevant technology and clinical expertise.
• Abbott: Global healthcare company with neuromodulation portfolio including Proclaim DRG and spinal cord stimulation systems. A broad incumbent in implantable neurostimulation with overlapping technology and provider relationships.

Emerging players

• Nyxoah: Belgian medical device company developing the Genio system, a hypoglossal nerve stimulation implant for OSA. Nyxoah is the most direct emerging competitor to Inspire, pursuing the same neurostimulation approach with a different device architecture.
• Axonics: Developer of implantable sacral neuromodulation systems for incontinence. Operates in the implantable neurostimulation space with similar business model, regulatory pathway, and reimbursement dynamics as Inspire.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/inspiresleep
• YouTubeyoutube.com/channel/UCeHmCeCuAhr9wnjfTNr6XRQ
• Facebookfacebook.com/inspiresleep
• LinkedInlinkedin.com/company/inspire-medical-systems
• Instagraminstagram.com/inspiresleep

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds7 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Inspire Medical Systems