Inspire Medical Systems, Inc. (INSP): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the mechanics of a true med-tech success story, and Inspire Medical Systems, Inc. presents a fascinating case study in scaling a proprietary device. Honestly, the numbers tell the story: with full-year 2025 revenue guidance landing between $900 million and $910 million and a gross margin consistently guided between 84%-86%, this company is defintely built for high profitability. That strong financial footing, backed by $410.9 million in cash as of Q3 2025, isn't accidental; it's the result of a deliberate strategy focused on surgeon adoption and direct patient awareness. To see the full architecture behind this high-margin growth-from their key partnerships with payers to the costs driving their sales force expansion-dive into the complete Business Model Canvas below.

Inspire Medical Systems, Inc. (INSP) - Canvas Business Model: Key Partnerships

You're looking at the network of relationships Inspire Medical Systems, Inc. (INSP) relies on to get its therapy to patients, which is critical given the device's complexity and the need for specialized implantation.

The company's commercial reach is directly tied to its clinical partners. As of the third quarter of 2025, Inspire Medical Systems, Inc. had 336 U.S. territories supported by 268 U.S. field clinical representatives. This ground force supports the network of implanting physicians.

The transition to the new Inspire V system is a key partnership focus. Management noted in November 2025 that over 75% of centers were ready to transition to Inspire V. This indicates strong buy-in from the existing surgical base for the new platform, which showed a 20% reduction in surgical procedure time in initial data.

Here's a look at the key partnership categories and associated metrics as of late 2025:

• Certified implanting surgeons and ENT specialists: Over 75% of centers ready to transition to Inspire V.
• Hospitals and sleep centers for surgical procedures: Supported by 336 U.S. territories as of September 30, 2025.
• Major commercial and government insurance payers for coverage: Policies now cover approximately 80% of over 300 million covered lives for the CPT Code 64568 as of May 2025.
• Suppliers for the proprietary neurostimulation components: Q3 2025 gross margin was 85.8%.
• Clinical research organizations for data collection (ADHERE 2.0): Registry completion estimated for September 2025.

The relationship with payers is foundational for volume. The push for reimbursement coverage on the new CPT code is clearly paying off in terms of covered lives.

For clinical research, the ADHERE Registry (NCT02907398) was nearing completion, with an estimated Primary Completion date of September 2025 and Study Completion estimated for December 2025. The data collection involved multiple sites and patient cohorts.

The clinical evidence generation involves specific studies that rely on partner sites:

Study/Cohort	Patient Count	Key Data Point
Inspire V Singapore Study	44 patients	100% successful device implant
U.S. Limited Market Release	Over 100 patients	1.7 volts average stimulation amplitude at 60-day check
AHI Reduction Cohort (Month Six)	37 patients	Median AHI reduced from 34.4 events/hour to 8.3 events/hour

The company has reached a significant milestone, with over 100,000 patients having received Inspire therapy as of October 2025. This installed base is a testament to the established relationships with the surgical community.

Supply chain stability is implied by the strong gross margin, though Q2 2025 saw a temporary dip due to a $2.1 million charge related to excess Inspire IV components. The Q3 2025 gross margin of 85.8% suggests the supply chain for Inspire V is stabilizing effectively.

Finance: draft 13-week cash view by Friday.

Inspire Medical Systems, Inc. (INSP) - Canvas Business Model: Key Activities

You're looking at the core engine driving Inspire Medical Systems, Inc.'s performance as they transition to the Inspire V platform in late 2025. These are the actions that must fire on all cylinders to meet the reaffirmed fiscal year 2025 revenue guidance of $900 million to $910 million.

Manufacturing and quality control of the Inspire system centers on scaling production while integrating the new, more cost-effective Inspire V device. The success of this is reflected in the gross margin performance, which reached 85.8% in the third quarter of 2025, up from 84.1% in Q3 2024, partly due to the higher Inspire V sales mix which carries a lower cost of goods sold.

Sales force expansion and provider training/certification is critical for the full commercial rollout of Inspire V, which initiated in May 2025. The company has been investing in its commercial infrastructure, evidenced by operating expenses increasing 17% year-over-year in Q3 2025, which primarily reflected patient marketing and general corporate costs, alongside ongoing sales organization expansion. Physician training for the new system is nearly complete, with approximately 98% of physicians trained, and about 75% of centers ready or transitioning to Inspire V as of the Q3 2025 update.

Driving patient flow through direct-to-consumer marketing is aimed at capturing the large, underserved market. The therapy has reached a significant milestone, with over 100,000 patients receiving Inspire therapy as of May 2025. Furthermore, the company is actively addressing pent-up demand, with over 10,000 patients who had delayed treatment now being reactivated, projecting a surge in implant volumes for the latter half of 2025.

Research and development for next-generation devices (e.g., Inspire V) activity is focused on post-market data collection and refinement, as the Inspire V system itself received FDA approval in August 2024. The company presented clinical evidence for Inspire V at industry meetings, showing a 20% reduction in surgical times compared to Inspire IV cases, and 100% of initial trial patients had a successful implant. To manage costs during this transition, R&D expenses were partially offset by a reduction in operating expenses in Q3 2025.

Securing and maintaining regulatory approvals (FDA, EU MDR) is an ongoing requirement for market access and expansion. The Inspire V system, which features internal respiratory sensing, is key to this, building on experience from over 100,000 patients implanted with prior generations. The company also reported having $410.9 million in cash, cash equivalents, and investments as of September 30, 2025, providing a financial buffer for these activities.

Here's a quick view of the key financial and operational metrics underpinning these activities as of late 2025:

Metric	Value / Status	Period / Context
FY 2025 Revenue Guidance (Midpoint)	$905 million	Full Year 2025
Q3 2025 Revenue	$224.5 million	Quarter Ended September 30, 2025
Q3 2025 Gross Margin	85.8%	Quarter Ended September 30, 2025
Total Patients Treated (Milestone)	Over 100,000	As of May 2025
Inspire V Physician Training Completion	Approximately 98%	Q3 2025 Update
Inspire V Center Transition Rate	Approximately 75%	Q3 2025 Update
Inspire V Surgical Time Reduction	20%	Clinical Data Presentation
Operating Expenses (Q3 2025)	$183.1 million	Quarter Ended September 30, 2025
Cash, Equivalents, Investments (Sep 30, 2025)	$410.9 million	Balance Sheet

The execution of these activities is directly tied to the company's ability to convert market opportunity into revenue. Consider these operational checkpoints:

• Maintain gross margin guidance between 84% to 86% for the full year 2025.
• Continue to activate new U.S. centers, building on the 1,435 active centers reported at the end of 2024.
• Manage operating expenses, which grew 17% year-over-year in Q3 2025, while prioritizing patient marketing spend.
• Leverage the 20% surgical time reduction from Inspire V to drive further provider adoption.
• Address the U.S. market penetration, currently below 5% of an estimated over $10 billion opportunity.

Finance: review the Q4 2025 OpEx forecast against the current run rate by next Tuesday.

Inspire Medical Systems, Inc. (INSP) - Canvas Business Model: Key Resources

You're looking at the core assets that make Inspire Medical Systems, Inc. run, the things they own or control that are essential to delivering their value proposition. These aren't just nice-to-haves; they are the foundation of their business.

The most critical resource is definitely the intellectual property surrounding their therapy.

• Proprietary Inspire neurostimulation technology and IP, built on experience from over 100,000 patients implanted to date.
• The U.S. market for their therapy is estimated at over $10 billion, with current penetration below 5%.

Financial strength provides the runway for continued investment in R&D and market expansion. As of the end of the third quarter of 2025, Inspire Medical Systems, Inc. held:

Financial Metric	Amount (as of Q3 2025)
Cash, Cash Equivalents, and Investments	$410.9 million

The physical and human infrastructure supporting the therapy delivery is also a massive asset. You need centers to do the implants and teams to support the surgeons and patients.

• Certified network of over 750 implanting centers is a key resource for market access.
• The company is scaling its specialized workforce, reporting approximately 1,246 total employees as of late 2025.

Clinical evidence is currency in medical devices, and Inspire Medical Systems, Inc. has built a significant repository of real-world data that supports adoption and reimbursement. This data is being continuously updated, especially with the new system rollout.

Here's a look at the data supporting the therapy:

• The ADHERE Registry has reached 5,000 enrollments across 61 medical centers internationally, transitioning to ADHERE 2.0 in the U.S. as part of the SleepSync platform.
• Initial data from the Limited-Market-Release study for the Inspire V system in the U.S. showed a median reduction in Apnea Hypopnea Index (AHI) from 30 to 4.5 events/hours for the first 34 patients.
• Patient adherence data shows consistent usage of over six hours per night.
• By Q3 2025, over 75% of U.S. centers were ready to transition to the new Inspire V system, showing strong clinical acceptance of the platform.

The sales and clinical support structure is what translates the technology and data into revenue. They are focused on training and deployment efficiency.

• The company created 12 new U.S. sales territories in Q4 2024, bringing the total to 335 U.S. sales territories at that time.
• The specialized teams are driving the adoption of the Inspire V system, which reduces surgical procedure time by 20%.

Finance: draft 13-week cash view by Friday.

Inspire Medical Systems, Inc. (INSP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a patient chooses Inspire Medical Systems, Inc. (INSP) over the established standard, CPAP. The value proposition centers on delivering effective therapy through a less burdensome experience.

Minimally invasive, clinically proven alternative to CPAP for OSA

The therapy is a proven, implantable solution for obstructive sleep apnea (OSA) that avoids the mask and tubing associated with CPAP. This is not just theoretical; as of May 2025, Inspire Medical Systems, Inc. surpassed a major milestone with over 100,000 patients receiving Inspire therapy. The clinical proof points to significant efficacy, especially for those who can't tolerate CPAP.

First and only FDA-approved upper airway stimulation therapy

This is a key differentiator. Inspire Medical Systems, Inc. holds the distinction of having the first and only FDA-approved upper airway stimulation therapy. The latest generation, the Inspire V system, received its FDA approval in August 2024. This regulatory standing provides a significant moat against direct competitors in this specific therapeutic class.

Improved quality of life and better sleep for CPAP-intolerant patients

The real measure of success here is how patients feel, and the data suggests a substantial shift in their experience compared to CPAP. For instance, in a 2024 Patient Experience Report, 91% of patients said Inspire is better than their previous CPAP experience, and 92% agreed or strongly agreed they would recommend Inspire to a friend or family member. Furthermore, patients report a median nightly use of 5.7 hours at the 12-month mark.

The clinical improvements are stark when looking at the Apnea Hypopnea Index (AHI), which measures OSA severity. Here's a quick look at the efficacy data from recent studies:

Study Population / Metric	Baseline AHI (events/hr)	Post-Treatment AHI (events/hr)	Patient Count
US Limited Market Release (60-day check)	30	4.5	First 34 patients
Singapore Clinical Study (Month Six)	34.4	8.3	37 patients

These numbers show a median reduction in AHI of over 75% in the US limited release cohort.

Simplified surgical procedure with the new Inspire V system

The Inspire V system is designed to make the procedure easier for the surgeon and potentially quicker for the patient. Surgeons noted a remarkable 20% reduction in surgical times compared to the prior Inspire IV system. This simplification comes from removing the pressure-sensing lead, as the respiratory sensing is now internal to the neurostimulator. The procedural success rate is high; in the US limited market release evaluation involving 101 patients, 100% of device procedures were completed successfully.

High-touch support and digital monitoring via SleepSync platform

The value extends beyond the implant through the SleepSync digital health platform, which supports remote patient management. This platform helps clinicians monitor therapy adherence and manage patients by exception. The data from the US limited release showed an average usage of 6.8 hours/night. In the Singapore study, adherence averaged 5.5±1.7 hours/night at a mean of 246 days post-implant for the 44 patients studied. To support this, the company has been working to get centers ready; by the end of the third quarter of 2025, they expected to complete SleepSync implementation at the vast majority of US centers.

Here's how the Inspire V system's performance metrics stack up against the prior generation:

• Inspire V Inspiratory Phase Overlap Percentage (IPOP): 87.1%.
• Inspire IV IPOP: 79.4%.
• The Inspire V system is superior with a non-inferiority margin of 4.6%.

The company is projecting full-year 2025 revenue in the range of $900 million to $910 million, showing the market is still buying into this value proposition despite some initial rollout friction. Finance: draft 13-week cash view by Friday.

Inspire Medical Systems, Inc. (INSP) - Canvas Business Model: Customer Relationships

You're looking at how Inspire Medical Systems, Inc. keeps its key customers-surgeons and patients-engaged and supported, which is crucial for a device requiring implantation and long-term use. The relationship here is deep, not transactional.

High-touch, direct support and training for surgeons/providers is the backbone of adoption. You see this commitment reflected in the product evolution itself. For instance, early clinical data on the Inspire V system showed surgeons achieved a 20% reduction in surgical times compared to Inspire IV case times in a Singapore study. That efficiency gain directly impacts a provider's capacity and willingness to adopt new technology. Furthermore, U.S. centers that completed the transition to Inspire V saw a more than 20% increase in patient implants in the first half of 2025 versus the same period in 2024. This suggests the direct clinical support and training around the new system are translating into faster utilization.

The company manages these accounts through dedicated personnel. As of March 31, 2025, Inspire Medical Systems, Inc. had expanded its U.S. footprint to 343 sales territories, supported by 245 U.S. field clinical representatives. These teams are essential for managing the relationship, from initial physician training to ongoing case support.

Digital engagement and remote monitoring via SleepSync is the modern layer of this relationship. SleepSync, the digital health platform, is designed to support patients from initial contact through post-implant management. The plan is that every site implanting Inspire V will be up on SleepSync. This platform helps clinicians manage patients by exception and access therapy quality measures.

This digital connection feeds directly into the long-term relationship with patients post-implantation. The clinical evidence supporting this long-term success is compelling; for example, data from a prior generation showed median AHI (events/hr) decreasing from 33.0 at baseline to 10.2 at 12 months. Patient adherence is high, with data showing the Inspire V system achieving very high and consistent patient adherence of over six hours per night, which physicians monitor via SleepSync. Honestly, patient satisfaction is a key metric here: 91% of patients report Inspire is better than their previous CPAP experience, and 92% would choose Inspire again.

Dedicated patient education and awareness campaigns drive the top of the funnel. By the second quarter of 2025, the company had surpassed a major milestone, with over 100,000 patients treated with Inspire therapy in total. The company continues to invest in patient marketing, as evidenced by planned increases in these costs for the second half of 2025.

Here's a quick look at the scale of the customer base and support structure as of mid-2025:

Metric	Value/Status	Date/Context
Total Patients Treated	Over 100,000	As of May 2025
U.S. Sales Territories	343	As of March 31, 2025
U.S. Field Clinical Representatives	245	As of March 31, 2025
Total U.S. Centers Implanting	1,435	As of Q4 2024
SleepSync Adoption Goal	Every site implanting Inspire V	Planned

The focus on digital tools and direct field support shows they are trying to manage the complexity of a medical device relationship that spans from the operating room to the patient's bedroom. If onboarding new centers to the full SleepSync workflow takes longer than anticipated, the growth rate could definitely slow down, as seen in the revised 2025 revenue guidance.

Finance: draft 13-week cash view by Friday.

Inspire Medical Systems, Inc. (INSP) - Canvas Business Model: Channels

Direct sales force to hospitals and surgical centers in the U.S.

Inspire Medical Systems, Inc. (INSP) continues to invest in expanding its U.S. sales organization. As of March 31, 2025, the company had expanded its U.S. sales territories to 343 and increased field clinical representatives to 245. The infrastructure supports sales to medical centers; as of the fourth quarter of 2024, there were 1,435 U.S. medical centers providing Inspire therapy. By the third quarter of 2025, over 75% of U.S. centers were ready to transition to the Inspire V system. U.S. revenue for the first quarter of 2025 was $193.6 million, representing a 24% increase compared to the prior year quarter. Full year 2024 U.S. revenue reached $771.0 million.

International sales channels in Europe and other markets

The international channel shows significant growth momentum, though starting from a smaller base. Third quarter 2025 revenue outside the U.S. reached $10.1 million, marking a 37% year-over-year increase. This contrasts with the first quarter of 2025, where revenue outside the U.S. was $7.7 million, a 6% decrease compared to the first quarter of 2024. For the full year 2024, revenue from outside the U.S. was $31.8 million, which was a 71% increase over the full year 2023. The fourth quarter of 2024 saw a 163% increase in revenue from outside the U.S. compared to the fourth quarter of 2023.

Here's the quick math on revenue distribution for Q3 2025:

Geography	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth
U.S.	$214.4 million	9%
Outside U.S.	$10.1 million	37%
Total Revenue	$224.5 million	10%

Patient-facing website and social media for awareness

Widespread consumer awareness is a key part of the growth strategy. The company surpassed a milestone of over 100,000 patients receiving Inspire therapy as of May 2025. Operating expenses in the third quarter of 2025 reflected ongoing investments, including patient marketing expenses. The company's website is listed as www.inspiresleep.com.

SleepSync digital health platform for provider/patient data

The SleepSync digital health platform is a complement to the Inspire V system launch, designed for remote patient management. The platform aims to improve therapy adherence and symptom relief. The ADHERE Registry is transitioning to ADHERE 2.0 as part of the SleepSync implementation in the U.S. The platform is intended to help clinicians manage patients by exception and support sleep practice efficiency.

Referrals from sleep physicians and primary care doctors

The commercial organization is built to support physician adoption, with ongoing investments in the U.S. sales organization. The company's growth strategy includes driving commercial scale and physician training. The company has noted risks associated with challenges patients experience in obtaining prior authorization.

• Clinical data shows 91% of patients report Inspire is better than their previous CPAP experience.
• 92% of patients report they would choose to receive Inspire again.

Finance: review Q4 2025 operating expense allocation across Sales, Marketing, and G&A by end of month.

Inspire Medical Systems, Inc. (INSP) - Canvas Business Model: Customer Segments

Patients with moderate to severe Obstructive Sleep Apnea (OSA)

• Estimated ~23,000,000 adults with moderate to severe OSA in the domestic market (Source 10).
• The domestic OSA market opportunity is estimated at >$10 billion (Source 10).
• As of May 2025, over 100,000 patients had received Inspire therapy (Source 12, 13).
• The company was reactivating over 10,000 patients who had delayed treatment as of late 2025 (Source 7).

Patients who have failed or cannot tolerate CPAP therapy

• CPAP compliance rate is reported to be only 35%-65% (Source 10).
• Estimated ~700,000 annual CPAP non-compliant patients (Source 10).
• Estimated ~500,000 Inspire eligible patients (Source 10).
• 91% of Inspire patients report that Inspire is better than their previous experience with CPAP (Source 9).
• 92% of patients would choose to receive Inspire again (Source 9).

Otolaryngologists (ENTs) and sleep surgeons who implant the device

The adoption and efficiency for implanting physicians are key segments, especially with the Inspire V system launch in 2025.

Metric	Inspire IV Performance (Historical/Comparison)	Inspire V Performance (Limited Release/Reported)
Average Implants Per Surgery Day	9 cases per surgery day (Source 3)	12 implants per surgery day (Source 3)
Average Surgical Implant Time	Not explicitly stated for IV	34.5 minutes for a standard placement (Source 4)
Surgical Time Reduction with V	N/A	20% reduction compared to Inspire IV case times (Source 3, 4)
U.S. Sales Territories (as of 3/31/2025)	N/A	343 (Source 13)
Field Clinical Representatives (as of 3/31/2025)	N/A	245 (Source 13)

Hospitals and ambulatory surgery centers (ASCs)

These facilities are critical for procedure scheduling and billing, with reimbursement rates directly impacting their willingness to adopt the technology.

Payer/Setting	CPT Code	Proposed 2026 Medicare Reimbursement Amount
Hospital (OPPS)	64568	Proposed to increase to $32,000 (Source 1)
Ambulatory Surgery Center (ASC)	64568	Proposed to increase to $28,000 (Source 1)
Medicare Reimbursement Increase (Hospital/ASC)	64568	Up roughly $1,300 or 4% to 5% from 2024 (Source 1)

Commercial and government health insurance providers

Broad coverage is essential for patient access, with Medicare being a significant component.

• Plans covering over 90% of 300 million covered lives have accepted CPT code 64568, including Medicare (Source 1).
• All Medicare Administrative Contractors (MACs) have developed positive Local Coverage Determination policies for Inspire therapy (Source 5, 8).
• Most US insurance providers cover Inspire therapy (Source 6).
• The Centers for Medicare & Medicaid Services finalized a significant increase in reimbursement rates for 2026 (Source 2).

Inspire Medical Systems, Inc. (INSP) - Canvas Business Model: Cost Structure

You're looking at the expenses that fuel Inspire Medical Systems, Inc.'s growth engine as of late 2025. It's a story of heavy investment in market penetration, which naturally drives up the operating cost base.

The most recent snapshot, the third quarter of 2025, showed total operating expenses hitting $183.1 million. That's a significant number, representing a 17% increase compared to the same period last year. Honestly, this level of spending is typical when a company is aggressively pushing a next-generation product, the Inspire V system, into the market.

Here's a quick look at the key financial metrics that define the cost side of the equation for Q3 2025:

Cost/Margin Metric	Q3 2025 Actual Amount/Rate	Context/Guidance
Total Operating Expenses	$183.1 million	Up 17% year-over-year
Gross Margin	85.8%	Up from 84.1% in Q3 2024
Full Year 2025 Gross Margin Guidance	84% to 86%	Maintained guidance
Q3 2025 Revenue	$224.5 million	10% increase year-over-year

The high gross margin is a structural advantage. Cost of goods sold (COGS) is inherently low relative to the selling price, which supports that strong margin, guided to be between 84% and 86% for the full year 2025. The Q3 actual of 85.8% was helped by a higher sales mix of the more cost-effective Inspire V. That's the good news; the challenge is managing the operating spend required to drive the revenue that realizes that margin.

The primary drivers for that 17% jump in operating expenses are clearly focused on commercial execution. You're seeing the costs associated with building demand and expanding the sales footprint:

• Significant investment in patient marketing expenses.
• Costs related to general corporate overhead.
• Ongoing investment in the expansion of the U.S. sales organization, noted as a driver in Q1 2025.

To be fair, some costs are being actively managed. Research and development (R&D) expenses were actually partially offset by a reduction in Q3 2025 spending, suggesting a shift in focus from pure R&D to commercial scale-up for the new system.

The surgeon training and certification costs are embedded within the overall operating expenses, particularly as the company drives the U.S. launch of the Inspire V system. While we don't have a specific dollar line item for just training, the progress shows where the resources are being deployed. Over 75% of centers are ready to transition to Inspire V, meaning significant resources have been spent ensuring physicians and centers are certified and ready to adopt the new technology, which also reduces surgical procedure time by 20%.

Finance: draft 13-week cash view by Friday.

Inspire Medical Systems, Inc. (INSP) - Canvas Business Model: Revenue Streams

You're looking at how Inspire Medical Systems, Inc. actually brings in the money, and for late 2025, it's all about the implantable neurostimulation system sales. The core of the business is selling that device that helps patients with obstructive sleep apnea. Honestly, the numbers for the full year are looking solid, even with the transition to the new hardware.

The company reaffirmed its full-year 2025 revenue guidance to be in the range of $900 million to $910 million. That target reflects an anticipated growth of 12% to 13% compared to the full-year 2024 revenue of $802.8 million. That's the top line they are shooting for right now. The gross margin expectation is holding steady too, projected between 84% to 86% for the full year 2025.

Here's a quick look at the most recent snapshot from the third quarter of 2025, which really shows where the bulk of the revenue is coming from. You can see the U.S. market is definitely the engine here.

Metric	Q3 2025 Amount	Year-over-Year Change
Total Revenue	$224.5 million	10% increase
U.S. Revenue	$214.4 million	9% increase
International Revenue (Outside U.S.)	$10.1 million	37% increase

The U.S. revenue for the third quarter was $214.4 million, which is the primary driver, showing a 9% increase over the prior year quarter. International revenue, while a smaller piece at $10.1 million for the quarter, is growing quite fast at 37% year-over-year. That international growth rate is definitely something to watch as they expand their footprint outside the States.

The revenue stream is fundamentally tied to the adoption of the neurostimulation system. With the successful transition and limited market release of the Inspire V system, which showed a 20% reduction in surgical procedure time in a study, you can expect the revenue mix to shift toward this newer, more cost-effective device, which also contributed to the gross margin expansion to 85.8% in Q3 2025. While the outline mentions potential future revenue from device replacements and accessories, the immediate focus is clearly on the initial system implants and the rollout of Inspire V.

The company's current commercial focus is on driving adoption through its field force, which ended Q3 2025 with 336 U.S. territories and 268 U.S. field clinical representatives. This infrastructure supports the sales of the implantable device, which is the main revenue generator.

• The primary revenue source is the sale of the Inspire neurostimulation system.
• The U.S. market contributed $214.4 million in Q3 2025 revenue.
• International revenue for Q3 2025 was $10.1 million.
• The company is maintaining full-year 2025 revenue guidance between $900 million and $910 million.

Finance: draft 13-week cash view by Friday.