InspireMD, Inc. (NSPR) 10-Year Financial Performance & Capital Metrics

NSPR • • Industrial / General

HealthcareMedical DevicesCardiovascular DevicesVascular & Aortic Devices

AboutInspireMD, Inc., a medical device company, focuses on the development and commercialization of proprietary MicroNet stent platform technology for the treatment of vascular and coronary diseases in Europe, Latin America, the Middle East, and Asia Pacific. The company offers CGuard carotid embolic prevention system for use in carotid artery applications; and MGuard Prime embolic protection systems for use in patients with acute coronary syndromes, notably acute myocardial infarction, and saphenous vein graft coronary interventions, as well as bypass surgery. It is also developing PVGuard, a MicroNet mesh sleeve and self-expandable stent for use in peripheral vascular applications. The company sells its products through local distributors. InspireMD, Inc. was founded in 2005 and is headquartered in Tel Aviv-Yafo, Israel.Show more

Revenue $7M +13.0%
EBITDA -$33M -58.9%
Net Income -$32M -60.7%
EPS (Diluted) -0.76 +7.3%
Gross Margin 21.49% -26.2%
EBITDA Margin -474% -40.7%
Operating Margin -478% -40.3%
Net Margin -456.63% -42.3%
ROE -84.68% -21.0%
ROIC -98.61% -42.5%
Debt/Equity 0.06 +60.5%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y sales CAGR of 13.5%

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Weak momentum: RS Rating 15 (bottom 15%)
✗Shares diluted 72.8% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.54%

5Y13.5%

3Y15.96%

TTM14.04%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-63.62%

EPS CAGR

10Y-

5Y-

3Y-

TTM0%

ROCE

10Y Avg-282.59%

5Y Avg-75.87%

3Y Avg-73.39%

Latest-82.98%

Peer Comparison

Vascular & Aortic Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PENPenumbra, Inc.	13.73B	350.49	973.58	12.86%	12.3%	12.07%	1.07%	0.19
NVNOenVVeno Medical Corporation	6.35M	0.31	-0.25			-74.59%		0.03
NUWENuwellis, Inc.	2.14M	2.37	-0.30	-1.4%	-202.83%	-423.93%		0.08
NSPRInspireMD, Inc.	67.79M	1.60	-2.11	12.96%	-5.94%	-72.06%		0.06
OMOutset Medical, Inc.	95.49M	5.26	-2.14	-12.8%	-73.12%	-61.67%		7.53
SRDXSurmodics, Inc.	614.51M	42.98	-52.41	-4.91%	-14.59%	-15.84%		0.28
AORTArtivion, Inc.	2.05B	43.29	-135.28	9.75%	-2.16%	-2.08%	0.54%	1.31

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.31M	1.89M	2.76M	3.6M	3.72M	2.48M	4.5M	5.17M	6.21M	7.01M
Revenue Growth %	-0.18%	-0.18%	0.46%	0.3%	0.03%	-0.33%	0.81%	0.15%	0.2%	0.13%
Cost of Goods Sold+	2.61M	1.79M	2.18M	2.61M	2.96M	2.4M	3.74M	4.05M	4.4M	5.5M
COGS % of Revenue	1.13%	0.95%	0.79%	0.72%	0.8%	0.97%	0.83%	0.78%	0.71%	0.79%
Gross Profit+	-296K	102K	585K	995K	756K	83K	754K	1.12M	1.81M	1.51M
Gross Margin %	-0.13%	0.05%	0.21%	0.28%	0.2%	0.03%	0.17%	0.22%	0.29%	0.21%
Gross Profit Growth %	-1.38%	1.34%	4.74%	0.7%	-0.24%	-0.89%	8.08%	0.48%	0.62%	-0.17%
Operating Expenses+	13.21M	7.75M	8.82M	8.61M	10.57M	10.46M	15.47M	19.83M	22.95M	35.01M
OpEx % of Revenue	5.72%	4.09%	3.19%	2.39%	2.84%	4.21%	3.44%	3.83%	3.7%	4.99%
Selling, General & Admin	9.56M	6.46M	7.54M	7.07M	7.62M	8.23M	10.31M	12.02M	14.97M	21.38M
SG&A % of Revenue	4.14%	3.41%	2.73%	1.96%	2.05%	3.31%	2.29%	2.32%	2.41%	3.05%
Research & Development	3.64M	1.29M	1.28M	1.53M	2.95M	2.23M	5.16M	7.81M	7.98M	13.63M
R&D % of Revenue	1.58%	0.68%	0.46%	0.43%	0.79%	0.9%	1.15%	1.51%	1.29%	1.95%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-14.48M	-7.65M	-8.23M	-7.61M	-9.82M	-10.38M	-14.72M	-18.71M	-21.14M	-33.5M
Operating Margin %	-6.27%	-4.04%	-2.98%	-2.11%	-2.64%	-4.18%	-3.27%	-3.62%	-3.41%	-4.78%
Operating Income Growth %	0.39%	0.47%	-0.08%	0.08%	-0.29%	-0.06%	-0.42%	-0.27%	-0.13%	-0.58%
EBITDA+	-14.24M	-7.46M	-8.05M	-7.46M	-9.66M	-10.23M	-14.55M	-18.52M	-20.91M	-33.22M
EBITDA Margin %	-6.17%	-3.94%	-2.92%	-2.07%	-2.6%	-4.12%	-3.24%	-3.58%	-3.37%	-4.74%
EBITDA Growth %	0.39%	0.48%	-0.08%	0.07%	-0.29%	-0.06%	-0.42%	-0.27%	-0.13%	-0.59%
D&A (Non-Cash Add-back)	241K	191K	178K	152K	158K	151K	161K	188K	232K	280K
EBIT	-14.48M	-7.74M	-8.29M	-7.61M	-9.82M	-10.38M	-14.72M	-18.71M	-21.14M	-33.5M
Net Interest Income+	-1.04M	-812K	-179K	371K	-200K	-160K	-157K	250K	1.29M	1.56M
Interest Income	0	0	0	371K	0	0	0	250K	1.29M	1.56M
Interest Expense	1.04M	812K	179K	0	200K	160K	157K	0	0	0
Other Income/Expense	-1.1M	-812K	-179K	371K	-200K	-160K	-157K	250K	1.29M	1.56M
Pretax Income+	-15.58M	-8.46M	-8.41M	-7.24M	-10.02M	-10.54M	-14.87M	-18.46M	-19.85M	-31.95M
Pretax Margin %	-6.75%	-4.47%	-3.05%	-2.01%	-2.69%	-4.24%	-3.31%	-3.57%	-3.2%	-4.56%
Income Tax+	4K	1K	27K	0	24K	4K	45K	28K	65K	59K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-15.59M	-8.46M	-8.44M	-7.24M	-10.04M	-10.54M	-14.92M	-18.49M	-19.92M	-32.01M
Net Margin %	-6.75%	-4.47%	-3.06%	-2.01%	-2.7%	-4.24%	-3.32%	-3.58%	-3.21%	-4.57%
Net Income Growth %	0.38%	0.46%	0%	0.14%	-0.39%	-0.05%	-0.41%	-0.24%	-0.08%	-0.61%
Net Income (Continuing)	-15.59M	-8.46M	-8.44M	-7.24M	-10.04M	-10.54M	-14.92M	-18.49M	-19.92M	-32.01M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-999999.00	-151089.29	-4265.93	-247.50	-72.00	-6.90	-2.03	-2.35	-0.82	-0.76
EPS Growth %	0.66%	0.89%	0.97%	0.94%	0.71%	0.9%	0.71%	-0.16%	0.65%	0.07%
EPS (Basic)	-999999.00	-151089.29	-4265.93	-247.50	-72.00	-6.90	-2.03	-2.35	-0.82	-0.76
Diluted Shares Outstanding	11	56	1.98K	30.77K	139.33K	1.51M	7.35M	7.87M	24.27M	41.93M
Basic Shares Outstanding	11	54	1.98K	30.77K	139.33K	1.51M	7.35M	7.87M	24.27M	41.93M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	4.63M	8.59M	5.16M	11.42M	7.81M	15.34M	37.09M	21.33M	44.16M	40.52M
Cash & Short-Term Investments	3.26M	7.52M	3.71M	9.38M	5.51M	12.64M	34.04M	17.8M	39.02M	34.64M
Cash Only	3.26M	7.52M	3.71M	9.38M	5.51M	12.64M	12M	4.63M	9.64M	18.92M
Short-Term Investments	0	0	0	0	0	0	22.04M	13.17M	29.38M	15.72M
Accounts Receivable	547K	513K	850K	820K	973K	945K	1.39M	1.25M	2.45M	2.25M
Days Sales Outstanding	86.43	98.86	112.37	83.12	95.44	138.8	112.79	88.02	144.24	117.38
Inventory	753K	500K	533K	1.13M	1.24M	1.42M	1.14M	1.62M	2.11M	2.57M
Days Inventory Outstanding	105.47	101.84	89.4	158.83	152.16	215.02	111.52	145.95	174.78	170.46
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	1.15M	816K	952K	869K	2.07M	2.44M	2.62M	3.33M	3.48M	6.29M
Property, Plant & Equipment	472K	379K	476K	421K	1.48M	1.71M	1.71M	2.47M	2.53M	4.73M
Fixed Asset Turnover	4.89x	5.00x	5.80x	8.55x	2.51x	1.45x	2.62x	2.09x	2.45x	1.48x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	674K	437K	476K	448K	586K	725K	905K	856K	951K	1.55M
Total Assets+	5.78M	9.41M	6.11M	12.29M	9.88M	17.78M	39.71M	24.65M	47.64M	46.81M
Asset Turnover	0.40x	0.20x	0.45x	0.29x	0.38x	0.14x	0.11x	0.21x	0.13x	0.15x
Asset Growth %	-0.5%	0.63%	-0.35%	1.01%	-0.2%	0.8%	1.23%	-0.38%	0.93%	-0.02%
Total Current Liabilities+	6.92M	4.78M	2.48M	2.92M	3.12M	3.71M	4.35M	5.07M	6.02M	7.68M
Accounts Payable	512K	618K	328K	929K	646K	236K	893K	659K	939K	1.25M
Days Payables Outstanding	71.71	125.88	55.02	130.12	79.52	35.86	87.13	59.33	77.93	83.17
Short-Term Debt	4.15M	2.68M	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	167K	33K	20K	25K	20K	0	0	0	0	0
Other Current Liabilities	0	953K	1.12M	992K	661K	1.24M	1.51M	1.85M	2.19M	3.41M
Current Ratio	0.67x	1.80x	2.08x	3.91x	2.51x	4.14x	8.53x	4.21x	7.34x	5.28x
Quick Ratio	0.56x	1.69x	1.86x	3.52x	2.11x	3.76x	8.27x	3.89x	6.99x	4.94x
Cash Conversion Cycle	120.19	74.83	146.76	111.83	168.07	317.96	137.18	174.63	241.09	204.67
Total Non-Current Liabilities+	1.8M	587K	898K	605K	1.38M	1.91M	1.83M	2.19M	2.12M	3.04M
Long-Term Debt	1.1M	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	653K	999K	781K	1.2M	1.04M	1.8M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	706K	587K	898K	605K	729K	910K	1.05M	995K	1.08M	1.25M
Total Liabilities	8.72M	5.37M	3.38M	3.52M	4.5M	5.61M	6.18M	7.26M	8.14M	10.72M
Total Debt+	5.33M	2.68M	0	0	1.01M	1.4M	1.2M	1.61M	1.59M	2.34M
Net Debt	2.08M	-4.84M	-3.71M	-9.38M	-4.5M	-11.25M	-10.8M	-3.02M	-8.04M	-16.58M
Debt / Equity	-	0.66x	-	-	0.19x	0.12x	0.04x	0.09x	0.04x	0.06x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-13.98x	-9.42x	-45.99x	-	-49.08x	-64.88x	-93.73x	-	-	-
Total Equity+	-2.95M	4.04M	2.73M	8.76M	5.38M	12.16M	33.53M	17.39M	39.5M	36.09M
Equity Growth %	-0.06%	2.37%	-0.33%	2.21%	-0.39%	1.26%	1.76%	-0.48%	1.27%	-0.09%
Book Value per Share	-267818.18	72232.14	1378.67	284.80	38.63	8.04	4.56	2.21	1.63	0.86
Total Shareholders' Equity	-2.95M	4.04M	2.73M	8.76M	5.38M	12.16M	33.53M	17.39M	39.5M	36.09M
Common Stock	1K	0	0	4K	0	0	1K	1K	2K	3K
Retained Earnings	-123M	-131.91M	-140.35M	-147.59M	-157.63M	-168.18M	-183.09M	-201.59M	-221.5M	-253.51M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-11.6M	-7.5M	-8.13M	-7.61M	-9.81M	-9.08M	-13.21M	-15.54M	-16.38M	-21.87M
Operating CF Margin %	-5.02%	-3.96%	-2.94%	-2.11%	-2.64%	-3.65%	-2.94%	-3.01%	-2.64%	-3.12%
Operating CF Growth %	0.4%	0.35%	-0.08%	0.06%	-0.29%	0.07%	-0.45%	-0.18%	-0.05%	-0.34%
Net Income	-15.59M	-8.46M	-8.44M	-7.24M	-10.04M	-10.54M	-14.92M	-18.49M	-19.92M	-32.01M
Depreciation & Amortization	241K	191K	178K	152K	158K	151K	161K	188K	232K	280K
Stock-Based Compensation	3.11M	978K	672K	70K	325K	606K	1.58M	2.35M	4.49M	10.14M
Deferred Taxes	612K	-135K	28K	-14K	89K	177K	74K	0	0	0
Other Non-Cash Items	249K	222K	-511K	-392K	8K	-4K	-28K	14K	-381K	-1.02M
Working Capital Changes	-220K	-290K	-60K	-182K	-350K	533K	-75K	395K	-801K	736K
Change in Receivables	230K	49K	-287K	-73K	-107K	347K	-748K	142K	-1.21M	198K
Change in Inventory	1.17M	253K	-33K	-601K	-102K	-179K	272K	-478K	-485K	-464K
Change in Payables	-397K	106K	-290K	584K	-283K	-410K	657K	-234K	280K	315K
Cash from Investing+	-23K	70K	-318K	-44K	-387K	-187K	-22.46M	8.44M	-16.09M	12.64M
Capital Expenditures	-16K	-49K	-258K	-67K	-284K	-88K	-344K	-473K	-381K	-1.4M
CapEx % of Revenue	0.01%	0.03%	0.09%	0.02%	0.08%	0.04%	0.08%	0.09%	0.06%	0.2%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-7K	119K	-60K	23K	-103K	-121K	-113K	-86K	-67K	28.49M
Cash from Financing+	8.62M	11.7M	4.63M	13.37M	6.33M	16.39M	35.03M	-140K	37.53M	18.45M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-113K	-14K	-10K	0	0	0	0	-140K	0	16.85M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-11.61M	-7.54M	-8.39M	-7.67M	-10.09M	-9.17M	-13.55M	-16.02M	-16.76M	-23.27M
FCF Margin %	-5.03%	-3.98%	-3.04%	-2.13%	-2.71%	-3.69%	-3.02%	-3.1%	-2.7%	-3.32%
FCF Growth %	0.4%	0.35%	-0.11%	0.09%	-0.32%	0.09%	-0.48%	-0.18%	-0.05%	-0.39%
FCF per Share	-999999.00	-134714.29	-4241.15	-249.37	-72.45	-6.06	-1.85	-2.03	-0.69	-0.55
FCF Conversion (FCF/Net Income)	0.74x	0.89x	0.96x	1.05x	0.98x	0.86x	0.89x	0.84x	0.82x	0.68x
Interest Paid	863K	399K	0	0	0	0	0	0	0	0
Taxes Paid	13K	6K	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-1539.76%	-249.2%	-126.02%	-141.95%	-120.19%	-65.29%	-72.62%	-70.01%	-84.68%
Return on Invested Capital (ROIC)	-	-	-	-	-5598.48%	-864.52%	-93.35%	-75.65%	-69.2%	-98.61%
Gross Margin	-12.81%	5.39%	21.19%	27.63%	20.32%	3.34%	16.77%	21.6%	29.12%	21.49%
Net Margin	-674.68%	-446.73%	-305.61%	-201.06%	-269.82%	-424.31%	-331.88%	-357.59%	-320.97%	-456.63%
Debt / Equity	-	0.66x	-	-	0.19x	0.12x	0.04x	0.09x	0.04x	0.06x
Interest Coverage	-13.98x	-9.42x	-45.99x	-	-49.08x	-64.88x	-93.73x	-	-	-
FCF Conversion	0.74x	0.89x	0.96x	1.05x	0.98x	0.86x	0.89x	0.84x	0.82x	0.68x
Revenue Growth	-18.03%	-18.01%	45.78%	30.42%	3.33%	-33.22%	80.89%	15.04%	20%	12.96%

Revenue by Segment

	2014	2015	2022	2023	2024
CGuard EPS	-	-	5.12M	-	-
CGuard EPS Growth	-	-	-	-	-
MGuard Prime EPS	-	-	48K	-	-
MGuard Prime EPS Growth	-	-	-	-	-
MGuard	-	1.61M	-	-	-
MGuard Growth	-	-	-	-	-
Cguard	-	703K	-	-	-
Cguard Growth	-	-	-	-	-

Revenue by Geography

	2014	2015	2022	2023	2024
Other Countries	1.21M	-	3.33M	3.38M	4.15M
Other Countries Growth	-	-	-	1.23%	22.84%
ITALY	-	-	970K	1.2M	1.22M
ITALY Growth	-	-	-	23.20%	2.34%
GERMANY	-	-	866K	896K	926K
GERMANY Growth	-	-	-	3.46%	3.35%
Other	-	818K	-	-	-
Other Growth	-	-	-	-	-
Germany	286K	519K	-	-	-
Germany Growth	-	81.47%	-	-	-
Italy	-	415K	-	-	-
Italy Growth	-	-	-	-	-
Brazil	-	238K	-	-	-
Brazil Growth	-	-	-	-	-
Belarus	285K	226K	-	-	-
Belarus Growth	-	-20.70%	-	-	-
Middle East	792K	94K	-	-	-
Middle East Growth	-	-88.13%	-	-	-
Spain	242K	-	-	-	-
Spain Growth	-	-	-	-	-
Russia	3K	-	-	-	-
Russia Growth	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

InspireMD, Inc. (NSPR) reported $7.8M in revenue for fiscal year 2024. This represents a 30% increase from $6.0M in 2011.

InspireMD, Inc. (NSPR) grew revenue by 13.0% over the past year. This is steady growth.

InspireMD, Inc. (NSPR) reported a net loss of $46.2M for fiscal year 2024.

Dividend & Returns

InspireMD, Inc. (NSPR) has a return on equity (ROE) of -84.7%. Negative ROE indicates the company is unprofitable.

InspireMD, Inc. (NSPR) had negative free cash flow of $34.1M in fiscal year 2024, likely due to heavy capital investments.

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InspireMD, Inc. (NSPR) 10-Year Financial Performance & Capital Metrics

NSPR • • Industrial / General

HealthcareMedical DevicesCardiovascular DevicesVascular & Aortic Devices

Revenue $7M +13.0%
EBITDA -$33M -58.9%
Net Income -$32M -60.7%
EPS (Diluted) -0.76 +7.3%
Gross Margin 21.49% -26.2%
EBITDA Margin -474% -40.7%
Operating Margin -478% -40.3%
Net Margin -456.63% -42.3%
ROE -84.68% -21.0%
ROIC -98.61% -42.5%
Debt/Equity 0.06 +60.5%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y sales CAGR of 13.5%

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Weak momentum: RS Rating 15 (bottom 15%)
✗Shares diluted 72.8% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.54%

5Y13.5%

3Y15.96%

TTM14.04%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-63.62%

EPS CAGR

10Y-

5Y-

3Y-

TTM0%

ROCE

10Y Avg-282.59%

5Y Avg-75.87%

3Y Avg-73.39%

Latest-82.98%

Peer Comparison

Vascular & Aortic Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PENPenumbra, Inc.	13.73B	350.49	973.58	12.86%	12.3%	12.07%	1.07%	0.19
NVNOenVVeno Medical Corporation	6.35M	0.31	-0.25			-74.59%		0.03
NUWENuwellis, Inc.	2.14M	2.37	-0.30	-1.4%	-202.83%	-423.93%		0.08
NSPRInspireMD, Inc.	67.79M	1.60	-2.11	12.96%	-5.94%	-72.06%		0.06
OMOutset Medical, Inc.	95.49M	5.26	-2.14	-12.8%	-73.12%	-61.67%		7.53
SRDXSurmodics, Inc.	614.51M	42.98	-52.41	-4.91%	-14.59%	-15.84%		0.28
AORTArtivion, Inc.	2.05B	43.29	-135.28	9.75%	-2.16%	-2.08%	0.54%	1.31

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.31M	1.89M	2.76M	3.6M	3.72M	2.48M	4.5M	5.17M	6.21M	7.01M
Revenue Growth %	-0.18%	-0.18%	0.46%	0.3%	0.03%	-0.33%	0.81%	0.15%	0.2%	0.13%
Cost of Goods Sold+	2.61M	1.79M	2.18M	2.61M	2.96M	2.4M	3.74M	4.05M	4.4M	5.5M
COGS % of Revenue	1.13%	0.95%	0.79%	0.72%	0.8%	0.97%	0.83%	0.78%	0.71%	0.79%
Gross Profit+	-296K	102K	585K	995K	756K	83K	754K	1.12M	1.81M	1.51M
Gross Margin %	-0.13%	0.05%	0.21%	0.28%	0.2%	0.03%	0.17%	0.22%	0.29%	0.21%
Gross Profit Growth %	-1.38%	1.34%	4.74%	0.7%	-0.24%	-0.89%	8.08%	0.48%	0.62%	-0.17%
Operating Expenses+	13.21M	7.75M	8.82M	8.61M	10.57M	10.46M	15.47M	19.83M	22.95M	35.01M
OpEx % of Revenue	5.72%	4.09%	3.19%	2.39%	2.84%	4.21%	3.44%	3.83%	3.7%	4.99%
Selling, General & Admin	9.56M	6.46M	7.54M	7.07M	7.62M	8.23M	10.31M	12.02M	14.97M	21.38M
SG&A % of Revenue	4.14%	3.41%	2.73%	1.96%	2.05%	3.31%	2.29%	2.32%	2.41%	3.05%
Research & Development	3.64M	1.29M	1.28M	1.53M	2.95M	2.23M	5.16M	7.81M	7.98M	13.63M
R&D % of Revenue	1.58%	0.68%	0.46%	0.43%	0.79%	0.9%	1.15%	1.51%	1.29%	1.95%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-14.48M	-7.65M	-8.23M	-7.61M	-9.82M	-10.38M	-14.72M	-18.71M	-21.14M	-33.5M
Operating Margin %	-6.27%	-4.04%	-2.98%	-2.11%	-2.64%	-4.18%	-3.27%	-3.62%	-3.41%	-4.78%
Operating Income Growth %	0.39%	0.47%	-0.08%	0.08%	-0.29%	-0.06%	-0.42%	-0.27%	-0.13%	-0.58%
EBITDA+	-14.24M	-7.46M	-8.05M	-7.46M	-9.66M	-10.23M	-14.55M	-18.52M	-20.91M	-33.22M
EBITDA Margin %	-6.17%	-3.94%	-2.92%	-2.07%	-2.6%	-4.12%	-3.24%	-3.58%	-3.37%	-4.74%
EBITDA Growth %	0.39%	0.48%	-0.08%	0.07%	-0.29%	-0.06%	-0.42%	-0.27%	-0.13%	-0.59%
D&A (Non-Cash Add-back)	241K	191K	178K	152K	158K	151K	161K	188K	232K	280K
EBIT	-14.48M	-7.74M	-8.29M	-7.61M	-9.82M	-10.38M	-14.72M	-18.71M	-21.14M	-33.5M
Net Interest Income+	-1.04M	-812K	-179K	371K	-200K	-160K	-157K	250K	1.29M	1.56M
Interest Income	0	0	0	371K	0	0	0	250K	1.29M	1.56M
Interest Expense	1.04M	812K	179K	0	200K	160K	157K	0	0	0
Other Income/Expense	-1.1M	-812K	-179K	371K	-200K	-160K	-157K	250K	1.29M	1.56M
Pretax Income+	-15.58M	-8.46M	-8.41M	-7.24M	-10.02M	-10.54M	-14.87M	-18.46M	-19.85M	-31.95M
Pretax Margin %	-6.75%	-4.47%	-3.05%	-2.01%	-2.69%	-4.24%	-3.31%	-3.57%	-3.2%	-4.56%
Income Tax+	4K	1K	27K	0	24K	4K	45K	28K	65K	59K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-15.59M	-8.46M	-8.44M	-7.24M	-10.04M	-10.54M	-14.92M	-18.49M	-19.92M	-32.01M
Net Margin %	-6.75%	-4.47%	-3.06%	-2.01%	-2.7%	-4.24%	-3.32%	-3.58%	-3.21%	-4.57%
Net Income Growth %	0.38%	0.46%	0%	0.14%	-0.39%	-0.05%	-0.41%	-0.24%	-0.08%	-0.61%
Net Income (Continuing)	-15.59M	-8.46M	-8.44M	-7.24M	-10.04M	-10.54M	-14.92M	-18.49M	-19.92M	-32.01M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-999999.00	-151089.29	-4265.93	-247.50	-72.00	-6.90	-2.03	-2.35	-0.82	-0.76
EPS Growth %	0.66%	0.89%	0.97%	0.94%	0.71%	0.9%	0.71%	-0.16%	0.65%	0.07%
EPS (Basic)	-999999.00	-151089.29	-4265.93	-247.50	-72.00	-6.90	-2.03	-2.35	-0.82	-0.76
Diluted Shares Outstanding	11	56	1.98K	30.77K	139.33K	1.51M	7.35M	7.87M	24.27M	41.93M
Basic Shares Outstanding	11	54	1.98K	30.77K	139.33K	1.51M	7.35M	7.87M	24.27M	41.93M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	4.63M	8.59M	5.16M	11.42M	7.81M	15.34M	37.09M	21.33M	44.16M	40.52M
Cash & Short-Term Investments	3.26M	7.52M	3.71M	9.38M	5.51M	12.64M	34.04M	17.8M	39.02M	34.64M
Cash Only	3.26M	7.52M	3.71M	9.38M	5.51M	12.64M	12M	4.63M	9.64M	18.92M
Short-Term Investments	0	0	0	0	0	0	22.04M	13.17M	29.38M	15.72M
Accounts Receivable	547K	513K	850K	820K	973K	945K	1.39M	1.25M	2.45M	2.25M
Days Sales Outstanding	86.43	98.86	112.37	83.12	95.44	138.8	112.79	88.02	144.24	117.38
Inventory	753K	500K	533K	1.13M	1.24M	1.42M	1.14M	1.62M	2.11M	2.57M
Days Inventory Outstanding	105.47	101.84	89.4	158.83	152.16	215.02	111.52	145.95	174.78	170.46
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	1.15M	816K	952K	869K	2.07M	2.44M	2.62M	3.33M	3.48M	6.29M
Property, Plant & Equipment	472K	379K	476K	421K	1.48M	1.71M	1.71M	2.47M	2.53M	4.73M
Fixed Asset Turnover	4.89x	5.00x	5.80x	8.55x	2.51x	1.45x	2.62x	2.09x	2.45x	1.48x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	674K	437K	476K	448K	586K	725K	905K	856K	951K	1.55M
Total Assets+	5.78M	9.41M	6.11M	12.29M	9.88M	17.78M	39.71M	24.65M	47.64M	46.81M
Asset Turnover	0.40x	0.20x	0.45x	0.29x	0.38x	0.14x	0.11x	0.21x	0.13x	0.15x
Asset Growth %	-0.5%	0.63%	-0.35%	1.01%	-0.2%	0.8%	1.23%	-0.38%	0.93%	-0.02%
Total Current Liabilities+	6.92M	4.78M	2.48M	2.92M	3.12M	3.71M	4.35M	5.07M	6.02M	7.68M
Accounts Payable	512K	618K	328K	929K	646K	236K	893K	659K	939K	1.25M
Days Payables Outstanding	71.71	125.88	55.02	130.12	79.52	35.86	87.13	59.33	77.93	83.17
Short-Term Debt	4.15M	2.68M	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	167K	33K	20K	25K	20K	0	0	0	0	0
Other Current Liabilities	0	953K	1.12M	992K	661K	1.24M	1.51M	1.85M	2.19M	3.41M
Current Ratio	0.67x	1.80x	2.08x	3.91x	2.51x	4.14x	8.53x	4.21x	7.34x	5.28x
Quick Ratio	0.56x	1.69x	1.86x	3.52x	2.11x	3.76x	8.27x	3.89x	6.99x	4.94x
Cash Conversion Cycle	120.19	74.83	146.76	111.83	168.07	317.96	137.18	174.63	241.09	204.67
Total Non-Current Liabilities+	1.8M	587K	898K	605K	1.38M	1.91M	1.83M	2.19M	2.12M	3.04M
Long-Term Debt	1.1M	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	653K	999K	781K	1.2M	1.04M	1.8M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	706K	587K	898K	605K	729K	910K	1.05M	995K	1.08M	1.25M
Total Liabilities	8.72M	5.37M	3.38M	3.52M	4.5M	5.61M	6.18M	7.26M	8.14M	10.72M
Total Debt+	5.33M	2.68M	0	0	1.01M	1.4M	1.2M	1.61M	1.59M	2.34M
Net Debt	2.08M	-4.84M	-3.71M	-9.38M	-4.5M	-11.25M	-10.8M	-3.02M	-8.04M	-16.58M
Debt / Equity	-	0.66x	-	-	0.19x	0.12x	0.04x	0.09x	0.04x	0.06x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-13.98x	-9.42x	-45.99x	-	-49.08x	-64.88x	-93.73x	-	-	-
Total Equity+	-2.95M	4.04M	2.73M	8.76M	5.38M	12.16M	33.53M	17.39M	39.5M	36.09M
Equity Growth %	-0.06%	2.37%	-0.33%	2.21%	-0.39%	1.26%	1.76%	-0.48%	1.27%	-0.09%
Book Value per Share	-267818.18	72232.14	1378.67	284.80	38.63	8.04	4.56	2.21	1.63	0.86
Total Shareholders' Equity	-2.95M	4.04M	2.73M	8.76M	5.38M	12.16M	33.53M	17.39M	39.5M	36.09M
Common Stock	1K	0	0	4K	0	0	1K	1K	2K	3K
Retained Earnings	-123M	-131.91M	-140.35M	-147.59M	-157.63M	-168.18M	-183.09M	-201.59M	-221.5M	-253.51M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-11.6M	-7.5M	-8.13M	-7.61M	-9.81M	-9.08M	-13.21M	-15.54M	-16.38M	-21.87M
Operating CF Margin %	-5.02%	-3.96%	-2.94%	-2.11%	-2.64%	-3.65%	-2.94%	-3.01%	-2.64%	-3.12%
Operating CF Growth %	0.4%	0.35%	-0.08%	0.06%	-0.29%	0.07%	-0.45%	-0.18%	-0.05%	-0.34%
Net Income	-15.59M	-8.46M	-8.44M	-7.24M	-10.04M	-10.54M	-14.92M	-18.49M	-19.92M	-32.01M
Depreciation & Amortization	241K	191K	178K	152K	158K	151K	161K	188K	232K	280K
Stock-Based Compensation	3.11M	978K	672K	70K	325K	606K	1.58M	2.35M	4.49M	10.14M
Deferred Taxes	612K	-135K	28K	-14K	89K	177K	74K	0	0	0
Other Non-Cash Items	249K	222K	-511K	-392K	8K	-4K	-28K	14K	-381K	-1.02M
Working Capital Changes	-220K	-290K	-60K	-182K	-350K	533K	-75K	395K	-801K	736K
Change in Receivables	230K	49K	-287K	-73K	-107K	347K	-748K	142K	-1.21M	198K
Change in Inventory	1.17M	253K	-33K	-601K	-102K	-179K	272K	-478K	-485K	-464K
Change in Payables	-397K	106K	-290K	584K	-283K	-410K	657K	-234K	280K	315K
Cash from Investing+	-23K	70K	-318K	-44K	-387K	-187K	-22.46M	8.44M	-16.09M	12.64M
Capital Expenditures	-16K	-49K	-258K	-67K	-284K	-88K	-344K	-473K	-381K	-1.4M
CapEx % of Revenue	0.01%	0.03%	0.09%	0.02%	0.08%	0.04%	0.08%	0.09%	0.06%	0.2%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-7K	119K	-60K	23K	-103K	-121K	-113K	-86K	-67K	28.49M
Cash from Financing+	8.62M	11.7M	4.63M	13.37M	6.33M	16.39M	35.03M	-140K	37.53M	18.45M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-113K	-14K	-10K	0	0	0	0	-140K	0	16.85M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-11.61M	-7.54M	-8.39M	-7.67M	-10.09M	-9.17M	-13.55M	-16.02M	-16.76M	-23.27M
FCF Margin %	-5.03%	-3.98%	-3.04%	-2.13%	-2.71%	-3.69%	-3.02%	-3.1%	-2.7%	-3.32%
FCF Growth %	0.4%	0.35%	-0.11%	0.09%	-0.32%	0.09%	-0.48%	-0.18%	-0.05%	-0.39%
FCF per Share	-999999.00	-134714.29	-4241.15	-249.37	-72.45	-6.06	-1.85	-2.03	-0.69	-0.55
FCF Conversion (FCF/Net Income)	0.74x	0.89x	0.96x	1.05x	0.98x	0.86x	0.89x	0.84x	0.82x	0.68x
Interest Paid	863K	399K	0	0	0	0	0	0	0	0
Taxes Paid	13K	6K	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-1539.76%	-249.2%	-126.02%	-141.95%	-120.19%	-65.29%	-72.62%	-70.01%	-84.68%
Return on Invested Capital (ROIC)	-	-	-	-	-5598.48%	-864.52%	-93.35%	-75.65%	-69.2%	-98.61%
Gross Margin	-12.81%	5.39%	21.19%	27.63%	20.32%	3.34%	16.77%	21.6%	29.12%	21.49%
Net Margin	-674.68%	-446.73%	-305.61%	-201.06%	-269.82%	-424.31%	-331.88%	-357.59%	-320.97%	-456.63%
Debt / Equity	-	0.66x	-	-	0.19x	0.12x	0.04x	0.09x	0.04x	0.06x
Interest Coverage	-13.98x	-9.42x	-45.99x	-	-49.08x	-64.88x	-93.73x	-	-	-
FCF Conversion	0.74x	0.89x	0.96x	1.05x	0.98x	0.86x	0.89x	0.84x	0.82x	0.68x
Revenue Growth	-18.03%	-18.01%	45.78%	30.42%	3.33%	-33.22%	80.89%	15.04%	20%	12.96%

Revenue by Segment

	2014	2015	2022	2023	2024
CGuard EPS	-	-	5.12M	-	-
CGuard EPS Growth	-	-	-	-	-
MGuard Prime EPS	-	-	48K	-	-
MGuard Prime EPS Growth	-	-	-	-	-
MGuard	-	1.61M	-	-	-
MGuard Growth	-	-	-	-	-
Cguard	-	703K	-	-	-
Cguard Growth	-	-	-	-	-

Revenue by Geography

	2014	2015	2022	2023	2024
Other Countries	1.21M	-	3.33M	3.38M	4.15M
Other Countries Growth	-	-	-	1.23%	22.84%
ITALY	-	-	970K	1.2M	1.22M
ITALY Growth	-	-	-	23.20%	2.34%
GERMANY	-	-	866K	896K	926K
GERMANY Growth	-	-	-	3.46%	3.35%
Other	-	818K	-	-	-
Other Growth	-	-	-	-	-
Germany	286K	519K	-	-	-
Germany Growth	-	81.47%	-	-	-
Italy	-	415K	-	-	-
Italy Growth	-	-	-	-	-
Brazil	-	238K	-	-	-
Brazil Growth	-	-	-	-	-
Belarus	285K	226K	-	-	-
Belarus Growth	-	-20.70%	-	-	-
Middle East	792K	94K	-	-	-
Middle East Growth	-	-88.13%	-	-	-
Spain	242K	-	-	-	-
Spain Growth	-	-	-	-	-
Russia	3K	-	-	-	-
Russia Growth	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

InspireMD, Inc. (NSPR) reported $7.8M in revenue for fiscal year 2024. This represents a 30% increase from $6.0M in 2011.

InspireMD, Inc. (NSPR) grew revenue by 13.0% over the past year. This is steady growth.

InspireMD, Inc. (NSPR) reported a net loss of $46.2M for fiscal year 2024.

Dividend & Returns

InspireMD, Inc. (NSPR) has a return on equity (ROE) of -84.7%. Negative ROE indicates the company is unprofitable.

InspireMD, Inc. (NSPR) had negative free cash flow of $34.1M in fiscal year 2024, likely due to heavy capital investments.