Inspire Medical Systems (INSP) Stock Trades Down, Here Is Why

Inspire Medical Systems (INSP) Stock Trades Down, Here Is Why

Petr Huřťák

Fri, February 13, 2026 at 1:55 AM GMT+9 2 min read

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INSP

-11.99%

What Happened?

Shares of medical technology company Inspire Medical Systems (NYSE:INSP) fell 8.7% in the morning session after the company’s weak full-year revenue guidance overshadowed its strong fourth-quarter earnings report.

The medical device maker’s sales outlook for 2026 came in 2.7% below Wall Street’s expectations, raising concerns about its growth trajectory. The guidance miss was linked to uncertainty surrounding new medical billing code clarifications for its Inspire V procedure. This coding change is expected to reduce physician reimbursement for the procedure, which could create financial and adoption headwinds. While the company beat analyst estimates for both revenue and profit in the fourth quarter, investors focused on the weaker outlook, sending the stock sharply lower.

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What Is The Market Telling Us

Inspire Medical Systems’s shares are extremely volatile and have had 32 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 21 days ago when the stock dropped 12.4% on the news that new concerns arose over medical billing codes for its main therapy. The issue stemmed from two Medicare Administrative Contractors, Noridian and CGS, who removed a key billing code for Hypoglossal Nerve Stimulations. This move created uncertainty about future payments for the company’s treatment.

Inspire Medical Systems is down 35% since the beginning of the year, and at $59.97 per share, it is trading 69.5% below its 52-week high of $196.61 from February 2025. Investors who bought $1,000 worth of Inspire Medical Systems’s shares 5 years ago would now be looking at an investment worth $252.77.

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