Slide 1: Inspire Medical Systems, Inc. May 2026
Inspire Medical Systems, Inc. May 2026 NYSE: INSP
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
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
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
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
Slide 6: Over 18 years enhancing the lives of patients
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… >135,000 Patients receiving Inspire >$900M Revenue >1,500 Implanters Founded 2007 IPO 2018 Today 4,000 Patients receiving Inspire $50M Revenue 200
Slide 7: First Mover. Market Disruptor. Innovation Leader.
First Mover. Market Disruptor. Innovation Leader. 135K 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
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
Slide 9: OSA is a chronic disease 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
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
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
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
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
Slide 14: Continuous Data Collection & Outcomes Monitoring
Continuous Data Collection & Outcomes Monitor ing 14 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
Slide 15: Continued Improvement in System Safety and Reliability
15Inspire Patient Experience Report, 2025 Continued Improvement in System Safety and Rel iabi l i ty 89% 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 96 Cu m ul at iv e Su rv iv al P er ce nt ag e Months After Implant Inspire Global System Survivability
Slide 16: 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
Slide 17: Compared to CPAP, Inspire Better at 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 17 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
Slide 18: 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
Slide 19: Therapy Evolution Built In
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
Slide 20: 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
Slide 21: Inspire V Limited Market Release at 11 U.S. Centers
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
Slide 22: 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
Slide 23: Annual Revenue and Gross Margin; 2026 Guidance
© Inspire Medical Systems, Inc. All Rights Reserved. $82 $115 $233 $408 $625 $803 $912 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2019 2020 2021 2022 2023 2024 2025 23 Annual Revenue and Gross Margin ($ in Mil l ions) Annual Gross Margin 83.4% 84.7% 85.7% 83.8% 84.5% 84.7% 85.4% 2026 Gui
Slide 24: Recent Business Highlights
© Inspire Medical Systems, Inc. All Rights Reserved.24 Recent Business Highlights • Steady progress on the full launch of the Inspire V system in the U.S. • 3T MRI compatibility • Independent study from VCU of cardiovascular and respiratory outcomes comparing Inspire to CPAP and no therapy1 Continue
Slide 25: Our Growth Strategy
© Inspire Medical Systems, Inc. All Rights Reserved. Our Growth Strategy 25 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
Slide 26: 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
Slide 27: 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 ®
Slide 28: Appendix
© Inspire Medical Systems, Inc. All Rights Reserved. Appendix 28
Slide 29: 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) 29
Slide 30: Condensed Consolidated Balance Sheets
© Inspire Medical Systems, Inc. All Rights Reserved. Condensed Consolidated Balance Sheets (Unaudited)(In thousands) 30
Slide 31: GAAP to Non-GAAP Reconciliations
© Inspire Medical Systems, Inc. All Rights Reserved. GAAP to Non-GAAP Reconciliations (Unaudited) (In thousands, except per share amounts) 31
Slide 32: Our History and Key Milestones
© Inspire Medical Systems, Inc. All Rights Reserved. Company Overview Our History and Key Milestones 32 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
Slide 33: Proven management team
Proven management team that is grounded in integrity, fueled by innovation, and devoted to delivering on the promise of our mission Bryan Phillips SVP, General Counsel & Chief Compliance Officer Joined 2021 Tim Herbert Chair, President & Chief Executive Officer Joined 2007 Ezgi Yagci Vice President,
Slide 34: 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
Slide 35: 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
Slide 36: 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
Slide 37: 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
Slide 38: 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
Slide 39: 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