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. November 2026
Inspire Medical Systems, Inc. November 2026 NYSE: INSP
Slide 2: Disclaimer
© Inspire Medical Systems, Inc. All Rights Reserved. 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, witho
Slide 3: Use of non-GAAP measures
© Inspire Medical Systems, Inc. All Rights Reserved. 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-G
Slide 4: Our mission: enhancing patient lives through sleep innovation
enhancing patient lives through sleep innovation We are a medical technology company committed to 4 It all starts and ends with our mission
Slide 5: Company overview
© Inspire Medical Systems, Inc. All Rights Reserved. Company overview The first and only… >400 PUBLICATIONS Compelling body of evidence >300 MILLION U.S. COVERED LIVES Established reimbursement in all 50 states ~1,300 EMPLOYEES Led by a proven management team >$900 MILLION REVENUE IN 2025 With 50% f
Slide 6: Entrepreneurial beginnings and still just getting started
4,000 Patients receiving Inspire $50M Revenue 200 Implanters With new innovations on the horizon and a big blue ocean of opportunity in front of us! … and we are still just getting started 6 From our entrepreneurial beginnings, and with a focus on delivering life-changing outcomes, we’ve been enhanc
Slide 7: First mover. Market disruptor. Innovation leader.
>150K PATIENTS WITH INSPIRE Proving out our care pathways and therapy optimization CLINICAL EVIDENCE >400 publications portraying a compelling body of evidence >$900M REVENUE IN 2025 With 50% five-year CAGR, continuing our strong performance NEXT-GEN NEUROSTIMULATOR ~20 years in pursuing perfection
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 8 Results in repeated arousals and oxygen desaturations Severity of sleep apnea is measured by frequency of apnea or hypopnea events per hour, which is referred to as the Apnea-Hypopnea Index (AHI) Normal Mild Moderate
Slide 9: OSA is a chronic disease often untreated and linked to serious health risks
OSA is a chronic disease that is often untreated and proven to be linked to serious health risks 9 2x The risk for stroke1 2x The risk for sudden cardiac death2 57% Increased risk for recurrence of Atrial Fibrillation after ablation4 5x The risk for cardiovascular mortality3 Years of Follow-up % S u
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 10 Uvulopalatopharyngoplasty (UPPP) Maxillomandibular Advancement (MMA) • Several variations of sleep surgery • Success rates vary widely (30% - 60%)1 • Irreversible anatomy alteration • Inpatient surgery wi
Slide 11: The domestic OSA market is huge
CPAP prescriptions annually ~2,000,000 CPAP non-compliant ~700,000 Inspire eligible ~500,000 Adults with moderate to severe OSA ~23,000,000 The domestic OSA market is huge… 11 Internal estimates >$10B o p p o r t u n i t y
Slide 12: Closed-loop stimulation delivered when airway is most vulnerable
Closed-loop, or Synchronized Stimulation, is delivered when airway is most vulnerable to collapse (inspiratory phase) Sensing with Inspire V is SUPERIOR to Inspire IV2 Inspire V Patient Remote Stimulation Lead Neurostimulator 1. Inclusive of previous Inspire generations (data collected during the We
Slide 13: The Inspire patient journey is a multi-specialty care continuum
Quality Patient Flow Care Pathway Capacity Strong Clinical Outcomes Sleep Test (in-lab or home) Activation Procedure DISE & Insurance Strong Patient Outcomes Patient Awareness, Referral or Appointment Request Screening Appointment Efficacy Check Monitoring & Clinic Adjustments 1 2 3 13 The Inspire p
Slide 14: Continuous data collection and outcomes monitoring
Continuous data collection & outcomes monitoring 14 Real World Data BELGIUM, GERMANY, NETHERLANDS, SWITZERLAND • Collection of real-world, international outcomes data • Eligibility – ALL patients receiving Inspire therapy • Registry - 5,000 enrollments at 61 medical centers • Transition to 2.0 as pa
Slide 15: Continued improvement in system safety and reliability
15 89% 90% 91% 92% 93% 94% 95% 96% 97% 98% 99% 100% 0 6 12 18 24 30 36 42 48 54 60 66 72 78 84 90 96 Cu m ul at iv e Su rv iv al P er ce nt ag e Months After Implant 2018 2020 2019 2021 2022 2023 2024 2025 93% 94% 95% 96% 97% 98% 99% 100% 0 6 12 18 24 30 36 42 48 54 60 66 72 78 84 90 96 Cu m ul at i
Slide 16: Inspire patients report positive experience and enhanced quality of life
Inspire patients report having a positive patient experience and enhanced quality of life How does Inspire compare against your previous experience with CPAP? 91% Say Inspire is better I would recommend Inspire to a friend or family member. 93% Agree or strongly agree Overall, how satisfied are you
Slide 17: Compared to CPAP, Inspire better improves OSA symptoms
1717 Compared to CPAP, Inspire has demonstrated to be better at improving OSA symptoms, potentially with greater therapy adherence 1. Heiser, Sleep & Breathing 2022 Comparison between baseline and 12-month follow-up between matched cohorts 2. Epsworth Sleepiness Scale SLEEPINESS REDUCTION1 THERAPY A
Slide 18: Inspire V: reduced implant time, improved performance, fewer revisions
Current Sensor Inspire V Sensor Performance • Multiple electrodes capability • Enables new stim targets and sensing features • Downloadable features for clinical studies and field upgrades • Future features could include posture-responsive therapy, auto start/pause, AHI detection • Allows stim of mu
Slide 19: 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-responsive therapy, auto start/pause, AHI detection State of
Slide 20: SleepSync digital health platform
Dynamic patient engagement + Efficient care coordination Expanding sleep clinician confidence & capacity enabling more patients to benefit from Inspire therapy In 2025, broadly adopted at Inspire centers in the U.S. Remote patient management Inspire App SleepSync Web Portal • Find a doctor • Customi
Slide 21: Reimbursement: upcoming milestones for 2027 and 2028
© Inspire Medical Systems, Inc. All Rights Reserved.2121 Reimbursement: Upcoming milestones for 2027 (CPT® 64582) and 2028 (New CPT® for single-lead system) Jan. 2028 New CPT Code for single - lead system takes effect Sept. 2026 Initial application for new CPT code for single-lead system reviewed •
Slide 22: Reimbursement: improved clarity in 64582 coding for Inspire V
© Inspire Medical Systems, Inc. All Rights Reserved.2222 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 Continued focus on
Slide 23: Key catalysts and updates
© Inspire Medical Systems, Inc. All Rights Reserved.2323 Key catalysts and updates Reimbursement 1 Near term: Improved clarity regarding coding pathway, and effective customer education Medium term: Proposed 2027 CMS reimbursement increases: OPPS +12% Y/Y, and ASC +15% Y/Y (subject to final rule) Lo
Slide 24: Our growth strategy
© Inspire Medical Systems, Inc. All Rights Reserved.24 1 Through planned and controlled market expansion and robust physician training Ensure Strong Clinical Outcomes 2 By enhancing interconnectivity, simplifying the care pathway, and closely tracking outcomes Improve the Customer Experience 3 Among
Slide 25: 3Q26 highlights
© Inspire Medical Systems, Inc. All Rights Reserved.2525 3Q26 highlights $206.7M Revenue (7.9%) Y/Y, +3.0% Q/Q 86.0% Gross Margin $46.4M Operating Cash Flow ($0.84) Diluted EPS $0.14 Adj. Diluted EPS Results Ahead of Expectations: 3.0% sequential revenue growth with strength in U.S. business, coding
Slide 26: Financial outlook as of November 2, 2026
© Inspire Medical Systems, Inc. All Rights Reserved.2626 Financial outlook as of November 2, 2026 $803 $912 2024 2025 2026E 2027E $850-$860 Annual Revenue ($M) Anticipating low-single digit growth in 20271 FY26 revenue range of $850M-$860M Vs Prior range of $835M-$875M FY26 adj. operating income mar
Slide 27: Strategic growth plan: Project Horizon
© Inspire Medical Systems, Inc. All Rights Reserved.2727 Strategic growth plan: Project Horizon Optimizing Organizational Structure to Align Resources to Support Revenue Growth Created incremental annualized growth investment capacity; prioritizing investments in patient flow Expanding patient acces
Slide 28: Summary
© Inspire Medical Systems, Inc. All Rights Reserved.2828 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, an
Slide 29: No mask. No hose. Just sleep.
No mask. No hose. Just sleep. 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 ® 29
Slide 30: Appendix
© Inspire Medical Systems, Inc. All Rights Reserved. Appendix 30
Slide 31: Consolidated statements of operations
© Inspire Medical Systems, Inc. All Rights Reserved.31 Consolidated statements of operations (Unaudited)(In thousands, except share and per share amounts)
Slide 32: Condensed consolidated balance sheets
© Inspire Medical Systems, Inc. All Rights Reserved.32 Condensed consolidated balance sheets (Unaudited)(In thousands)
Slide 33: GAAP to non-GAAP reconciliations
© Inspire Medical Systems, Inc. All Rights Reserved.33 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
Slide 34: Company history and milestones
© Inspire Medical Systems, Inc. All Rights Reserved. • Inspire is founded after being spun out of Medtronic • Initiated Phase III pivotal STAR trial • STAR results published in the New England Journal of Medicine; received PMA approval from the FDA • 1,000th implant milestone • Launched Inspire IV n
Slide 35: Proven management team grounded in integrity
Bryan Phillips SVP, General Counsel & Chief Compliance Officer Joined 2021 Tim Herbert Chair, President & Chief Executive Officer Joined 2007 Matt Osberg Chief Financial Officer Joined 2026 Carlton Weatherby Chief Strategy & Growth Officer Joined 2023 Jason Kelly Chief Operations and Innovation Offi
Slide 36: Supporting patients on their path to Inspire
© Inspire Medical Systems, Inc. All Rights Reserved. Implant Fine- tune ActivationInspire Advisor Care Program (ACP) DISE/ Prior Authorization Patient education using the InspireSleep.com website Community health talks Physician Consultations Awareness with direct-to- consumer outreach programs Life
Slide 37: Patient journey challenges and support investments
© Inspire Medical Systems, Inc. All Rights Reserved. Awareness Education Consultation Implant Life w/ Inspire Confirm Sleep Study Fine- tuneActivationImplantPrior AuthDISE Conduct Online Search Attend Appt. Schedule an Appt. with IS Dr. Obtain Updated Sleep Study Request an Appt. Do I Qualify Lead R
Slide 38: Improving patient engagement and conversion initiatives
© Inspire Medical Systems, Inc. All Rights Reserved. Improving Patient Engagement Conversion Initiatives Increasing ENT Capacity to Further Grow Utilization SleepSync Digital Health Platform Increases Utility • Digital scheduling has shown significant improvements with initial sites • Patient educat
Slide 39: Health economics: untreated OSA cost burden
• Untreated OSA patients had ~$20,000 higher total annual Medicare costs • CPAP intolerant patients had higher Medicare utilization than PAP tolerant ALASKA-Study – non-adherent patients have greater chance of mortality (n>176,000)2 PAP non- adherent PAP adherent96% 98% 100% Su rv iv al Pr ob ab ili
Slide 40: Economic, social and environmental commitment
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 R O N M E N T A L We work to operate our business responsibly and reduce o
Slide 41: Our intellectual property portfolio
© Inspire Medical Systems, Inc. All Rights Reserved. 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 applications 178
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