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Why Is Inspire (INSP) Down 15.9% Since Last Earnings Report?
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A month has gone by since the last earnings report for Inspire Medical Systems (INSP - Free Report) . Shares have lost about 15.9% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Inspire due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Inspire Medical Q1 Earnings Beat Estimates, 2026 View Cut
Inspire Medical delivered first-quarter 2026 adjusted earnings per share of 10 cents, flat year over year. The figure beat the Zacks Consensus Estimate of a loss of 36 cents by 127.8%.
INSP’s Q1 Revenues in Detail
Inspire Medical registered revenues of $204.6 million in the first quarter, up 1.6% year over year. The figure beat the Zacks Consensus Estimate by 2.9%.
Per management, the revenue growth was primarily driven by increased market penetration, offset by the adverse effects of reimbursement disruption and the Wasteful and Inappropriate Service Reduction (WISeR) program.
As of March 31, 2026, INSP operated 284 U.S. sales territories and employed 288 field clinical representatives compared with 295 territories and 275 representatives at the end of 2025.
INSP’s Margin Analysis
In the first quarter, Inspire Medical’s gross profit increased 3.7% year over year to $176.9 million. The gross margin expanded 180 basis points (bps) to 86.5%.
Selling, general and administrative expenses increased 5.5% year over year to $152.2 million. Research and development expenses decreased 7.1% year over year to $25.8 million. Operating expenses of $178 million increased 3.4% year over year.
Adjusted operating profit totaled $0.3 million, up from an adjusted operating loss of $1.5 million in the prior-year quarter.
Inspire Medical’s Financial Position
Inspire Medical exited first-quarter 2026 with cash and cash equivalents and short-term investments of $283.8 million compared with $308 million at 2025-end.
Cumulative net cash provided by operating activities at the end of first-quarter 2026 was $12.8 million, against net cash used in operating activities of $6.7 million a year ago.
INSP Lowers 2026 Outlook
Inspire Medical has updated its revenue and earnings per share outlook for 2026.
The company has lowered its revenue guidance to $825 million-$875 million (representing a decline of 4-10% from 2025 levels) from the previously projected $950 million-$1 billion. The Zacks Consensus Estimate is pegged at $960.9 million.
INSP expects its adjusted earnings per share for 2026 to be in the band of $0.75-$1.25, down from prior guidance of $1.85-$2.35. The Zacks Consensus Estimate is pegged at $1.82.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended downward during the past month.
The consensus estimate has shifted -209.07% due to these changes.
VGM Scores
Currently, Inspire has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Inspire has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.
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Why Is Inspire (INSP) Down 15.9% Since Last Earnings Report?
A month has gone by since the last earnings report for Inspire Medical Systems (INSP - Free Report) . Shares have lost about 15.9% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Inspire due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Inspire Medical Q1 Earnings Beat Estimates, 2026 View Cut
Inspire Medical delivered first-quarter 2026 adjusted earnings per share of 10 cents, flat year over year. The figure beat the Zacks Consensus Estimate of a loss of 36 cents by 127.8%.
INSP’s Q1 Revenues in Detail
Inspire Medical registered revenues of $204.6 million in the first quarter, up 1.6% year over year. The figure beat the Zacks Consensus Estimate by 2.9%.
Per management, the revenue growth was primarily driven by increased market penetration, offset by the adverse effects of reimbursement disruption and the Wasteful and Inappropriate Service Reduction (WISeR) program.
As of March 31, 2026, INSP operated 284 U.S. sales territories and employed 288 field clinical representatives compared with 295 territories and 275 representatives at the end of 2025.
INSP’s Margin Analysis
In the first quarter, Inspire Medical’s gross profit increased 3.7% year over year to $176.9 million. The gross margin expanded 180 basis points (bps) to 86.5%.
Selling, general and administrative expenses increased 5.5% year over year to $152.2 million. Research and development expenses decreased 7.1% year over year to $25.8 million. Operating expenses of $178 million increased 3.4% year over year.
Adjusted operating profit totaled $0.3 million, up from an adjusted operating loss of $1.5 million in the prior-year quarter.
Inspire Medical’s Financial Position
Inspire Medical exited first-quarter 2026 with cash and cash equivalents and short-term investments of $283.8 million compared with $308 million at 2025-end.
Cumulative net cash provided by operating activities at the end of first-quarter 2026 was $12.8 million, against net cash used in operating activities of $6.7 million a year ago.
INSP Lowers 2026 Outlook
Inspire Medical has updated its revenue and earnings per share outlook for 2026.
The company has lowered its revenue guidance to $825 million-$875 million (representing a decline of 4-10% from 2025 levels) from the previously projected $950 million-$1 billion. The Zacks Consensus Estimate is pegged at $960.9 million.
INSP expects its adjusted earnings per share for 2026 to be in the band of $0.75-$1.25, down from prior guidance of $1.85-$2.35. The Zacks Consensus Estimate is pegged at $1.82.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended downward during the past month.
The consensus estimate has shifted -209.07% due to these changes.
VGM Scores
Currently, Inspire has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Inspire has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.