Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
Our common stock trades on the NYSE under the symbol “INSP."
Holders
As of February 16, 2021, there were approximately 21 holders of record of our common stock. This number does not include stockholders who are beneficial owners, but whose shares are held in street name by brokers and other nominees. This number of holders of record also does not include stockholders whose shares may be held in trust by other entities.
Recent Sales of Unregistered Securities
None.
Performance Graph
The following graph illustrates a comparison of the total cumulative stockholder return on our common stock with the total return for (i) the S&P Healthcare Equipment Select Industry Index and (ii) the NYSE Composite for the period from May 3, 2018 (the date our common stock commenced trading on the NYSE) through December 31, 2020. The graph assumes an investment of $100 in our common stock at market close on May 3, 2018 and the reinvestment of dividends, if any. The comparisons in the table are not intended to forecast or be indicative of possible future performance of our common stock. This graph shall not be deemed “soliciting material” or be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act of 1933, as amended (the "Securities Act"), whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.
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2018 2019 2020
Stock or Index Ticker 5/3 6/30 12/31 6/30 12/31 6/30 12/31
Inspire INSP $ 100.00 $ 142.75 $ 169.14 $ 242.79 $ 297.08 $ 348.36 $ 752.96
NYSE Composite NYA 100.00 100.90 91.78 105.30 112.27 95.98 117.21
S&P Healthcare Equipment Select SPSIHE 100.00 108.94 97.68 114.07 119.57 124.47 158.82
Item 6. Selected Financial Data.
The following tables set forth, for the periods and as of the dates indicated, our selected historical financial data. The statement of operations data for the years ended December 31, 2020, 2019, and 2018 and the balance sheet data as of December 31, 2020 and 2019 are derived from our audited financial statements included elsewhere in this Annual Report on Form 10-K. The statements of operations data for the years ended December 31, 2017 and 2016 and the balance sheet data as of December 31, 2018, 2017, and 2016 are derived from our audited financial statements not included in this Annual Report on Form 10-K.
Our historical results are not necessarily indicative of the results that may be expected in the future. You should read the following information together with the more detailed information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the related notes included elsewhere in this Annual Report on Form 10-K.
Year ended December 31,
2020 2019 2018 2017 2016
(in thousands, except share and per share data)
Statement of Operations Data:
Revenue $ 115,381 $ 82,050 $ 50,593 $ 28,567 $ 16,427
Cost of goods sold 17,623 13,643 10,056 6,018 3,905
Gross profit 97,758 68,407 40,537 22,549 12,522
Operating expenses:
Research and development 26,092 12,839 7,388 6,194 7,091
Selling, general and administrative 127,874 90,465 53,527 32,358 22,684
Total operating expenses 153,966 103,304 60,915 38,552 29,775
Operating loss (56,208) (34,897) (20,378) (16,003) (17,253)
Other expense (income):
Interest income (1,092) (3,801) (1,870) (203) (57)
Interest expense 2,117 2,119 3,304 1,753 1,303
Other (income) expense, net (145) (12) 16 (42) 29
Total other expense (income) 880 (1,694) 1,450 1,508 1,275
Loss before income taxes (57,088) (33,203) (21,828) (17,511) (18,528)
Income taxes 115 40 — — —
Net loss $ (57,203) $ (33,243) $ (21,828) $ (17,511) $ (18,528)
Net loss per share, basic and diluted $ (2.19) $ (1.40) $ (1.50) $ (14.88) $ (16.90)
Weighted average common shares used to compute net loss per share, basic and diluted (1)
26,073,418 23,804,452 14,579,662 1,176,650 1,096,013
(1) See Note 11 to our audited financial statements for an explanation of the method used to calculate our basic and diluted net loss per share.
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As of December 31,
2020 2019 2018 2017 2016
(in thousands)
Balance Sheet Data:
Cash, cash equivalents and investments $ 234,362 $ 155,741 $ 188,210 $ 16,143 $ 6,685
Working capital (1)
249,144 153,780 188,123 16,950 4,959
Total assets 281,189 181,253 200,080 25,091 13,116
Total non-current liabilities 30,717 24,562 24,926 16,617 12,434
Total stockholders' equity (deficit) 229,747 139,835 163,999 1,327 (6,608)
(1) We define working capital as current assets less current liabilities.