Company: INSP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001609550-25-000020
Chunk: 93

Company: Inspire Medical Systems, Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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Results of Operations

Comparison of the Three Months Ended March 31, 2025 and 2024

Three Months EndedMarch 31,20252024$ Change% Change(in thousands, except percentages)Revenue$201,317 $164,010 $37,307 22.7 %Cost of goods sold30,709 24,757 5,952 24.0 %Gross profit170,608 139,253 31,355 22.5 %Gross margin84.7%84.9%Operating expenses:Research and development27,803 28,850 (1,047)(3.6)%Selling, general and administrative144,290 125,621 18,669 14.9 %Total operating expenses172,093 154,471 17,622 11.4 %Operating loss(1,485)(15,218)13,733 (90.2)%Other income, net(5,644)(5,863)219 (3.7)%Income (loss) before income taxes4,159 (9,355)13,514 (144.5)%Income taxes1,167 650 517 79.5 %Net income (loss)$2,992 $(10,005)$12,997 (129.9)%

Revenue

Revenue increased $37.3 million, or 22.7%, to $201.3 million for the three months ended March 31, 2025 compared to $164.0 million for the three months ended March 31, 2024. These results reflect an increase in sales of our Inspire system of $37.8 million in the U.S. offset by a decrease of $0.5 million outside of the U.S. compared to the same prior year period. Overall revenue growth was primarily due to increased market penetration in existing centers, expansion into new territories and centers, and, we believe, increased physician and patient awareness of our Inspire system, partially offset by ENT surgeon capacity constraints.

Revenue information by region is summarized as follows:Three Months Ended March 31,20252024ChangeAmount% of RevenueAmount% of Revenue$%(in thousands, except percentages)United States$193,606 96.2 %$155,771 95.0 %$37,835 24.3 %All other countries7,711 3.8