Inspire Medical Systems makes and sells the Inspire system, an implantable neurostimulation device for treating obstructive sleep apnea (OSA). It is the company's only product. The Inspire system targets patients with moderate to severe OSA who have failed or cannot tolerate CPAP therapy. The device consists of a small neurostimulator implanted in the chest that delivers mild electrical pulses to the hypoglossal nerve, moving the tongue slightly forward to keep the airway open during sleep. The device uses a closed-loop algorithm to monitor breathing and deliver stimulation only during the inspiratory phase. The latest generation, Inspire V, incorporates the respiratory sensor directly into the neurostimulator, eliminating a separate chest wall lead and simplifying the procedure for ENT surgeons. Inspire sells directly to hospitals and ambulatory surgery centers (ASCs) in the U.S. and select European markets, with the U.S. accounting for roughly 95% of revenue. Revenue is entirely volume-driven — each implant procedure generates a device kit sale, with no recurring consumables or subscriptions. The key revenue drivers are the number of active implanting centers (over 1,500 in the U.S.), utilization per center, and the patient pipeline, which Inspire builds through direct-to-consumer marketing across TV, social media, and radio, as well as a patient-to-physician call center program. Reimbursement from insurers is central to the business, as hospitals, ASCs, and surgeons only perform procedures if adequately compensated. Gross margins are approximately 84-86%, reflecting outsourced manufacturing, and Inspire generated its first full year of positive net income in 2024.