Inspire Medical Systems faces a sharp revenue slowdown due to temporary CPT coding and CMS Project WISeR disruptions, not fundamental business weakness. INSP maintains a robust balance sheet with ~$400M in liquidity and zero debt, providing downside insulation and supporting a 1x EV/sales valuation at depressed prices. Competitive threats from Nyxoah and GLP-1 therapies are manageable, with IP litigation successes and GLP-1s potentially expanding INSP's addressable market.