Inspire Medical Systems, Inc. · NYSE:INSP
Inspire Medical Systems — JP Morgan Healthcare Conference 2026
32 slides from Inspire Medical Systems's conference presentation, Jan 12, 2026
Slide 1: Inspire Medical Systems, JP Morgan Healthcare Conference
Inspire Medical Systems, Inc. JP Morgan Healthcare Conference January 12, 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. In some cases, yo
Slide 3: Our mission: 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 4: Highlights in Q4 and full-year 2025: Sustained Rapid Growth
Highl ights in 4 th quarter and fu l l -year 2025 Sustained Rapid Growth $82 $115 $233 $408 $625 $803 ~$912 $- $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2019 2020 2021 2022 2023 2024 2025 • Launched the Inspire V neurostimulation system in the U.S. o 100% physicians trained o Over 95% cont
Slide 5: Inspire Overview
Inspire Overview >350 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% five-year CAGR >125,000 INSPIRE PATIENTS Significant first-mover advantage
Slide 6: 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 7: 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 8: 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 9: 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 10: 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 adapted at Inspire centers in the U.S. Remote patient management Patient Inspire App Clinician SleepSync Web Portal • Find
Slide 11: Consistent Improvement in Device Reliability Year after Year
Consistent and Continuous Improvement in Device Reliability Year after Year 11Inspire 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
Slide 12: Long-term Cardiovascular Outcomes for Inspire vs. CPAP
Long-term Cardiovascular Outcomes for Inspire vs. CPAP 12 • Three independent studies conducted using data from the TriNetX database investigated the efficacy of Inspire therapy in reducing the long-term cardiovascular burden of disease in patients with OSA compared to CPAP • Virginia Commonwealth U
Slide 13: Over 18 years of enhancing patient lives
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
Slide 14: 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 15: Inspire Living Room Rescue (video)
© Inspire Medical Systems, Inc. All Rights Reserved.15 All Rights Reserved. INSPIRE CONFIDENTIAL Living Room Rescue • This slide contains an embedded video
Slide 16: Inspire Scrooge (video)
© Inspire Medical Systems, Inc. All Rights Reserved.16 All Rights Reserved. INSPIRE CONFIDENTIAL Scrooge • This slide contains an embedded video
Slide 17: Inspire Chock's Secret (video)
© Inspire Medical Systems, Inc. All Rights Reserved.17 All Rights Reserved. INSPIRE CONFIDENTIAL Chock’s Secret • This slide contains an embedded video
Slide 18: Inspire in a strong position to start 2026
Inspire in a strong position to start 2026 • Matt Osberg announced as new CFO coming to Inspire from Apogee, Helen of Troy and Best Buy – will start at Inspire in late January • Inspire V fully launched in the U.S. with very good adoption and significant improvements in surgical time and patient out
Slide 19: No mask. No hose. Just sleep.
No mask. No hose. Just sleep. ®
Slide 20: Appendix
© Inspire Medical Systems, Inc. All Rights Reserved. Appendix 20
Slide 21: 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 22: Obstructive Sleep Apnea is caused by blockage that prevents airflow
Obstructive Sleep Apnea is caused by blockage that prevents airf low to the lungs 22 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 referre
Slide 23: OSA is a chronic disease 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 23 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 gaspi
Slide 24: Current treatment options have significant limitations
Current treatment options, such as CPAP and invasive surgeries, have s ignif icant l imitations 24 InaUvulopalatopharyngoplasty (UPPP) Maxillomandibular Advancement (MMA) • Several variations of sleep surgery • Success rates vary widely (30% - 60%)1 • Irreversible anatomy alteration • Inpatient surg
Slide 25: 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
Slide 26: Strong Patient Outcomes and Patient Experience
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 27: Inspire Compared to CPAP on OSA Symptoms and Adherence
Compared to CPAP, Inspi re has been Demonstrated to be Better at Improving OSA Symptoms, Potent ia l ly wi th Greater Therapy Adherence 27 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 28: Our Growth Strategy
© Inspire Medical Systems, Inc. All Rights Reserved. Our Growth Strategy 28 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 29: 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 30: Two-year adverse outcomes in OSA patients treated with HNS vs PAP
Two-year associations of adverse outcomes in OSA patients treated with HNS vs PAP Values below 1.0 indicate reduced risk with HNS therapy (n=2,922) Nayak BS, Adibi I, Calder A, Tucker A, et. Al. (2025). Comparative outcomes of hypoglossal nerve stimulation versus CPAP therapy in Obstructive Sleep Ap
Slide 31: Inspire Reduces Risk of Cardiovascular Disease and Death More Than PAP or No Treatment
• Large claim database with 5,205 patients matched on key factors • HGNS was associated with improved cardiovascular outcomes versus CPAP and No Treatment • Analyses showed higher overall survival with HGNS Samarah H, Estephan L, Huntley C. (2025). Hypoglossal nerve stimulation improves nonapneic ou
Slide 32: Inspire Reduces Risk of Cardiovascular Disease and Death more than PAP
Inspire Reduces Risk of Cardiovascular Disease and Death more than PAP UTMB poster presented at ISSS, 2025 Burgess Z, Walawalkar R, Africa R, Pistone E, et. al. (2025). Long-Term Cardiovascular Outcomes for CPAP vs HGNS in Patients with OSA: A TriNetX Analysis. Poster presented at the International
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