Filing Flows › Inspire Medical Systems (INSP) › Q1 2025
Inspire Medical Systems (INSP) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 5, 2025
Inspire Medical Systems (INSP) reported revenue of $201M for the first quarter 2025 (Q1 2025), +23% from a year earlier and -16% from the quarter before. Operating margin was -0.7%, net earnings $3.0M (1.5% of revenue).
Inspire Medical Systems, Q1 2025: revenue $201M (+23% year over year), operating margin -0.7%, net earnings $3.0M, operating cash flow −$6.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $201M | -16% | +23% |
| Operating profit | −$1.5M | — | — |
| Net earnings | $3.0M | — | — |
| Operating cash flow | −$6.7M | — | — |
What changed
Revenue was $201.3M in Q1 2025, up 23% year over year and down 16% from the previous quarter.
Gross margin was 84.7%, down 0.2 points from a year earlier. Operating costs exceeded revenue by $1.5M, an operating margin of -0.7%. Operating expenses grew 11% against revenue growth of 23%. The fastest-growing cost line was SG&A (+15%). Net earnings were $3.0M. The effective tax rate was 28.1%. Non-operating items added $5.6M, 136% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$6.7M. Non-cash charges added back $3.0M of depreciation and amortization and $31.1M of share-based compensation. Working capital and other items used $43.8M. Capital expenditures of $8.4M exceeded it, leaving free cash flow of −$15.1M.
Questions
What was Inspire Medical Systems' revenue in the first quarter 2025?
Inspire Medical Systems (INSP) reported revenue of $201M for the first quarter 2025 (Q1 2025), +23% from a year earlier and -16% from the quarter before.
Was Inspire Medical Systems profitable in the first quarter 2025?
Operating loss was $1.5M (-0.7% of revenue) and net earnings $3.0M.