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© 2026 Inspire Medical Systems, Inc. All Rights Reserved Wells Fargo 21st Annual Healthcare Conference September 2026
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Disclaimer and Disclosure Considerations This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward- looking statements, including, without limitation, statements regarding coding and reimbursement, our strategic growth plan, potential clinical outcomes, the interpretation of clinical data and the expected adoption and use of Inspire therapy. In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘could,’’ “future,” “outlook,” “guidance,” ‘‘intend,’’ ‘‘target,’’ ‘‘project,’’ ‘‘contemplate,’’ ‘‘believe,’’ ‘‘estimate,’’ ‘‘predict,’’ ‘‘potential,’’ ‘‘continue,’’ or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements are based on management’s current expectations and involve known and unknown risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others: our dependency on our Inspire system for revenues; our ability to achieve and maintain adequate and clear levels of coverage or reimbursement for our Inspire system or any future products we may seek to commercialize; fluctuations in our financial results and the market price of our common stock; our ability to sustain or increase our profitability and our history of operating losses; commercial success and market acceptance of our Inspire therapy; competitive companies, technologies, and pharmaceuticals in our industry; our ability to expand our indications and develop and commercialize additional products and enhancements to our Inspire system; future needs for additional financing; our ability to forecast demand and manage our inventory; our dependence on third- parties; risks related to consolidation in the healthcare industry; our ability to expand, manage, and maintain our direct sales and marketing organization, and to market and sell our Inspire system in markets outside of the United States; our ability to manage our growth; risks related to product liability claims and warranty claims; our ability to address quality issues that may arise with our Inspire system; any failure of key information technology systems, processes, or sites or damage to or inability to access our physical facilities; our ability to timely commercialize or obtain regulatory approvals or certifications for our Inspire therapy and system; any violations of anti-bribery, anti-corruption, and anti-money laundering laws; risks related to our tax assets and changes in tax laws; U.S. Food and Drug Administration (FDA) or other United States or foreign regulatory actions affecting us or the healthcare industry generally; our ability to establish and maintain intellectual property protection for our Inspire therapy and system or avoid claims of infringement; and our strategic growth plan may not achieve our intended outcome. Other important factors that could cause actual results, performance or achievements to differ materially from those contemplated in this presentation can be found under the captions “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations“ in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investors page of our website at www.inspiresleep.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. Any such forward-looking statements represent management’s estimates as of the date of this presentation. While we may elect to update such forward-looking statements at some point in the future, unless required by applicable law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Thus, one should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing our views as of any date after the date of this presentation. This presentation contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. We do not intend our use or display of other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties. The clinical studies and publications referenced in this presentation vary in design, patient populations, endpoints, and methodologies. As a result, outcomes across studies are not directly comparable, and findings from observational or retrospective analyses may not establish causation. Certain statements also involve comparisons to alternative therapies; such comparisons are based on individual study findings and should be interpreted with caution. These data should be considered in the context of the limitations of each study and the broader body of clinical evidence.
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Company Overview The first and only … >400 PUBLICATIONS Compelling body of evidence >300 MILLION U.S. COVERED LIVES Established reimbursement in all 50 states ~1,300 EMPLOYEES Led by a proven management team >$900 MILLION REVENUE IN 2025 With 50% five-year CAGR >140,000 INSPIRE PATIENTS Significant first-mover advantage >$10 BILLION Underpenetrated U.S. market Innovative, closed- loop, neurostimulation technology for Obstructive Sleep Apnea (OSA) Inspire is the only FDA-approved closed-loop neurostimulation technology that delivers therapy synchronized with the patient’s breathing.
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• Proprietary Closed-Loop Sensing Algorithm to Modulate Therapy Delivery • Singapore Clinical Study • SHER Responder Rate of 80%4 • 100% of implants completed successfully • Therapy Adherence of 5.9±1.2 hours/night Inspire Therapy is an Innovative and Proven Solution for Patients with OSA Closed-loop, or Synchronized Stimulation, is delivered when airway is most vulnerable to collapse (inspiratory phase) Sensing with Inspire V is SUPERIOR to Inspire IV2 Inspire V Patient Remote Stimulation Lead Neurostimulator 1. Inclusive of previous Inspire generations (data collected during the Wear Study) 2. Inspire V was found to be non-inferior to Inspire IV (retrospective control from Wear study); superiority was subsequently tested. No device setting changes were made during the Inspire V IPOP measurement PSGs 3.Total of n=43; early exit: n=1 (refused further study visits) 4. Assumes early exit was a non-responder; compared to 66% at 12M in STAR 5. 6M PSGs were conducted at 1 therapeutic amplitude throughout the entire night; no changes were made to device settings All-night AHI5 3 1
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2Q26 Highlights $200.6M Revenue (-7.6% Y/Y) Results Ahead of Expectations: Revenue and adjusted operating income performance ahead of expectations; coding and reimbursement disruption drove Y/Y revenue decline of 7.6% Coding & Reimbursement Progress: Customers adapting well to evolving landscape with increasing clarity on path forward; continued focused efforts on improving patient flow and re-acceleration of revenue growth Margin Expansion: Gross margin of 85.5%, up approximately 150 bps Y/Y , primarily driven by a higher sales mix of Inspire V Raised Full-Year 2026 Outlook: Increased guidance for revenue, adjusted operating margin, and adjusted EPS following Q2 performance Project Horizon Strategic Growth Plan: Expect to create $30 million of incremental annualized growth investment capacity by optimizing organizational structure and supply chain 85.5% Gross Margin $23.2M Operating Cash Flow $0.01 Diluted EPS $0.14 Adj. Diluted EPS
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Key Catalysts and Updates Reimbursement 1 Near term: Improved clarity regarding coding pathway, and effective customer education Medium term: Proposed 2027 CMS reimbursement increases: OPPS +12% Y/Y , and ASC +15% Y/Y (subject to final rule) Long term: Potential for new Category 1 CPT Code in January 2028 Inspire V & Clinical Data 2 5th Gen system: Improved patient outcomes and physician experience Positive trial data: Presented at SLEEP Conference in June 2026; multiple studies demonstrating potential for systemic health benefits Project Horizon 3 Created $30M of incremental growth investment capacity: Expected impact beginning in 2027; focus on accelerating patient flow Restructuring charges: Expected $20M-$25M of pre-tax charges,~90% recognized in Q3
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Reimbursement: Improved Clarity in Coding for Inspire V C-Codes in place for 64582 and coding uncertainty from 1H26 reduced Hospital & ASC reimbursement rates are unchanged Correct C-Code adopted in all 6 WISeR states Continued focus on customer education Only 2 MACs have surgeon fee impact with -52 modifier
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Reimbursement: Upcoming Milestones for 2027 (CPT ® 64582) and 2028 (New CPT ® for Single Lead System) Jan. 1, 2028 Potential new CPT Code for single lead system takes effect, if approved Sept. 2026 Initial application for new CPT code for single lead system reviewed • declined by AMA CPT Editorial Panel July 2026 Nov. 2026 Final 2027 OPPS Rule Expected Release AMA CPT Editorial Panel expected to review revised & improved application for new CPT code for single lead system Proposed 2027 OPPS Rule Released • + 12% increase for OP • + 15% increase for ASC May 2026 Revised application for new CPT code for single lead system submitted including • Joint industry stakeholders • Replacement procedure subcoding clarification • Additional clinical evidence June 2026 Jan. 1, 2027 Final 2027 OPPS rates take effect
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Expanding Clinical Evidence Strengthens the Inspire Value Proposition Inspire V Performance Full Inspire V trial results presented at June 2026 SLEEP Conference for the first time, covering the new accelerometer-based sensing tech and implant safety/efficacy and improved inspiratory overlap Recent studies expand the evidence supporting patient outcomes, cardiovascular health, and treatment pathway optimization Physiologic Disease Impact Secondary analysis of STAR Trial data showed significant hypoxic burden reduction associated with hypoglossal nerve stimulation. Hypoxic burden is increasingly accepted as a measure of sleep apnea severity and cardiovascular risk Cardiovascular & Systemic Outcomes In recently published TriNetX study analysis, Inspire therapy associated with significantly lower odds of stroke, MI, A-fib, and other cardiovascular /metabolic events versus CPAP, suggesting broader systemic benefit. 3,525 matched patients per arm Patient Identification & Access to Care Publication of PREDICTOR study data identified BMI and neck circumference as predictors of complete concentric collapse, potentially allowing patient screening without DISE, minimizing diagnostic burden and time to treatment Sources: • Xu et al., JAMA Otolaryngology Head Neck Surg. 2026 (STAR hypoxic burden analysis) • Nayak et al., ISSS 2025 (TriNetX HGNS vs. CPAP outcomes analysis) • Weiner et al., OTO Open 2026 (PREDICTOR study) • SLEEP 2026 Conference Presentation (Inspire V trial results)
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Strategic Growth Plan: Project Horizon Optimizing Organizational Structure to Align Resources to Support Revenue Growth Created incremental annualized growth investment capacity; prioritizing investments in patient flow Expanding patient access to care Improving patient education and engagement Support in navigating treatment journey $30M
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Summary Enhanced coding clarity in 2026 and 2027, opportunity for new Category 1 CPT Code in 2028 Inspire V data shows improved patient outcomes and physician experience Recent studies expand the evidence supporting patient outcomes, cardiovascular health, and treatment pathway optimization Project Horizon creates $30M of incremental annualized capacity to invest in growth initiatives; primarily focused on patient flow
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Thank You. © 2026 Inspire Medical Systems, Inc. All Rights Reserved