InspireMD (NSPR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $1.77M–$1.8M, nearly flat year-over-year, with 21% international growth offset by a U.S. recall-related revenue reduction and negative domestic revenue.

• The voluntary recall of CGuard Prime 135 cm in the U.S. led to $734,000 in customer credits and $612,000 in inventory impairment, impacting reported financials.

• Net loss for Q2 2026 was $14.3M ($0.17/share), up from $13.2M ($0.26/share) in Q2 2025, driven by lower gross profit and higher operating expenses.

• Workforce reduction post-quarter is expected to save $9M annually, with a restructuring charge of $900,000–$1.2M.

• Regulatory programs advanced for U.S. re-entry, including CGuard Prime 80 for TCAR, SwitchGuard neuroprotection system, and ongoing pivotal trials.

Financial highlights

• Q2 2026 total revenue: $1,771,000–$1.8M, flat year-over-year; international revenue: $2,122,000, up 21%; U.S. revenue was negative due to recall credits.

• Gross loss for Q2 2026 was $774,000 (-43.7% margin), including recall-related charges; adjusted gross profit was $572,000–$600,000.

• Operating expenses for Q2 2026 were $13.7M, up 2.5% year-over-year, mainly from U.S. commercial and R&D investments.

• Net loss for Q2 2026 was $14.3M ($0.17/share), compared to $13.2M ($0.26/share) in Q2 2025.

• Cash and equivalents at June 30, 2026: $30.4M; marketable securities: $15.3M.

Outlook and guidance

• FDA approval for CGuard Prime 80 for TCAR and the original CGuard platform for CAS expected in Q4 2026.

• CGuard Prime 135 platform re-entry targeted for first half of 2027, with potential for earlier approval.

• SwitchGuard pivotal study enrollment progressing, with U.S. approval and launch targeted for back half of 2027.

• Full impact of cost-saving initiatives expected in Q4 2026, with $9M in annual savings.

• Management expects continued losses and negative cash flows until commercial revenue scales; substantial doubt exists about ability to continue as a going concern without new financing.