Inspire Medical Systems Cuts Outlook as Reimbursement Issues Hit Revenue Pipeline, Shares Fall

Inspire Medical Systems (INSP) lowered its full-year revenue and adjusted earnings guidance after first-quarter results showed continued pressure from reimbursement coding confusion and operational disruptions tied to its WISER program. Management said new prior authorization requirements in six WISER pilot states slowed patient authorizations as treatment centers paused to review billing protocols. CEO Timothy Herbert described the quarter as uncertain, citing a material impact on the company’s revenue pipeline. The company now expects full-year revenue of $825 million to $875 million and adjusted diluted EPS of $0.75 to $1.25. Shares recently traded at $44.26, down from $54.84 before the earnings release, reflecting investor concern over near-term growth and execution risks.