Inspire Medical Systems, Inc. · NYSE:INSP

Inspire Medical Systems — Q4 2025 Earnings Presentation

44 slides from Inspire Medical Systems's earnings presentation, Feb 11, 2026

1. Slide 1: Inspire Medical Systems, Inc. February 2026

   Inspire Medical Systems, Inc. February 2026 NYSE: INSP

2. Slide 2: Disclaimer

   © Inspire Medical Systems, Inc. All Rights Reserved. Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, withou

3. Slide 3: Use of Non-GAAP Measures

   © Inspire Medical Systems, Inc. All Rights Reserved. Use of Non-GAAP Measures This presentation includes non-GAAP financial measures. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measure have been provided along with the presentation. These non-G

4. Slide 4: Enhancing patient lives through sleep innovation

   enhancing patient lives through sleep innovation I t a l l s tarts and ends wi th our mission We are a medical technology company committed to

5. Slide 5: Company Overview

   © Inspire Medical Systems, Inc. All Rights Reserved. Company Overview The first and only … 5 >385 PUBLICATIONS Compelling body of evidence >300 MILLION U.S. COVERED LIVES Established reimbursement in all 50 states >1,300 EMPLOYEES Led by a proven management team >$900 MILLION REVENUE IN 2025 With 50

6. Slide 6: Enhancing the lives of patients for over 18 years

   From our entrepreneurial beginnings, and with a focus on delivering life-changing outcomes, we’ve been enhancing the lives of patients for over 18 years… >125,000 Patients receiving Inspire >$900M Revenue >1,500 Implanters Founded 2007 IPO 2018 Today 4,000 Patients receiving Inspire $50M Revenue 200

7. Slide 7: First Mover. Market Disruptor. Innovation Leader.

   First Mover. Market Disruptor. Innovation Leader. 125K pat ient s w i th Insp i re Proving out our care pathways and therapy optimization Cl in ica l ev idence >350 publications portraying a compelling body of evidence >$900M revenue in 2025 With 50% five-year CAGR, continuing our strong performance

8. Slide 8: Obstructive Sleep Apnea is caused by blockage that prevents airflow to the lungs

   Obstructive Sleep Apnea is caused by blockage that prevents airf low to the lungs 8 Airway obstruction during breathing Typical OSA event • Results in repeated arousals and oxygen desaturations • Severity of sleep apnea is measured by frequency of apnea or hypopnea events per hour, which is referred

9. Slide 9: OSA is a chronic disease that is often untreated and linked to serious health risks

   OSA is a chronic disease that is often untreated and proven to be l inked to ser ious health r isks 9 Exacerbated Health Risks • High risk patients: obese, male or of advanced age • Common first indicator: heavy snoring • Other indicators: • Lack of energy • Headaches • Depression • Nighttime gaspin

10. Slide 10: Current treatment options, such as CPAP and invasive surgeries, have significant limitations

    Current treatment options, such as CPAP and invasive surgeries, have s ignif icant l imitations 10 InaUvulopalatopharyngoplasty (UPPP) Maxillomandibular Advancement (MMA) • Several variations of sleep surgery • Success rates vary widely (30% - 60%)1 • Irreversible anatomy alteration • Inpatient surg

11. Slide 11: The domestic OSA market is huge

    CPAP prescriptions annually ~2,000,000 CPAP non-compliant ~700,000 Inspire eligible ~500,000 Adults with moderate to severe OSA ~23,000,000 >$10B opportuni ty The domestic OSA market is huge… Internal estimates

12. Slide 12: Inspire Therapy is an Innovative and Proven Solution for Patients with OSA

    Inspire Therapy is an Innovative and Proven Solution for Patients with OSA Inspire Therapy Utilizes a Proprietary closed-loop Sensing Algorithm to Modulate Therapy Delivery Inspire V Solution 2  Typically a 30-45 minute outpatient procedure  Requires only two small incisions  Patients usually rec

13. Slide 13: The Inspire Patient Journey is a multi-specialty care continuum

    The Inspire Patient Journey is a mult i-specialty care continuum Quality Patient Flow Care Pathway Capacity Strong Clinical Outcomes Sleep Test (in-lab or home) Activation Procedure DISE & Insurance Strong Patient Outcomes Patient Awareness, Referral or Appointment Request Screening Appointment Effi

14. Slide 14: Our global impact continues to climb

    - 20,000 40,000 60,000 80,000 100,000 120,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total implants New implants Minutes between implants Our global impact continues to cl imb >125K Patients receiving Inspire therapy to date A patient receives Inspire therapy on average every ~1

15. Slide 15: Continuous Data Collection & Outcomes Monitoring

    Continuous Data Collection & Outcomes Monitor ing 15 AHI = Apnea Hypopnea Index ESS = Epworth Sleepiness Scale Post Market Surveillance Data Real World Data Proactive Data Reactive Data Data Analysis for Signals US Centers EU Centers (Belgium, Germany, Netherlands, Switzerland • Collection of real-w

16. Slide 16: Continued Improvement in System Safety and Reliability

    16Inspire Patient Experience Report and Internal Data 90% 91% 92% 93% 94% 95% 96% 97% 98% 99% 100% 0 6 12 18 24 30 36 42 48 54 60 66 72 78 84 90 Cu m ul at iv e Su rv iv al P er ce nt ag e Months After Implant Inspire Global System Survivability to Revision by Implant Year 2018 2020 2019 20212022 20

17. Slide 17: Strong Patient Outcomes

    How does Inspire compare against your previous experience with CPAP? 91% Say Inspire is better I would recommend Inspire to a friend or family member. 93% Agree or strongly agree Overall, how satisfied are you with Inspire? 90% Satisfied or very satisfied Given the chance, I would choose to receive

18. Slide 18: Inspire compared to CPAP in improving OSA symptoms

    Compared to CPAP, Inspi re has been Demonstrated to be Better at Improving OSA Symptoms, Potent ia l ly wi th Greater Therapy Adherence 18 Therapy Adherence1 4.0 5.0 Usage/Night (hours) Sleepiness Reduction1 3.9 8.0 ESS reduction (points) 2 p = 0.042 p = 0.087 CPAP CPAP UAS (Inspire) UAS (Inspire) 1

19. Slide 19: Inspire V: Therapy Evolution

    Current Sensor Inspire V Sensor Performance Therapy Evolution Built-in • Multiple electrodes capability • Enables new stim targets and sensing features Flexible Software Platform • Downloadable features for clinical studies and field upgrades • Future features could include posture-responsive therap

20. Slide 20: Continuing to evolve with future innovation in mind

    Therapy Evolution Built In • Multiple electrodes capability • Enables new stimulation targets and sensing features Flexible Software Platform • Downloadable features for clinical studies and field upgrades • Future features include posture-responsive therapy, auto start/pause, AHI detection State of

21. Slide 21: Inspire V Clinical Study in Singapore

    • 100% of implants completed successfully • 20% reduction in surgical time • Therapy Adherence of 5.9±1.2 hours/night • No serious device or intraoperative adverse events • Wound dehiscence (resolved) in two patients post-op are only serious adverse events and patients provided antibiotics and event

22. Slide 22: Inspire V Limited Market Release

    Inspire V Limited Market Release conducted with 101 patients at 11 U.S. Centers Tracking data and currently 49 patients with AHI data collected to date at 6-months • 100% successful implants for all 101 patients • 100% of patients continue on therapy • No serious adverse events • 5 non-serious adver

23. Slide 23: SleepSync Digital Health Platform

    Dynamic patient engagement + Efficient care coordination Expanding sleep clinician confidence & capacity enabling more patients to benefit from Inspire therapy In 2025, broadly adopted at Inspire centers in the U.S. Remote patient management Patient Inspire App Clinician SleepSync Web Portal • Find

24. Slide 24: Annual Revenue and Gross Margin; 2026 Guidance

    © Inspire Medical Systems, Inc. All Rights Reserved. $82 $115 $233 $408 $625 $803 $912 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 2019 2020 2021 2022 2023 2024 2025 24 Annual Revenue and Gross Margin ($ in Mil l ions) Annual Gross Margin 83.4% 84.7% 85.7% 83.8% 84.5% 84.7% 85.

25. Slide 25: Recent Business Highlights

    © Inspire Medical Systems, Inc. All Rights Reserved.25 Recent Business Highlights • Made steady progress on the full launch of the Inspire V system in the U.S. • Presented Inspire V safety and efficacy data at AAO-HNS / ISSS meetings Continued Commercial Expansion Financial Performance • Generated $

26. Slide 26: Our Growth Strategy

    © Inspire Medical Systems, Inc. All Rights Reserved. Our Growth Strategy 26 1 Through planned and controlled market expansion and robust physician training Ensure Strong Clinical Outcomes 2 By enhancing interconnectivity, simplifying the care pathway, and closely tracking outcomes Improve the Custom

27. Slide 27: Inspire Way

    Inspire Way We are a medical technology company committed to enhancing patient lives through sleep innovation “Put the patient first and you will never lose your way.” Demonstrate Operational Excellence Drive Therapy Adoption Strengthen Organizational Culture Focused on Outcomes. Fueled by Innovatio

28. Slide 28: No mask. No hose. Just sleep.

    No mask. No hose. Just sleep. INSPIRE CONFIDENTIAL. Inspire is a public company and has an Insider Trading Policy. The content in this deck is not to be shared with anybody outside of Inspire Medical Systems, Inc. It is for internal review and discussion only www.inspiresleep.com ®

29. Slide 29: Appendix

    © Inspire Medical Systems, Inc. All Rights Reserved. Appendix 29

30. Slide 30: Consolidated Statements of Operations & Comprehensive Income

    © Inspire Medical Systems, Inc. All Rights Reserved. Consolidated Statements of Operations & Comprehensive Income (Unaudited)(In thousands, except share and per share amounts) 30

31. Slide 31: Condensed Consolidated Balance Sheets

    © Inspire Medical Systems, Inc. All Rights Reserved. Condensed Consolidated Balance Sheets (Unaudited)(In thousands) 31

32. Slide 32: Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

    © Inspire Medical Systems, Inc. All Rights Reserved. Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income (Unaudited)(In thousands) 32

33. Slide 33: Reconciliation of GAAP Net Income per Diluted Share to Adjusted

    © Inspire Medical Systems, Inc. All Rights Reserved. Reconciliation of GAAP Net Income (Loss) per Diluted Share to Non-GAAP Adjusted Net Income per Diluted Share (Unaudited) 33

34. Slide 34: Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income

    © Inspire Medical Systems, Inc. All Rights Reserved. Reconciliation of GAAP Operating Income (Loss) to Non- GAAP Adjusted Operating Income (Loss) (Unaudited)(In thousands) 34

35. Slide 35: Reconciliation of GAAP Operating Margin to Non-GAAP Adjusted Operating Margin

    © Inspire Medical Systems, Inc. All Rights Reserved. Reconciliation of GAAP Operating Margin to Non-GAAP Adjusted Operating Margin (Unaudited) 35

36. Slide 36: Quarterly Revenue

    $40 $53 $62 $78 $69 $91 $109 $138 $128 $151 $153 $193 $164 $196 $203 $240 $201 $217 $225 $269 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Q324 Q424 Q125 Q225 Q325 Q425 36 Quarterly Revenue ($ in Millions) %YoY Revenue Growth 72% 73% 77% 76% 84% 65% 40% 40% 28% 30% 33% 25% 2

37. Slide 37: Our History and Key Milestones

    © Inspire Medical Systems, Inc. All Rights Reserved. Company Overview Our History and Key Milestones 37 20222016 20202007 2014 2018 20232017 20212011 • Inspire is founded after being spun out of Medtronic • Initiated Phase III pivotal STAR trial • STAR results published in the New England Journal of

38. Slide 38: Proven management team

    Proven management team that is grounded in integrity, fueled by innovation, and devoted to delivering on the promise of our mission Randy Ban Executive Vice President, Patient Access & Therapy Development Joined 2009 Bryan Phillips SVP, General Counsel & Chief Compliance Officer Joined 2021 Tim Herb

39. Slide 39: Supporting Patients on their Path to Inspire Implant

    © Inspire Medical Systems, Inc. All Rights Reserved. Supporting Patients on their Path to Inspire Implant Fine- tune ActivationInspire Advisor Care Program (ACP) DISE/ Prior Authorization Patient education using the InspireSleep.com website Community health talks Physician Consultations Awareness wi

40. Slide 40: The Patient Journey

    © Inspire Medical Systems, Inc. All Rights Reserved. Inspire Patient THE PATIENT JOURNEY Awareness Education Consultation Implant Life w/ Inspire Confirm Sleep Study Fine- tuneActivationImplantPrior AuthDISE Conduct Online Search Attend Appt. Schedule an Appt. with IS Dr. Obtain Updated Sleep Study

41. Slide 41: Patient Engagement Conversion Initiatives

    © Inspire Medical Systems, Inc. All Rights Reserved. Patient Engagement Conversion Initiatives Improving Patient Engagement Conversion Initiatives Increasing ENT Capacity to Further Grow Utilization SleepSync Digital Health Platform Increases Utility • Digital scheduling has shown significant improv

42. Slide 42: Health Economics: Untreated OSA Cost Burden

    Health Economics: Untreated OSA Cost Burden • Untreated OSA patients had ~$20,000 higher total annual Medicare costs • CPAP intolerant patients had higher Medicare utilization than PAP tolerant ALASKA-Study – non-adherent patients have greater chance of mortality (n>176,000)2 PAP non- adherent PAP a

43. Slide 43: Sustainability at Inspire

    Sustainability at Inspire Committed to improving the economic, social, and environmental impacts that our business has on the communities in which we operate, as well as our customers, business partners, suppliers, employees, and stockholders. E N V I R O N M E N TA L We work to operate our business

44. Slide 44: Our Intellectual Property Portfolio

    © Inspire Medical Systems, Inc. All Rights Reserved. Our Intellectual Property Portfolio (as of December 31, 2025)  Covers aspects of our current Inspire system and future product concepts  119 issued U.S. patents (expiring between 2029 and 2043) and 73 pending U.S. patent applications  83 issued

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