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1. Company Snapshot

1.a. Company Description

InspireMD, Inc., a medical device company, focuses on the development and commercialization of proprietary MicroNet stent platform technology for the treatment of vascular and coronary diseases in Europe, Latin America, the Middle East, and Asia Pacific.The company offers CGuard carotid embolic prevention system for use in carotid artery applications; and MGuard Prime embolic protection systems for use in patients with acute coronary syndromes, notably acute myocardial infarction, and saphenous vein graft coronary interventions, as well as bypass surgery.It is also developing PVGuard, a MicroNet mesh sleeve and self-expandable stent for use in peripheral vascular applications.


The company sells its products through local distributors.InspireMD, Inc.was founded in 2005 and is headquartered in Tel Aviv-Yafo, Israel.

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1.b. Last Insights on NSPR

Recent positive drivers behind InspireMD's performance include the company's quarterly revenue and unit records of $1.95M and 3.5K respectively in served markets, as well as its engagement with the U.S. Food and Drug Administration (FDA) on the Premarket Approval (PMA) application for the CGuard Prime carotid stent system in the U.S. ahead of an anticipated first half 2025 approval. Additionally, InspireMD has announced approval of and enrolled first patients in the CGUARDIANS II pivotal study of the CGuard Prime carotid stent system for use during TCAR procedures, and has established headquarters in Miami, Florida, to optimally support the anticipated U.S. commercial launch of CGuard Prime in the first half of 2025, if approved.

1.c. Company Highlights

2. InspireMD's Q3 2025 Earnings: Strong Revenue Growth Amidst Continued Investment

InspireMD reported revenue of $2.5 million for the third quarter of 2025, marking a 39% year-over-year increase and 40% sequential growth. This momentum was driven by early success in the U.S. market and sustained demand for the CGuard stent platform internationally. The company's gross margins are expected to expand in future quarters as U.S. commercial sales ramp up. Total operating expenses for Q3 2025 were $13.9 million, up 57% from $8.9 million in Q3 2024. The net loss for the quarter was $12.7 million, or $0.17 per basic and diluted share. As of September 30, 2025, the company held $63.4 million in cash and cash equivalents and marketable securities.

Publication Date: Nov -24

📋 Highlights
  • Q3 2025 Revenue Growth:: Achieved $2.5M revenue, up 39% YoY and 40% sequentially, driven by U.S. momentum and international demand.
  • U.S. Market Traction:: Completed over 100 cases in the U.S., with 30+ field personnel and plans to scale to 2026, targeting 400K untreated carotid artery patients.
  • Global Product Adoption:: Sold nearly 70,000 CGuard stents internationally, with strong physician feedback and CGuard Prime excitement cited by CEO Marvin Slosman.
  • Financial Position:: Ended Q3 with $63.4M in cash and marketable securities, despite a $12.7M net loss ($0.17/share) due to $13.9M operating expenses (up 57% YoY).
  • Gross Margin Expansion:: Anticipates improved margins as U.S. sales (higher-margin) grow, with Q4 revenue guidance of $2.5–$3M and stable international sales.

Operational Highlights and Guidance

InspireMD has made significant progress in the U.S. market, completing over 100 cases and opening several accounts per representative on average in the first quarter, with most approvals happening within months. The U.S. commercial organization now comprises over 30 people, primarily in the field, with plans to scale accordingly in 2026. For Q4, the company expects revenue of approximately $2.5 million to $3.0 million, driven by stable international sales and growth in the U.S. market. CEO Marvin Slosman expressed enthusiasm for the company's progress, citing strong physician feedback and excitement for CGuard Prime.

Product Utilization and Margin Expectations

The company is focused on ensuring effective utilization of its product, with representatives present in cases to train users. InspireMD expects gross margins to approach typical medical device type margins as U.S. sales become a larger percentage of revenue, driven by the higher margin mix of sales in the U.S. market. The company is pleased with patient outcomes and stent performance, meeting expectations globally and in the U.S.

Valuation and Growth Prospects

Analysts estimate InspireMD's revenue growth at 75.3% for the next year. The company's current valuation metrics include a P/S Ratio of 10.51 and an EV/EBITDA of -0.45. Given the expected growth, the market has priced in a significant expansion in sales. The actual EPS of -$0.17 was in line with estimates. With a large addressable market for carotid artery disease treatment, InspireMD is poised for continued growth, driven by its expanding U.S. presence and sustained international demand.

3. NewsRoom

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Landmark CREST-2 Study Published in the New England Journal of Medicine Highlights the Benefits of Carotid Artery Stenting

Nov -24

Source: globenewswire.com

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InspireMD Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Nov -21

Source: globenewswire.com

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InspireMD to Participate in Upcoming Piper Sandler 37th Annual Healthcare Conference

Nov -19

Source: globenewswire.com

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InspireMD, Inc. (NSPR) Q3 2025 Earnings Call Transcript

Nov -04

Source: seekingalpha.com

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InspireMD, Inc. (NSPR) Reports Q3 Loss, Tops Revenue Estimates

Nov -04

Source: zacks.com

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InspireMD Reports Third Quarter 2025 Financial Results

Nov -04

Source: globenewswire.com

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InspireMD Names Peter A. Soukas, M.D.

Nov -03

Source: globenewswire.com

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InspireMD to Announce Third Quarter 2025 Financial Results

Oct -21

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

CGuard Embolic Prevention System

Expected Growth: 9.27%

InspireMD's CGuard Embolic Prevention System's 9.27% growth driven by increasing adoption in carotid artery disease treatment, expanding global presence, and growing demand for minimally invasive procedures. Strong clinical trial results, regulatory approvals, and strategic partnerships also contribute to the growth.

7. Detailed Products

CGuard EPS

A carotid embolic protection system designed to prevent stroke and other complications during carotid artery stenting procedures.

MGuard Prime EPS

A coronary embolic protection system designed to prevent distal embolization during coronary stenting procedures.

MGuard EPS

A coronary embolic protection system designed to prevent distal embolization during coronary stenting procedures.

8. InspireMD, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for InspireMD, Inc. is medium due to the presence of alternative medical devices and treatments for cardiovascular diseases.

Bargaining Power Of Customers

The bargaining power of customers for InspireMD, Inc. is low due to the company's specialized products and limited competition in the market.

Bargaining Power Of Suppliers

The bargaining power of suppliers for InspireMD, Inc. is medium due to the company's dependence on a few key suppliers for raw materials and components.

Threat Of New Entrants

The threat of new entrants for InspireMD, Inc. is high due to the growing demand for medical devices and the potential for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry for InspireMD, Inc. is high due to the competitive nature of the medical device industry and the presence of established companies in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 3.88%
Debt Cost 3.95%
Equity Weight 96.12%
Equity Cost 8.57%
WACC 8.39%
Leverage 4.04%

11. Quality Control: InspireMD, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Revenio

A-Score: 4.1/10

Value: 1.1

Growth: 7.3

Quality: 8.4

Yield: 1.9

Momentum: 1.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Medartis

A-Score: 3.9/10

Value: 3.0

Growth: 5.0

Quality: 4.5

Yield: 0.0

Momentum: 8.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Ion Beam Applications

A-Score: 3.7/10

Value: 6.3

Growth: 4.1

Quality: 4.1

Yield: 2.5

Momentum: 1.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
IceCure Medical

A-Score: 3.6/10

Value: 6.0

Growth: 2.8

Quality: 3.4

Yield: 0.0

Momentum: 9.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
ReWalk Robotics

A-Score: 3.0/10

Value: 9.8

Growth: 4.0

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
InspireMD

A-Score: 2.9/10

Value: 6.2

Growth: 4.2

Quality: 3.9

Yield: 0.0

Momentum: 2.5

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.88$

Current Price

1.88$

Potential

-0.00%

Expected Cash-Flows