Filing Flows › Inspire Medical Systems (INSP) › Q1 2026
Inspire Medical Systems (INSP) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 4, 2026
Inspire Medical Systems (INSP) reported revenue of $205M for the first quarter 2026 (Q1 2026), +2% from a year earlier and -24% from the quarter before. Operating margin was -0.5%, net loss $11.3M (5.5% of revenue).
Inspire Medical Systems, Q1 2026: revenue $205M (+2% year over year), operating margin -0.5%, net loss $11.3M, operating cash flow $12.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $205M | -24% | +2% |
| Operating profit | −$1.1M | -102% | — |
| Net earnings | −$11.3M | -108% | -477% |
| Operating cash flow | $12.8M | -76% | — |
| Free cash flow | $3.1M | -93% | — |
What changed
Revenue was $204.6M in Q1 2026, up 2% year over year and down 24% from the previous quarter.
Gross margin was 86.5%, up 1.7 points from Q1 2025. Operating costs exceeded revenue by $1.1M, an operating margin of -0.5%. Operating expenses grew 3% against revenue growth of 2%. The quarter ended with a net loss of $11.3M, after a profit of $136.1M the previous quarter. Non-operating items added $3.5M, 147% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $12.8M. Non-cash charges added back $5.1M of depreciation and amortization and $30.7M of share-based compensation. Working capital and other items used $11.7M. Capital expenditures of $9.7M left free cash flow of $3.1M.
Questions
What was Inspire Medical Systems' revenue in the first quarter 2026?
Inspire Medical Systems (INSP) reported revenue of $205M for the first quarter 2026 (Q1 2026), +2% from a year earlier and -24% from the quarter before.
Was Inspire Medical Systems profitable in the first quarter 2026?
Operating loss was $1.1M (-0.5% of revenue) and net loss $11.3M.