Inspire Medical Systems, Inc.
INSP Healthcare Medical Devices
Inspire Medical Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $912.0 million, up 13.6% from fiscal 2024. In the quarter to June 2026, revenue fell 7.60%, EPS grew 108.3% and free cash flow grew 322.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Inspire Medical Systems, Inc. (INSP) Beneish M-score
Inspire Medical Systems, Inc.'s Beneish M-score for fiscal 2025 is −1.88; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.88 | 0.51 |
| FY2024 | −2.39 | (1.52) |
| FY2023 | −0.87 | 1.38 |
| FY2022 | −2.25 | (0.76) |
| FY2021 | −1.49 | 0.66 |
| FY2020 | −2.15 | (0.30) |
| FY2019 | −1.85 | (0.27) |
| FY2018 | −1.58 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.13 | — | 1.04 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.90 | — | 0.77 | |
| Sales growth index | 1.14 | — | 1.01 | |
| Depreciation index | (0.33) | — | −0.04 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | 0.03 | — | 0.15 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Elevated | −1.88 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ATEC Alphatec Holdings, Inc. compare | −3.4× |
| BFLY Butterfly Network, Inc. compare | −3.3× |
| AXGN AxoGen, Inc. compare | −2.7× |
| UFPT UFP Technologies, Inc. compare | −2.6× |
| NEOG Neogen Corporation compare | −2.4× |
| ESTA Establishment Labs Holdings Inc. compare | −2.3× |
| NVCR NovoCure Limited compare | −2.1× |
| INSP Inspire Medical Systems, Inc. | −1.9× |
| TMDX TransMedics Group, Inc. compare | −1.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI