INSP Stock Forecast & Price Target

Inspire Medical Systems is supported by a durable commercial franchise in the still-nascent U.S. surgical OSA market, where it has treated over 135,000 patients and backed its fifth-generation Inspire system with more than 385 peer-reviewed publications. The company’s 2025A results showed $912M of revenue, up 14% Y/Y, with adjusted EBITDA of $201M and adjusted EPS of $2.42, underscoring strong operating leverage even after a volatile reimbursement environment. The newly approved CPT codes for Inspire V, effective January 1, 2028, should reduce coding confusion, restore confidence in mid-term growth, and support multiple expansion as 2026-2027 disruptions are increasingly viewed as temporary.

Inspire Medical Systems is facing fundamental pressure because its initial application was rejected during the May Editorial panel, largely due to the lack of published clinical data on Inspire V and unclear revision/reimplantation sub-codes. The bearish view is reinforced by multiple execution and market risks, including reimbursement and coding changes, lower-than-expected adoption and utilization of Inspire therapy, and potential disruption from its third-party-based manufacturing process. The outlook also reflects competitive and therapeutic threats, such as faster-than-expected entry of a rival OSA neurostimulation product, along with long-term impacts from GLP-1 drugs and other pharmaceutical solutions.