InspireMD Inc (NSPR) Reports Q3 2023 Financial Results: CGuard EPS Revenue Increases by 9% ...
InspireMD Inc (NASDAQ:NSPR) reported Q3 2023 CGuard EPS revenue of $1.56 million, a nearly 9% increase over Q3 2022.
The company presented positive 30-day results from the C-GUARDIANS U.S. IDE clinical trial at the VIVA23 meeting.
InspireMD Inc (NASDAQ:NSPR) announced support for CMS decision to expand CAS coverage to include both asymptomatic and standard risk patients, significantly expanding the U.S. CAS addressable market.
The company sold 2,734 CGuard EPS stent systems in the third quarter of 2023, a 4.2% increase compared to the same period in 2022.
On November 6, 2023, InspireMD Inc (NASDAQ:NSPR), a developer of the CGuard Embolic Prevention Stent System (EPS) for the treatment of carotid artery disease and prevention of stroke, announced its financial results and business updates for the third quarter ended September 30, 2023.
Company Performance and Achievements
InspireMD Inc (NASDAQ:NSPR) reported positive 30-day results from the C-GUARDIANS U.S. Investigational Device Exemption (IDE) clinical trial at the Vascular InterVentional Advances Annual Meeting (VIVA23). The results demonstrated an overall major adverse events rate of 0.95% from procedure through 30 days when treated with carotid artery stenting (CAS) using the CGuard EPS.
The company also announced support for the Centers for Medicare and Medicaid Services (CMS) final National Coverage Determination expanding coverage for CAS to include both asymptomatic and standard risk patients. This decision significantly expands the U.S. CAS addressable market.
Financial Highlights
InspireMD Inc (NASDAQ:NSPR) generated CGuard revenue for the third quarter 2023 of $1,556,072, an 8.8% increase over the same period in 2022. The company sold 2,734 CGuard EPS stent systems in the third quarter of 2023, a 4.2% increase compared to the third quarter of 2022.
For the three months ended September 30, 2023, revenue increased by $125,000, or 8.7%, to $1,556,000, from $1,431,000 during the three months ended September 30, 2022. This increase was predominantly driven by an increase in commercial sales of $166,000 of CGuard EPS to existing geographies.
Gross profit for the third quarter of 2023 increased by $72,000, or 19.7%, to $438,000, from $366,000 during the three months ended September 30, 2022. Gross margin increased to 28.1% during the three months ended September 30, 2023, from 25.6% during the three months ended September 30, 2022.
As of September 30, 2023, cash, cash equivalents and short-term investments and bank deposits were $43.0 million compared to $17.8 million as of December 31, 2022.
Looking Forward
Marvin Slosman, CEO of InspireMD, expressed his satisfaction with the company's continued growth and the transformational tailwind provided by the CMS coverage determination. He believes this will catalyze a stent-first approach to the treatment of carotid disease, a market the company has invested to transform.
Explore the complete 8-K earnings release (here) from InspireMD Inc for further details.
This article first appeared on GuruFocus.
