INSP Stock Forecast & Price Target

Inspire Medical Systems is positioned for a constructive re-rating because the AMA approved new CPT codes for the Inspire V procedure, which should reduce reimbursement ambiguity and give investors greater confidence that coding-related sales disruption will not persist beyond 2027. The business already shows strong underlying scale and profitability, with 2025A revenue of $912M, adjusted EBITDA of $201M, and adjusted EPS of $2.42, while its first FDA-approved closed-loop HGNS therapy has treated over 135,000 patients and is backed by more than 385 peer-reviewed publications. Despite recent volatility and U.S. sales deceleration to -10% Y/Y in 2Q26, the stock still trades below peers on 2026E EBITDA, and the expected return to growth in 2027 plus sustainable growth in 2028+ supports the positive outlook.

Inspire Medical Systems is facing a negative setup because its initial application was rejected during the May Editorial panel, with concerns centered on the lack of published clinical data on Inspire V and unclear revision/reimplantation sub-codes, which raises execution and commercialization risk. The outlook is further pressured by multiple fundamental threats, including reimbursement and coding changes, lower-than-expected adoption and utilization of Inspire therapy, and the possibility that GLP-1 drugs and other pharmaceutical solutions could reduce demand for OSA treatment. Additionally, the company faces competitive and operational risk from a faster-than-expected U.S. launch by a rival neurostimulation product and any disruption to its third-party-based manufacturing process, all of which could impair revenue visibility and long-term growth.