Good morning. I am Timothy Herbert, the Chairman, President, and Chief Executive Officer of Inspire Medical Systems, and the chairperson of today's meeting. It is my great pleasure to welcome you to our 2026 annual meeting of stockholders. We are pleased to again host this year's annual meeting virtually. While the meeting is virtual only, we welcome questions from our stockholders. You can submit your live questions through the text box located on your screen. When we get to the question and answer portion of the agenda, we will answer proper questions that have been submitted. 2025 was another year of strong financial and operational performance for Inspire, driven by continued growth in the adoption of Inspire therapy. We delivered $912 million in revenue, representing 14% year-over-year growth, and surpassed 125,000 patients treated with Inspire therapy.
As we approach the $1 billion revenue milestone, we continue to advance profitability and deliver strong growth and operating margins through disciplined execution. Operationally, we launched the Inspire V neurostimulation system in the U.S., reinforcing our commitment to innovation and engagement from the clinical community continued to grow with more than 385 peer-reviewed publications supporting Inspire therapy. As we scale for our next phase of growth, we also continue to strengthen our leadership team. In early 2026, we welcomed Matt Osberg as our new Chief Financial Officer and recently elevated Carlton Weatherby to Chief Strategy and Growth Officer. These leadership transitions position Inspire well as we pursue our long-term opportunities. Informed by stockholder feedback and evolving market practices, our board has continued to evaluate our governance framework.
This year, the board is asking stockholders to approve a proposal to phase out our classified board structure and provide for annual director elections beginning in 2029, reflecting our stage of growth and commitment to good governance. In addition, we are seeking approval of an amendment to our equity incentive plan to support our ability to attract and retain talent while aligning employee interests with long-term stockholder value. Supporting these accomplishments is the strong collaborative relationship between our board of directors and senior leadership team, which continues to provide effective oversight and strategic direction. On behalf of the board of directors and the senior leadership team, I would like to thank our employees for their dedication to patients and our mission, and our stockholders for your continued support and trust in Inspire.
Your investment in Inspire furthers our mission to increase the awareness and delivery of Inspire therapy and its life-enhancing benefits. Before we call the meeting to order, I'd like to introduce you to the other members of the board of directors who are with us today. The other members of the board joining us today are Shelley G. Broader, Cynthia B. Burks, Myriam J. Curet, Gary L. Ellis, the Lead Independent Director of the board, Georgia Melenikiotou, Shawn T McCormick, Dana G. Mead, Jr., and Casey M. Tansey.
We also have several members of our management team who have joined us for the meeting, including the following officers: Matt Osberg, our Chief Financial Officer, Carlton Weatherby, our Chief Strategy and Growth Officer, Jason Kelly, our Chief Manufacturing and Quality Officer, Melissa Mann, our Chief People Officer, John Rondoni, our Chief Product and Innovation Officer, and Bryan Phillips, our Senior Vice President, General Counsel, Corporate Secretary, and Chief Compliance Officer. Bryan will oversee the formal portion of today's meeting. I would also like to introduce John Engstrom of Ernst & Young LLP, the company's independent auditor, who is available to respond to the questions. Now I would like to turn it over to Bryan to officially open the meeting.
Thank you very much, Tim. The meeting will now officially come to order. We will proceed with the formal business of the meeting as set forth in the notice of annual meeting and proxy statement. Upon joining the meeting, an agenda for the meeting should have become available on your screen. Available at the bottom of your screen is a list of the rules of conduct for the meeting. To conduct an orderly meeting, we ask that participants abide by these rules. Our board of directors set March 2, 2026 as the record date for those stockholders entitled to vote at this meeting. We have a certified list of stockholders of the company as of the close of business on the record date who are entitled to notice of and to vote at this meeting.
The list was available for inspection at our corporate headquarters for 10 days prior to this meeting, and for stockholders that have entered a valid 16-digit control number, the stockholder list is also available during this meeting on the bottom panel of your screen. I also have an affidavit of mailing establishing that notice of this meeting was first distributed or made available on March 20, 2026 to all stockholders of record of the company as of the close of business on March 2, 2026. A copy of the notice of meeting and the affidavit of mailing will be included with the minutes of this meeting. The board of directors has appointed Tony Carideo, a representative of The Carideo Group, to act as Inspector of Election at today's meeting. Mr. Carideo has signed the customary oath of office to execute his duties with strict impartiality.
We will file this oath with the records of the meeting. Mr. Carideo has informed me that a quorum is present. Therefore, I hereby declare this meeting to be duly constituted for the transaction of business. We will now proceed with the formal business of this meeting. The polls opened today, April thirtieth, 2026, at 8:00 A.M. Central Time for voting on all matters before the meeting. If you have not already voted and wish to vote, the polls will remain open until we finish presenting the proposals and close the polls. The voting is by proxy and for those voting during the meeting, online ballot. You do not need to vote during the meeting if you have already voted and do not wish to change your vote. There are seven proposals to be considered by the stockholders at today's meeting.
The company recommends that the stockholders vote for each of the director nominees named in the 1st proposal, one year for the 4th proposal relating to the frequency of future advisory votes on the compensation of our named executive officers, and for the 2nd, 3rd, 5th, 6th, and 7th proposals. The 1st item of business is the election of Gary L. Ellis, Georgia Melenikiotou, and Dana G. Mead, Jr. to serve as class 2 directors of the company to hold office until the annual meeting of stockholders to be held in 2029 and until their respective successors have been duly elected and qualified. The voting standards for this and the other proposals are described in the proxy statement and will be applied as disclosed there.
In accordance with the advance notice provision in the bylaws of the company, stockholders are required to provide advance notice of their intent to nominate candidates for directors. No such notice was received. Therefore, I declare the nominations for director closed. A motion to elect three directors is now in order. The second item of business is the ratification of the Audit Committee's appointment of Ernst & Young LLP as our independent registered public accounting firm for our 2026 fiscal year. The third item of business is the approval on an advisory, non-binding basis of the compensation of our named executive officers as disclosed in the executive compensation section, the accompanying compensation tables, and the related narrative disclosure of the company's proxy statement for the annual meeting.
The fourth item of business is the approval on an advisory, non-binding basis of the frequency of future advisory votes on the compensation of our named executive officers. The fifth item of business is the approval of an amendment to our Seventh Amended and Restated Certificate of Incorporation to phase out the classified board structure and provide for the annual election of all directors, beginning with our 2029 annual meeting of stockholders. The sixth item of business is the approval of an amendment and restatement of the Inspire Medical Systems, Inc. 2018 Incentive Award Plan. The seventh item of business is the approval of an adjournment of this annual meeting, if necessary, to solicit additional proxies if there are not sufficient votes at the time of the annual meeting to approve proposal number 5 and/or proposal number 6. That was the final proposal for today's meeting.
If there are any questions on the proposals, please submit your questions via the question and answer text box on the annual meeting page. We are happy to respond to any questions regarding the proposals. We will not be responding to questions on other topics. We remind everyone that we will be holding our next quarterly earnings call at 4:00 P.M. Central Time on May 4 to discuss our financial results for the Q1 of 2026 and recent business developments. There are no questions at this time. The time is now 8:11 Central Time, 9:11 Eastern Time on April 30, 2026. The polls are now closed for voting. The Inspector of Election will count the votes. Based on the preliminary report of the Inspector of Election, each of Gary L. Ellis, Georgia Melenikiotou, and Dana G. Mead Jr.
Have been elected as class 2 directors to serve until our annual meeting to be held in 2029. The appointment of Ernst & Young LLP as our independent registered public accounting firm for our 2026 fiscal year has been ratified. The compensation of our named executive officers has been approved on an advisory, non-binding basis. The frequency of future advisory votes on the compensation of our named executive officers has been approved on an advisory non-binding basis as 1 year. The amendment to the Certificate of Incorporation to phase out the classified board structure has been approved. The amended and restated 2018 Incentive Award Plan has been approved.
Th e vote on the adjournment of this annual meeting, if necessary, to solicit additional proxies if there are not sufficient votes at the time of this annual meeting to approve proposals 5 and/or proposal number 6 has been approved. The final tally of votes will be published within 4 days in a current report on Form 8-K to be filed with the Securities and Exchange Commission. It is now 8:13 A.M. Central Time, 9:13 A.M. Eastern Time, and the meeting has concluded. With that, ladies and gentlemen, this concludes our annual meeting, and the meeting is now adjourned. I wanna thank you for attending and for your continued support of Inspire Medical Systems.
This now concludes the meeting. Thank you for joining, and have a pleasant day.