The following is a summary of the InspireMD, Inc. (NSPR) Q3 2024 Earnings Call Transcript:
Financial Performance:
InspireMD reported a revenue of $1.81 million in Q3 2024, a growth of over 16% from the previous year, driven by the sales of 3,100 CGuard implants.
The company saw a decrease in gross profit by 5.6% to $414,000, due to increased miscellaneous expenses, which caused the gross margin to decrease from 28.1% to 22.9%.
Net loss widened to $7.9 million, or $0.16 per share, compared to a net loss of $5.2 million, or $0.15 per share, in the same period last year.
Business Progress:
In Q3 2024, InspireMD continued to expand with over 3,100 CGuard implants sold.
Initiated CGuardians 2 pivotal study for the CGuard Prime TCAR indicated carotid stent system, and entered a strategic agreement with the Jacobs Institute at SUNY Buffalo for an early feasibility study of CGuard Prime.
Strengthened commercial and operational structures, including transitioning to a new headquarters in Miami, Florida.
Opportunities:
Awaiting U.S. FDA approval for CGuard Prime, anticipated in the first half of 2025, which could significantly boost revenue and market share.
Planning for increases in capital following stages of FDA approval, with potential to raise additional funds from institutional investors.
The expansion into the U.S. market, coupled with the introduction of the SwitchGuard neuroprotection system for TCAR procedures, is expected to significantly drive revenue growth.
Risks:
The gross margin has decreased due to increased expenses, showing potential cost management hazards as the company expand further.
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