Inspire Medical Systems reported continued expansion in its minimally invasive neurostimulation treatment for moderate to severe obstructive sleep apnea (OSA) in Q1 2026. Growth is supported by clinical adoption and patient awareness despite constraints on ENT surgeon capacity that limit procedure throughput. The company’s business model centers on device sales to hospitals and ambulatory surgical centers with robust reimbursement coverage, primarily in the U.S. Competitive advantages include proprietary closed-loop technology, a comprehensive patent portfolio, and a strong clinical evidence base. While growth drivers include market penetration, regulatory approvals, and international expansion, risks from physician capacity bottlenecks and evolving reimbursement coding remain. Financially, Inspire maintains strong liquidity with over $98 million in cash and a current ratio above 6, positioning it well for ongoing commercialization and R&D investment.