Inspire Medical cuts 2026 revenue guidance to down 4-10%, cites Medicare coding disruption

Filed May 4, 2026 · Period ending May 4, 2026 · ~2 min read

Key Changes

• high

  Full-year 2026 revenue guidance revised down to $825-875M (4-10% decline vs. 2025's $912M), a sharp reversal from historical 50% five-year CAGR, driven by Medicare CPT coding changes affecting ~10,000 prior cases.

  Exhibit 99.1 verify on EDGAR →
• high

  Q1 2026 revenue grew only 1.6% to $204.6M with adjusted EPS of $0.10, reflecting coding/reimbursement headwinds management expects to persist through 2026 before returning to growth in 2027.

  Exhibit 99.1 verify on EDGAR →
• medium

  Gross margin expanded 180 bps to 86.5% on higher Inspire V system mix, partially offsetting revenue pressure; operating cash flow improved to $12.8M from $(6.7)M prior year.

  Exhibit 99.1 verify on EDGAR →