Inspire Medical Systems, Inc. Announces Proposed Offering of Common Stock

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MINNEAPOLIS, Minnesota – April 13, 2020 – Inspire Medical Systems, Inc. (NYSE: INSP)
(“Inspire”), a medical technology company focused on the development and commercialization of
innovative and minimally invasive solutions for patients with obstructive sleep apnea, announced today
the commencement of a proposed public offering of $75.0 million of shares of its common stock. Inspire
also expects to grant the underwriters a 30-day option to purchase additional shares of common stock in
an amount of up to 15 percent of the number of shares sold in the offering. All of the shares in the
proposed offering are to be sold by Inspire.

BofA Securities, J.P. Morgan and Goldman Sachs & Co. LLC are acting as joint book-running managers
for the proposed offering. Guggenheim Securities and SVB Leerink are acting as lead managers for the
proposed offering.

The securities described above are being offered pursuant to an effective shelf registration statement that
was filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 13, 2020. This
offering will be made only by means of a prospectus supplement and the accompanying prospectus which
forms a part of the effective shelf registration statement.

A preliminary prospectus supplement related to the offering (including the accompanying prospectus) will
be filed with the SEC and will be available on the SEC’s website located at Copies of the
preliminary prospectus supplement and the accompanying prospectus may also be obtained, when
available, from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC
28255-0001, Attn: Prospectus Department, or via email: [email protected]; J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York
11717, or by telephone: (866) 803-9204 or via email: [email protected]; and Goldman
Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, or by
telephone: (866) 471-2526, facsimile: (212) 902-9316 or via email: [email protected]
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Inspire Medical Systems
Inspire is a medical technology company focused on the development and commercialization of
innovative and minimally invasive solutions for patients with obstructive sleep apnea. Inspire’s
proprietary Inspire therapy is the first and only FDA-approved neurostimulation technology that provides
a safe and effective treatment for moderate to severe obstructive sleep apnea.

Forward Looking Statements
This press release 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. In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’
‘‘will,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘could,’’ “future,” “outlook,” ‘‘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

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, estimates regarding the
annual total addressable market for our Inspire therapy in the U.S. and our market opportunity outside the
U.S., future results of operations, financial position, research and development costs, capital requirements
and our needs for additional financing; commercial success and market acceptance of our Inspire therapy;
the impact of the ongoing and global COVID-19 pandemic; general and international economic, political,
and other risks, including currency and stock market fluctuations and the uncertain economic
environment; our ability to achieve and maintain adequate levels of coverage or reimbursement for our
Inspire system or any future products we may seek to commercialize; competitive companies and
technologies in our industry; our ability to enhance our Inspire system, expand our indications and
develop and commercialize additional products; our business model and strategic plans for our products,
technologies and business, including our implementation thereof; our ability to accurately forecast
customer demand for our Inspire system and manage our inventory; our dependence on third-party
suppliers, contract manufacturers and shipping carriers; 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 U.S.; risks associated with international operations; our
ability to manage our growth; our ability to increase the number of active medical centers implanting
Inspire therapy; our ability to hire and retain our senior management and other highly qualified personnel;
risk of product liability claims; risks related to information technology and cybersecurity; risk of damage
to or interruptions at our facilities; our ability to commercialize or obtain regulatory approvals for our
Inspire therapy and system, or the effect of delays in commercializing or obtaining regulatory approvals;
FDA or other U.S. or foreign regulatory actions affecting us or the healthcare industry generally,
including healthcare reform measures in the U.S. and international markets; the timing or likelihood of
regulatory filings and approvals; risks related to our debt and capital structure; our ability to establish and
maintain intellectual property protection for our Inspire therapy and system or avoid claims of
infringement; tax risks; risks that we may be deemed an investment company under the Investment
Company Act of 1940; regulatory risks; risks related to our ceasing to qualify as a smaller reporting
company or an emerging growth company; the volatility of the trading price of our common stock; our
expectations regarding the use of proceeds from this offering; and our expectations about market trends.
Other important factors that could cause actual results, performance or achievements to differ materially
from those contemplated in this press release 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 year ended December 31, 2019 and under the caption “Risk Factors”
in the prospectus supplement relating to this offering (when available), in each case, as such factors may
be updated from time to time in our other filings with the SEC. Our Annual Report on Form 10-K for the
year ended December 31, 2019, the prospectus supplement related to this offering (when available) and
the other documents we file with the SEC from time to time are each accessible on the SEC’s website at These and other important factors could cause actual results to differ materially from those
indicated by the forward-looking statements made in this press release. Any such forward-looking
statements represent management’s estimates as of the date of this press release. 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 subsequent to the date of this press release.

Investor and Media Contact
Bob Yedid
LifeSci Advisors
[email protected]