2023 Q3 Form 10-Q Financial Statement

#000149315223027060 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $1.556M $1.649M $1.531M
YoY Change 8.74% 7.71% 47.5%
Cost Of Revenue $1.118M $1.158M $1.100M
YoY Change 4.98% 5.27% 41.75%
Gross Profit $438.0K $491.0K $431.0K
YoY Change 19.67% 13.92% 64.5%
Gross Profit Margin 28.15% 29.78% 28.15%
Selling, General & Admin $3.967M $3.813M $3.056M
YoY Change 36.09% 24.77% 26.7%
% of Gross Profit 905.71% 776.58% 709.05%
Research & Development $2.110M $1.993M $2.056M
YoY Change 2.38% -3.06% 59.38%
% of Gross Profit 481.74% 405.91% 477.03%
Depreciation & Amortization $61.00K $58.00K $43.00K
YoY Change 22.0% 34.88% 30.3%
% of Gross Profit 13.93% 11.81% 9.98%
Operating Expenses $6.077M $5.806M $5.112M
YoY Change 22.13% 13.58% 38.09%
Operating Profit -$5.639M -$5.315M -$4.681M
YoY Change 22.32% 13.54% 36.08%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $461.0K $238.0K $45.00K
YoY Change 469.14% 428.89% -167.16%
Pretax Income -$5.178M -$5.077M -$4.636M
YoY Change 14.33% 9.51% 32.19%
Income Tax
% Of Pretax Income
Net Earnings -$5.178M -$5.077M -$4.636M
YoY Change 14.33% 9.51% 32.19%
Net Earnings / Revenue -332.78% -307.88% -302.81%
Basic Earnings Per Share -$0.15 -$0.24 -$0.59
Diluted Earnings Per Share -$0.15 -$0.24 -$593.8K
COMMON SHARES
Basic Shares Outstanding 21.20M shares 8.356M shares 7.808M shares
Diluted Shares Outstanding 33.98M shares 21.07M shares 7.808M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.00M $46.99M $26.47M
YoY Change 104.31% 77.53% -36.09%
Cash & Equivalents $13.84M $11.55M $6.393M
Short-Term Investments $29.16M $35.45M $20.08M
Other Short-Term Assets $476.0K $56.00K $221.0K
YoY Change -44.65% -74.66% 250.79%
Inventory $1.846M $1.689M $1.454M
Prepaid Expenses $476.0K $56.00K $221.0K
Receivables $1.045M $1.470M $1.183M
Other Receivables $363.0K $312.0K $171.0K
Total Short-Term Assets $46.73M $50.52M $29.50M
YoY Change 89.24% 71.25% -32.84%
LONG-TERM ASSETS
Property, Plant & Equipment $907.0K $2.261M $700.0K
YoY Change 3.54% 223.0% -58.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $847.0K $857.0K $849.0K
YoY Change -1.28% 0.94% 11.86%
Total Long-Term Assets $3.292M $3.118M $3.266M
YoY Change -2.29% -4.53% 33.14%
TOTAL ASSETS
Total Short-Term Assets $46.73M $50.52M $29.50M
Total Long-Term Assets $3.292M $3.118M $3.266M
Total Assets $50.02M $53.64M $32.77M
YoY Change 78.25% 63.7% -29.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $4.829M $1.127M
YoY Change 48.51% 328.48% 52.5%
Accrued Expenses $926.0K $742.0K $1.563M
YoY Change -35.02% -52.53% -44.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.690M $4.829M $4.712M
YoY Change 18.4% 2.48% 28.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.073M $1.996M $2.312M
YoY Change -7.04% -13.67% 23.9%
Total Long-Term Liabilities $2.073M $1.996M $2.312M
YoY Change -7.04% -13.67% 23.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.690M $4.829M $4.712M
Total Long-Term Liabilities $2.073M $1.996M $2.312M
Total Liabilities $6.763M $6.825M $7.024M
YoY Change 9.24% -2.83% 26.67%
SHAREHOLDERS EQUITY
Retained Earnings -$216.1M -$210.9M -$192.2M
YoY Change 9.84% 9.73%
Common Stock $2.000K $2.000K $1.000K
YoY Change 100.0% 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.26M $46.81M $25.74M
YoY Change
Total Liabilities & Shareholders Equity $50.02M $53.64M $32.77M
YoY Change 78.25% 63.7% -29.35%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$5.178M -$5.077M -$4.636M
YoY Change 14.33% 9.51% 32.19%
Depreciation, Depletion And Amortization $61.00K $58.00K $43.00K
YoY Change 22.0% 34.88% 30.3%
Cash From Operating Activities -$4.039M -$3.325M -$3.091M
YoY Change -20.87% 7.57% 22.27%
INVESTING ACTIVITIES
Capital Expenditures $96.00K $45.00K -$115.0K
YoY Change -142.48% -139.13% 112.96%
Acquisitions
YoY Change
Other Investing Activities $6.480M -$26.85M $1.963M
YoY Change 117.45% -1467.6% -5552.78%
Cash From Investing Activities $6.384M -$26.89M $1.848M
YoY Change 131.81% -1555.14% -2153.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.000K 37.53M -37.00K
YoY Change -103.88% -101543.24% -3800.0%
NET CHANGE
Cash From Operating Activities -4.039M -3.325M -3.091M
Cash From Investing Activities 6.384M -26.89M 1.848M
Cash From Financing Activities 4.000K 37.53M -37.00K
Net Change In Cash 2.349M 7.318M -1.280M
YoY Change -195.76% -671.72% -51.09%
FREE CASH FLOW
Cash From Operating Activities -$4.039M -$3.325M -$3.091M
Capital Expenditures $96.00K $45.00K -$115.0K
Free Cash Flow -$4.135M -$3.370M -$2.976M
YoY Change -15.23% 13.24% 20.29%

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37534000 usd
CY2023Q2 NSPR Sharebased Compensation Related To Stock Restricted Stock Restricted Stock Units And Stock Options Award Shares
SharebasedCompensationRelatedToStockRestrictedStockRestrictedStockUnitsAndStockOptionsAwardShares
930000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
46813000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
46813000 usd
us-gaap Net Income Loss
NetIncomeLoss
-9333000 usd
us-gaap Net Income Loss
NetIncomeLoss
-9117000 usd
us-gaap Depreciation
Depreciation
113000 usd
us-gaap Depreciation
Depreciation
84000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
8000 usd
us-gaap Defined Benefit Plan Settlements Benefit Obligation
DefinedBenefitPlanSettlementsBenefitObligation
42000 usd
us-gaap Defined Benefit Plan Settlements Benefit Obligation
DefinedBenefitPlanSettlementsBenefitObligation
103000 usd
NSPR Changes In Fair Value Of Marketable Securities
ChangesInFairValueOfMarketableSecurities
-21000 usd
NSPR Loss Gains On Amounts Funded In Respect Of Employee Rights Upon Retirement Net
LossGainsOnAmountsFundedInRespectOfEmployeeRightsUponRetirementNet
31000 usd
NSPR Loss Gains On Amounts Funded In Respect Of Employee Rights Upon Retirement Net
LossGainsOnAmountsFundedInRespectOfEmployeeRightsUponRetirementNet
-90000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-23000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-132000 usd
NSPR Change In Right Of Use Asset And Leasing Liability
ChangeInRightOfUseAssetAndLeasingLiability
60000 usd
NSPR Change In Right Of Use Asset And Leasing Liability
ChangeInRightOfUseAssetAndLeasingLiability
63000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1219000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1327000 usd
NSPR Interest Income From Shortterm Bank Deposits
InterestIncomeFromShorttermBankDeposits
-40000 usd
NSPR Interest Income From Shortterm Bank Deposits
InterestIncomeFromShorttermBankDeposits
42000 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-599000 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-338000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
436000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-41000 usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
99000 usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
6000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
68000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
311000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
109000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
234000 usd
us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
-349000 usd
us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
127000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8156000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7243000 usd
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
5500000 usd
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
10000000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
70000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
152000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9000 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
28838000 usd
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
12000000 usd
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
12000000 usd
NSPR Amounts Withdrawn In Respect Of Employee Rights Upon Retirement Net
AmountsWithdrawnInRespectOfEmployeeRightsUponRetirementNet
43000 usd
NSPR Amounts Withdrawn In Respect Of Employee Rights Upon Retirement Net
AmountsWithdrawnInRespectOfEmployeeRightsUponRetirementNet
47000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-22442000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1801000 usd
NSPR Issuance Costs Of At Market Offering
IssuanceCostsOfAtMarketOffering
37000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4635000 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
37534000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
37534000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-37000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-23000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-132000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6913000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5611000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4632000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12004000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11545000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6393000 usd
NSPR Noncash Acquisition Of Right Of Use Assets By Means Of Lease Liabilities
NoncashAcquisitionOfRightOfUseAssetsByMeansOfLeaseLiabilities
835000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_800_eus-gaap--NatureOfOperations_zD3uBOD48GIf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - <span id="xdx_827_zayvpj0gdghd">DESCRIPTION OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">InspireMD, Inc., a Delaware corporation (the “Company”), together with its subsidiaries, is a medical device company focusing on the development and commercialization of its proprietary MicroNet™ stent platform technology for the treatment of complex vascular and coronary disease. MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s carotid product (CGuard™ EPS) combines MicroNet and a self-expandable nitinol stent in a single device to treat carotid artery disease.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s MGuard™ Prime™ embolic protection system (“MGuard Prime EPS”) was marketed for use in patients with acute coronary syndromes, notably acute myocardial infarction (heart attack) and saphenous vein graft coronary interventions, or bypass surgery. MGuard Prime EPS combines MicroNet with a bare-metal cobalt-chromium based stent. MGuard Prime EPS received CE mark approval in the European Union in October 2010 for improving luminal diameter and providing embolic protection. Over the past years, there has been a shift in industry preferences away from bare-metal stents, such as MGuard Prime EPS in ST-Elevation Myocardial Infarction (“STEMI”) patients. As a result of declining sales of the MGuard Prime EPS, which the Company believes is largely driven by the predominant industry preferences favoring drug-eluting, or drug-coated, stents, during the second quarter of 2022, the Company ceased sales of the Company’s MGuard Prime EPS following a phase out period.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company markets its products through distributors in international markets, mainly in Europe.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date of issuance of the consolidated financial statements, the Company has the ability to fund its planned operations for at least the next 12 months. However, the Company expects to continue incurring losses and negative cash flows from operations until its product, CGuard™ EPS, reaches commercial profitability. Therefore, in order to fund the Company’s operations until such time that the Company can generate substantial revenues, the Company may need to raise additional funds.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Failure to satisfy regulatory requirements of the new European Medical Device Regulation could prevent the Company from marketing CGuard EPS in countries requiring the CE Mark.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the European Union nations, medical devices must obtain a CE mark before they may be placed on the market. In order to obtain and maintain the CE mark, the Company must Company with EU law on medical devices, which, until May 26, 2021 was governed by the MDD, by presenting comprehensive technical files for the Company’s products demonstrating safety and efficacy of the product to be placed on the market and passing initial and annual quality management system audit as per ISO 13485 standard by a European Notified Body. The company has obtained ISO 13485 quality system certification and CGuard EPS that the Company currently distribute into the European Union, displays the required CE mark. In order to maintain certification, the Company is required to pass an annual surveillance audit conducted by Notified Body auditors. The European Union replaced the MDD with the new MDR regulations. The MDR entered into force after a transitional period of three years and a one year extension of that transition period due to the COVID-19 pandemic on May 26, 2021 and which changes several aspects of the regulatory framework in the European Union. Manufacturers had the duration of the transition period to update their technical documentation and processes to meet the new requirements in order to obtain a CE Mark. In the Company’s specific case, the Company’s CE mark for CGuard EPS under the MDD expired on November 12, 2022, and the Company is in the final stages of technical documentation review by the Notified Body auditor to meet the MDR requirements for recertification. In the meantime, on February 14, 2023, the Company received a derogation per Article 97 paragraph 1 of Regulation 2017/745 from the Agency for Medicines and Health Products (FAMHP) allowing the Company to continue marketing CGuard EPS in the EU until August 15, 2023, subject to certain procedural requirements. Subsequently, on March 20, 2023 Regulation (EU) 2023/607 was published allowing the Company to continue marketing CGuard EPS in EU countries under the MDD directive until December 31, 2027. As a result of the foregoing, the Company may market and sell CGuard EPS in the EU and certain other jurisdictions subject to certain procedural requirements while the Company’s MDR CE recertification is pending.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c. Risks Related to the Geopolitical and Military Tensions Between Russia and Ukraine in Europe</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2022, Russia launched a military invasion into Ukraine. The Company derived approximately 12.1% of total sales in Russia and Belarus in 2022 while during the six and three months ended June 30, 2023, the Company’s sales to Russia and Belarus were 10.0% and 11.6%, compared to 6.8% and 10.9% in the six and three months ended June 30, 2022, respectively. The escalation of geopolitical instability in Russia and Ukraine as well as currency fluctuations in the Russian Ruble could negatively impact the Company’s operations, sales, and future growth prospects in that region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of the crisis in Ukraine, the United States and the EU have implemented sanctions against certain Russian individuals and entities and have made it more difficult for the Company to collect on outstanding accounts receivable from customers in this region. The Company’s global operations expose the Company to risks that could adversely affect the Company’s business, financial condition, results of operations, cash flows or the market price of the Company’s securities, including the potential for increased tensions between the United States and Russia resulting from the current situation involving Russia and Ukraine, tariffs, economic sanctions and import-export restrictions imposed by either nation, and retaliatory actions by the other nation, as well as the potential negative impact on the Company’s business and sales in Russia and Belarus. Current geopolitical instability in Russia and Ukraine and related sanctions by the U.S. government against certain companies and individuals may hinder the Company’s ability to conduct business with potential or existing customers and vendors in these countries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The U.S. government has imposed sanctions through several executive orders restricting U.S. companies from conducting business with specified Russian individuals and companies. While the Company believes that the executive orders currently do not preclude the Company from conducting business with the Company’s current customers or vendors in Russia and Belarus, the sanctions imposed by the U.S. government may be expanded in the future to restrict the Company from engaging with them. If the Company is unable to conduct business with new or existing customers or vendors or pursue business opportunities in Russia or Belarus, the Company’s business, including revenue, profitability and cash flows, and operations could be adversely affected. The Company cannot provide assurance that current sanctions or potential future changes in sanctions will not have a material impact on the Company’s operations in Russia and Belarus or on the Company’s financial results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_808_eus-gaap--BasisOfAccounting_zYAc3R3KEZui" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 - <span id="xdx_82B_z9N12ud9bSla">BASIS OF PRESENTATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements for the year ended December 31, 2022. In the opinion of the company, all adjustments considered necessary for a fair statement of the results of the interim periods reported herein have been included (consisting only of normal recurring adjustments). These consolidated financial statements and notes thereto are unaudited and should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022, as found in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 30, 2023. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of results that could be expected for the entire fiscal year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 32.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zQ6bpWVfpIr3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 32.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zQHzjdbzHUtb">Cash and Cash Equivalents</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 32.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. As of June 30, 2023, cash and cash equivalents consisted of cash, short-term deposits (up to three months from the date of deposit) and money market funds. As of December 31, 2022, this balance consisted solely of cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--MarketableSecuritiesPolicy_zPRfdRbe5HX9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 32.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zP4VoMjeoBcb">Marketable securities</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketable securities consist of debt securities. The Company elected the fair value option to measure and recognize its investments in debt securities in accordance with ASC 825, Financial Instruments as the Company manages its portfolio and evaluates the performance on a fair value basis. Changes in fair value, realized gains and losses on sales of marketable securities, are reflected in the statements of operation as finance expense (income), net.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Securities Borrowed Fair Value Disclosure
SecuritiesBorrowedFairValueDisclosure
28838000 usd
CY2023Q2 NSPR Marketable Securities Maturities Within One Year Fair Value
MarketableSecuritiesMaturitiesWithinOneYearFairValue
17429000 usd
CY2023Q2 NSPR Marketable Securities Maturities After One Through Two Years Fair Value
MarketableSecuritiesMaturitiesAfterOneThroughTwoYearsFairValue
11388000 usd
CY2023Q2 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
28817000 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
28838000 usd
NSPR Changes In Fair Value Of Marketable Securities
ChangesInFairValueOfMarketableSecurities
-21000 usd
CY2023Q2 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
28817000 usd
CY2023Q2 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
28817000 usd
CY2023Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
53449832 shares
CY2023Q2 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
155000000 shares
CY2023Q2 NSPR Capital Stock Par Or Stated Value Per Share
CapitalStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
NSPR Weighted Average Prefunded Warrants
WeightedAveragePrefundedWarrants
3954956 shares
CY2023Q2 NSPR Weighted Average Prefunded Warrants
WeightedAveragePrefundedWarrants
7866452 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
75186979 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
75186979 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3010707 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3010707 shares
CY2023Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
303000 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
177000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
179000 usd
CY2023Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
513000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
510000 usd
CY2023Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
999000 usd
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
932000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
1689000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
1621000 usd
CY2023Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1263000 usd
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1853000 usd
CY2022Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
197000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
742000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
554000 usd
CY2023Q2 NSPR Clinical Trial Accrual Current
ClinicalTrialAccrualCurrent
1214000 usd
CY2022Q4 NSPR Clinical Trial Accrual Current
ClinicalTrialAccrualCurrent
1258000 usd
CY2023Q2 NSPR Accrued Operating Lease Liabilities Current
AccruedOperatingLeaseLiabilitiesCurrent
418000 usd
CY2022Q4 NSPR Accrued Operating Lease Liabilities Current
AccruedOperatingLeaseLiabilitiesCurrent
419000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
121000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
130000 usd
CY2023Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
4061000 usd
CY2022Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
4411000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1649000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1531000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2888000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2714000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1649000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1531000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2888000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2714000 usd

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