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NSPR

InspireMD, Inc.

NSPR

InspireMD, Inc. • NASDAQ
$2.00 ▼ -4.55% (-0.10)
Market Cap $84.53 M
52w High $3.80
52w Low $1.59
Dividend Yield 0%
P/E -2.43
Volume 76.03K
Outstanding Shares 42.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.523M ▲ $13.915M ▲ $-12.708M ▲ -503.686% ▲ $-0.17 ▲ $-12.601M ▲
Q2-2025 $1.778M ▲ $13.332M ▲ $-13.151M ▼ -739.651% ▼ $-0.26 ▼ $-12.912M ▼
Q1-2025 $1.529M ▼ $11.752M ▲ $-11.166M ▼ -730.281% ▼ $-0.22 ▼ $-11.362M ▼
Q4-2024 $1.949M ▲ $9.836M ▲ $-9.174M ▼ -470.703% ▼ $-0.19 ▼ $-9.292M ▼
Q3-2024 $1.81M $8.876M $-7.89M -435.912% $-0.16 $-8.392M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $63.403M ▲ $78.472M ▲ $14.358M ▲ $64.114M ▲
Q2-2025 $19.374M ▼ $33.342M ▼ $13.099M ▲ $20.243M ▼
Q1-2025 $26.086M ▼ $38.672M ▼ $10.327M ▼ $28.345M ▼
Q4-2024 $34.637M ▼ $46.807M ▼ $10.721M ▲ $36.086M ▼
Q3-2024 $40.402M $50.481M $9.13M $41.351M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-12.708M ▲ $-8.633M ▼ $7.551M ▲ $52.926M ▲ $51.894M ▲ $-8.962M ▼
Q2-2025 $-13.151M ▼ $-8.333M ▲ $5.322M ▲ $2.137M ▲ $-874K ▲ $-8.909M ▲
Q1-2025 $-11.166M ▼ $-8.792M ▼ $1.702M ▼ $506K ▼ $-6.533M ▼ $-9.151M ▼
Q4-2024 $-9.174M ▼ $-6.75M ▼ $8.242M ▲ $1.563M ▲ $3.098M ▲ $-7.061M ▼
Q3-2024 $-7.89M $-5.7M $-5.924M $-965K $-12.567M $-6.121M

Revenue by Products

Product Q3-2022Q1-2023Q2-2023Q3-2023
CGuard EPS
CGuard EPS
 $0 ▲$0 ▲$0 ▲$0 ▲
CGuard
CGuard
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement InspireMD’s income statement looks like that of an early-stage commercial med‑tech company. Revenue is still very small and has not yet scaled in a meaningful way. Operating expenses (mainly R&D, clinical work, and commercialization efforts) are much higher than sales, so the company has been running consistent operating losses each year. Net losses and per‑share losses remain material, though they have been trending a bit more stable recently rather than worsening sharply. Overall, the business is still in the “investment and build‑out” phase, not yet in a profitable, self‑funding phase.

Balance Sheet

Balance Sheet The balance sheet is light and relatively simple. The company has a small base of total assets and a modest cash balance, with no reported financial debt, which reduces balance‑sheet risk from leverage. Equity is positive, meaning assets still exceed liabilities, but the overall scale of the company is quite small. The limited size of the asset and cash base suggests that, if losses continue at a similar pace, InspireMD may eventually need fresh capital to support its growth and commercialization plans.

Cash Flow

Cash Flow Cash flow follows the income statement: the company is consistently using cash in its operations rather than generating it. Operating cash outflows broadly match the operating losses, and there is little to no spending on long‑term physical assets, which is typical for a device company focused more on development, trials, and commercialization than on heavy manufacturing. Free cash flow has been negative for several years, indicating ongoing cash burn. This is manageable for now but highlights dependence on the existing cash balance and potential future financing.

Competitive Edge

Competitive Edge InspireMD operates in a specialized segment of the medical device market: stroke prevention through carotid stenting. Its competitive edge is built around its proprietary MicroNet mesh and the CGuard product family, which aim to offer better protection against plaque‑related emboli than traditional stents. Strong clinical trial results and recent U.S. regulatory approvals provide meaningful credibility and are important selling points with physicians. However, the company is small and competes against much larger, well‑funded players like Abbott and Medtronic. This creates a classic “innovator vs. incumbents” dynamic: InspireMD may have differentiated technology and data, but commercialization scale, distribution reach, and reimbursement access are key execution challenges.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of InspireMD. The MicroNet platform, CGuard EPS, and CGuard Prime with SmartFit technology show a focused effort to solve a specific clinical problem—reducing stroke risk in carotid interventions. The company backs this with extensive clinical research, including pivotal trials with strong stroke‑prevention outcomes, which helps build trust with physicians and regulators. Its pipeline—such as the planned TCAR‑specific indications, the SwitchGuard neuroprotection system, and potential expansion into other vascular uses—illustrates a multi‑year R&D roadmap. The flip side is that this innovation requires sustained spending on trials, regulatory work, and product refinement, keeping financial pressure elevated until commercial traction fully develops.

Summary

InspireMD is a classic high‑innovation, early‑commercialization medical device story. On the positive side, it has a clearly differentiated technology, strong supporting clinical data, and fresh regulatory wins that open the door to larger markets like the U.S. carotid stenting and TCAR segments. Its balance sheet carries no debt, and the product roadmap appears well thought out. On the risk side, the company is still small, unprofitable, and burning cash, with modest financial resources and a history of significant reverse splits that signal repeated capital needs. The core question going forward is execution: can InspireMD convert its promising clinical and regulatory position into sustainable, scaled revenue before its financial runway tightens again? The outcome will depend heavily on U.S. commercialization, physician adoption, reimbursement traction, and the successful advancement of its pipeline products.

NEWS

November 24, 2025 · 7:30 AM UTC

Landmark CREST-2 Study Published in the New England Journal of Medicine Highlights the Benefits of Carotid Artery Stenting

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November 21, 2025 · 9:00 AM UTC

InspireMD Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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November 19, 2025 · 4:42 PM UTC

InspireMD to Participate in Upcoming Piper Sandler 37th Annual Healthcare Conference

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November 4, 2025 · 7:00 AM UTC

InspireMD Reports Third Quarter 2025 Financial Results

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November 3, 2025 · 7:30 AM UTC

InspireMD Names Peter A. Soukas, M.D.

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