Integra Lifesciences vs Inspire Medical Systems
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KIRA’s take AI analyst
I put Integra Lifesciences and Inspire Medical Systems side by side, using each one’s latest annual report. Here is what stands out:
- Integra Lifesciences is the larger business, with $1.6B of revenue in fiscal 2025 against $912M for Inspire Medical Systems, about 1.8 times as much.
- Inspire Medical Systems grew revenue faster (13.6%, against 1.5%).
- Inspire Medical Systems kept more of each dollar of sales as operating profit (5.6% operating margin, against −30.2%).
- Inspire Medical Systems turned more of its sales into free cash flow (8.6% FCF margin, against −1.9%).
- Inspire Medical Systems earned a higher return on the capital invested in it (14.2%, against −22.0%).
- Investors pay more for each dollar of Integra Lifesciences’s earnings: a P/E of 70.1x against 15.7x for Inspire Medical Systems.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Integra Lifesciences
IART
0/10
Inspire Medical Systems
INSP
9/10
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | IART FY25 | INSP FY25 |
|---|---|---|
| Size | ||
| Market cap | $936M | $2.1B |
| Revenue | $1.6B | $912M |
| Free cash flow | −$31.1M | $78.5M |
| Net income | −$517M | $145M |
| Growth | ||
| Revenue growth | 1.5% | 13.6% |
| 5-year growth | 3.6% | 51.2% |
| Share count change | −0.4% | −2.6% |
| Profitability | ||
| Gross margin | 50.9% | 85.4% |
| Operating margin | −30.2% | 5.6% |
| Net margin | −31.6% | 16.0% |
| FCF margin | −1.9% | 8.6% |
| Return on capital | −22.0% | 14.2% |
| Return on equity | −39.9% | 19.8% |
| Balance sheet | ||
| Net debt | $463M | −$308M |
| Net debt / EBITDA | — | −4.8x |
| Dividends and buybacks | $0.2M | $175M |
| Valuation & quality | ||
| P/E | 70.1x | 15.7x |
| Piotroski F-score | 5 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.