Baird, Wells Fargo cut Inspire Medical on reimbursement uncertainty and weaker 20

Baird and Wells Fargo have downgraded Inspire Medical Systems due to uncertainties surrounding physician reimbursement changes and a lowered 2026 growth outlook. The coding modifications for Inspire V could reduce physician payments by 10% to 50%, impacting future utilization and new account growth. Despite beating Q4 revenue expectations, the company’s revised outlook and potential for reduced procedure volumes led to the downgrades.