Filing Flows › Inspire Medical Systems (INSP) › Q3 2025
Inspire Medical Systems (INSP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Inspire Medical Systems (INSP) reported revenue of $225M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +3% from the quarter before. Operating margin was 4.3%, net earnings $9.9M (4.4% of revenue).
Inspire Medical Systems, Q3 2025: revenue $225M (+10% year over year), operating margin 4.3%, net earnings $9.9M, operating cash flow $68.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $225M | +3% | +10% |
| Gross profit | $193M | +6% | +13% |
| Operating profit | $9.6M | — | -33% |
| Net earnings | $9.9M | — | -46% |
| Operating cash flow | $68.5M | 26× | +31% |
| Free cash flow | $58.1M | — | +31% |
What changed
Revenue was $224.5M in Q3 2025, up 10% year over year and up 3% from the previous quarter.
Gross margin was 85.8%, up 1.8 points from a year earlier. Operating profit was $9.6M, a 4.3% margin (down 2.8 points year over year). Operating profit fell $4.7M even though revenue rose $21.3M versus a year earlier, so costs grew faster than sales. Operating expenses grew 17% against revenue growth of 10%. The fastest-growing cost line was SG&A (+22%). Net earnings were $9.9M, down 46% year over year. The effective tax rate was 26.7%. Non-operating items added $3.9M, 29% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $68.5M (up 31% year over year), 690% of net earnings. Non-cash charges added back $3.7M of depreciation and amortization and $29.5M of share-based compensation. Working capital and other items added $25.4M. Capital expenditures of $10.4M left free cash flow of $58.1M.
Questions
What was Inspire Medical Systems' revenue in the third quarter 2025?
Inspire Medical Systems (INSP) reported revenue of $225M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +3% from the quarter before.
Was Inspire Medical Systems profitable in the third quarter 2025?
Operating profit was $9.6M (4.3% of revenue) and net earnings $9.9M.