Golden Valley-based Inspire Medical has been one of the fastest growing public companies in Minnesota. Their annual revenue grew 75% in 2022 and more than doubled the year before. Timothy Herbert, whose been president and chief executive of Inspire Medical for more than 15 years, is now seeing his compensation soar to $32 million.
- Total compensation: $31,976,431 for year ended Dec. 31.
- Salary: $644,829
- Bonus: $145,086
- Non-equity incentive pay: $558,293
- Exercised stock options: $30,628,223
- New stock options: 17,772
- Median employee pay: $266,163
- CEO pay ratio: 21 to 1
- Total 2022 shareholder return: 9.5%
Note: The maker of minimally-invasive medical devices that treat sleep apnea hasn't turned a profit yet, but the revenue has grown from $50.6 million in 2018 to $407.9 million in 2022.
Inspire Medical's share price has climbed even faster than revenue. Since Inspire Medical's share started trading in May 2018 the total return has been nearly 900%. That share growth increased the value of Herbert's previously issued stock options.
In 2022 he exercised 161,259 options for a gain of $30.6 million which accounted for nearly all of his compensation.
Herbert's compensation increased from $1.3 million in 2021 and it has been less than $1 million in the four other years in which he's been required to disclose compensation as a public company CEO.
