EarningsQ2 2026 Earnings Report
DE:2DR Q2 2026 EPS Results
Actual EPS€0.12
Consensus EPS-€0.21
Beat/MissBeat by +€0.33
One Year Ago EPS€0.40
DE:2DR Q2 2026 Revenue Results
Actual Revenue€178.15M
Expected Revenue€172.94M
Beat/MissBeat by +€5.20M
YoY Revenue Growth-7.60%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
DE:2DR Upcoming Earnings
Inspire Medical Systems's next earnings date is estimated for November 9, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:2DR Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a balanced picture: meaningful near-term headwinds from coding and reimbursement disruption depressed top-line growth (Q2 revenue down 7.6% and a full-year disruption impact estimated at $120M–$130M), drove elevated tax and restructuring items, and widened near-term guidance. Offsetting these challenges, management delivered profitability and positive operating cash flow ahead of expectations, possesses a strong cash position ($415M, no debt), announced Project Horizon to create $30M of reinvestment capacity, and highlighted strong clinical evidence and favorable proposed CMS facility reimbursement changes (+12% hospital, +15% ASC for 2027). Given the comparable weight of material negatives (revenue/headwinds, restructuring, reimbursement uncertainty) and material positives (cashflow, balance sheet, clinical momentum and planned reinvestment), the overall tone is balanced with a path to recovery but meaningful near-term uncertainty.Company Guidance
Revenue and Sales Execution (Contextual)
Second quarter revenue was $200.6 million (down 7.6% year-over-year) but management reported results ahead of internal expectations driven by sales execution and improved gross profit mix toward Inspire V.
Profitability and Cash Flow Beat
Company delivered adjusted operating income and positive operating cash flow ahead of expectations. Operating cash flow was $23.2 million for the quarter and $36.1 million year-to-date, and YTD operating cash flow improved by approximately $40 million versus the first 6 months of the prior year.
Strong Balance Sheet
Cash and investments of $415 million at quarter end with no debt, providing capacity to invest behind growth initiatives and absorb near-term disruption.
Project Horizon — Growth Investment Capacity
Announced Project Horizon to optimize organization and supply chain; expected to create approximately $30 million of annualized growth investment capacity to be redeployed to patient access, education, and patient flow initiatives.
Clinical Evidence Momentum
Multiple publications and presentations highlighted strong clinical outcomes for Inspire V, including STAR analysis showing reductions in hypoxic burden and a TriNetX analysis (3,525 patients per group) showing lower odds of stroke, MI, atrial fibrillation and hospitalization versus CPAP; PREDICTOR study identified BMI and neck circumference as predictors that may reduce the need for DISE.
Coding Clarification Progress — C-Codes and WISeR Integration
C-codes are in place and adopted into the WISeR system for the 6 applicable states, with hospital and ASC reimbursement rates reported as unchanged; management reported improved prior authorization trends and active customer education, starting with the highest-volume centers (top ~25%).
Favorable Proposed CMS Facility Reimbursement for 2027
CMS proposed increases for facility reimbursement for the Inspire V procedure: hospital outpatient reimbursement proposed at $35,414 (approximately +$3,900, +12% vs 2026) and ASC reimbursement proposed at $31,722 (approximately +$4,200, +15% vs 2026).
Operational Capacity and Field Coverage
Territory structure stable at 280 territory managers and field clinical representative count increased to ~301 (exceeding 1:1 ratio), supporting physician and center engagement and capacity for future volume growth.
DE:2DR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed