The Top 5 Analyst Questions From Inspire Medical Systems’s Q3 Earnings Call

• Revenue: $224.5 cardinal vs expert estimates of $220.2 cardinal (10.5% year-on-year growth, 1.9% beat)

• EPS (GAAP): $0.34 vs expert estimates of -$0.19 (significant beat)

• Adjusted EBITDA: $44.08 cardinal vs expert estimates of $24.72 cardinal (19.6% margin, 78.3% beat)

• The institution reconfirmed its gross guidance for the afloat year of $905 cardinal astatine the midpoint

• EPS (GAAP) guidance for the afloat year is $0.95 astatine the midpoint, beating expert estimates by 78.1%

• Operating Margin: 4.3%, down from 7% successful the aforesaid 4th past year

• Sales Volumes roseate 13.6% twelvemonth connected twelvemonth (23.8% successful the aforesaid 4th past year)

• Market Capitalization: $2.38 billion

While we bask listening to the management's commentary, our favourite portion of net calls are the expert questions. Those are unscripted and tin often item topics that absorption teams would alternatively debar oregon topics wherever the reply is complicated. Here is what has caught our attention.

• Travis Steed (Bank of America Securities) asked astir prospects for 2026 growth. CEO Tim Herbert stated that Inspire expects maturation to accelerate pursuing the Inspire V rollout, but ceremonial guidance volition travel successful January aft year-end planning.

• Adam Maeder (Piper Sandler) requested clarity connected however rapidly centers volition afloat modulation to Inspire V. Herbert responded that astir high-volume centers volition beryllium utilizing Inspire V by year-end, though immoderate centers volition proceed to usage Inspire IV for circumstantial economical oregon regulatory reasons.

• Robert Marcus (JPMorgan) inquired astir sustainability of disbursal control. Herbert and CFO Rick Buchholz explained that portion R&D and selling investments stay strategical priorities, operating leverage should amended arsenic Inspire V adoption grows.

• Danielle Antalffy (UBS) asked astir efforts to ramp lower-volume centers. Herbert described targeted initiatives utilizing Inspire V’s simplified process to reengage ENT surgeons and grow supplier capacity, with aboriginal results expected to beryllium much pronounced successful 2026.

• Larry Biegelsen (Wells Fargo) questioned the interaction of caller competitors and marketplace maturation assumptions. Herbert indicated contention is successful aboriginal stages and not yet importantly affecting Inspire’s growth, but the institution volition show competitory dynamics closely.