InspireMD Inc

inspiremd.com

What Do They Do?

Sells mesh-covered carotid stents to medical-product distributors and medical centers for carotid artery disease, and is developing a neuroprotection system for carotid procedures.

How Do They Make Money?

Customers buy stents through distributors or directly from the company; sales are tied to when the products ship or are delivered, depending on the shipping terms.

FY2025 revenue

Who Are Their Customers?

Outside the U.S., medical-product distributors buy CGuard EPS and handle local registration, sales and marketing. In the U.S., the company sells directly to a varied customer base across interventional and surgical specialties.

Customers above 10% of revenue, FY2025

of revenue from two customers (14%, 12%)

FY2024: 33% from three customers

Do Revenues Turn Into Profits?

No. It lost $48.8M in FY2025.

Operating income, FY2025

−553% of revenue

▲ +48% (Loss) vs FY2024 (−$33.5M, −478%)

Net income, FY2025

−543% of revenue

▲ +52% (Loss) vs FY2024 (−$32M, −457%)

Free cash flow, FY2025

−409% of revenue

▲ +58% (Loss) vs FY2024 (−$23.3M, −332%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ 0%; vs $1.8M in Q2 FY2025
Net income: ▲ +9% (Loss); vs −$13.2M in Q2 FY2025

May 22, 2026 Board Chair plans to retire from the board He will not seek reelection and expects to continue as Chair until his term expires at the 2027 annual meeting.
May 1, 2026 Company recalls U.S. delivery system and withdraws revenue guidance The recall covers the CGuard Prime 135 cm delivery system, not the stent implant; the company withdrew its full-year revenue guidance.

Growing. Revenue grew 100% in 4 years, from $4.5M in FY2021 to $9M in FY2025, about 19% a year.

CGuard Prime enters U.S. sales The older report described CGuard Prime as still in development and subject to regulatory approval. The latest report says it is approved and marketed in the U.S. through a direct salesforce.

Who Do They Compete With?

Competes with Abbott Laboratories, Boston Scientific, Medtronic, Cordis, and Terumo Medical

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