INSPHIGH SIGNALOPERATIONAL10-K

INSP shows robust business expansion with substantially higher revenue growth while completing a major clinical study and reducing its sales territory footprint.

The completion of patient follow-up for the 5,000-patient clinical study represents a major regulatory milestone that could unlock expanded market access and reimbursement opportunities. However, the 12% reduction in U.S. sales territories (from 335 to 295) alongside revenue growth suggests either territory consolidation for efficiency or potential market saturation concerns that warrant monitoring.

Comparing 2026-02-13 vs 2025-02-10View on EDGAR →
FINANCIAL ANALYSIS

INSP delivered strong financial performance with revenue growing substantially while operating income expanded meaningfully by 41%. The company built significant inventory capacity with an 81% increase to $145.3M, though this came alongside a 30% decline in cash reserves to $104.8M and slightly lower operating cash flow. The overall picture suggests aggressive growth investment and operational scaling, though cash management will require attention given the inventory buildup and reduced cash position.

FINANCIAL STATEMENT CHANGES
Inventory
Balance Sheet
+81.3%
$80.1M→$145.3M

Inventory surged 81.3% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Revenue
P&L
+62.2%
$50.6M→$82.0M

Strong top-line growth of 62.2% — accelerating demand or successful expansion into new markets.

Operating Income
P&L
+41.2%
$36.1M→$51.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Cash & Equivalents
Balance Sheet
-30.2%
$150.2M→$104.8M

Cash declined 30.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Accounts Receivable
Balance Sheet
+28.6%
$93.1M→$119.7M

Receivables grew 28.6% — monitor days sales outstanding for collection efficiency.

SG&A Expense
P&L
+17.9%
$529.6M→$624.6M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Gross Profit
P&L
+14.6%
$679.8M→$778.8M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Stockholders Equity
Balance Sheet
+13.3%
$689.7M→$781.2M

Equity base grew 13.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+12.2%
$808.4M→$907.3M

Asset base grew 12.2% — expansion through organic growth, acquisitions, or capital deployment.

Operating Cash Flow
Cash Flow
-10.2%
$130.2M→$117.0M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-10
ADDED
As of February 5, 2026, the registrant had 28,589,291 shares of common stock, $0.001 par value per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 77 Item 7A.
Physicians have treated more than 125,000 patients with Inspire therapy across the United States ("U.S."), Europe, and Asia.
Continuous positive airway pressure ("CPAP") is the leading therapy for patients with moderate to severe OSA.
The target enrollment of 5,000 patients was achieved in 2024 and patient follow-up was completed in 2025 with final results pending analysis.
As of December 31, 2025, we had 295 sales territories in the U.S.
commercial payors, including all large national commercial insurers, encompassing over 300 million covered lives in the U.S.
We have a comprehensive patent portfolio to protect our intellectual property and technology, with rights as of December 31, 2025 to 119 issued U.S.
Utilize our dedicated sales and marketing organization to facilitate further adoption of our Inspire therapy.
We plan to continue to utilize our talented sales representatives in existing and new markets to help facilitate further adoption and broaden awareness of our Inspire therapy.
REMOVED
As of February 3, 2025, the registrant had 29,669,407 shares of common stock, $0.001 par value per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 75 Item 7A.
Physicians have treated more than 90,000 patients with Inspire therapy at over 1,575 medical centers across the United States ("U.S."), Europe, and Asia.
CPAP is the leading therapy for patients with moderate to severe OSA.
The target enrollment of 5,000 patients was achieved in 2024 and patient follow-up is ongoing.
As of December 31, 2024, we had 335 sales territories in the U.S.
commercial payors, including all large national commercial insurers, encompassing approximately 260 million covered lives in the U.S.
We have a comprehensive patent portfolio to protect our intellectual property and technology, with rights as of December 31, 2024 to 98 issued U.S.
Expand our sales and marketing organization to facilitate adoption of our Inspire therapy.
We plan to continue to expand our sales and marketing organization and seek to recruit and train exceptionally talented sales representatives in existing and new markets to help facilitate further adoption and broaden awareness of our Inspire therapy.
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