InspireMD Inc ( (NSPR) ) has released its Q4 earnings. Here is a breakdown of the information InspireMD Inc presented to its investors.
InspireMD Inc., a company specializing in the development of the CGuard™ Prime carotid stent system for treating carotid artery disease and preventing strokes, has reported its financial results for the fourth quarter and full year of 2024. The company operates in the medical technology sector and is known for its proprietary MicroNet® technology.
InspireMD’s latest earnings report highlights significant progress in 2024, including engagement with the FDA for the Premarket Approval of its CGuard Prime carotid stent system in the U.S. and the initiation of the CGUARDIANS II pivotal study. The company also set up its headquarters in Miami, Florida, in preparation for a potential U.S. commercial launch in the first half of 2025.
Financially, InspireMD achieved record quarterly revenue of $1.95 million, marking a 10.7% increase from the previous year. However, the gross profit decreased by 7.1% due to higher costs of goods sold. Total operating expenses rose significantly by 55.8%, driven by increased salaries, share-based compensation, and expenses related to the anticipated U.S. launch of CGuard Prime. The net loss for the quarter widened to $9.17 million.
For the full year, revenue increased by 13% to $7.01 million, while gross profit decreased by 16.7%. Operating expenses for the year rose by 52.5%, reflecting the company’s investment in expanding its U.S. operations. Despite these challenges, InspireMD’s financial income improved by 20.5% due to increased interest income from investments.
Looking ahead, InspireMD remains focused on achieving key milestones, including the potential U.S. approval and commercial launch of CGuard Prime. The company is optimistic about its growth prospects, supported by ongoing collaborations with the FDA and strategic initiatives to expand its market presence.