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

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MINNEAPOLIS (December 4, 2018) – 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 2,500,000 shares of its common stock, consisting of
1,500,000 shares offered by Inspire and 1,000,000 shares offered by certain stockholders of Inspire (the
“Selling Stockholders”). Inspire also expects to grant the underwriters a 30-day option to purchase up to
an additional 375,000 shares of common stock. Inspire will not receive any proceeds from the sale of
common stock offered by the Selling Stockholders.

BofA Merrill Lynch, Leerink Partners and Wells Fargo Securities are serving as joint book-running
managers for the proposed offering. Guggenheim Securities and Stifel are acting as lead managers for the
proposed offering.

The offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating
to this offering, when available, may be obtained from BofA Merrill Lynch, NC1-004-03-43, 200 North
College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or via email:
[email protected]; from Leerink Partners, Attention: Syndicate Department, One
Federal Street, 37th Floor, Boston, MA 02110, or by emailing [email protected] or calling 1-800-
808-7525, ext. 6132; and from Wells Fargo Securities, 375 Park Avenue, 4th Floor, New York, NY
10152, Attention: Equity Syndicate Department, or by emailing [email protected] or
calling (800) 326-5897.

A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities
and Exchange Commission but has not yet become effective. These securities may not be sold nor may
offers to buy these securities be accepted prior to the time the registration statement becomes effective.
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;
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 expand our indications and develop and commercialize additional products and
enhancements to our Inspire system; 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 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.; 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; 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; our ability to establish
and maintain intellectual property protection for our Inspire therapy and system or avoid claims of
infringement; 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 Quarterly Report on Form 10-Q for the
quarter ended September 30, 2018 and our registration statement on Form S-1 relating to this offering,
which 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]