Inspire Medical Systems, Inc.

Our business, financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including but not limited to those described as risk factors, any one or more of which could, directly or indirectly, cause our actual operating results and financial condition to vary materially from past, or anticipated future, operating results and financial condition. For a discussion of these risks and uncertainties, see the information in "Part I, Item 1A. Risk Factors” in our Annual Report. Other than as set forth below, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Our strategic growth plan may not achieve our intended outcome.

In August 2026, we announced a strategic growth plan, named Project Horizon, intended to align resources to revenue growth initiatives, streamline the organization, and optimize our supply chain by consolidating production to support quality, scale, and efficiency. This plan also includes a workforce reduction. Our strategic growth plan may result in unintended consequences and costs, such as the loss of institutional knowledge and expertise, attrition beyond the intended number of employees, decreased morale among our remaining employees, and harm to our reputation. We may also fail to achieve the anticipated benefits under the strategic growth initiatives or achieve any benefits under the anticipated timeline. If we are unable to realize the anticipated benefits from the strategic growth plan, or if we experience significant adverse consequences, our business, financial condition, and results of operations may be materially adversely affected.