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Inspire Medical Systems Inc. (INSP-1.28%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports revenue of $802.8 million for the year, representing a 28.5% increase from $624.8 million in 2023. This growth was driven by increased market penetration, expansion into new territories, and heightened awareness of the Inspire system.
Cost of goods sold rose to $123.0 million from $96.6 million in 2023, while gross margin slightly increased to 84.7% from 84.5%. The improvement in gross margin was attributed to manufacturing efficiencies.
Research and development expenses decreased by 2.1% to $114.1 million, primarily due to reduced costs in ongoing projects, offset by increased employee-related expenses.
Selling, general, and administrative expenses rose by 17.2% to $529.6 million, driven by higher compensation costs due to increased headcount and stock-based compensation.
The company reported net income of $53.5 million compared to a net loss of $21.2 million in the previous year, marking its first profitable year.
Inspire Medical Systems Inc. ended the year with cash, cash equivalents, and investments totaling $516.5 million, an increase from $469.5 million in 2023.
The company continues to focus on expanding its sales and marketing efforts, developing next-generation products, and increasing its presence in international markets.
Inspire Medical Systems Inc. anticipates further increases in operating expenses in 2025, primarily due to continued expansion and product development initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inspire Medical Systems Inc. annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.