Inspire Medical Systems cuts 2026 guidance as Q1 revenue growth slows to 1.6% amid rising competition.

Inspire Medical Systems reported a modest 1.6% revenue growth in Q1 and lowered its 2026 guidance by up to 10%, citing increased competition from GLP-1 drugs and rival devices, reimbursement challenges, and coding issues with its new Inspire 5 system. The company is also facing operational headwinds as it contracts territories and shifts focus to supporting existing accounts rather than expanding aggressively. Despite a 20% drop in its stock price, the current valuation still assumes optimistic growth and margin improvements that are not supported by recent results. The analyst maintains a Sell rating on the stock due to these challenges and uncertainties.