Inspire Medical Systems at 2025 Truist Securities MedTech Conference: Strategic Growth Path

On Tuesday, 17 June 2025, Inspire Medical Systems (NYSE:INSP) presented at the 2025 Truist Securities MedTech Conference, outlining its strategic initiatives and innovations. The company highlighted the launch of INSPIRE V, focusing on both its technical advancements and market strategy. While Inspire expressed optimism about growth and improved patient outcomes, it also acknowledged challenges such as rising competition and integration issues with SleepSync.

Key Takeaways

• Launch of INSPIRE V with an internal accelerometer for improved respiration sensing
• Revenue shift expected from Q2 to Q4 due to INSPIRE V transition
• Focus on increasing surgeon efficiency and DTC marketing
• Anticipation of improved gross margins with INSPIRE V
• Continued investment in R&D for future innovations

INSPIRE V Launch and Features

• Internal Accelerometer: Simplifies the implant procedure and enhances synchronization with patient breathing.
• Efficiency Improvement: Demonstrated a 20% reduction in implant time from initial trials.
• Inspiratory Overlap: Achieved 86% overlap compared to 78% with previous systems.
• Additional Features: Includes a ramp feature for comfortable stimulation onset and precise amplitude adjustments.
• Battery Life: Maintained at eleven years without the need for recharging.

Market Strategy and Adoption

• Target Groups: Focus on existing surgeons, their partners, "dabblers," and new sites.
• Surgeon Efficiency: Aims to reduce backlog and transition to INSPIRE V, addressing capacity constraints.
• Inventory Management: Centers expected to deplete Inspire IV inventory, with Inspire IV remaining available in Europe and Asia.
• DTC Marketing: Increasing efforts to build patient funnels and accelerate adoption.

Competitive Landscape and Challenges

• Rising Competition: Acknowledged but mitigated by improved outcomes and benefits of INSPIRE V.
• GLP-1s Impact: Still considered more of a discussion than a real-world impact.
• SleepSync Integration: Challenges noted, but integration into hospital IT systems seen as manageable.

Financial Outlook and Growth

• Revenue Growth: Remains the primary focus alongside profitability.
• Gross Margin Improvement: Expected with the elimination of the pressure sensing lead.
• R&D Investment: Strong commitment to future innovations, including INSPIRE VI and beyond.
• SleepSync Efficiency: Transition to SleepSync and INSPIRE V to optimize patient management.

Q&A Highlights

• Supine AHI Data: Continues to be monitored, with data presented at the conference.
• Physician Feedback: Positive response to the simplified implant procedure.
• Capacity Expansion: Anticipated increase in physician utilization this year.
• Inventory Tracking: Inspire tracks serial numbers to maintain visibility over inventory.

For more details on Inspire Medical Systems’ strategic initiatives and innovations, please refer to the full transcript below.

Full transcript - 2025 Truist Securities MedTech Conference:

Unidentified speaker: All right. Next fireside here, we have Inspire. We have Chairman and CEO, Tim Herbert and Ezgi Yaghzi from Investor Relations. I think Tim you want to start off with a little with a presentation and then we’ll jump into Q and A.

Tim Herbert, Chairman and CEO, Inspire: I think that’s great. Why don’t you jump up and Rich thanks so much for having us again. We really appreciate coming up here and spending time with everybody. And it’s an exciting time for us because we get to talk about INSPIRE V and how the launch is going and the benefits that that’s going to really provide patients and really take the therapy even a step further. Before we get into that, it was a good opportunity to say let’s put a couple of slides together just to kind of describe what we’re talking about.

And we know that we’ve already demonstrated 20% reduced implant time with Inspire five because we did an initial study in Singapore and we’ve also done a limited market release here in The United States. And now we are in full launch and have been and it’s pretty exciting to move forward and keep talking about this. The Inspire five, the key to the device is moving the pressure sensing lead from external wire or lead to becoming internal to the device using an accelerometer. And the necessity to that is to measure the respiratory waveform to make sure that when we provide stimulation to the hypoglossal nerve to move that base of the tongue forward that it synchronizes when a patient inhales. And rather than me trying to describe that, I thought what we might do is we’re going to show a video.

Now this video wasn’t created for this conference. This video was actually a standard training video we use. It’s been for physicians. It’s been around for a while. But it really shows the necessity to do sensing and synchronize stimulation.

And then after that, I’m going to come back and I’m going to show three slides on data that was released just last week at the American Academy of Sleep Medicine meeting in Seattle. So let’s run the video and take a look.

Unidentified speaker: With the release of Inspire five, one of the most exciting new features is the change in how Inspire’s respiration sensing technology works. With Inspire four, respiration was detected using our proprietary pressure sensor lead. INSPIRE V has incorporated all our collective knowledge and experience about how to measure a patient’s breathing pattern directly inside the generator using an accelerometer. With this innovation, there is one less lead implanted in the body and the implant procedure is simplified. Sensing a patient’s breathing pattern has always been critical to ensuring effective treatment with upper airway stimulation.

You may be wondering why is respiration sensing needed at all? Why not just leave stimulation on permanently? Unfortunately, leaving stimulation on for the whole night leads to tongue muscle fatigue. Imagine trying to hold a five pound weight in your hand indefinitely. You will be putting that weight down faster than you think.

The tongue muscle is no different. It needs time to rest. This is why Inspire is designed to turn on and off with the patient’s breathing cycle. We have already established the tongue needs to rest after stimulation. Since we have to turn stimulation on and off to rest the tongue, does it then matter when stimulation is actually on?

Why can’t we just run stimulation in a pacemaker like mode without needing to detect respiration? Obstructive sleep apnea is a difficult problem to solve. A patient’s airway is dynamic, and once it closes, it can be very difficult to reopen it. Indeed, the collapse cascade for obstructive sleep apnea begins during the late exhalation phase of breathing and continues through the inhalation phase. This is the most vulnerable time for the airway and is the time when it is most prone to collapse.

It stands to reason that we should target that period in the breathing cycle. In 1996, Doctor. Alan Schwartz and his team at Johns Hopkins proved that rhythmic stimulation targeting the inhalation phase of breathing could stabilize OSA. Their research was verified by Inspire during the STAR trial, but we also learned that turning on stimulation during the late exhalation phase was critical for success. It is important to deliver stimulation before the collapse cascade of OSA begins.

Inspire’s sensing algorithm is designed to provide stimulation during this vulnerable period of breathing and relax the tongue during the beginning of the following exhalation cycle. As such, Inspire delivers stimulation during most of inhalation and some of exhalation for most breaths. This allows some flexibility for the algorithm to adapt to different sleep states, body positions and breathing patterns. Here is a patient example from a sleep study who was having frequent obstructive events because stimulation was not well synchronized. After some simple programming adjustments to the sensing settings, this patient’s obstructive events resolved.

Fortunately, the default sensing settings work for the majority of patients and it is very rare that we need to change these settings from their defaults. Here is another example. Look how the inspiratory flow is limited because stimulation is not capturing inhalation. You can see how much the airflow is improved after stimulation is moved to the correct portion of the breathing cycle. There have also been several peer reviewed publications that have studied what happens when you do not have well timed sensing.

In 2019, Doctor. Stefan and colleagues examined the effects of poor stimulation timing in three separate patients by inverting the sensing signal and reducing the sensitivity to breathing cycle detection. They observed worsening in ODI, AHI and especially supine AHI. These outcomes returned to their treatment levels when the settings were corrected in future sleep studies. The authors concluded correct respiratory signaling supports controlling OSA.

In summary, constant stimulation can cause muscle fatigue. Timing of stimulation is critical cycle to prevent airway collapse. Inspire V uses an accelerometer inside the generator to monitor the patient’s breathing cycle. Inspire is committed to providing the most cutting edge technology for our providers and patients. Inspire five’s new accelerometer based sensing not only makes the implant easier, but it continues to deliver stimulation at the right time to ensure the best possible patient outcomes.

Tim Herbert, Chairman and CEO, Inspire: I don’t think a lot of people have really seen the inside of a neurostimulator, but that was a good picture right at the end to show how the electronics are really a minor part of the overall device. And size of the device is really predicated on the size of the battery and the battery dictates the battery life of course. So the larger battery, the longer the life. But with the current design with five, we’ve maintained the eleven year battery life. We found that to be an effective time frame and that does not require any recharging.

Let me take so that’s a great video. We again, we show that to physicians as part of the introductory to Inspire and especially the necessity to do closed loop stimulation. Because as you exhale, you blow the airway open. Think about when you sneeze, right? Your whole airway just blows up, right?

It’s when you’re inhaling is the only time the airway really obstructs. And so in our quest to optimize patient outcomes, we certainly can set Amplitude to be able to move the tongue forward. Now we can set the respiratory signal to maximize what’s called inspiratory overlap and that’s the measured metric that we use. And then the next step is to take therapy adherence to the highest level. I told Rich I wouldn’t run out the clock on them, but I do want to just show a couple abstracts that were presented.

But first, I’m going go back to SLEEP-twenty 24 and this is the data, the clinical study that we ran with Inspire five to get the FDA approval. And I know it kind of looks like a big scattergram over there on the left. And Kevin, I’ll make you work look over at the other slide over here. But you can see the scattergram on how the stim is. And it’s really about timing, how we can synchronize with respiration.

And you can maybe read the data on there when we’re looking at the inspiratory overlap on the right hand side right up in here. And I don’t know if I can kind of read that. But the commercial systems are kind of running at is that about a 78% inspiratory overlap. But when we get to the accelerometer, we can run that up to 86% overlap. And the initial picture, we’re showing a tighter respiratory signal and our ability to synchronize with respiration even a step further from Inspire four was.

The conclusion was the accelerometer is an improvement in sensing and that’s what we’re going to continue to prove as we kind of move forward and that really is going to optimize outcomes going forward. So really an important feature is the closed loop stim. Then we did initial study in Singapore as you all know last year. We did 46 patients I believe or forty four patients. All the implants were successfully completed.

All forty four of those patients are on therapy right now in some phase. You can see the time line going through here. We’re probably just here we just have a few patients that have gone through their six month AHI. So when we get to the International Sleep Surgical Society and the American Academy of Otolaryngology meetings this fall, we’ll have some of that early AHI data to be able to look at. But if you kind of look at the results kind of walking through here, the key is they showed a twenty percent reduction in surgery from their baseline, which is really exciting.

If you get down to the key, this is the next area of focus where we start talking about Inspire six. But there are features added in Inspire five that a lot of people aren’t aware of. We now have a ramp feature. So instead of stimulation turning on stimulation will now turn on. It’s a lot more comfortable for the patient.

And you can see therapy adherence is over six hours in Singapore with these first patients and that’s what it’s all about. Set the right energy to move the tongue forward, make sure we synchronize with respiration and then make sure we maximize the time at which the patients use therapy. That alone will drive therapy outcomes, right? Now the other feature is just allowing the patients to titrate their own therapy. They use their remote control.

There’s a plusminus device that helps them turn their amplitude up. INSPIRE IV had increases of oneten of a bolt increases. When we go to five, we determined that wasn’t quite specific enough. So now they can walk it up in 0.05 volt increments, so another really key feature going forward. And then there’s been arguments out there talking about efficacy of supine AHI.

Supine AHI has been an important part of Inspire since I’ve been working on the project. And I yes, I will admit, I started in 1996 working on Inspire, not exclusively. I’ve done other things, but it has been a key part of it. Everybody knows when you lay on your back, it’s gravity that the tongue falls back. And so we need to make sure that when we titrate our patients that they are in a supine position such that if they roll to their side, we’re over titrating, right?

And I think that that’s been an important feature. When I went to the sleep meeting, found an individual who did his own research. He’s from St. Luke’s Medical Center in St. Louis.

And here’s a completely independent study that they did because they heard the talk about it. And they said, this INSPIRE works great in supine position. And here he’s got data to show it. Very probably difficult I’m so sorry, difficult to kind of show and read those numbers down here. But not only did he show the conclusion that results suggest that Hebdigal’s nerve stimulation is effective regardless of sleep position, but this is also new data, right?

And we’re not talking about comparing to where Inspire was during the STAR trial, which is back in 2012. We’ve changed our technology. We changed patient selection. We’ve changed the implant procedure. We’ve changed programming to optimize outcomes and we’re even getting better.

But look at those responder rates of eighty percent at this independent study. That’s impactful. And that’s what we’re all about is really focusing on the patients. And as we kind of move forward with the therapy, we’re going to continue to rely on patient outcomes to drive the therapy because it gives physicians, gives patients more confidence that we certainly have the right therapy and we’re going in the right direction. And five is just the start.

It’s a new platform and allows us to move forward into Inspire six and beyond. And that’s only going to take outcomes even a step further. So very excited where we are with the full launch of Inspire five and making good progress. And you probably have a couple of follow-up questions with me. Yeah.

Unidentified speaker: Yeah. Okay. I’m done. You promised not to take the whole no.

Tim Herbert, Chairman and CEO, Inspire: I did not. Was going run off the clock.

Unidentified speaker: Okay.

Tim Herbert, Chairman and CEO, Inspire: So

Unidentified speaker: maybe I want to get inside SPIRE five, but just on that last slide. Do you have data from your pivotal trial that informs supine, non supine?

Tim Herbert, Chairman and CEO, Inspire: We always monitor that. We always measure that. It wasn’t published with VIB, because it’s inclusive of the overall population. Interesting enough, we in the START trial, screened out patients who only had non positional sleep apnea, meaning they didn’t have sleep apnea on their lateral sides, right? So if they only had sleep apnea on the back, we actually filtered them out of the START trial.

So actually a more worst case clinical study. But yes, we’ve been monitoring supine AHI since the beginning.

Unidentified speaker: Okay. But there’s no data set that you have that

Tim Herbert, Chairman and CEO, Inspire: It’s actually inclusive in there. But yes, we get it. Here’s data for you right there that should put the argument to that.

Unidentified speaker: Got it. All right. Going to INSPIRE V, would love to just hear what the initial physician feedback’s You showed obviously a twenty percent reduction in time. What does that do for a doctor? Are they actually doing extra procedures Inspire procedures in particular with that extra time?

Tim Herbert, Chairman and CEO, Inspire: Yes. Let’s back up a little bit and talk about the primary feature of Inspire five is putting the sensor inside the can. And we all know that we have an ear, nose, throat. It doesn’t talk about a thoracic surgeon or putting a sensing lead in the chest wall. So the benefit of not placing that sensing lead is overwhelmingly the number one comment we hear from all the surgeons and that they’re comfortable putting the electrodes around the hypoglossal nerve tunneling, placing the neurostimulator, but it really streamlines the therapy.

So that’s primary. The secondary benefit, it’s a shorter procedure, right? And so while it’s early to be able to start showing data on increased number of procedures in a given day, We know that’s exactly the hypothesis. With the reduced procedure, it does provide for them to add additional procedures. And we know the highest procedures I think there’s a surgeon in Hamburg, Germany has done 12 cases in a single day.

In Arizona and in Texas, are surgeons who do nine cases in a single day. That’s with Inspire four. And so as we’re able to reduce the time, we do believe surgeons can be able to do double digit cases in a given day. And that really is optimizing efficiencies where they can really stack case days. And that’s one of the things that we try to work with physicians so they understand the efficiencies with that not just for themselves, but for the OR staff, so they know what sterile trays they have in the room.

The coding and billing people know what codes they’re going to be billing on that day. From a selfish standpoint, from Inspire, we can have our field clinical reps supporting cases in a single site not having to drive across town to go cover cases on another day. So it’s really something that we focus on going forward.

Unidentified speaker: Obviously, still a hypothesis. But when let’s just say the hypothesis gets validated and there will eventually be an incrementality to the capacity from Inspire five Faster Procedures for a It sounds like even if that plays out that is not going to show up probably until 2026 at the earliest. It takes time to adopt and then to find the time and then to figure out the efficiencies and to do it right. So as a capacity expansion driver, is it fair to say the real benefit of this is going to be probably further into next year?

Tim Herbert, Chairman and CEO, Inspire: Or could we start to see it in 2025? Let me kind of back that up a little bit too. And I think we’ll see physicians increasing their utilization this year. And we want to try to drive efficiencies by getting them on the same day. But there’s really four groups of EMTs that we’re really focused on with the launch.

And the low hanging fruit is exactly what we’re talking about. It’s taking our existing surgeons who know the procedure, they can get quickly comfortable with Inspire five because they don’t put in the pressure sensing lead and to allow them to help reduce their backlog and move cases forward. And so you would see benefit this year. The second group is the partners of the existing surgeons, because we can show those surgeons not only their own backlog, but the demand outside the door of the patients waiting to get an appointment to be seen for Inspire. And it’s enough of a demand that these individual surgeons can’t do it on their own.

So it’s time to start training their partners. And especially with five where they don’t have to be worried about the pressure sensing lead, they can get comfortable around doing that. The third group for lack of a better term let’s we’ll call them the dabblers. Those surgeons who only do a couple of cases and maybe there’s other reasons for it, but we believe that one of the reasons is that just the comfort with the procedure and the comfort with the complexity of placing the pressure sensing leads. So we’re going to go back to those surgeons saying, it’s time for you to do more now.

And now that we have five, it’s back into your wheelhouse as an ENT surgeon and it’s one of these surgeries that you can pick up and we’re going to be pushing those groups because they’re already trained. The centers are active and we can start moving patients to those centers if we can get those centers to or those surgeons to really start ramping up with five. And of course, the fourth group is the same. We continue to open new sites. But as we get into Q2, we want to make sure that when we’re opening new sites, we’re opening them with Inspire five, not kind of opening them with four and then quickly transitioning to five.

So there’s really a really focused area and we want to see this start to make progress now, right? We’re not going to just wait until 2026.

Unidentified speaker: It’s always new product launch. You’ve got Inspire four. You have inventory on the that you got to work with your accounts to work You’ve got Inspire five launching this training. You provided guidance for 2Q. You said there’s 10,000,000 to $15,000,000 of revenue that should shift out to 2Q and you had the Street basically put it into the 4Q.

So what I’d love to just focus on is how to think of Inspire five within the context of the next two quarters of ramp. What kind of visibility do you have into your procedures such that you were able to quantify that 10,000,000 to $15,000,000 There was a little bit of maybe patients deferring because they’re waiting for Inspire V, but there’s also a component of Just what is it fifty-fifty, eighty-twenty? Just walk through that. And then what kind of visibility do you have really in 2Q and 3Q such that you didn’t tell The Street to do anything with their third quarter number? You just defer from 2Q to 4Q?

Tim Herbert, Chairman and CEO, Inspire: Sure. I think the way we operate, number one, every single device has a serial number on it and we know where the inventory is at all times including after it’s a patient receives Inspire. We track those serial numbers with individual patients for quality reasons obviously. And so we know what the inventory level is by center throughout the world. And I think that as we manage this, we also know the pipeline and how we know the backlog at individual centers.

And we expect the centers will burn down their Inspire four inventory. And either we’re in tandem they may have 4s and 5s at the same time. They may take all their 4s down and then replenish with 5s. So it’s more of a timing

Unidentified speaker: We’ve actually picked up some anecdotal feedback that people aren’t working down to zero that they’re actually they’re okay having a four a couple of fours on the shelf. Is that reasonable?

Tim Herbert, Chairman and CEO, Inspire: And that’s fine. And we continue to sell Amphora today as well. And for is going to be available in the future. We were very confident that one centers get up and running and transition to five that’s going to rule the day. There’s no question about that.

But four will be available because we need to keep the inventory to support the European and the Asian markets. But I think when we start looking at the second quarter, we knew we’re going to be a transition period. And it’s not just the transition. It’s always a disruption with even the territory managers during the second quarter because they have the three steps to bring a center on board train the surgeons, get the contracts in place, get the new programmer in place. But we see the pipeline and we know we have to work through the inventory.

And as we did the limited market release that’s when we started to see more of the patients who want to wait for Inspire five which is great and we think that’s wonderful. But when we did the guidance, we kind of had that knowledge and we knew when we were going to launch a product. We had a good feel for what the transition period would be and that’s kind of how we kind of laid out that guidance.

Unidentified speaker: We were pretty prescriptive to the 2Q and more so to 2Q shift into 4Q. So I guess one of the questions I’ve been getting from investors increasingly is how much visibility does the company have? Let’s just say the 2Q plays out as expected. Are there some of these trends that could spill over into 3Q and we end up with an even more back end loaded 4Q, which could be a problem because you have capacity So can you just help us think through

Tim Herbert, Chairman and CEO, Inspire: When we put the guide out, we take that into consideration, right? We do have visibility to the patients come to our website to making calls to being patients in play we call it or patients in process. Our implants we know the rates at all of our centers where with scaling of our sales team. So, yes, we had knowledge when we put our guide out there. And like I say, we’re prescriptive on the second quarter.

And we just continue to run our plan and execute. And we’re very happy with the performance of five. There’s no question about it. Happy with the rollout. It’s a pretty straightforward process to transition centers to be able to take on Inspire five.

And centers are excited to do so as I’m sure you’ve done with your checks.

Unidentified speaker: Any unanticipated either frictions or bottlenecks that have emerged since you went full launch?

Tim Herbert, Chairman and CEO, Inspire: Well, I think the one obvious question that people ask us is sleep sick is so difficult to do. And what I was today we had meetings with a lot of great investors and thank you for that. It’s just think about if you’re going to add software to your computer and you’ve got to at your firm and you got to call them the IT to make sure it’s clear to be able to put that software onto your computer. And that’s really what it’s all about. And we don’t tie into the electronic medical records of a facility today.

That’s long term. We’ll talk about that because that’s going to be a transition later on because that’s going to be a key benefit of SleepSync down the road. Today, it’s just about putting new software on the computer and making sure we interface with IT to make sure we’re comfortable with that, but we don’t interface into their servers or into their networks. And the key to it is we are out of the tablet business. And now physicians and nurse practitioners will use their own laptops, their own tablets to be able to log into SleepSync and all the programming screens are right there.

So it’s a standard process. It’s not really the key challenge. It’s just one of the three steps.

Unidentified speaker: I guess it’s something we as investors have just heard a little bit more about in the last two weeks from you. So is this something that incrementally is potentially something you have to contend with as a challenge that you weren’t expecting when you’re No. Mean, it’s something you’ve always been expecting. You’re just highlighting it as something

Tim Herbert, Chairman and CEO, Inspire: that It’s a step in the process is what we’re highlighting. I think the new programmer was actually approved a year ago, right? And many of the top centers are already on sleep sync, right? And so the key is going to be just getting everybody else on sleep sync. We’re highlighting as one of the three steps that you go through to transition to five.

Unidentified speaker: But nothing that would have altered the outlook you provided previously. And this is something new and incremental to

Tim Herbert, Chairman and CEO, Inspire: We knew all of this when we set out the guide at the last earnings call.

Unidentified speaker: Okay. I think that’s helpful. And then Tim, you have a lot of dynamic kind of market considerations over the next six to twelve months. You have potentially rising competition for the first time, right? The new alternatives that are out there.

We have GLP-1s in the backdrop, right? Discussed that ad nauseam. You’ve got capacity constraints that you’re working on building. But the efforts there including faster procedure times may not all align perfectly on the calendar year. So what I think investors are trying to gauge, what’s the minimum level of growth that you should be able to power through all of these challenges with such that even if there are transient bumps, Is this a double digit grower?

Pretty much no matter what, I appreciate you guided 2Q to below 10%, but that’s very, very specific to this handoff from the 24% to 25%. Is there any reason why you’re not a 10% to 15% grower over the next two to three years even as you go through all of these kind of I don’t want say challenges, but consider I get it.

Tim Herbert, Chairman and CEO, Inspire: Those challenges are what we deal with every day. And a lot of them may play or may not. GLP-one is still early on. So maybe it’s more of a discussion here than it is actually for our field team when they’re dealing with patients. INSPIRE V showing improved outcomes, improved benefits, no pressure sensing lead really is a big play.

The demand from the patients is exciting. We’re increasing DTC now that we have launched five to build the funnels again, increase and we’re going to solve the capacity problem with surgeons. That’s definitely doable. And so as a company, we put our guide out at the last earnings call and you should see the growth rate associated with that. And we’re focused on growth.

We’re very proud and happy to be able to say we can do that as a profitable company right now. And there’s no question about it even going into square five to get an improvement in gross margin. There’s no question about that because we don’t have to make that pressure sensing lead. The focus for us is to remain on growth. And we’re going to keep increasing our DTC.

We’re going keep scaling up our business, training more surgeons. But remember, as we train more surgeons, do more procedures, we’re going to push the onus to the sleep physicians who have to manage all these patients. That’s what sleep sync is all about. So we’re getting all of our centers have to be on sleep sync Inspire five because that’s building built in efficiencies into the model to help them manage more patients to optimize those outcomes and really facilitate ongoing growth. So growth is really what we continue to be focused on.

But again, we’re very proud and supportive of our shareholders to be able to do that in a profitable setting and to be able to generate cash along with that.

Unidentified speaker: Okay. Great. Well, thank you very much, Tim. We really appreciate your time.

Tim Herbert, Chairman and CEO, Inspire: You still got twenty seconds.

Unidentified speaker: Got twenty seconds. It’s okay. Maybe on profitability.

Tim Herbert, Chairman and CEO, Inspire: Yes.

Unidentified speaker: How should we think about that as you balance you say growth is the priority. How do we think

Tim Herbert, Chairman and CEO, Inspire: So that’s a very good question with eight seconds to answer it. We really want to keep focusing on the growth, but we’re going to maintain and continue to grow profitability. And so that’s a little bit of a balancing act. But the focus if we can focus on the growth with the strong gross margin that we have, we can show leverage in our DTC, leverage in our field, leverage with the technology obviously that we’re developing. But technology is everything and we’re going to keep a strong R and D line as well because we’re already working on Inspire six gearing up to seven, eight.

We’re about to start our dual channel device and a big investment into our digital program with SleepSync. So we’re keeping our eye on both, but the primary focus is revenue growth.

Unidentified speaker: Great. Thank you very much.

Tim Herbert, Chairman and CEO, Inspire: Thank you, everybody.

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