Inspire Medical Systems is Minnesota’s Fastest-Growing Private Co.
Maple Grove-based Inspire Medical Systems, a Medtronic spinoff specializing in sleep apnea devices, is once again the fastest-growing private company in Minnesota, according to data released Wednesday by Inc. magazine.
The company placed 69th overall on the list, which ranks businesses by revenue growth over a three-year period. Inspire Medical, an 81-employee company founded in 2007, reported $16.4 million in revenue in 2016, marking a roughly 5,150 percent increase in revenue since 2014.
Inspire Medical makes a pacemaker-shaped device that can prevent snoring. As a treatment for obstructive sleep apnea, the device stimulates a patient’s hypoglossal nerve, which controls movement of the tongue and other airway muscles.
Inspire Medical was the top-ranking private company from Minnesota on Inc. magazine’s list last year, and ranked 33rd overall.
Roseville-based Innovative Power Systems took over as the second-fastest-growing private company in Minnesota, bumping down Minneapolis-based software and web services provider Leadpages, which held the runner-up spot last year. Chanhassen-based kitchen products designer Course ranked fourth, while Rochester-based IT services firm Trbhi finished out the state’s top five list.
Overall, 86 private companies from Minnesota ranked as one of America’s fastest growing. That’s down slightly from last year when 92 businesses landed on the list.
To see Inc. magazine’s full 2017 list, click here.