Inspire Medical Systems, Inc. (INSP) vs Neogen Corporation (NEOG)

Inspire Medical Systems, Inc. and Neogen Corporation are both Medical Devices companies. Neogen Corporation is the larger, with a market value of $3.0B against $2.0B — 1.5× the size. Neogen Corporation has negative trailing earnings, so its P/E is not meaningful; Inspire Medical Systems, Inc. trades at 15.1×. Inspire Medical Systems, Inc. grew revenue faster over the last twelve months: 4.35% against −2.72%. Inspire Medical Systems, Inc. has the higher net margin (15.0% vs −0.91%) and the higher return on invested capital (6.70% vs −0.50%). Across the 20 metrics below, Inspire Medical Systems, Inc. leads on 19 and Neogen Corporation on 1.

Valuation

Metric INSP NEOG Medical Devices median
P/E 15.13 n/m 22.18
P/S 2.26 3.44 2.70
P/B 2.46 1.43 2.46
Price to free cash flow 17.36 93.53 22.53
EV/EBITDA 24.81 35.39 11.78
EV/Sales 1.93 4.16 2.38
Earnings yield 6.61% (0.22%) (8.22%)
Free cash flow yield 5.76% 1.07% (7.80%)

Profitability

Metric INSP NEOG Medical Devices median
Gross margin 86.13% 46.93% 56.01%
Operating margin 6.02% (2.48%) (15.03%)
Net margin 15.03% (0.91%) (20.40%)
Free cash flow margin 13.03% 3.68% (7.24%)
Return on equity 17.96% (0.38%) (15.32%)
Return on assets 15.63% (0.23%) (19.72%)
Return on invested capital 6.70% (0.50%) (10.33%)

Growth

Metric INSP NEOG Medical Devices median
Revenue growth (TTM) 4.35% (2.72%) 8.80%
EPS growth (last fiscal year) 179.43% 99.20% —
Revenue growth, 5-year CAGR 51.21% 13.19% 15.23%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric INSP NEOG Medical Devices median
Debt to equity 0.00 0.38 0.07
Current ratio 8.55 3.82 2.50
Net debt to EBITDA (4.97) 5.95 0.49

Dividend

Metric INSP NEOG Medical Devices median
Dividend yield — — 0.94%
Payout ratio 0.00 0.00 0.00

Size

Metric INSP NEOG Medical Devices median
Market cap 1.96b 2.98b 172.91m

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