InspireMD Inc ( (NSPR) ) has released its Q3 earnings. Here is a breakdown of the information InspireMD Inc presented to its investors.
InspireMD Inc., a Delaware-based medical device company, focuses on the development and commercialization of its proprietary MicroNet™ stent platform technology, which is used in the treatment of complex vascular and coronary diseases, particularly through its CGuard™ EPS carotid artery product. The company operates primarily in the international markets, with a strong presence in Europe.
In its latest earnings report for the quarter ended September 30, 2024, InspireMD Inc. reported a net loss of $7.9 million, reflecting a significant increase from the $5.2 million loss reported in the same quarter last year. Despite the loss, the company showed growth in its revenues, which increased by 16% year-over-year to $1.81 million, driven by sales in key European markets.
Key highlights from the financial performance include a gross profit of $414 thousand, although operating expenses surged to $8.88 million due to heightened research and development activities and increased selling and marketing expenses. The company also reported a significant cash balance improvement, ending the quarter with $15.8 million in cash and cash equivalents, up from $9.64 million at the end of 2023, primarily due to financing activities including the exercise of warrants.
Looking ahead, InspireMD Inc. plans to continue its commercialization efforts for the CGuard™ EPS and raise additional capital to support operations. The company remains focused on expanding its market presence and advancing its product pipeline, though it faces challenges due to its ongoing financial losses and geopolitical risks associated with its operations in Israel.
