Inspire Medical Systems (INSP) Stock Drops 12.4% After Medicare Billing Code Removal

Shares of Inspire Medical Systems (NYSE:INSP) fell 12.4% on January 22, 2026, after Medicare Administrative Contractors Noridian and CGS removed a key billing code for Hypoglossal Nerve Stimulation, raising concerns over future reimbursement for the company’s primary therapy. The move followed broader uncertainty about payment sustainability, compounding earlier downgrades after the company cut its 2025 revenue forecast to $900 million to $910 million from $940 million to $955 million. Net income guidance was also lowered due to delays in the U.S. launch of the Inspire V device, inventory issues with older models, and patient deferrals linked to GLP-1 weight-loss drugs. JPMorgan and KeyBanc downgraded the stock in response. INSP is trading at $84.13, down 57.4% from its 52-week high of $197.38 set on February 1, 2025, and is down 8.8% year-to-date.