Company: INSP
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001609550-25-000011
Chunk: 53

Company: Inspire Medical Systems, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 1
Chunk 53
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 and Europe, which we believe is attributable to the postponement of elective surgeries due to summer vacation plans of physicians and patients.

28

Human Capital

We take pride in our innovative and collaborative work environment, which we believe has been key to our success. We strive to maintain this environment by fostering an inclusive workforce, offering competitive compensation and benefits, promoting open communication, prioritizing employee health, wellbeing and engagement, and providing robust training and development programs.

Employees

As of December 31, 2024, we had 1,246 employees, of which 1,172 are in the U.S., 67 are in Europe and 7 are in Japan. We increased the number of employees by 23% during 2024 to support the rapid growth of our business. As of December 31, 2024, 49% of our workforce identified as female, and 16% identified as a member of minority racial group.

None of our employees are currently subject to a collective bargaining agreement or represented by a trade or labor union. We consider our relationship with our employees to be good.

Code of Business Conduct and Ethics

Inspire is committed to conducting business in accordance with the highest ethical standards and applicable laws. We maintain, and all of our employees are expected to adhere to, our Code of Business Conduct and Ethics (the “Code of Conduct”), which serves as the foundation of our company’s culture. All employees and individual contractors are expected to certify annually that they understand and will comply with the expectations contained in the Code of Conduct. We maintain an anonymous hotline for employees to report concerns regarding violations of the Code of Conduct and a whistleblower policy addressing our policies and processes to protect the confidential anonymous reporting of concerns regarding accounting or auditing matters.

Compensation and Benefits 

We strive to pay competitive salaries and maintain a comprehensive benefits package that helps our employees and their families maintain health and well-being—both physically and financially. Our human capital strategies, initiatives, and outcomes are reviewed on a regular basis with our Board’s Organization and Compensation Committee to ensure alignment with the company’s overall business strategies. The Committee engages an independent consulting firm to assess the market competitiveness of our compensation programs and offerings.

Inspire most recently completed a pay equity analysis in 2024. We expect to continue to review pay equity on a regular basis.

We believe strongly in providing employees with the opportunity to participate as owners of the company. All of our full-time employees are eligible to receive stock awards, which may include stock options, restricted stock units, or performance stock units.