InspireMD Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
InspireMD (Nasdaq: NSPR) reported Q4 2025 revenue of $3.1M (+62% YoY) and full-year 2025 revenue of $9.0M (+28% YoY). Gross margin improved to 37.5% in Q4. Full-year operating expenses rose to $52.3M. Cash and marketable securities totaled $54.2M as of Dec 31, 2025. Management provided 2026 revenue guidance of $13M–$15M (≈45%–65% growth).
Key operating progress includes U.S. launch traction for CGuard Prime, completion of C-GUARDIANS II enrollment, a PMA-S submission for TCAR, and a peer-reviewed publication in JACC.
Positive
- Q4 revenue +62% YoY to $3.1M
- Full-year revenue +28% YoY to $9.0M
- Gross margin improved to 37.5% in Q4 (up ~13.4 percentage points)
- Cash and marketable securities increased to $54.2M
- 2026 revenue guidance of $13M–$15M (≈45%–65% growth)
Negative
- Full-year operating expenses rose 49% to $52.3M
- Full-year net loss widened to $48.8M (vs $32.0M)
- Q4 net loss of $11.8M (dilutive to near-term profitability)
- U.S. revenue remains modest at $1.4M for full-year 2025
News Market Reaction – NSPR
On the day this news was published, NSPR declined NaN%, reflecting a moderate negative market reaction. Argus tracked a trough of -11.7% from its starting point during tracking.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
NSPR gained 9.48% while peers were mixed (e.g., ICAD +3.48%, BDMD -6.28%, RCEL -4.89%), suggesting a stock-specific earnings reaction rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | -7.2% | Q3 2025 revenue rose 39% to $2.5M amid initial U.S. launch of CGuard Prime. |
| Aug 05 | Q2 2025 earnings | Positive | -8.2% | Q2 2025 featured FDA approval, U.S. launch of CGuard Prime and 2.3% revenue growth. |
| May 09 | Q1 2025 earnings | Positive | +0.0% | Q1 2025 revenue inched up 1.2% to $1.53M while net loss widened with sales build-out. |
| Mar 12 | Q4 2024 earnings | Positive | +0.7% | Q4 and full-year 2024 showed record revenue and advancing FDA engagement for CGuard Prime. |
| Nov 12 | Q3 2024 earnings | Positive | -2.9% | Q3 2024 delivered record revenue and PMA submission, but net loss widened versus prior year. |
Earnings releases often featured revenue growth and milestones, yet the stock historically moved an average of -3.52%, with several sell-offs on otherwise constructive updates.
Over the past five earnings cycles from Nov 2024 through Nov 2025, InspireMD reported consistent revenue growth and advanced its CGuard Prime carotid stent from PMA submission to FDA approval and U.S. commercial launch. Operating expenses and net losses expanded as the U.S. commercial build-out accelerated. Historically, shares reacted negatively after multiple earnings reports despite these milestones. Today’s Q4 and full-year 2025 results continue the growth narrative with stronger revenue and margins while the stock shows a positive pre-news setup.
Historical Comparison
In the last five earnings-related releases, NSPR moved an average of -3.52%. Today’s pre-news gain of 9.48% marks a notably stronger reaction than prior earnings updates.
Earnings releases trace a progression from PMA submission and IDE approval for CGuard Prime in 2024, to FDA approval and U.S. launch in 2025, followed by accelerating revenue as U.S. procedures and international demand expand.
Regulatory & Risk Context
The company has an active S-3 shelf filed on 2025-08-06 expiring on 2028-08-06. The filing is not yet effective, and no usage has been reported, indicating no takedowns disclosed under this shelf so far.
Market Pulse Summary
This announcement highlights strong Q4 and 2025 revenue growth, with quarterly sales reaching $3.1M and full-year revenue of $9.0M, alongside improving gross margin at 29.5% for 2025. The company continues to invest heavily, with $52.3M in operating expenses and a net loss of $48.8M for the year. Investors may track execution versus 2026 revenue guidance of $13M–$15M, cash balance of $54.2M, and progress of CGuard Prime in U.S. and TCAR indications.
Key Terms
pma-s regulatory
u.s. food and drug administration regulatory
transcarotid artery revascularization medical
premarket approval regulatory
forward-looking statements regulatory
form 10-k regulatory
liquidity and capital resources financial
AI-generated analysis. Not financial advice.
MIAMI, March 18, 2026 (GLOBE NEWSWIRE) -- InspireMD, Inc. (Nasdaq: NSPR) (“InspireMD” or the “Company”), developer of the CGuard® Prime carotid stent system for the prevention of stroke, today announced financial and operating results for the fourth quarter and year ended December 31, 2025.
Recent Business Highlights:
- Generated revenue of
$3.1 million in the fourth quarter of 2025, up62% year-over-year. - Sustained strong commercial traction in the U.S. with the launch of CGuard Prime and continued growth in international demand for CGuard.
- Supported over 500 cumulative carotid procedures utilizing CGuard Prime across leading hospitals and integrated delivery networks since launch.
- Completed enrollment in CGUARDIANS II pivotal trial evaluating the safety and performance of CGuard Prime designed for use in transcarotid artery revascularization (“TCAR”) procedures.
- Submitted a PMA-S to the U.S. Food and Drug Administration (“FDA”) seeking an approval for indications of use of CGuard Prime in TCAR procedures.
- Published C-GUARDIANS manuscript of pivotal trial results in the Journal of the American College of Cardiology.
“We continue to see robust early momentum in our U.S. business with CGuard Prime and growing demand internationally for CGuard as we build a platform designed to position us to be a global leader in the treatment of carotid artery disease and the prevention of stroke,” said Marvin Slosman, CEO of InspireMD. “In addition, we are committed to advancing CGuard Prime for use in TCAR procedures. Once approved, this will potentially double our addressable U.S. market opportunity. We expect more catalysts in 2026 that may accelerate the adoption of our next-generation stent platform and the growth of our business."
Financial Results for the Fourth Quarter Ended December 31, 2025
For the fourth quarter of 2025, total revenue was
U.S. revenue for the fourth quarter of 2025 was
Gross profit for the fourth quarter of 2025 was
Total operating expenses for the fourth quarter of 2025 were
Financial income, net for the fourth quarter of 2025 was
Net loss for the fourth quarter of 2025 was
Financial Results for the Year Ended December 31, 2025
For the full year 2025, total revenue was
U.S. revenue for the full year 2025 was
Gross profit for the full year 2025 was
Total operating expenses for the full year 2025 were
Financial income, net for the full year 2025 was
Net loss for the full year 2025 was
As of December 31, 2025, cash and cash equivalents and marketable securities were
2026 Revenue Outlook
The Company is providing its initial expectations for full year 2026. Management currently expects revenue for the full year 2026 to be in the range of
The revenue guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-looking Statements” safe harbor section below for information on the factors that could cause the Company’s actual results to differ materially from these forward-looking statements, as well as our Form 10-K for the fiscal year ended December 31, 2025, including in “Management’s Discussion and Analysis of Financial Condition and Results of Operations ‒ Liquidity and Capital Resources” and “Risk Factors”, for further context.
Conference Call and Webcast Details
Management will host a conference call at 8:30 am ET today, March 18th, to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session. A live audio webcast and an archive of the recording will be available through the Investors page of InspireMD’s corporate website at https://investors.inspiremd.com.
About InspireMD, Inc.
InspireMD seeks to utilize its proprietary MicroNet ™ mesh technology to make its products the industry standard for carotid stenting by providing outstanding acute results and durable, stroke-free long-term outcomes. InspireMD’s common stock is quoted on Nasdaq under the ticker symbol NSPR. We routinely post information that may be important to investors on the Company’s website. For more information, please visit www.inspiremd.com.
Forward-looking Statements
This press release contains “forward-looking statements.” Forward-looking statements include, but are not limited to, statements regarding InspireMD or its management team’s expectations, hopes, beliefs, intentions or strategies regarding future events, future financial performance, strategies, expectations, competitive environment and regulation. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential”, “scheduled” or similar words. In particular, forward-looking statements in this press release include the Company’s anticipated revenues and other results for the full year 2026. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with the Company’s history of recurring losses and negative cash flows from operating activities, significant future commitments and the uncertainty regarding the adequacy of its liquidity to pursue its complete business objectives, and substantial doubt regarding its ability to continue as a going concern; the Company’s need to raise additional capital to meet its business requirements in the future and such capital raising may be costly or difficult to obtain and could dilute out stockholders’ ownership interests; the clinical development, commercialization and market acceptance of the Company’s products; whether the clinical trial results for the Company’s products will be predictive of real-world results; an inability to secure and maintain regulatory approvals for the sale of the Company’s products; negative clinical trial results or lengthy product delays in key markets; the Company’s ability to maintain compliance with the Nasdaq listing standards; the Company’s ability to generate significant revenues from its products; estimates of the Company’s expenses, future revenues, capital requirements and its needs for and ability to access sufficient additional financing, including any unexpected costs or delays in the ongoing commercial launch of its products; the Company’s dependence on a single manufacturing facility and its ability to comply with stringent manufacturing quality standards and to increase production as necessary; the risk that the data collected from the Company’s current and planned clinical trials may not be sufficient to demonstrate that its technology is an attractive alternative to other procedures and products; intense competition in the Company’s industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than it does; entry of new competitors and products and potential technological obsolescence of the Company’s products; inability to carry out research, development and commercialization plans; loss of a key customer or supplier; technical problems with the Company’s research and products and potential product liability claims; product malfunctions; price increases for supplies and components; whether access to the Company’s products is achieved in a commercially viable manner and whether its products receive adequate reimbursement by governmental and other third-party payers; the Company’s efforts to successfully obtain and maintain intellectual property protection covering its products, which may not be successful; adverse federal, state and local government regulation, in the United States, Europe or Israel and other foreign jurisdictions; the fact that the Company conducts business in multiple foreign jurisdictions, exposing it to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction; security, political and economic instability in the Middle East that could harm the Company’s business, including due to the current security situation in Israel; current or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk; and changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements and the impact of such policies on the Company, its customers and suppliers, and the global economic environment. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Investor Contacts:
Webb Campbell
Gilmartin Group LLC
Webb@gilmartinir.com
investor-relations@inspiremd.com
| CONSOLIDATED STATEMENTS OF OPERATIONS (1) | ||||||||||||||||
| (U.S. dollars in thousands, except share and per share data) | ||||||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 3,149 | $ | 1,949 | $ | 8,979 | $ | 7,009 | ||||||||
| Cost of revenues | 1,969 | 1,480 | 6,330 | 5,503 | ||||||||||||
| Gross Profit | 1,180 | 469 | 2,649 | 1,506 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Research and development | 3,475 | 3,693 | 15,003 | 13,634 | ||||||||||||
| Selling and marketing | 5,239 | 1,915 | 16,553 | 6,069 | ||||||||||||
| General and administrative | 4,550 | 4,228 | 20,707 | 15,306 | ||||||||||||
| Total operating expenses | 13,264 | 9,836 | 52,263 | 35,009 | ||||||||||||
| Loss from operations | (12,084 | ) | (9,367 | ) | (49,614 | ) | (33,503 | ) | ||||||||
| Financial income, net | 386 | 252 | 891 | 1,557 | ||||||||||||
| Loss before tax expenses | (11,698 | ) | (9,115 | ) | (48,723 | ) | (31,946 | ) | ||||||||
| Tax expenses | 63 | 59 | 63 | 59 | ||||||||||||
| Net Loss | $ | (11,761 | ) | $ | (9,174 | ) | $ | (48,786 | ) | $ | (32,005 | ) | ||||
| Net loss per share – basic and diluted | $ | (0.14 | ) | $ | (0.19 | ) | $ | (0.76 | ) | $ | (0.76 | ) | ||||
| WEIGHTED AVERAGE NUMBER OF COMMON STOCK USED IN COMPUTING NET LOSS PER SHARE - basic and diluted | 82,368,316 | 48,889,766 | 64,325,810 | 41,928,360 | ||||||||||||
| CONSOLIDATED BALANCE SHEETS (2) | |||||||
| (U.S. dollars in thousands, except share and per share data) | |||||||
| ASSETS | December 31, | December 31, | |||||
| 2025 | 2024 | ||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 8,939 | $ | 18,916 | |||
| Marketable securities | 45,272 | 15,721 | |||||
| Accounts receivable: | |||||||
| Trade, net | 2,168 | 1,572 | |||||
| Other | 400 | 682 | |||||
| Prepaid expenses | 1,296 | 1,060 | |||||
| Inventory | 3,396 | 2,570 | |||||
| Total current assets | 61,471 | 40,521 | |||||
| Non-current assets: | |||||||
| Long term deposit | 442 | 426 | |||||
| Property, plant and equipment, net | 3,584 | 2,371 | |||||
| Operating lease right of use assets | 2,758 | 2,360 | |||||
| Funds in respect of employee rights upon retirement | 1,149 | 1,129 | |||||
| Total non-current assets | 7,933 | 6,286 | |||||
| Total assets | $ | 69,404 | $ | 46,807 | |||
| CONSOLIDATED BALANCE SHEETS (2) | |||||||
| (U.S. dollars in thousands, except share and per share data) | |||||||
| LIABILITIES AND EQUITY | December 31, 2025 | December 31, 2024 | |||||
| Current liabilities: | |||||||
| Accounts payable and accruals: | |||||||
| Trade | $ | 1,255 | $ | 1,254 | |||
| Other | 9,457 | 6,424 | |||||
| Total current liabilities | 10,712 | 7,678 | |||||
| Long-term liabilities: | |||||||
| Operating lease liabilities net of current maturities | 2,224 | 1,796 | |||||
| Liability for employee rights upon retirement and others | 1,267 | 1,247 | |||||
| Total long-term liabilities | 3,491 | 3,043 | |||||
| Total liabilities | $ | 14,203 | $ | 10,721 | |||
| Equity: | |||||||
| Common stock, par value | 4 | 3 | |||||
| Preferred C shares, par value | * | * | |||||
| Additional paid-in capital | 357,489 | 289,589 | |||||
| Accumulated deficit | (302,292 | ) | (253,506 | ) | |||
| Total equity | 55,201 | 36,086 | |||||
| Total liabilities and equity | $ | 69,404 | $ | 46,807 | |||
(1) All 2025 financial information for the twelve months ended December 31, 2025 is derived from the Company’s 2025 audited financial statements and all financial information for the twelve months ended December 31, 2024 is derived from the Company’s 2024 audited financial statements, included in the Company’s Annual Report on Form 10-K, for the twelve months ended December 31, 2025 filed with the Securities and Exchange Commission. All financial information for the three months ended December 31, 2025 and 2024 is derived from the Company’s unaudited financial statements.
(2) All December 31, 2025, financial information is derived from the Company’s 2025 audited financial statements and all December 31, 2024, financial information is derived from the Company’s 2024 audited financial statements, as disclosed in the Company’s Annual Report on Form 10-K, for the twelve months ended December 31, 2025, filed with the Securities and Exchange Commission.
FAQ
What were InspireMD (NSPR) Q4 2025 revenue and growth rates?
How did InspireMD's full-year 2025 financials compare to 2024 for NSPR?
What guidance did InspireMD provide for 2026 revenue for NSPR?
What clinical and regulatory milestones did InspireMD report on March 18, 2026?
How strong is InspireMD's U.S. commercial traction for CGuard Prime (NSPR)?
What is InspireMD's cash position and how does it affect runway for NSPR?
