Filing Flows › Inspire Medical Systems (INSP) › Q2 2025
Inspire Medical Systems (INSP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 4, 2025
Inspire Medical Systems (INSP) reported revenue of $217M for the second quarter 2025 (Q2 2025), +11% from a year earlier and +8% from the quarter before. Operating margin was -1.5%, net loss $3.6M (1.7% of revenue).
Inspire Medical Systems, Q2 2025: revenue $217M (+11% year over year), operating margin -1.5%, net loss $3.6M, operating cash flow $2.7M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $217M | +8% | +11% |
| Operating profit | −$3.3M | — | — |
| Net earnings | −$3.6M | -220% | — |
| Operating cash flow | $2.7M | — | — |
What changed
Revenue was $217.1M in Q2 2025, up 11% year over year and up 8% from the previous quarter.
Gross margin was 84.0%, down 0.7 points from a year earlier. Operating costs exceeded revenue by $3.3M, an operating margin of -1.5%. Operating expenses grew 15% against revenue growth of 11%. The fastest-growing cost line was SG&A (+21%). The quarter ended with a net loss of $3.6M, after a profit of $3.0M the previous quarter. Non-operating items added $1.0M, -42% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $2.7M. Non-cash charges added back $3.4M of depreciation and amortization and $41.7M of share-based compensation. Working capital and other items used $38.8M. Capital expenditures of $9.0M exceeded it, leaving free cash flow of −$6.3M.
Questions
What was Inspire Medical Systems' revenue in the second quarter 2025?
Inspire Medical Systems (INSP) reported revenue of $217M for the second quarter 2025 (Q2 2025), +11% from a year earlier and +8% from the quarter before.
Was Inspire Medical Systems profitable in the second quarter 2025?
Operating loss was $3.3M (-1.5% of revenue) and net loss $3.6M.