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- **Revenue Beat**: Q3 2025 revenue $224.5M (+10% YoY), full year guidance reaffirmed at $900-910M
- **Inspire V Adoption**: 75% U.S. centers now implanting V, surgical time down 20%, 6+ hours nightly use in 100+ patients
- **Clinical Validation**: Studies show Inspire V reduces cardiovascular morbidity vs. CPAP, with 87% inspiratory overlap success
- **Financial Strength**: Operating cash flow $68.5M, $125M share buybacks year-to-date, EPS guidance raised to $0.90-1.00
- **2026 Outlook**: CEO hints at 10-11% growth, citing inventory transition and GLP-1 competition, with Q4 2025 one-time tax benefit of $10-20M

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $224.5M, up 10% YoY, driven by Inspire V adoption. Full year guidance reaffirmed at $900-910M (12-13% growth). 
- **Inspire V Momentum**: 75% of U.S. centers now implanting V, with 20% reduction in surgical time vs. IV. Singapore clinical study showed 87% inspiratory overlap success.
- **Clinical Evidence**: Studies demonstrate Inspire V reduces cardiovascular morbidity vs. CPAP, with 6+ hours nightly use in 100+ U.S. patients.
- **Marketing Impact**: New ad campaigns (e.g., "Dream Again" featuring Chock Chappele) show early engagement, with 98% physician training completion.
- **Reimbursement**: CMS increases CPT 64568 reimbursement by 11% to $660, effective Jan 2026. ASC reimbursement up 5% to $28,000.

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - Q3 GAAP net income: $9.9M ($0.34 EPS) vs. $18.5M ($0.60 EPS) prior year
  - Adjusted EBITDA: $44M (20% margin) vs. $44.5M (22% margin) prior year
  - Operating cash flow: $68.5M (year-to-date $64.5M)
- **Expense Management**: 
  - Total OpEx $183.1M (+17% YoY) due to patient marketing
  - R&D down 17% YoY as focus shifts to V scale
  - Legal costs $1.3M (DOJ investigation, patent lawsuits)
- **Guidance Updates**: 
  - Full year EPS raised to $0.90-1.00 (prev $0.40-0.50)
  - 2025 tax rate 25% (higher state minimums)
  - $125M share buybacks year-to-date

**【Q&A Key Highlights】**
- **2026 Outlook**: CEO hints at 10-11% growth (vs. 2025's 12-13%), citing Inspire IV inventory transition and GLP-1 competition
- **Inventory Transition**: 98% U.S. centers on V, with IV manufacturing winding down. Global IV supply needed for Europe/Asia
- **Expense Trends**: CFO expects OpEx growth to moderate in 2026, with focus on DTC marketing efficiency
- **Competitive Dynamics**: New competitor in early stages, no material impact yet. Inspire V adoption rates >90% in trained centers
- **Tax Benefit**: Q4 2025 will see $10-20M one-time tax benefit from deferred tax asset reversal

Inspire Medical Systems, Inc. (INSP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

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Income (Loss) from Associates

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Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Interest Income

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Net Income from Continuing Operations

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

INSP

INSP fundamentals

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