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Inspire Medical Files For U.S. IPO


  • Inspire Medical intends to raise $86 million in an IPO of its common stock.
  • The firm sells an implantable device for the treatment of obstructive sleep apnea.
  • INSP is growing topline revenues well but is still far from profitability.

Quick Take

Inspire Medical Systems (NYSE:INSP) intends to sell shares of its common stock for gross proceeds of $86.3 million from a U.S. IPO, according to an S-1 registration statement.

The firm develops innovative therapeutic devices for the treatment of obstructive sleep apnea [OSA]. Currently, the company sells a proprietary Upper Airway Stimulation [UAS] therapy for patients who suffer from OSA.

INSP is growing topline revenues quickly in a moderately growing market space.

I’ll provide a final update when we learn management’s pricing and valuation assumptions.


Maple Grove, MN-based Inspire Medical Systems was founded in 2007 to develop implantable neurostimulation technologies to treat Obstructive Sleep Apnea. The company’s proprietary Inspire system is the ‘first and only FDA-approved closed-loop neurostimulation technology which provides a safe and effective treatment for moderate to severe OSA.’

Management is headed by President and CEO Timothy Herbert who has been with the firm since 2007. Prior to Inspire, Herbert served in various management positions such as product development, clinical research, sales, marketing, etc. with Medtronic (MDT).

The company’s lead system, Inspire therapy, is designed to reduce OSA severity and improve quality of life for patients living with OSA (a generic form of apnea caused by airway blockage). Inspire is focused on patients in the US who suffer from moderate to severe OSA.

Investors in Inspire included Amzak Capital Management, Medtronic, TGap Ventures, GDN Holdings, U.S. Venture Partners, OrbiMed, Kleiner Perkins Caufield & Byers, Synergy Life Science Partner, Johnson & Johnson, and Aperture Venture Partners.


Inspire Medical Systems has developed the first fully implanted neurostimulation FDA approved device for the treatment of Obstructive Sleep Apnea. The Inspire system incorporates neurostimulation technologies and a proprietary algorithm that stimulates key airway muscles based on a patient’s unique breathing patterns.

Below is a brief overview video of how

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