Artivion vs Inspire Medical Systems
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The short version
- Inspire Medical Systems is the larger business, with $912M of revenue in fiscal 2025 against $441M for Artivion, about 2.1 times as much.
- Artivion kept more of each dollar of sales as operating profit (7.7% operating margin, against 5.6%).
- Inspire Medical Systems turned more of its sales into free cash flow (8.6% FCF margin, against 0.2%).
- Inspire Medical Systems earned a higher return on the capital invested in it (14.2%, against 3.9%).
| Latest fiscal year | AORT · FY25 | INSP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.1B | $2.1B |
| Revenue | $441M | $912M |
| Free cash flow | $0.8M | $78.5M |
| Net income | $9.8M | $145M |
| Growth | ||
| Revenue growth | 13.6% | 13.6% |
| 5-year growth | 11.8% | 51.2% |
| Share count change | 13.2% | −2.6% |
| Profitability | ||
| Gross margin | 64.4% | 85.4% |
| Operating margin | 7.7% | 5.6% |
| Net margin | 2.2% | 16.0% |
| FCF margin | 0.2% | 8.6% |
| Return on capital | 3.9% | 14.2% |
| Return on equity | 2.7% | 19.8% |
| Balance sheet | ||
| Net debt | $154M | −$308M |
| Net debt / EBITDA | 2.7x | −4.8x |
| Dividends and buybacks | $0.0M | $175M |
| Valuation & quality | ||
| P/E | — | 15.7x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
AORT $180M
INSP $16.4M
FY17
AORT $190M
INSP $28.6M
FY18
AORT $263M
INSP $50.6M
FY19
AORT $276M
INSP $82.0M
FY20
AORT $253M
INSP $115M
FY21
AORT $299M
INSP $233M
FY22
AORT $314M
INSP $408M
FY23
AORT $354M
INSP $625M
FY24
AORT $389M
INSP $803M
FY25
AORT $441M
INSP $912M
AORT
INSP
Operating margin
FY16
AORT 12.1%
INSP −105.0%
FY17
AORT 4.2%
INSP −56.0%
FY18
AORT 3.5%
INSP −40.3%
FY19
AORT 6.2%
INSP −42.5%
FY20
AORT 1.0%
INSP −48.7%
FY21
AORT 2.7%
INSP −17.1%
FY22
AORT 2.0%
INSP −11.7%
FY23
AORT 1.6%
INSP −6.5%
FY24
AORT 10.0%
INSP 4.5%
FY25
AORT 7.7%
INSP 5.6%
AORT
INSP
Free cash flow
FY16
AORT $13.5M
INSP −$18.3M
FY17
AORT $4.2M
INSP −$16.2M
FY18
AORT $4.1M
INSP −$18.9M
FY19
AORT $7.8M
INSP −$35.6M
FY20
AORT $5.0M
INSP −$55.5M
FY21
AORT −$15.7M
INSP −$24.8M
FY22
AORT −$15.9M
INSP $2.5M
FY23
AORT $9.1M
INSP $1.0M
FY24
AORT $11.1M
INSP $91.1M
FY25
AORT $0.8M
INSP $78.5M
AORT
INSP
Return on capital
FY16
AORT —
INSP —
FY17
AORT 2.3%
INSP —
FY18
AORT 1.6%
INSP —
FY19
AORT 3.7%
INSP —
FY20
AORT 0.4%
INSP —
FY21
AORT 1.1%
INSP −106.8%
FY22
AORT 0.9%
INSP —
FY23
AORT 0.8%
INSP −40.6%
FY24
AORT 5.7%
INSP 18.5%
FY25
AORT 3.9%
INSP 14.2%
AORT
INSP
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.