InspireMD (NSPR) revenue climbs 28% in 2025 as net loss widens
Rhea-AI Filing Summary
InspireMD reported strong 2025 revenue growth but widening losses as it invests in its U.S. launch. Total revenue rose to $9.0 million in 2025, up 28% from $7.0 million in 2024, with fourth quarter revenue of $3.1 million increasing 62% year over year.
Gross margin improved as higher‑margin U.S. sales grew, with Q4 gross profit reaching $1.2 million, or 37.5% of revenue, versus 24.1% a year earlier. However, full‑year operating expenses climbed to $52.3 million from $35.0 million, reflecting expanded U.S. commercial headcount and infrastructure.
Net loss widened to $48.8 million in 2025, compared with $32.0 million in 2024, even as cash and marketable securities increased to $54.2 million as of December 31, 2025 from $34.6 million a year earlier. For 2026, management expects revenue of $13 million to $15 million, implying approximately 45% to 65% growth over 2025.
Positive
- Strong revenue growth and improving margins: 2025 revenue rose to $9.0 million, up 28% year over year, with Q4 revenue up 62%, and gross margin improved to 37.5% in Q4 from 24.1%, reflecting favorable mix from higher-margin U.S. sales.
- Enhanced liquidity and robust 2026 growth outlook: Cash and marketable securities increased to $54.2 million as of December 31, 2025 from $34.6 million a year earlier, and management projects 2026 revenue of $13–$15 million, implying approximately 45–65% growth over 2025.
Negative
- Significantly higher operating expenses and widening losses: Total operating expenses increased to $52.3 million in 2025 from $35.0 million in 2024, pushing net loss to $48.8 million versus $32.0 million, indicating continued heavy cash burn during commercialization.
- Explicit going-concern and financing risks highlighted: The forward-looking statements section notes recurring losses, negative operating cash flows, substantial doubt about the ability to continue as a going concern, and a need to raise additional capital, underscoring financial risk.
Insights
InspireMD is trading higher revenue growth for heavier losses as it scales U.S. commercialization.
InspireMD delivered notable top-line acceleration, with 2025 revenue of $9.0 million, up 28%, and Q4 revenue of $3.1 million, up 62% year over year. Gross margin expanded, helped by growing U.S. sales of CGuard Prime, a higher-margin product.
The flip side is a sharp rise in spending. Operating expenses increased to $52.3 million from $35.0 million, driving net loss to $48.8 million versus $32.0 million in 2024. This reflects heavier investment in commercial infrastructure rather than deteriorating unit economics, but it prolongs the path to profitability.
Liquidity improved, with cash and marketable securities at $54.2 million as of December 31, 2025, versus $34.6 million a year earlier. Management’s 2026 revenue outlook of $13–$15 million implies roughly 45–65% growth over 2025. Future filings will clarify whether revenue growth continues to offset rising operating costs and how quickly gross margin scales.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02 Results of Operations and Financial Condition.
On March 18, 2026, InspireMD, Inc. (the “Company”) issued a press release announcing its financial and operating results and recent highlights for the fourth quarter and year ended December 31, 2025. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
On March 18, 2026, the Company made available an updated investor presentation. A copy of the presentation is attached hereto as Exhibit 99.2 and incorporated by reference in this Item 7.01. A copy of the presentation is also available on the Company’s website https://www.inspiremd.com/en/investors/.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K that is furnished pursuant to this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
Description | |
| 99.1 | Press release, dated March 18, 2026 (furnished herewith pursuant to Item 2.02) | |
| 99.2 | Investor Presentation March 2026 (furnished herewith pursuant to Item 7.01) | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INSPIREMD, INC. | |||
| Date: | March 18, 2026 | By: | /s/ Marvin Slosman |
Name: |
Marvin Slosman | ||
| Title: | Chief Executive Officer | ||
Exhibit 99.1
InspireMD Reports Fourth Quarter and Full Year 2025 Financial Results
—
Miami, FL — March 18, 2026 – 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, up 62% 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 $3.1 million, representing an increase of 62%, as compared to $1.9 million during the same period of 2024 and a sequential increase of 25% over the third quarter of 2025.
U.S. revenue for the fourth quarter of 2025 was $0.9 million, representing sequential growth of 74% during the Company’s second quarter of launch of CGuard Prime. International revenue was $2.3 million, a 17% increase over the fourth quarter of 2024, reflecting increased penetration of international markets with CGuard.
Gross profit for the fourth quarter of 2025 was $1.2 million, or 37.5% of revenue, compared to $0.5 million, or 24.1% of revenue, for the same period of 2024. The increase in gross margin (gross profit as a percentage of revenue) was driven by a favorable shift in sales mix towards significantly higher margin revenue from sales in the U.S.
Total operating expenses for the fourth quarter of 2025 were $13.3 million, an increase of $3.5 million, compared to $9.8 for the fourth quarter of 2024. This increase was primarily due to greater headcount-related expenses for the U.S. commercial team, as well as additional investment in resources and infrastructure to support the U.S. commercial launch of CGuard Prime.
Financial income, net for the fourth quarter of 2025 was $0.4 million, an increase of $0.1 million, compared to financial income of $0.3 million for the fourth quarter of 2024. This increase was primarily due to an increase in financial income from investments in marketable securities and money market funds, partially offset by an increase in financial expenses related to changes in exchange rates.
Net loss for the fourth quarter of 2025 was $11.8 million or $0.14 per basic and diluted share, compared to a net loss of $9.2 million or $0.19 per basic and diluted share, for the same period in 2024.
Financial Results for the Year Ended December 31, 2025
For the full year 2025, total revenue was $9.0 million, representing an increase of 28%, as compared to $7.0 million during the full year 2024.
U.S. revenue for the full year 2025 was $1.4 million, representing the first two quarters of launch of CGuard Prime in the U.S. International revenue was $7.6 million, an 8% increase over the full year 2024 driven by increasing sales of CGuard through distributors in key international markets.
Gross profit for the full year 2025 was $2.7 million, or 29.5% of revenue, compared to $1.5 million, or 21.5% of revenue, for the full year 2024. Gross margin was driven by a favorable shift in sales mix towards significantly higher margin revenue from sales in the U.S.
Total operating expenses for the full year 2025 were $52.3 million, an increase of $17.3 million, compared to $35.0 million for the full year 2024. This increase was primarily due to greater headcount-related expenses for the U.S. commercial team, as well as additional resources and infrastructure to support the U.S. commercial launch of CGuard Prime.
Financial income, net for the full year 2025 was $0.9 million, a decrease of $0.7 million compared to financial income of $1.6 million for the full year 2024. This decrease was primarily due to a decrease in financial income from investments in marketable securities and money market funds and an increase in financial expenses related to changes in exchange rates.
Net loss for the full year 2025 was $48.8 million or $0.76 per basic and diluted share, compared to a net loss of $32.0 million or $0.76 per basic and diluted share, for the full year 2024.
As of December 31, 2025, cash and cash equivalents and marketable securities were $54.2 million compared to $34.6 million as of December 31, 2024.
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 $13 million to $15 million, reflecting expected revenue growth of approximately 45% to 65% over 2025.
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 | Twelve months ended | |||||||||||||||
| December 31, | 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)
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| 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)
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| LIABILITIES AND EQUITY | ||||||||
| 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 $0.0001 per share; 150,000,000 shares authorized at December 31, 2025 and 2024; 43,532,281 and 26,611,033 shares issued and outstanding at December 31, 2025 and 2024, respectively | 4 | 3 | ||||||
| Preferred C shares, par value $0.0001 per share; 1,172,000 shares authorized at December 31, 2025 and 2024; 1,718 shares issued and outstanding at December 31, 2025 and 2024, respectively | * | * | ||||||
| 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.
Exhibit 99.2
FAQ
How did InspireMD (NSPR) perform financially in the fourth quarter of 2025?
What were InspireMD’s full-year 2025 revenue and net loss?
What revenue guidance did InspireMD (NSPR) give for 2026?
How is InspireMD’s cash position and balance sheet at year-end 2025?
How did InspireMD’s operating expenses change in 2025?
What drove InspireMD’s improvement in gross margin in 2025?
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Filing Exhibits & Attachments
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