Inspire Medical 2025: $912M revenue, 14% growth, 86.6% Q4 gross margin — the financial benchmark for neuromodulation
Summary
Inspire Medical Systems reported 2025 full-year revenue of $912M (14% growth), Q4 revenue of $269M (12% growth), Q4 gross margin 86.6%, full-year operating cash flow $117M. Inspire V full US launch complete. FDA approval for 3.0T MRI compatibility. CPT code 64582 clarified for Inspire V billing.
Why it matters
Inspire Medical at $912M revenue with 86.6% gross margin is the neuromodulation industry's proof of commercial concept at scale. Every BCI and neuromodulation company uses Inspire's financial performance as the benchmark for their own long-term commercial trajectory. The 14% growth rate on a near-$1B revenue base demonstrates that neuromodulation markets expand consistently once established, not just at early adoption.
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