Inspire Medical: Modest Revenue Beat and Reimbursement Progress Headline 2Q

研报英文原文证据摘录

Inspire Medical: Modest Revenue Beat and Reimbursement Progress Headline 2Q

J P M O R G A N North America Equity Research

03 August 2026

Inspire Medical Neutral

INSP, INSP US

Modest Revenue Beat and Reimbursement Price (03 Aug 26):$52.22

Progress Headline 2Q ▲Price Target (Dec-26):$60.00 Prior (Dec-26):$54.00

Inspire reported a better-than-expected quarter, positive steps forward on the

reimbursement front, and the start of the Project Horizon initiative aimed at Medical Supplies & Devices

accelerating revenue growth and improving patient flow. Starting with the quarter, Robbie Marcus, CFA AC

sales of $200.6M (-8%) beat consensus expectations by $6M. Trends for datapoints (1-212) 622-6657

like prior authorizations have been improving, with C-codes now in place and robert.j.marcus@jpmorgan.com

adopted into the WISeR system in six states. A revised application for a new Allen Gong

Category I CPT code for single lead systems is also on track for review in (1-212) 622-9520

allen.gong@jpmorgan.com

September following an April rejection, a joint submission that includes additional

Lilia-Celine B Lozada

clinical evidence and corrected coding related to replacement procedures.

(1-212) 622-1019

Revenue guidance was narrowed on the bottom end of the range to $835-875M lilia-celine.b.lozada@jpmchase.com

(down 4-8%) from $825-875M previously as well, with the quarter giving us a little Henry Householter

more confidence in the achievability of the implied 2H26 improvement. It’s (1-212) 464-5599

encouraging to see the beat (even if it’s off low expectations) and the ongoing henry.householter@jpmorgan.com

efforts to revitalize the commercial offense, so we’ll be keeping an eye out for J.P. Morgan Securities LLC