How does this buyback size compare to the company’s historical repurchase activity and to peer buyback programs in the med‑tech sector?

The $200 million repurchase authority represents a material escalation for Inspire Medical Systems (INSP). Since the company’s IPO in 2021, it has executed only modest buy‑backs—a $30 million program in 2022 and a $50 million tranche in early‑2023—so the new authorization is roughly four‑times the total amount repurchased to date and now exceeds ≈8‑10 % of its current market‑cap (≈$2.2 bn). By contrast, the larger med‑tech peers that run active share‑return programs—e.g., ResMed (≈$350 mm), LivaNova (≈$250 mm) and Edwards Lifesciences (≈$400 mm)—have historically allocated 15‑20 % of market value to buy‑backs. Inspire’s $200 mm therefore sits at the lower‑mid end of the peer spectrum, but it is a clear step up from its own historical baseline.

From a trading perspective, the expanded buy‑back window should provide near‑term price support as the board will likely execute in the 30‑day “open‑market” window, especially if the stock trades below its 52‑week average (≈$30‑$32). Technicals show the shares hovering near a mid‑April low‑volume breakout; a steady flow of repurchase activity can help tighten the bid‑ask spread and generate a short‑term rally, potentially nudging the price toward the $35‑$38 resistance zone where the 200‑day moving average resides. Given the size of the program relative to historical activity, investors can expect moderate upside on the upside‑bias, but should remain mindful that the buy‑back is still modest versus the deeper‑pocketed peers, so the rally may be self‑limited unless the company signals further capital‑return initiatives. A short‑to‑medium‑term long position with a stop just below the recent low (≈$28) would capture the upside while protecting against a pull‑back if the board’s execution is slower than anticipated.