INSP Stock Forecast & Price Target

Inspire Medical Systems is facing near-term struggles due to reimbursement/coding changes for its product, the Inspire system. While the company expects a return to revenue growth in 2027, this remains uncertain and there are risks to its target price, including competition from other neurostimulation products and potential delays in the entry to the US market. Although the company has a strong cash position and solid profitability, the uncertainty around its near-term growth prospects may limit near-to-intermediate term multiple expansion.

Inspire Medical Systems is facing multiple headwinds, including a weaker 2026 guidance and uncertainty around coding and reimbursement for its Inspire system. Despite its dominance in the HGNS market, management's credibility has been repeatedly hit, and questions remain about whether the market will recapture growth and if management will be able to cut guidance to a place where estimates can move higher. However, with the recently launched next-gen Inspire V device, as well as improving execution and a favorable valuation, the stock may see a slight rebound, but we remain cautious and await more clarity on reimbursement and coding issues.