InspireMD, Inc. NSPR
are a medical device company specializing in the development and commercialization of products for the treatment of carotid artery disease
and other vascular conditions. Our portfolio includes two commercial products based on our proprietary CGuard carotid stent technology,
designed to provide market-leading embolic protection during and after stenting procedures. A stent is an expandable scaffold-like metallic
device placed in an artery to widen the lumen and restore blood flow.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.0M | $7.0M | $6.2M | $5.2M | $4.5M | $2.5M | $3.7M | $3.6M | $2.8M | $1.9M |
| Cost of revenue | $6.3M | $5.5M | $4.4M | $4.1M | $3.7M | $2.4M | $3.0M | $2.6M | $2.2M | $1.8M |
| Gross profit | $2.6M | $1.5M | $1.8M | $1.1M | $754.0K | $83.0K | $756.0K | $995.0K | $585.0K | $102.0K |
| R&D | $15.0M | $13.6M | $8.0M | $7.8M | $5.2M | $2.2M | $3.0M | $1.5M | $1.3M | $1.3M |
| SG&A | $20.7M | $15.3M | $11.1M | $8.4M | $7.4M | $6.1M | $5.2M | $4.8M | $5.2M | $5.0M |
| Total operating expenses | $52.3M | $35.0M | $22.9M | $19.8M | $15.5M | $10.5M | $10.6M | $8.6M | $8.8M | $7.8M |
| Operating income | -$49.6M | -$33.5M | -$21.1M | -$18.7M | -$14.7M | -$10.4M | -$9.8M | -$7.6M | -$8.2M | -$7.6M |
| Interest expense | — | — | — | — | — | — | — | — | $119.0K | $721.0K |
| Pre-tax income | -$48.7M | -$31.9M | -$19.9M | -$18.5M | -$14.9M | -$10.5M | -$10.0M | -$7.2M | -$8.4M | -$8.5M |
| Income tax | $63.0K | $59.0K | $65.0K | $28.0K | $45.0K | $4.0K | $24.0K | — | $27.0K | $1.0K |
| Net income | -$48.8M | -$32.0M | -$19.9M | -$18.5M | -$14.9M | -$10.5M | -$10.0M | -$7.2M | -$8.4M | -$8.5M |
| EPS, basic | -0.76 | -0.76 | -0.82 | -2.35 | -2.03 | — | — | — | — | — |
| EPS, diluted | -0.76 | -0.76 | -0.82 | -2.35 | -2.03 | -6.97 | -4.80 | -16.67 | -34.98 | -207.72 |
| Shares, diluted (wtd. avg.) | $64.3M | $41.9M | $24.3M | $7.9M | $7.3M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.9M | $18.9M | $9.6M | $4.6M | $12.0M | $12.6M | $5.5M | $9.4M | $3.7M | $7.5M |
| Short-term investments | $45.3M | $15.7M | $29.4M | — | — | — | — | — | — | — |
| Receivables | $2.2M | $1.6M | $1.8M | $1.0M | $1.2M | $476.0K | $823.0K | $716.0K | $643.0K | $356.0K |
| Inventory | $3.4M | $2.6M | $2.1M | $1.6M | $1.1M | $1.4M | $1.2M | $1.1M | — | — |
| Total current assets | $61.5M | $40.5M | $44.2M | $21.3M | $37.1M | $15.3M | $7.8M | $11.4M | $5.2M | $8.6M |
| Property, plant and equipment | $3.6M | $2.4M | $1.1M | $917.0K | $632.0K | $448.0K | $547.0K | $421.0K | $476.0K | $379.0K |
| Total assets | $69.4M | $46.8M | $47.6M | $24.7M | $39.7M | $17.8M | $9.9M | $12.3M | $6.1M | $9.4M |
| Short-term debt | — | — | — | — | — | — | — | — | — | $2.7M |
| Total current liabilities | $10.7M | $7.7M | $6.0M | $5.1M | $4.3M | $3.7M | $3.1M | $2.9M | $2.5M | $4.8M |
| Total liabilities | $14.2M | $10.7M | $8.1M | $7.3M | $6.2M | $5.6M | $4.5M | $3.5M | $3.1M | $5.4M |
| Retained earnings | -$302.3M | -$253.5M | -$221.5M | -$201.6M | -$183.1M | -$168.2M | -$157.6M | -$147.6M | -$140.4M | -$131.9M |
| Total equity | $55.2M | $36.1M | $39.5M | $17.4M | $33.5M | $12.2M | $5.4M | $8.8M | $2.7M | $4.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$35.1M | -$21.9M | -$16.4M | -$15.5M | -$13.2M | -$9.1M | -$9.8M | -$7.6M | -$8.1M | -$7.5M |
| Depreciation and amortisation | $476.0K | $280.0K | $232.0K | $188.0K | — | $151.0K | $158.0K | $152.0K | $153.0K | $142.0K |
| Stock-based compensation | $12.3M | $10.1M | $4.5M | $2.4M | $1.6M | $606.0K | $325.0K | $70.0K | $672.0K | $978.0K |
| Capital expenditure | $1.7M | $1.4M | $381.0K | $473.0K | $344.0K | $88.0K | $284.0K | $67.0K | $258.0K | $49.0K |
| Investing cash flow | -$30.6M | $12.6M | -$16.1M | $8.4M | -$22.5M | -$187.0K | -$387.0K | -$44.0K | -$318.0K | $70.0K |
| Financing cash flow | $55.6M | $18.5M | $37.5M | -$140.0K | $35.0M | $16.4M | $6.3M | $13.4M | $4.6M | $11.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-018103.
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