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InspireMD (NSPR) investor relations material

InspireMD Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary4 Nov, 2025

Executive summary

  • Achieved record Q3 2025 revenue of $2.52 million, up 39% year-over-year, driven by the U.S. launch of CGuard Prime and international demand.

  • Over 100 CGuard Prime cases completed in the U.S. since FDA approval in June/July 2025, with strong physician and hospital engagement.

  • Expanded U.S. commercial team to over 30 and welcomed Dr. Peter Soukas as Chief Medical Officer.

  • Nearly 70,000 stents sold globally as the market shifts to a stent-first approach for carotid intervention.

  • Substantial doubt exists about ability to continue as a going concern due to recurring losses and negative cash flows.

Financial highlights

  • Q3 2025 revenue reached $2.52 million, a 39% increase year-over-year; U.S. revenue was $497,000, marking the first commercial U.S. sales.

  • International revenue was $2.0 million, up 12% from Q3 2024, with strong global demand.

  • Gross profit rose to $864,000, with gross margin improving to 34.2% from 22.9% year-over-year.

  • Operating expenses increased 57% to $13.9 million, mainly due to U.S. commercial expansion and new headquarters.

  • Net loss widened to $12.7 million ($0.17/share) from $7.9 million ($0.16/share) in Q3 2024.

  • Cash and equivalents rose to $63.4 million as of September 30, 2025, up from $19.4 million at June 30, 2025, due to PIPE, warrant exercises, and milestone-based financings.

Outlook and guidance

  • Q4 2025 revenue expected to be $2.5–$3.0 million, with stable international sales and sequential U.S. growth.

  • Further 2026 growth expectations to be provided with Q4 results.

  • Gross margins anticipated to expand as U.S. sales mix increases, approaching typical medical device margins.

  • Expect continued losses and negative cash flows until commercial profitability is reached; plans to raise additional capital.

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Frequently asked questions

InspireMD Inc. is a medical device company specializing in the development and commercialization of its proprietary MicroNet stent platform technology. This technology is primarily aimed at addressing complex vascular and coronary diseases. The company's key products include the CGuard carotid Embolic Prevention System (CGuard EPS) and the MGuard prime embolic protection system, which are designed for carotid artery applications and coronary interventions, respectively. InspireMD's strategy involves selling its medical devices through local distribution partners, extending its reach across multiple regions. The company was established in 2005 and is headquartered in Tel Aviv-Yafo, Israel. Its shares are listed on the NASDAQ.

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