Inspire Medical Systems (INSP) 2026 KeyBanc Capital Markets Healthcare Forum summary

Leadership priorities and business outlook

• New CFO focused on learning the business, understanding strategic initiatives, and enhancing finance processes.

• Emphasis on driving profitable growth while investing in R&D and operational capabilities.

• Internal programs target efficient customer conversion and optimized marketing spend.

• Balancing revenue growth with profitability remains a key priority for the coming year.

Reimbursement and coding updates

• Recent reimbursement changes, including new C-codes for Inspire V, provide clarity and maintain consistent facility payments.

• C-codes are retroactive to January 1, 2026, and effective April 1, with hospitals and ASCs receiving $32,000 and $27,000, respectively.

• Centers are instructed to bill 64582 without a modifier for professional fees, though clarification from MACs is sought.

• WISeR program in six states requires prior authorization, causing some delays but experience is improving the process.

• Long-term solution is a new CPT code, with a decision expected after the May 1 AMA CPT meeting and potential implementation by January 2028.

Product innovation and clinical data

• Inspire V fully launched in the U.S., with over 90% of centers engaged and strong inventory support.

• Clinical data shows a 79.5% responder rate in Singapore and improved inspiratory overlap (87.1%) compared to previous generations.

• U.S. data indicates high therapy adherence (6.3 hours/night) and significant reduction in AHI from 30 to below 10.

• Surgeons report reduced OR time and lower revision rates due to elimination of the pressure-sensing lead.

• Technical improvements include smaller voltage step size, ramp feature, and upgradable software platform.