Inspire Medical Systems
INSP · Health Care Equipment
$71.11
2.1%LivaNova
LIVN · Health Care Equipment
$80.90
0.5%The short version
- LivaNova is the larger business, with $1.4B of revenue in fiscal 2025 against $912M for Inspire Medical Systems, about 1.5 times as much.
- Inspire Medical Systems grew revenue faster (13.6%, against 10.7%).
- LivaNova kept more of each dollar of sales as operating profit (14.4% operating margin, against 5.6% operating margin).
- LivaNova turned more of its sales into free cash flow (12.5% FCF margin, against 8.6% FCF margin).
- Inspire Medical Systems earned a higher return on the capital invested in it (14.2%, against 12.8%).
- Investors pay more for each dollar of LivaNova’s earnings: a P/E of 23.9x against 15.7x for Inspire Medical Systems.
| Latest fiscal year | INSP · FY25 | LIVN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | $4.6B |
| Revenue | $912M | $1.4B |
| Free cash flow | $78.5M | $173M |
| Net income | $145M | −$243M |
| Growth | ||
| Revenue growth | 13.6% | 10.7% |
| 5-year growth | 51.2% | 8.2% |
| Share count change | −2.6% | −0.1% |
| Profitability | ||
| Gross margin | 85.4% | 67.7% |
| Operating margin | 5.6% | 14.4% |
| Net margin | 16.0% | −17.5% |
| FCF margin | 8.6% | 12.5% |
| Return on capital | 14.2% | 12.8% |
| Return on equity | 19.8% | −19.2% |
| Balance sheet | ||
| Net debt | −$308M | −$260M |
| Net debt / EBITDA | −4.8x | — |
| Dividends and buybacks | $175M | $0.0M |
| Valuation & quality | ||
| P/E | 15.7x | 23.9x |
| Piotroski F-score | 5 | 5 |
FY16
INSP $16.4M
LIVN $965M
FY17
INSP $28.6M
LIVN $1.0B
FY18
INSP $50.6M
LIVN $1.1B
FY19
INSP $82.0M
LIVN $1.1B
FY20
INSP $115M
LIVN $934M
FY21
INSP $233M
LIVN $1.0B
FY22
INSP $408M
LIVN $1.0B
FY23
INSP $625M
LIVN $1.2B
FY24
INSP $803M
LIVN $1.3B
FY25
INSP $912M
LIVN $1.4B
INSP
LIVN
FY16
INSP −105.0%
LIVN 3.5%
FY17
INSP −56.0%
LIVN 9.5%
FY18
INSP −40.3%
LIVN −22.4%
FY19
INSP −42.5%
LIVN −15.8%
FY20
INSP −48.7%
LIVN −29.3%
FY21
INSP −17.1%
LIVN −0.1%
FY22
INSP −11.7%
LIVN −7.5%
FY23
INSP −6.5%
LIVN −5.9%
FY24
INSP 4.5%
LIVN 10.3%
FY25
INSP 5.6%
LIVN 14.4%
INSP
LIVN
FY16
INSP −$18.3M
LIVN $51.8M
FY17
INSP −$16.2M
LIVN $58.4M
FY18
INSP −$18.9M
LIVN $83.3M
FY19
INSP −$35.6M
LIVN −$116M
FY20
INSP −$55.5M
LIVN −$114M
FY21
INSP −$24.8M
LIVN $77.1M
FY22
INSP $2.5M
LIVN $43.4M
FY23
INSP $1.0M
LIVN $39.9M
FY24
INSP $91.1M
LIVN $136M
FY25
INSP $78.5M
LIVN $173M
INSP
LIVN
FY16
INSP —
LIVN 2.7%
FY17
INSP —
LIVN —
FY18
INSP —
LIVN —
FY19
INSP —
LIVN −8.3%
FY20
INSP —
LIVN −13.7%
FY21
INSP −106.8%
LIVN −0.0%
FY22
INSP —
LIVN −4.3%
FY23
INSP −40.6%
LIVN −3.5%
FY24
INSP 18.5%
LIVN 5.9%
FY25
INSP 14.2%
LIVN 12.8%
INSP
LIVN
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