普通外文研报

Inspire Medical: Vegas takes

发布日期: 2026-05-13研究机构: BofA Global Research公司 / 股票: INSP.N报告页数: 6原文语言: 英语证据页码: 1

研报英文原文证据摘录

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Inspire Medical

Vegas takes

Reiterate Rating: NEUTRAL | PO: 53.00 USD | Price: 42.50 USD

Fireside chat with CEO Tim Herbert and CFO Matt Osberg 13 May 2026

We hosted INSP CEO Tim Herbert and CFO Matt Osberg at our Healthcare conference in Equity

Vegas. We discussed key topics including coding disruption and reimbursement, near-

Travis Steed

term volume headwinds and recovery cadence, and timelines for a new CPT code. We Research Analyst

reiterate our Neutral rating as we await more clarity on INSP’s reimbursement BofAS +1 404 607 3251

headwinds. travis.steed@bofa.com

Stephanie Elghazi

Research AnalystCoding disruption/confusion driving majority of headwinds BofAS

INSP is still working through coding disruption following the transition from CPT 64568 +1 646 855 4568

to 64582, which is being compounded by modifier variability (INSP seeing only a few stephanie.elghazi@bofa.com

cases of modifier usage at ~10%; only one MAC still has modifier language in LCD) and Enjia Cao Research Analyst

inconsistent C-code adoption. While facility reimbursement and coverage are still BofAS

unchanged, coding, billing, and payment has become fragmented, with Medicare, MA, enjia.cao@bofa.com

and commercial pathways requiring different approaches. This has created hesitation at AidanResearchLaheyAnalyst

the center level, as administrators want a single standardized coding framework (one BofAS

aidan.lahey@bofa.com

clear code to bill) before resuming normal volume. INSP thinks the issue is operational

rather than economic (centers will still get paid, prior auths derisk coding changes.) GraciaResearchMahoneyAnalyst

BofAS

Color on 2Q guidance visibility, 2027 growth modest gracia.mahoney@bofa.com

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