INSP Shares Drop 8.7% on Weaker 2026 Revenue Guidance

Inspire Medical Systems (NYSE:INSP) closed down 8.7% after issuing 2026 revenue guidance 2.7% below expectations, overshadowing a strong Q4 report. The guidance reflects uncertainty over new Medicare billing codes for its Inspire V therapy, which could reduce physician reimbursements and slow adoption. While Q4 revenue and profit beat estimates, the outlook sent shares sharply lower. Full-year sales guidance is 2.7% below the average analyst forecast. The stock is down 35% YTD and 69.5% from its 52-week high of $196.61, trading at $59.97 per share. The stock has had 32 moves greater than 5% over the past year, with the previous significant decline of 12.4% following code changes from Noridian and CGS.