7Baggers

Inspire Medical Systems, Inc
(NYSE:INSP) 

INSP stock logo

Inspire Medical Systems, Inc., a medical technology company, focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA) in the United States and Europe. It offers Inspire system, a neurostimulation technology that provides a safe ...

Founded: 2012
Full Time Employees: 239
Sector: Healthcare
Industry: Medical Devices
Healthcare
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At a glance:
Bull Thesis:
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Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 
                                   
      revenue
    		204,583,000 269,077,000 224,501,000 217,086,000 201,317,000 239,718,000 203,191,000 195,885,000 164,010,000 192,508,000 153,302,000 151,092,000 127,897,000 137,900,000 109,188,000 91,386,000 69,382,000 78,398,000 61,685,000 52,959,000 40,352,000 46,009,000 35,842,000 12,183,000 21,347,000 26,906,000 20,862,000 18,032,000 16,250,000 16,559,000 13,054,000 
      yoy
    		1.62% 12.25% 10.49% 10.82% 22.75% 24.52% 32.54% 29.65% 28.24% 39.60% 40.40% 65.33% 84.34% 75.90% 77.01% 72.56% 71.94% 70.40% 72.10% 334.70% 89.03% 71.00% 71.81% -32.44% 31.37% 62.49% 59.81%     
      qoq
    		-23.97% 19.86% 3.42% 7.83% -16.02% 17.98% 3.73% 19.43% -14.80% 25.57% 1.46% 18.14% -7.25% 26.30% 19.48% 31.71% -11.50% 27.09% 16.48% 31.24% -12.30% 28.37% 194.20% -42.93% -20.66% 28.97% 15.69% 10.97% -1.87% 26.85%  
      cost of goods sold
    		27,671,000 36,071,000 31,773,000 34,672,000 30,709,000 35,988,000 32,398,000 29,843,000 24,757,000 28,054,000 24,382,000 24,252,000 19,888,000 22,152,000 19,786,000 14,173,000 10,004,000 11,156,000 8,624,000 7,518,000 5,981,000 7,161,000 5,211,000 1,954,000 3,297,000 4,239,000 3,456,000 3,094,000 2,854,000 3,193,000 2,467,000 
      gross profit
    		176,912,000 233,006,000 192,728,000 182,414,000 170,608,000 203,730,000 170,793,000 166,042,000 139,253,000 164,454,000 128,920,000 126,840,000 108,009,000 115,748,000 89,402,000 77,213,000 59,378,000 67,242,000 53,061,000 45,441,000 34,371,000 38,848,000 30,631,000 10,229,000 18,050,000 22,667,000 17,406,000 14,938,000 13,396,000 13,366,000 10,587,000 
      yoy
    		3.70% 14.37% 12.84% 9.86% 22.52% 23.88% 32.48% 30.91% 28.93% 42.08% 44.20% 64.27% 81.90% 72.14% 68.49% 69.92% 72.76% 73.09% 73.23% 344.24% 90.42% 71.39% 75.98% -31.52% 34.74% 69.59% 64.41%     
      qoq
    		-24.07% 20.90% 5.65% 6.92% -16.26% 19.28% 2.86% 19.24% -15.32% 27.56% 1.64% 17.43% -6.69% 29.47% 15.79% 30.04% -11.70% 26.73% 16.77% 32.21% -11.52% 26.83% 199.45% -43.33% -20.37% 30.23% 16.52% 11.51% 0.22% 26.25%  
      gross margin %
    		86.47% 86.59% 85.85% 84.03% 84.75% 84.99% 84.06% 84.77% 84.91% 85.43% 84.10% 83.95% 84.45% 83.94% 81.88% 84.49% 85.58% 85.77% 86.02% 85.80% 85.18% 84.44% 85.46% 83.96% 84.56% 84.25% 83.43% 82.84% 82.44% 80.72% 81.10% 
      operating expenses:
    		                               
      research and development
    		25,826,000 24,942,000 24,211,000 26,209,000 27,803,000 30,336,000 26,083,000 28,859,000 28,850,000 31,052,000 29,144,000 30,821,000 25,519,000 21,248,000 20,993,000 14,534,000 11,870,000 10,294,000 9,614,000 9,288,000 8,154,000 7,285,000 7,307,000 6,062,000 5,438,000 3,767,000 3,623,000 2,846,000 2,603,000 2,152,000 1,771,000 
      selling, general and administrative
    		152,204,000 161,953,000 158,873,000 159,521,000 144,290,000 141,510,000 130,392,000 132,084,000 125,621,000 124,105,000 113,247,000 112,618,000 101,988,000 94,835,000 85,603,000 76,686,000 63,564,000 58,769,000 53,243,000 48,697,000 41,906,000 38,625,000 33,216,000 26,981,000 29,052,000 28,193,000 22,434,000 20,268,000 19,570,000   
      total operating expenses
    		178,030,000 186,895,000 183,084,000 185,730,000 172,093,000 171,846,000 156,475,000 160,943,000 154,471,000 155,157,000 142,391,000 143,439,000 127,507,000 116,083,000 106,596,000 91,220,000 75,434,000 69,063,000 62,857,000 57,985,000 50,060,000 45,910,000 40,523,000 33,043,000 34,490,000 31,960,000 26,057,000 23,114,000 22,173,000 18,263,000 15,236,000 
      operating
    		-1,118,000                               
      interest and dividend (income)
    		-3,741,000                               
      other expense
    		226,000 -330,000 66,000 3,498,000 -578,000 778,000 -118,000 135,000 60,000 -73,000 224,000 61,000 -17,000 -241,000 101,000 144,000 45,000 27,000 33,000 19,000 38,000   -3,000 -78,000 -7,000 -30,000 -13,000 38,000 13,000 5,000 
      earnings before income taxes
    		2,397,000                               
      income tax expense
    		13,691,000                               
      net earnings
    		-11,294,000                               
      yoy
    		                               
      qoq
    		                               
      net income margin %
    		-5.52% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 
      basic earnings per share
    		-0.39                               
      diluted earnings per share
    		-0.39                               
      weighted-average shares outstanding:
    		                               
      basic
    		28,700,525 29,368,892 29,332,376 29,506,807 29,702,358 29,763,395 29,879,621 29,728,849                        
      diluted
    		28,700,525 29,757,036 29,600,223 29,506,807 30,311,476 30,543,274 30,633,789 30,408,439                        
      operating income
    		 46,111,000 9,644,000 -3,316,000 -1,485,000 31,884,000 14,318,000 5,099,000 -15,218,000 9,297,000 -13,471,000 -16,599,000 -19,498,000 -335,000 -17,194,000 -14,007,000 -16,056,000 -1,821,000 -9,796,000 -12,544,000 -15,689,000 -7,062,000 -9,892,000 -22,814,000 -16,440,000 -9,293,000 -8,651,000 -8,176,000 -8,777,000 -4,897,000 -4,649,000 
      yoy
    		 44.62% -32.64% -165.03% -90.24% 242.95% -206.29% -130.72% -21.95% -2875.22% -21.65% 18.51% 21.44% -81.60% 75.52% 11.66% 2.34% -74.21% -0.97% -45.02% -4.57% -24.01% 14.35% 179.04% 87.31% 89.77% 86.08%     
      qoq
    		 378.13% -390.83% 123.30% -104.66% 122.68% 180.80% -133.51% -263.69% -169.01% -18.84% -14.87% 5720.30% -98.05% 22.75% -12.76% 781.71% -81.41% -21.91% -20.05% 122.16% -28.61% -56.64% 38.77% 76.91% 7.42% 5.81% -6.85% 79.23% 5.33%  
      operating margin %
    		0% 17.14% 4.30% -1.53% -0.74% 13.30% 7.05% 2.60% -9.28% 4.83% -8.79% -10.99% -15.25% -0.24% -15.75% -15.33% -23.14% -2.32% -15.88% -23.69% -38.88% -15.35% -27.60% -187.26% -77.01% -34.54% -41.47% -45.34% -54.01% -29.57% -35.61% 
      other expense:
    		                               
      interest and dividend income
    		 -4,000,000 -3,984,000 -4,486,000 -5,066,000 -5,552,000 -5,890,000 -5,882,000 -5,923,000 -5,870,000 -5,495,000 -4,922,000 -4,273,000 -3,369,000 -1,350,000 -297,000                
      interest expense
    		 122,000 11,000 4,000           656,000 494,000 527,000 538,000 537,000 530,000 523,000 533,000 533,000 526,000 525,000 530,000 529,000 523,000 537,000 689,000 680,000 
      total other income
    		 -4,208,000 -3,907,000 -984,000 -5,644,000 -4,752,000 -6,008,000 -5,747,000 -5,863,000                -195,000       
      income before income taxes
    		 50,319,000 13,551,000 -2,332,000 4,159,000 36,636,000 20,326,000 10,846,000 -9,355,000 15,240,000 -8,200,000 -11,738,000 -15,208,000 3,275,000 -16,601,000 -14,348,000 -16,594,000 -2,371,000 -10,344,000 -13,062,000 -16,193,000 -7,456,000 -10,298,000 -23,089,000 -16,245,000 -9,040,000 -8,247,000 -7,650,000 -8,266,000 -4,778,000 -4,693,000 
      income taxes
    		 1,511,500 3,619,000 1,260,000 1,167,000 1,412,000 1,829,000 1,053,000 650,000 477,000 340,000 214,000 216,000 125,000 246,000 142,000 100,000 20,000 3,000 26,000 23,000 28,000 87,000         
      net income
    		 136,090,000 9,932,000 -3,592,000 2,992,000 35,224,000 18,497,000 9,793,000 -10,005,000 14,763,000 -8,540,000 -11,952,000 -15,424,000 3,150,000 -16,847,000 -14,490,000 -16,694,000 -2,391,000 -10,347,000 -13,088,000 -16,216,000 -7,484,000 -10,385,000 -23,089,000 -16,245,000 -9,080,000 -8,247,000 -7,650,000 -8,266,000 -4,778,000 -4,693,000 
      other comprehensive income:
    		                               
      foreign currency translation gain
    		 -128,000 -59,000 191,000  -151,000 259,000 -39,000 -134,000   72,000 105,000   42,000                
      unrealized gain on investments
    		 -47,000 302,000   -1,013,000 1,556,000 -200,000 -542,000 612,000 122,000 -1,000 13,000 -50,500 -14,000   -46,000 3,000 -21,000 -20,000 -7,250 -81,000 -141,000 193,000 35,500 39,000 35,000    
      total comprehensive income
    		 135,915,000 10,175,000 -3,423,000 2,683,000 34,060,000 20,312,000 9,554,000                        
      net income per share
    		        -0.34 0.51 -0.29 -0.41 -0.53 0.13 -0.6 -0.53 -0.61 -0.08 -0.38 -0.48 -0.6 -0.26 -0.39 -0.88 -0.67 -0.38 -0.34 -0.32 -0.35 -0.1 -0.22 
      basic
    		 4.63 0.34 -0.12 0.1 1.19 0.62 0.33                        
      diluted
    		 4.58 0.34 -0.12 0.1 1.15 0.6 0.32                        
      unrealized loss on investments
    		   -22,000 -9,000           -45,000 -143,000               
      foreign currency translation loss
    		    -300,000     -1,000 -181,000   -26,500 -148,000                 
      other comprehensive loss:
    		                               
      total comprehensive loss
    		        -10,681,000 15,519,000 -8,599,000 -11,881,000 -15,306,000 3,427,000 -17,009,000 -14,493,000 -16,837,000 -2,437,000 -10,344,000 -13,109,000 -16,236,000 -12,437,000 -10,466,000 -23,230,000 -16,052,000 -6,005,250 -8,208,000 -7,615,000 -8,198,000 -4,269,000 -4,719,000 
      net income per share
    		        -0.34 0.51 -0.29 -0.41 -0.53 0.13 -0.6 -0.53 -0.61 -0.08 -0.38 -0.48 -0.6 -0.26 -0.39 -0.88 -0.67 -0.38 -0.34 -0.32 -0.35 -0.1 -0.22 
      weighted-average common shares used to compute net loss per share, basic and diluted
    		        29,615,166 29,302,154 29,365,968 29,229,922 29,089,950 28,071,748 28,226,345 27,594,874 27,517,268 27,262,979 27,300,377 27,230,044 27,144,361 26,073,418 26,835,603 26,289,272 24,165,875 23,804,452 23,940,430 23,753,647 23,441,560 14,579,662 21,361,739 
      total other expense
    		         -5,943,000 -5,271,000 -4,861,000 -4,290,000 -3,610,000 -593,000 341,000 538,000 550,000 548,000 518,000 504,000 394,000 406,000 275,000  -253,000 -404,000 -526,000 -511,000 -119,000 44,000 
      interest income
    		                -34,000 -15,000 -22,000 -31,000 -57,000 -77,000 -125,000 -248,000 -642,000 -776,000 -903,000 -1,036,000 -1,086,000 -821,000 -641,000 
      other income
    		                     -20,750 -2,000         
      unrealized gain on short-term investments
    		                            68,000   
      selling and marketing
    		                             7,978,250 11,312,000 
      general and administrative
    		                             1,375,750 2,153,000 
      unrealized loss on short-term investments
    		                             -6,500 -26,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 
                                     
        assets
      		                               
        current assets:
      		                               
        cash and cash equivalents
      		98,932,000 104,813,000 112,845,000 106,927,000 53,882,000 150,150,000 147,512,000 188,035,000 175,416,000 185,537,000 329,897,000 467,051,000 442,132,000 441,592,000 417,808,000 186,570,000 203,291,000 214,467,000 210,200,000 176,541,000 182,348,000 190,518,000 178,705,000 211,237,000 76,117,000 22,860,000 48,044,000 51,268,000 101,945,000 97,288,000 26,312,000 
        investments, short-term
      		184,902,000 203,455,000 209,747,000 193,968,000 315,307,000 295,396,000 263,475,000 251,629,000 265,945,000 274,838,000 134,317,000  9,927,000 9,821,000 9,741,000 9,752,000    31,295,000 43,796,000 43,844,000 55,932,000 31,322,000 59,608,000 126,605,000 103,558,000 107,352,000    
        accounts receivable
      		105,088,000 119,692,000 107,989,000 137,687,000 92,628,000 93,068,000 89,743,000 79,716,000 72,333,000 89,884,000 71,460,000 63,500,000 59,766,000 61,228,000 48,498,000 40,380,000 34,544,000 34,179,000 26,675,000 24,914,000 21,646,000 25,063,000 21,101,000 10,235,000 11,032,000 13,131,000 10,985,000 9,465,000 7,036,000 6,667,000 5,410,000 
        inventories
      		166,235,000 145,293,000 141,777,000 121,633,000 99,727,000 80,118,000 67,432,000 59,025,000 48,974,000 33,885,000 26,115,000 20,840,000 15,663,000 11,886,000 15,146,000 21,857,000 22,198,000 17,231,000 15,574,000 13,296,000 11,385,000 8,479,000 8,966,000 9,966,000 7,245,000 5,834,000 4,675,000 3,561,000 3,106,000 2,667,000 3,075,000 
        prepaid expenses and other current assets
      		11,662,000 10,399,000 14,131,000 12,974,000 10,135,000 12,074,000 14,358,000 28,755,000 9,546,000 9,595,000 7,802,000 8,685,000 6,090,000 5,505,000 4,351,000 4,574,000 2,444,000 2,660,000 3,046,000 3,448,000 1,609,000 1,965,000 2,219,000 4,348,000 1,429,000 2,206,000 3,200,000 5,596,000 1,387,000   
        total current assets
      		566,819,000 583,652,000 586,489,000 573,189,000 571,679,000 630,806,000 582,520,000 607,160,000 572,214,000 593,739,000 569,591,000 560,076,000 533,578,000 530,032,000 495,544,000 263,133,000 262,477,000 268,537,000 255,495,000 249,494,000 260,784,000 269,869,000 266,923,000 267,108,000 155,431,000 170,636,000 170,462,000 177,242,000 188,543,000 199,278,000 129,955,000 
        investments, long-term
      		115,882,000 96,330,000 88,353,000 109,830,000 44,831,000 70,995,000 113,425,000 26,344,000 27,803,000 9,143,000 2,961,000      9,796,000 9,938,000 9,984,000 9,979,000     6,139,000 6,276,000 9,625,000 6,116,000    
        property and equipment
      		100,692,000 97,872,000 91,506,000 85,274,000 77,175,000 71,925,000 67,447,000 61,701,000 52,281,000 39,984,000 32,249,000 25,217,000 20,920,000 17,249,000 14,134,000 11,015,000 9,334,000 8,486,000 7,915,000 7,066,000 6,791,000 5,311,000 4,309,000 3,307,000 3,113,000 3,045,000 2,757,000 1,826,000 974,000 802,000 765,000 
        operating lease right-of-use assets
      		23,068,000 23,532,000 24,070,000 24,524,000 24,972,000 23,314,000 21,811,000 22,189,000 22,248,000 22,667,000 23,081,000 21,368,000 6,614,000 6,880,000 7,141,000 7,400,000                
        deferred tax assets
      		87,665,000 88,667,000                              
        other non-current assets
      		17,250,000 17,264,000 17,298,000 9,376,000 12,152,000 11,343,000 10,991,000 10,995,000 11,296,000 11,278,000 11,612,000 11,585,000 10,735,000 10,715,000 10,704,000 10,454,000 454,000 204,000 204,000 204,000 204,000 204,000 381,000 469,000        
        total assets
      		911,376,000 907,317,000 807,716,000 802,193,000 730,809,000 808,383,000 796,194,000 728,389,000 685,842,000 676,811,000 639,494,000 618,246,000 571,847,000 564,876,000 527,523,000 292,002,000 289,720,000 295,084,000 278,894,000 272,208,000 273,413,000 281,189,000 271,784,000 271,308,000 165,736,000 181,253,000 183,225,000 185,565,000 189,606,000 200,080,000 130,720,000 
        liabilities and stockholders' equity
      		                               
        current liabilities:
      		                               
        accounts payable
      		41,849,000 36,565,000 59,240,000 53,162,000 29,137,000 38,687,000 34,926,000 33,621,000 43,802,000 38,839,000 40,031,000 39,961,000 36,478,000 26,847,000 20,305,000 16,033,000 17,022,000 11,665,000 9,989,000 8,681,000 9,057,000 7,209,000 6,743,000 5,103,000 5,821,000 4,459,000 4,838,000 2,681,000 3,203,000 3,429,000 2,449,000 
        accrued expenses
      		47,569,000 59,490,000 51,603,000 40,197,000 34,333,000 49,814,000 39,338,000 32,036,000 28,370,000 39,266,000 29,964,000 26,726,000 23,390,000 34,339,000 28,986,000 18,570,000 13,896,000 20,454,000 17,477,000 12,606,000 10,365,000 13,516,000 11,455,000 7,939,000 7,896,000 12,397,000 7,865,000 5,980,000 4,623,000 7,726,000 4,962,000 
        total current liabilities
      		89,418,000 96,055,000 110,843,000 93,359,000 63,470,000 88,501,000 74,264,000 65,657,000 72,172,000 78,105,000 69,995,000 66,687,000 59,868,000 61,186,000 49,291,000 46,853,000 43,168,000 41,307,000 33,591,000 24,350,000 19,422,000 20,725,000 18,198,000 13,042,000 13,717,000 16,856,000 12,703,000 8,661,000 7,826,000 11,155,000 7,595,000 
        operating lease liabilities, non-current portion
      		29,552,000 29,998,000 30,302,000 30,909,000 31,488,000 30,039,000 25,218,000 24,512,000 24,500,000 24,846,000 25,173,000 22,054,000 7,185,000 7,536,000 7,882,000 8,224,000                
        other non-current liabilities
      		66,000 104,000 111,000 111,000 108,000 148,000 150,000 149,000 146,000 1,346,000 146,000 146,000 146,000 146,000 146,000 146,000 146,000               
        total liabilities
      		119,036,000 126,157,000 141,256,000 124,379,000 95,066,000 118,688,000 99,632,000 90,318,000 96,818,000 104,297,000 95,314,000 88,887,000 67,199,000 68,868,000 57,319,000 65,018,000 64,665,000 66,036,000 58,594,000 52,294,000 50,282,000 51,442,000 42,961,000 37,714,000 38,333,000 41,418,000 37,171,000 33,076,000 32,190,000 36,081,000  
        commitments and contingencies
      		                               
        stockholders' equity:
      		                               
        preferred stock, 0.001 par value...
      		                               
        common stock, 0.001 par value...
      		29,000 29,000    30,000    30,000    29,000    27,000    27,000    24,000    23,000  
        additional paid-in capital
      		950,449,000 927,159,000 948,374,000 969,903,000 924,409,000 981,043,000 1,021,970,000 983,791,000 944,298,000 917,107,000 904,293,000 880,873,000 844,281,000 820,335,000 797,958,000 537,730,000 521,308,000 508,465,000 497,280,000 486,550,000 476,658,000 467,038,000 458,586,000 452,891,000 323,473,000 319,865,000 317,016,000 315,243,000 312,555,000 310,941,000 240,451,000 
        accumulated other comprehensive income
      		-352,000 464,000 639,000 396,000 227,000 536,000 1,700,000 -115,000 124,000 800,000 44,000 103,000 32,000     -55,000 -9,000 -12,000 9,000 29,000 73,000 154,000 295,000 102,000 90,000 51,000 16,000   
        accumulated deficit
      		-157,786,000 -146,492,000 -282,582,000 -292,514,000 -288,922,000 -291,914,000 -327,138,000 -345,635,000 -355,428,000 -345,423,000 -360,186,000 -351,646,000 -339,694,000 -324,270,000 -327,420,000 -310,573,000 -296,083,000 -279,389,000 -276,998,000 -266,651,000 -253,563,000 -237,347,000 -229,863,000 -219,478,000 -196,389,000 -180,156,000 -171,076,000 -162,829,000 -155,179,000 -146,913,000 -142,135,000 
        total stockholders' equity
      		792,340,000 781,160,000 666,460,000 677,814,000 635,743,000 689,695,000 696,562,000 638,071,000 589,024,000 572,514,000 544,180,000 529,359,000 504,648,000 496,008,000 470,204,000 226,984,000 225,055,000 229,048,000 220,300,000 219,914,000 223,131,000 229,747,000 228,823,000 233,594,000 127,403,000 139,835,000 146,054,000 152,489,000 157,416,000 163,999,000 98,311,000 
        total liabilities and stockholders' equity
      		911,376,000 907,317,000 807,716,000 802,193,000 730,809,000 808,383,000 796,194,000 728,389,000 685,842,000 676,811,000 639,494,000 618,246,000 571,847,000 564,876,000 527,523,000 292,002,000 289,720,000 295,084,000 278,894,000 272,208,000 273,413,000 281,189,000 271,784,000 271,308,000 165,736,000 181,253,000 183,225,000 185,565,000 189,606,000 200,080,000 130,720,000 
        stockholders' equity
      		                               
        common stock, 0.001 par value per share...
      		  29,000 29,000 29,000  30,000 30,000 30,000  29,000 29,000 29,000  29,000 28,000 28,000  27,000 27,000 27,000  27,000 27,000 24,000   24,000 24,000  21,000 
        notes payable, current portion
      		               12,250,000 12,250,000 9,188,000              
        notes payable, non-current portion
      		               9,795,000 12,798,000 15,799,000 18,799,000 21,801,000            
        accumulated other comprehensive loss
      		             -86,000 -363,000 -201,000 -198,000             -52,000 -26,000 
        operating lease right-of-use asset
      		                7,659,000 7,919,000 5,296,000 5,465,000 5,634,000 5,805,000 171,000 424,000 672,000 915,000      
        operating lease liability, non-current portion
      		                8,553,000 8,796,000 6,080,000 6,032,000 5,959,000 5,886,000          
        other non-current liability
      		                 134,000 124,000 111,000 97,000 85,000 74,000 40,000 40,000 40,000      
        current portion of notes payable
      		                  6,125,000 3,063,000            
        notes payable
      		                    24,804,000 24,746,000 24,689,000 24,632,000 24,576,000 24,522,000 24,468,000 24,415,000 24,364,000 24,926,000 24,814,000 
        total non-current liabilities
      		                     30,717,000          
        other non-current asset
      		                        381,000 381,000 381,000 381,000 89,000   
        common stock,0.001 par value per share...
      		                          24,000     
        short-term investments
      		                            75,069,000 90,922,000 94,114,000 
        prepaid expenses and other assets
      		                             1,734,000 1,044,000 
        preferred stock warrants
      		                               
        total long-term liabilities
      		                             24,926,000 24,814,000 
        property and equipment, cost
      		                              1,553,000 
        less: accumulated depreciation
      		                              -788,000 
        accrued interest
      		                              184,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 
                                      
          operating activities
        		                              
          net earnings
        		-11,294,000                              
          adjustments to reconcile net earnings to net cash from operating activities:
        		                              
          depreciation and amortization
        		5,110,000 3,822,000 3,677,000 3,414,000 3,044,000 2,478,000 1,850,000 1,383,000 839,000 817,000 777,000 659,000 593,000 569,000 513,000 417,000 359,000 344,000 336,000 304,000 234,000 253,000 212,000 188,000 187,000 153,000 133,000 106,000 103,000 105,000 
          accretion of investment discount
        		-290,000 -377,000 -394,000 -909,000 -1,209,000 -1,542,000 -2,410,000 -2,438,000 -2,469,000             44,000 22,000 -8,000 -80,000 -137,000 -237,000 -300,000 -309,000  
          stock-based compensation expense
        		30,689,000 28,012,000 29,467,000 41,724,000 31,056,000 29,140,000 28,223,000 32,322,000 26,322,000 22,849,000 19,829,000 21,567,000 18,225,000 15,001,000 14,589,000 12,659,000 9,721,000 7,030,000 6,810,000 6,341,000 5,997,000 3,854,000 3,311,000 2,903,000 2,749,000 1,893,000 1,524,000 1,389,000 1,391,000 523,000 
          deferred income tax expense
        		1,009,000                              
          provision for estimated credit losses
        		186,000 -18,000 -132,000 39,000 311,000 365,000 0 259,000 -1,392,000                      
          other non-cash expenses
        		548,000 543,000 535,000 521,000 512,000 411,000                         
          changes in operating assets and liabilities:
        		                              
          accounts receivable
        		14,285,000 -11,634,000 29,722,000 -44,584,000 263,000 -3,949,000 -9,900,000 -7,715,000 18,962,000 -18,630,000 -8,472,000 -4,605,000 1,489,000 -12,622,000 -8,188,000 -5,825,000 -382,000 -7,501,000 -1,869,000 -3,255,000 3,381,000 -3,921,000 -10,826,000 813,000 2,092,000 -2,102,000 -1,577,000 -2,416,000 -385,000 -1,284,000 
          inventories
        		-20,942,000 -3,516,000 -20,144,000 -21,906,000 -19,609,000 -12,686,000 -8,408,000 -10,050,000 -15,089,000 -7,771,000 -5,274,000 -5,177,000 -3,777,000 3,259,000 6,711,000 342,000 -4,967,000 -1,657,000 -2,279,000 -1,911,000 -2,905,000 487,000 999,000 -2,720,000 -1,411,000 -1,159,000 -1,114,000 -455,000 -439,000 408,000 
          prepaid expenses and other current assets
        		-1,262,000 3,763,000 -1,473,000 -2,408,000 1,769,000 2,123,000 14,450,000 -18,930,000 13,000  844,000 -3,212,000 -579,000  205,000 -2,133,000 216,000  402,000 -1,839,000 356,000  2,218,000 -3,008,000 775,000  2,375,000 -4,495,000 254,000  
          accounts payable
        		7,132,000 -22,098,000 6,535,000 21,333,000 -9,517,000 3,961,000 1,647,000 -8,562,000 3,558,000 -1,779,000 -707,000 3,392,000 8,390,000 5,754,000 4,846,000 -1,765,000 5,520,000 1,289,000 1,301,000 712,000 1,477,000 -214,000 1,623,000 -733,000 1,372,000 -410,000 2,189,000 -523,000 -222,000 988,000 
          accrued expenses and other liabilities
        		-12,322,000 6,631,000 10,801,000 5,006,000 -16,315,000 13,656,000 7,891,000 3,716,000 -12,398,000 10,087,000 4,306,000 3,120,000 -10,615,000 4,912,000 9,441,000 4,510,000 -6,921,000 2,830,000 4,945,000 2,332,000 -3,049,000 2,076,000 3,528,000 35,000 -4,494,000      
          net cash from operating activities
        		12,849,000 52,469,000 68,526,000 2,684,000 -6,703,000 69,181,000 52,283,000 -78,000 8,860,000 17,267,000 3,638,000 5,092,000 -1,344,000 19,269,000 11,002,000 -5,954,000 -12,748,000 734,000 -338,000 -10,114,000 -10,401,000 -4,110,000 -8,909,000 -25,251,000 -14,775,000 -6,076,000 -2,944,000 -12,884,000 -10,942,000 -2,589,000 
          investing activities
        		                              
          capital expenditures
        		-9,726,000 -10,656,000 -10,439,000 -8,997,000 -8,407,000 -7,027,000 -8,007,000 -12,393,000 -11,696,000 -8,033,000 -6,988,000 -4,855,000 -3,753,000 -2,950,000 -3,512,000 -1,419,000 -1,215,000 -533,000 -1,151,000 -1,663,000 -112,000 -604,000 -1,215,000 -381,000 -255,000 0 -1,064,000 -958,000 -275,000 -191,000 
          free cash flows
        		3,123,000 41,813,000 58,087,000 -6,313,000 -15,110,000 62,154,000 44,276,000 -12,471,000 -2,836,000 9,234,000 -3,350,000 237,000 -5,097,000 16,319,000 7,490,000 -7,373,000 -13,963,000 201,000 -1,489,000 -11,777,000 -10,513,000 -4,714,000 -10,124,000 -25,632,000 -15,030,000 -6,076,000 -4,008,000 -13,842,000 -11,217,000 -2,780,000 
          purchases of investments
        		-57,312,000 -62,943,000 -68,655,000 -92,001,000 -16,719,000 -80,814,000 -225,505,000 -56,296,000 -55,739,000 -143,936,000        0 0   0 -37,814,000 0 -14,907,000 -34,550,000 -42,487,000    
          proceeds from sales or maturities of investments
        		55,789,000 61,681,000 75,049,000 149,478,000 24,173,000 91,852,000 130,544,000 74,309,000 47,900,000 246,000 0       0 31,300,000   12,000,000 13,100,000 34,300,000 82,403,000 15,000,000 43,050,000    
          net cash from investing activities
        		-11,249,000 -11,918,000 -11,645,000 46,562,000 -1,553,000 3,761,000 -102,968,000 5,620,000 -19,535,000 -151,723,000 -144,241,000 4,895,000 -3,753,000 -2,950,000 -3,762,000 -11,419,000 -1,465,000 -533,000 30,149,000 844,000 -1,321,000 11,396,000 -25,929,000 33,919,000 67,241,000 -19,992,000 -501,000 -39,022,000 15,956,000 3,622,000 
          financing activities
        		                              
          proceeds from the exercise of stock options
        		109,000 633,000 347,000 2,174,000 6,441,000 -1,192,000 14,225,000 5,518,000 3,616,000 1,303,000 4,016,000 13,113,000 7,377,000 5,685,000 1,761,000 1,548,000 3,087,000  3,843,000 1,719,000 3,550,000  2,312,000 732,000 787,000   604,000 165,000  
          share repurchase of common stock
        		 -50,011,000 -49,999,000 0 -75,009,000                          
          payment of taxes on net share settlement of equity awards
        		-7,591,000 -694,000 -1,426,000 -1,732,000 -19,192,000 3,880,000 -4,335,000 -1,862,000 -2,848,000                      
          net cash from financing activities
        		-7,482,000 -48,308,000 -51,078,000 3,697,000 -87,760,000 -70,138,000 9,890,000 7,087,000 768,000 -10,115,000 3,500,000 14,934,000 5,631,000 7,289,000 224,125,000 619,000 3,044,000 4,076,000 3,843,000 3,479,000 3,550,000 4,521,000 2,312,000 126,445,000 787,000 897,000 192,000 1,241,000 -366,000 69,910,000 
          effect of exchange rate on cash
        		1,000 -275,000 115,000 102,000 -252,000 -166,000 272,000 -10,000 -214,000 211,000 -51,000 -2,000 6,000 176,000 -127,000 33,000 -7,000 -10,000 5,000 -16,000 2,000 6,000 -6,000 7,000 4,000 -13,000 29,000 -12,000 9,000  
          (decrease) in cash and cash equivalents
        		-5,881,000                              
          cash and cash equivalents at beginning of period
        		104,813,000  0 0 150,150,000  0 0 185,537,000  0 0 441,592,000  0 0 214,467,000  0 0 190,518,000  0 0 22,860,000  0 0 97,288,000  
          cash and cash equivalents at end of period
        		98,932,000  5,918,000 53,045,000 53,882,000  -40,523,000 12,619,000 175,416,000  -137,154,000 24,919,000 442,132,000  231,238,000 -16,721,000 203,291,000  33,659,000 -5,807,000 182,348,000  -32,532,000 135,120,000 76,117,000  -3,224,000 -50,677,000 101,945,000  
          supplemental cash flow information
        		                              
          cash paid for interest
        		16,000 122,000 11,000           0 1,399,000 456,000 466,000 471,000 476,000 475,000 466,000 471,000 475,000 476,000 471,000 471,000 475,000 316,000 771,000 566,000 
          capital expenditures included in accounts payable and accrued expenses
        		2,986,000                              
          net income
        		 136,090,000   2,992,000 35,224,000                         
          adjustments to reconcile net income:
        		                              
          deferred income taxes
        		                              
          impairment of strategic investment
        		 0 0                            
          purchases of property and equipment
        		 -10,656,000 -10,439,000 -8,997,000 -8,407,000 -7,027,000 -8,007,000 -12,393,000 -11,696,000 -8,033,000 -6,988,000 -4,855,000 -3,753,000 -2,950,000 -3,512,000 -1,419,000 -1,215,000 -533,000 -1,151,000 -1,663,000 -1,321,000 -604,000 -1,215,000 -381,000 -255,000     -191,000 
          purchases of strategic investments
        		 0   -600,000     0 0   0 -250,000                
          accelerated share repurchase of common stock
        		                              
          proceeds from the issuance of common stock from employee stock purchase plan
        		                              
          decrease in cash and cash equivalents
        		 -8,032,000   -96,268,000           -16,721,000 -11,176,000              
          cash and cash equivalents at beginning of year
        		                              
          cash and cash equivalents at end of year
        		                              
          property and equipment included in accounts payable and accrued expenses
        		 -476,000 -540,000 2,517,000 3,272,000 -70,000 -412,000 -1,590,000 5,458,000 519,000 821,000 101,000 2,577,000 735,000                 
          excise taxes accrued but not paid
        		                              
          proceeds from issuance of common stock from employee stock purchase plan
        		  0    0    0    0    0    0    0    
          net loss
        		       9,793,000 -10,005,000 14,763,000 -8,540,000 -11,952,000 -15,424,000 3,150,000 -16,847,000 -14,490,000 -16,694,000 -2,391,000 -10,347,000 -13,088,000 -16,216,000 -7,484,000 -10,385,000 -23,089,000 -16,245,000 -9,080,000 -8,247,000 -7,650,000 -8,266,000 -4,778,000 
          adjustments to reconcile net loss:
        		                              
          purchases of strategic investment
        		                              
          increase in cash and cash equivalents
        		       12,619,000 -10,121,000 -144,360,000 -137,154,000 24,919,000 540,000 23,784,000    4,267,000 33,659,000 -5,807,000 -8,170,000 11,813,000 -32,532,000 135,120,000 53,257,000 -25,184,000 -3,224,000 -50,677,000 4,657,000 70,976,000 
          payments on long-term debt obligation
        		             0 -21,437,000                
          proceeds from sale of common stock
        		             0                69,783,000 
          non-cash lease expense
        		       59,000 418,000 414,000 393,000 328,000 265,000 262,000 259,000 259,000 260,000 262,000 169,000 169,000 171,000 229,000 252,000 248,000 243,000      
          non-cash stock issuance for services rendered
        		       85,000 101,000 81,000 91,000 91,000 90,000 87,000 79,000 80,000 79,000 79,000 77,000 72,000 73,000 77,000 72,000 73,000 72,000 59,000 58,000 58,000 58,000 58,000 
          amortization of investment (discount) premium
        		                -1,000              
          other
        		         716,000 391,000 881,000 -1,000 0 -606,000   3,000 64,000 -3,000 -8,000 0 9,000 -9,000 -89,000 0 -2,000 0 -141,000  
          prepaid expenses and other assets
        		                             -708,000 
          taxes paid on net share settlement of restricted stock units
        		          -516,000 -971,000 -1,746,000  0 0 -43,000              
          taxes paid on the net share settlement of restricted stock units
        		                              
          property and equipment included in accounts payable
        		                              
          accretion of debt discount
        		                62,000 62,000 61,000 59,000 58,000 58,000 56,000 56,000 54,000 54,000 53,000 51,000 110,000 112,000 
          purchases of other investments
        		                -250,000              
          change in property and equipment acquired but not yet paid
        		                284,000 -383,000 1,348,000            
          amortization of investment premium
        		                 -1,000 -8,000 -7,000 30,000          
          payment of debt fees
        		                         0 0 0 -531,000  
          proceeds from the exercise of stock options and warrants
        		                         179,000    127,000 
          proceeds from the sale of common stock
        		                      0        
          purchases of property and equipment in accounts payable
        		                    1,209,000          
          change in the fair value of preferred stock warrants
        		                             0 
          proceeds from issuance of notes payable
        		                             0 
          issuance of preferred stock warrants
        		                             0 
          proceeds from sale of preferred stock
        		                              
          accrued expenses
        		                          1,901,000 1,351,000 -3,096,000 2,584,000 
          purchases of property and equipment, net of disposals
        		                          -1,064,000 -958,000 -275,000  
          purchases of short-term investments
        		                            -40,573,000 -16,545,000 
          proceeds from sales or maturities of short-term investments
        		                            56,804,000 20,358,000