Inspire Medical: Sleeping Giant Awakens The OSA Implant Market, Initiating With A Buy

I initiate coverage on Inspire Medical Systems (INSP) with a speculative buy, citing its innovation and leadership in hypoglossal nerve stimulation for obstructive sleep apnea. INSP's depressed 1.6x EV/Sales valuation, versus its historical 8–12x range, presents a compelling long-term entry point despite current reimbursement and competitive headwinds. I expect the Inspire V rollout and expanding ambulatory surgery center penetration to drive growth, with CMS reimbursement issues likely to de-risk progressively through 2026.