Inspire Medical Systems, Inc. · NYSE:INSP
Inspire Medical Systems — Q3 2026 Earnings Presentation
41 slides from Inspire Medical Systems's earnings presentation, Nov 2, 2026
Slide 1: Inspire Medical Systems, Inc.
Inspire Medical Systems, Inc. November 2026 NYSE: INSP
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward- looking statements, including, without limitation, statements regarding estimated financi
Slide 3: Use of non-GAAP measures
Use of non-GAAP measures This presentation includes non-GAAP financial measures. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measure have been provided along with the presentation. These non-GAAP financial measures are presented because we belie
Slide 4: Enhancing patient lives through sleep innovation
It all starts and ends with our We are a medical technology company committed to mission enhancing patient lives through sleep innovation 4
Slide 5: Company overview
Company overview The first and only… >$10 BILLION Underpenetrated U.S. market >400 PUBLICATIONS Compelling body of evidence Innovative, closed-loop, ~1,300 EMPLOYEES neurostimulation Led by a proven management team technology >300 MILLION U.S. COVERED LIVES for Obstructive Sleep Established reimburs
Slide 6: Nearly 20 years of enhancing the lives of patients
From our entrepreneurial beginnings, and with a focus on delivering life-changing outcomes, we’ve been enhancing the lives of patients for nearly 20 years… TODAY 2026 >150K >$900M >1,500 IPO Patients receiving Inspire 2025 Revenue Implanters 2018 Founded 2007 4,000 $50M 200 Patients receiving Inspir
Slide 7: First mover. Market disruptor. Innovation leader.
First mover. Market disruptor. Innovation leader. >150K PATIENTS >$10B DOMESTIC CLINICAL WITH INSPIRE MARKET EVIDENCE Proving out our care With less than 5% penetration >400 publications pathways and therapy we have plenty of room for portraying a compelling optimization growth body of evidence BROA
Slide 8: Obstructive sleep apnea is caused by blockage that prevents airflow
Obstructive sleep apnea is caused by blockage that prevents airflow to the lungs Results in repeated arousals and oxygen desaturations Severity of sleep apnea is measured Typical OSA event by frequency of apnea or hypopnea Airway obstruction during breathing events per hour, which is referred to as
Slide 9: OSA is a chronic disease that is often untreated
OSA is a chronic disease that is often untreated and proven to be linked to serious health risks TYPICAL PATIENT PROFILE EXACERBATED HEALTH RISKS High risk patients: obese, male or of 2x Increased Risk of Mortality 5 advanced age The risk for stroke1 Common first indicator: heavy snoring Other indic
Slide 10: Current treatment options, such as CPAP and surgeries, have significant limitations
Current treatment options, such as CPAP and invasive surgeries, have significant limitations CPAP IS THE FIRST-LINE THERAPY… …WITH SURGICAL ALTERNATIVES FOR TREATMENT • Demonstrated improvements in disease severity and • Several variations of sleep surgery long-term gold standard therapy • Success r
Slide 11: The domestic OSA market is huge: >$10B opportunity
The domestic OSA market is huge… Adults with moderate to severe OSA ~23,000,000 CPAP prescriptions annually ~2,000,000 CPAP non-compliant >$ 10 B ~700,000 Inspire eligible ~500,000 11 Internal estimates opportunity
Slide 12: Inspire Therapy is an Innovative and Proven Solution
Closed-loop, or Synchronized Stimulation, Inspire Therapy is is delivered when airway is most vulnerable to collapse (inspiratory phase) an Innovative and Proven Solution for Patients with 1 OSA Sensing with Inspire V is SUPERIOR to Inspire IV2 Proprietary Closed-Loop Inspire V Sensing Algorithm to
Slide 13: The Inspire patient journey is a multi-specialty care continuum
The Inspire patient journey is a multi-specialty care continuum Quality Patient Care Pathway Strong Clinical Flow Capacity Outcomes Strong Efficacy Patient Check Monitoring & Outcomes Clinic Activation Adjustments Procedure 1 DISE & 2 Screening Insurance Patient Awareness, Appointment Referral or Sl
Slide 14: Continuous data collection & outcomes monitoring
Continuous data collection & outcomes monitoring US CENTERS EU CENTERS • Collection of real-world, international outcomes data BELGIUM, GERMANY, NETHERLANDS, • Eligibility – ALL patients receiving Inspire therapy SWITZERLAND • Registry - 5,000 enrollments at 61 medical centers • Transition to 2.0 as
Slide 15: Continued improvement in system safety and reliability
Continued improvement in system safety and reliability INSPIRE GLOBAL SYSTEM SURVIVABILITY TO REVISION BY IMPLANT YEAR INSPIRE GLOBAL SYSTEM SURVIVABILITY TO EXPLANT BY IMPLANT YEAR 100% 100% 2025 2025 99% 2024 99% 2024 98% 2023 2022 2023 Cumulative Survival Percentage Cumulative Survival Percentage
Slide 16: Strong patient outcomes
Strong patient outcomes Inspire patients experience a Inspire patients report less Inspire patients report having a significant reduction in the sleepiness and demonstrate positive patient experience and severity of their OSA increased therapy adherence enhanced quality of life 5.7 91% How does Insp
Slide 17: Compared to CPAP, Inspire is better at improving OSA symptoms
Compared to CPAP, Inspire has demonstrated to be better at improving OSA symptoms, potentially with greater therapy adherence SLEEPINESS REDUCTION1 THERAPY ADHERENCE1 2 8.0 5.0 ESS reduction Usage/Night (points) (hours) 3.9 4.0 1. Heiser, Sleep & Breathing 2022 17 Comparison between baseline and 12-
Slide 18: Inspire V: reduced implant time, improved therapy performance
Inspire V: reduced implant time, improved therapy performance, fewer revisions & future innovation THERAPY EVOLUTION BUILT-IN CONSISTENT LONG BATTERY LIFE OF 11 YEARS ON AVERAGE • Multiple electrodes capability • Enables new stim targets and sensing features Proven cybersecurity FLEXIBLE SOFTWARE PL
Slide 19: Continuing to evolve with future innovation in mind
Continuing to evolve with future innovation in mind Therapy Evolution Built In • Multiple electrodes capability • Enables new stimulation targets and sensing features Flexible Software Platform • Downloadable features for clinical studies and field upgrades • Future features include posture-responsi
Slide 20: Dynamic patient engagement SleepSync
Dynamic patient SleepSync digital health platform engagement PATIENT CLINICIAN + Inspire App SleepSync Web Portal Remote patient management Efficient care coordination • Symptom relief • adherence • Disease burden (future) Expanding sleep clinician • Remote adjustments (future) confidence & capacity
Slide 21: Reimbursement: Upcoming milestones for 2027 and 2028
Reimbursement: Upcoming milestones for 2027 (CPT® 64582) and 2028 (New CPT® for single-lead system) Final 2027 OPPS Rule Initial application for new CPT Expected Release code for single-lead system reviewed Proposed 2027 OPPS Rule Released Final 2027 OPPS rates • declined by AMA CPT Editorial • + 12
Slide 22: Reimbursement: Improved clarity in 64582 coding for Inspire V
Reimbursement: Improved clarity in 64582 coding for Inspire V C-Codes in place for 64582 and coding uncertainty from 1H26 reduced Hospital & ASC reimbursement rates are unchanged Correct C-Code adopted in all 6 WISeR states Only 2 MACs have surgeon fee impact with -52 modifier Continued focus on cus
Slide 23: Key catalysts and updates
Key catalysts and updates 1 2 3 Reimbursement Inspire V & Clinical Data Project Horizon Near term: Improved clarity 5th Gen system: Improved patient Created $30M of incremental regarding coding pathway, and outcomes and physician growth investment capacity: effective customer education experience Ex
Slide 24: Our growth strategy
Our growth strategy Ensure Strong Clinical Drive Continued Commercial Outcomes Scale 1 Through planned and controlled 4 Commensurate with new center market expansion and robust additions and leveraging consumer physician training outreach programs Improve the Customer Invest in Research & Experience
Slide 25: 3Q26 highlights
3Q26 highlights $206.7M Results Ahead of Expectations: 3.0% sequential revenue growth with strength in U.S. business, coding and reimbursement disruption primary Revenue (7.9%) Y/Y, +3.0% driver of Y/Y revenue decline of 7.9% Q/Q New CPT® Code for 2028: AMA Editorial panel approved new single-lead 8
Slide 26: Financial outlook as of November 2, 2026
Financial outlook as of November 2, 2026 Annual Revenue ($M) $912 $850-$860 FY26 revenue range of $850M-$860M $803 Vs Prior range of $835M-$875M FY26 adj. operating income margin of 4.5%-5.5% Vs Prior range of 4%-6% FY26 adjusted diluted EPS of $1.20-$1.40 Vs Prior range of $1.05-$1.45 2024 2025 202
Slide 27: Strategic growth plan: Project Horizon
Strategic growth plan: Project Horizon Optimizing Organizational Structure to Align Resources to Support Revenue Growth $30M Created incremental annualized growth investment capacity; prioritizing investments in patient flow Improving patient Expanding patient Support in navigating education and acc
Slide 28: Summary
Summary Enhanced coding clarity in 2026 and 2027, new Category 1 CPT Code in 2028 Inspire V data shows improved patient outcomes and physician experience Recent studies expand the evidence supporting patient outcomes, cardiovascular health, and treatment pathway optimization Project Horizon creates
Slide 29: No mask. No hose. Just sleep.
No mask. No hose. ® Just sleep. 29 INSPIRE CONFIDENTIAL. Inspire is a public company and has an Insider Trading Policy. The content in this deck is not to be shared with anybody outside of Inspire Medical Systems, Inc. It is for internal review and discussion only www.inspiresleep.com
Slide 30: Appendix
Appendix © Inspire Medical Systems, Inc. 30 All Rights Reserved.
Slide 31: Consolidated statements of operations
Consolidated statements of operations (Unaudited)(In thousands, except share and per share amounts) © Inspire Medical Systems, Inc. 31 All Rights Reserved.
Slide 32: Condensed consolidated balance sheets
Condensed consolidated balance sheets (Unaudited)(In thousands) © Inspire Medical Systems, Inc. 32 All Rights Reserved.
Slide 33: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations (Unaudited) (In thousands, except per share amounts) 1 These costs represent legal-related expenses related to (a) a civil investigative demand from the Department of Justice, (b) a patent infringement suit that we filed against Nyxoah S.A. and its wholly-owned subsi
Slide 34: Company overview: Our history and key milestones
Company overview Our history and key milestones • Inspire is founded after being spun out of Medtronic • Inspire II CE mark received in Europe • Initiated Phase III pivotal STAR trial • STAR results published in the New England Journal of Medicine; received PMA approval from the FDA • 1,000th implan
Slide 35: Proven management team grounded in integrity
Proven management team grounded in integrity, fueled by innovation, and devoted to delivering the promise of our mission Tim Herbert Matt Osberg Bryan Phillips Chair, President & Chief Executive Officer Chief Financial Officer SVP, General Counsel & Chief Compliance Officer Joined 2007 Joined 2026 J
Slide 36: Supporting patients on their path to Inspire
Supporting patients on their path to Inspire Patient education Inspire DISE/ Life with Awareness Implant Activation Fine- using the Advisor Care Prior Inspire – Patient with direct-to- tune InspireSleep.com Program (ACP) Authorization management with consumer website SleepSync outreach programs Comm
Slide 37: The patient journey
The patient journey Awareness Education Consultation Implant Life w/ Inspire Ask Obtain Conduct See an Do I Schedule Confirm their Dr. Visit Register Request Updated Attend Prior Fine- Online Inspire Qualify an Appt. DISE Implant Activation Sleep about IS.com for CHT an Appt. Sleep Appt. Auth tune S
Slide 38: Patient engagement conversion initiatives
Patient engagement conversion initiatives Improving Patient Engagement Improving Patient Experience and Conversion Initiatives Reducing Time-to-Implant • Digital scheduling has shown significant • Inspire V neurostimulator with internal sensor expected to improvements with initial sites reduce OR ti
Slide 39: Health economics: untreated OSA cost burden
Health economics: untreated OSA cost burden Growing evidence that CPAP intolerance is ALASKA-Study – non-adherent patients have greater linked to higher healthcare costs1 chance of mortality (n>176,000)2 100% 98% Probability PAP Survival 96% adherent 94% PAP non- adherent • Untreated OSA patients ha
Slide 40: Sustainability at Inspire
Sustainability at Inspire Committed to improving the economic, social, and environmental impacts that our business has on the communities in which we operate, as well as our customers, business partners, suppliers, employees, and stockholders. E N V I RO N M E N TA L SOCIAL GOVERNANCE We work to ope
Slide 41: Our intellectual property portfolio
Our intellectual property portfolio (as of December 31, 2025) Covers aspects of our current Inspire system and future product concepts • 119 issued U.S. patents (expiring between 2029 and 2043) and 73 pending U.S. patent applications • 83 issued foreign patents and 73 pending foreign patent applicat
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