Revenue growth reached 122.2% in 2026Q1, yet structural profitability remains elusive as gross margins of 20.2% continue to lag behind industry standards.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Jun'13 | Jun'12 | Dec'11 | Jun'10 | Jun'09 |
|---|
| Sales/Revenue | 10.85M | 8.98M | 7.01M | 6.21M | 5.17M | 4.5M | 2.48M | 3.72M | 3.6M | 2.76M | 1.89M | 2.31M | 2.82M | 4.87M | 5.35M | 6M | 0 | 3.41M |
| Revenue Growth % | 54.38% | 28.11% | 12.96% | 20% | 15.04% | 80.89% | -33.22% | 3.33% | 30.42% | 45.78% | -18.01% | -18.03% | -42.17% | -8.9% | -10.91% | - | -100% | - |
| Cost of Goods Sold | 7.8M | 6.33M | 5.5M | 4.4M | 4.05M | 3.74M | 2.4M | 2.96M | 2.61M | 2.18M | 1.79M | 2.61M | 2.03M | 2.28M | 2.85M | 3.01M | 0 | 0 |
| COGS % of Revenue | - | 70.5% | 78.51% | 70.88% | 78.4% | 83.23% | 96.66% | 79.68% | 72.37% | 78.81% | 94.61% | 112.81% | 72.18% | 46.85% | 53.26% | 50.15% | - | - |
| Gross Profit | 3.04M | 2.65M | 1.51M | 1.81M | 1.12M | 754K | 83K | 756K | 995K | 585K | 102K | -296K | 784K | 2.59M | 2.5M | 2.99M | 0 | 0 |
| Gross Margin % | 28.06% | 29.5% | 21.49% | 29.12% | 21.6% | 16.77% | 3.34% | 20.32% | 27.63% | 21.19% | 5.39% | -12.81% | 27.82% | 53.15% | 46.74% | 49.85% | - | - |
| Gross Profit Growth % | - | 75.9% | -16.66% | 61.77% | 48.14% | 808.43% | -89.02% | -24.02% | 70.09% | 473.53% | 134.46% | -137.76% | -69.73% | 3.6% | -16.47% | - | - | - |
| Operating Expenses | 55.18M | 51.76M | 35.01M | 22.95M | 19.83M | 15.47M | 10.46M | 10.57M | 8.61M | 8.82M | 7.75M | 13.21M | 24.48M | 17.66M | 20.05M | 16.72M | 15.48K | 3.83K |
| OpEx % of Revenue | - | 576.47% | 499.49% | 369.86% | 383.48% | 344.16% | 421.05% | 284.12% | 238.99% | 319.34% | 409.19% | 571.73% | 868.77% | 362.47% | 374.74% | 278.51% | - | 0.11% |
| Selling, General & Admin | 39.47M | 37.26M | 21.38M | 14.97M | 12.02M | 10.31M | 8.23M | 7.62M | 7.07M | 7.54M | 6.46M | 9.56M | 15.74M | 12.59M | 16.06M | 14.25M | 15.48K | 3.83K |
| SG&A % of Revenue | - | 414.97% | 304.97% | 241.24% | 232.45% | 229.41% | 331.19% | 204.73% | 196.36% | 273.13% | 341.02% | 414.07% | 558.48% | 258.34% | 300.19% | 237.31% | - | 0.11% |
| Research & Development | 15.71M | 15M | 13.63M | 7.98M | 7.81M | 5.16M | 2.23M | 2.95M | 1.53M | 1.28M | 1.29M | 3.64M | 8.74M | 4.16M | 3.99M | 2.47M | 0 | 0 |
| R&D % of Revenue | - | 167.09% | 194.52% | 128.62% | 151.03% | 114.75% | 89.86% | 79.39% | 42.63% | 46.22% | 68.16% | 157.66% | 310.29% | 85.29% | 74.56% | 41.21% | - | - |
| Other Operating Expenses | 0 | -502K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 918K | 0 | 0 | 0 | 0 |
| Operating Income | -52.13M | -49.11M | -33.5M | -21.14M | -18.71M | -14.72M | -10.38M | -9.82M | -7.61M | -8.23M | -7.65M | -14.48M | -23.7M | -15.07M | -17.55M | -13.73M | -15.48K | -3.83K |
| Operating Margin % | -480.57% | -546.97% | -478% | -340.74% | -361.88% | -327.39% | -417.71% | -263.8% | -211.36% | -298.15% | -403.8% | -627.06% | -840.95% | -309.32% | -328.01% | -228.66% | - | -0.11% |
| Operating Income Growth % | - | -46.59% | -58.46% | -12.99% | -27.16% | -41.77% | -5.75% | -28.97% | 7.54% | -7.64% | 47.2% | 38.88% | -57.22% | 14.09% | -27.8% | -88611.55% | -304.6% | - |
| EBITDA | -51.63M | -48.64M | -33.22M | -20.91M | -18.52M | -14.55M | -10.23M | -9.66M | -7.46M | -8.05M | -7.46M | -14.24M | -23.43M | -14.87M | -17.43M | -13.64M | 75.52K | 85.17K |
| EBITDA Margin % | -475.9% | -541.66% | -474% | -337% | -358.25% | -323.8% | -411.63% | -259.55% | -207.14% | -291.71% | -393.72% | -616.62% | -831.62% | -305.05% | -325.76% | -227.18% | - | 2.5% |
| EBITDA Growth % | -38.63% | -46.39% | -58.88% | -12.88% | -27.28% | -42.29% | -5.91% | -29.48% | 7.39% | -8.01% | 47.65% | 39.22% | -57.65% | 14.69% | -27.75% | -18160.48% | -11.33% | - |
| D&A (Non-Cash Add-back) | 506K | 476K | 280K | 232K | 188K | 161K | 151K | 158K | 152K | 178K | 191K | 241K | 263K | 208K | 120K | 89K | 91K | 89K |
| EBIT | -37.14M | -48.72M | -31.95M | -19.85M | -18.46M | -14.72M | -10.38M | -9.82M | -7.61M | -8.29M | -7.74M | -14.48M | -23.67M | -15.65M | -16.34M | -13.43M | -3.27M | -2.46M |
| Net Interest Income | 597K | 0 | 1.56M | 1.29M | 250K | -157K | -160K | -200K | 371K | -179K | -812K | -1.04M | -1.39M | -13.57M | -38K | -934K | 0 | 0 |
| Interest Income | 729K | 0 | 1.56M | 1.29M | 250K | 0 | 0 | 0 | 371K | 0 | 0 | 0 | 0 | 28K | 1.2M | 0 | 0 | 0 |
| Interest Expense | 132K | 0 | 0 | 0 | 0 | 157K | 160K | 200K | 0 | 179K | 812K | 1.04M | 1.39M | 13.6M | 1.24M | 793K | -15.48K | -3.83K |
| Other Income/Expense | 14.86M | 389K | 1.56M | 1.29M | 250K | -157K | -160K | -200K | 371K | -179K | -812K | -1.1M | -1.39M | -14.18M | -38K | -934K | -154K | 40K |
| Pretax Income | -37.27M | -48.72M | -31.95M | -19.85M | -18.46M | -14.87M | -10.54M | -10.02M | -7.24M | -8.41M | -8.46M | -15.58M | -25.08M | -29.25M | -17.58M | -14.66M | -3.37M | -2.68M |
| Pretax Margin % | -343.55% | -542.63% | -455.79% | -319.92% | -357.05% | -330.88% | -424.14% | -269.18% | -201.06% | -304.64% | -446.67% | -674.5% | -890.1% | -600.25% | -328.72% | -244.22% | - | -78.48% |
| Income Tax | 63K | 63K | 59K | 65K | 28K | 45K | 4K | 24K | 0 | 27K | 1K | 4K | 12K | 8K | 14K | 2K | 23.98K | 3.83K |
| Effective Tax Rate % | -0.17% | -0.13% | -0.18% | -0.33% | -0.15% | -0.3% | -0.04% | -0.24% | 0% | -0.32% | -0.01% | -0.03% | -0.05% | -0.03% | -0.08% | -0.01% | -0.71% | -0.14% |
| Net Income | -37.33M | -48.79M | -32.01M | -19.92M | -18.49M | -14.92M | -10.54M | -10.04M | -7.24M | -8.44M | -8.46M | -15.59M | -25.09M | -29.26M | -17.6M | -14.66M | -23.98K | -3.83K |
| Net Margin % | -344.13% | -543.33% | -456.63% | -320.97% | -357.59% | -331.88% | -424.31% | -269.82% | -201.06% | -305.61% | -446.73% | -674.68% | -890.53% | -600.41% | -328.98% | -244.25% | - | -0.11% |
| Net Income Growth % | -3.3% | -52.43% | -60.7% | -7.71% | -23.95% | -41.48% | -5.02% | -38.67% | 14.2% | 0.27% | 45.71% | 37.9% | 14.23% | -66.27% | -19.99% | -61065.33% | -526.82% | - |
| Net Income (Continuing) | -37.33M | -48.79M | -32.01M | -19.92M | -18.49M | -14.92M | -10.54M | -10.04M | -7.24M | -8.44M | -8.46M | -15.59M | -25.09M | -29.26M | -17.6M | -14.66M | -3.42M | -2.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.51 | -0.76 | -0.76 | -0.82 | -2.35 | -2.03 | -6.90 | -72.00 | -247.50 | -4265.93 | -151089.29 | -999999.00 | -999999.00 | -999999.00 | -9217.92 | -999999.00 | -3425.14 | -956.25 |
| EPS Growth % | 28.34% | 0% | 7.32% | 65.11% | -15.76% | 70.58% | 90.42% | 70.91% | 94.2% | 97.18% | 89.34% | 66.13% | 28.52% | -63380.7% | 99.87% | -213978.84% | -258.18% | - |
| EPS (Basic) | - | -0.76 | -0.76 | -0.82 | -2.35 | -2.03 | -6.90 | -72.00 | -247.50 | -4265.93 | -151089.29 | -999999.00 | -999999.00 | -999999.00 | -9217.92 | -999999.00 | -3425.14 | -956.25 |
| Diluted Shares Outstanding | 73.47M | 73.47M | 41.93M | 24.27M | 7.87M | 7.35M | 1.51M | 139.33K | 30.77K | 1.98K | 56 | 11 | 6 | 5 | 1.91K | 0 | 7 | 5 |
| Basic Shares Outstanding | 73.47M | 73.47M | 41.93M | 24.27M | 7.87M | 7.35M | 1.51M | 139.33K | 30.77K | 1.98K | 54 | 11 | 6 | 5 | 1.91K | 0 | 7 | 5 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary U.S. Regulatory Approval
According to recent financial filings, NSPR achieved a significant revenue acceleration to $3.4 million in 2026Q1, representing a 122.2% year-over-year increase, which suggests that international market adoption of the CGuard system is gaining meaningful momentum despite the company's current lack of a U.S. commercial presence.
The sharp uptick in quarterly revenue indicates that the company's reliance on third-party distributors in international markets is beginning to yield higher volume throughput. Investors should monitor whether this growth is sustainable or if it reflects lumpy stocking orders that may not correlate with long-term clinical adoption rates.
As reported in quarterly statements, NSPR's gross margin fluctuated significantly, reaching 20.2% in 2026Q1, a figure that remains substantially below the 60-80% range typically observed in established medical device peers, suggesting that manufacturing scale and distributor-heavy sales models continue to exert downward pressure on profitability.
The volatility in gross margins implies that the company has yet to achieve the necessary economies of scale to offset the costs associated with its specialized MicroNet mesh technology. Until the company transitions to a more direct sales model or achieves higher production volumes, margin expansion may remain elusive.
Based on the provided income statement data, SG&A expenses surged to $9.9 million in 2026Q1, significantly outpacing revenue growth and highlighting a cost structure that remains heavily burdened by the clinical and operational requirements of preparing for the C-GUARDIANS U.S. pivotal trial and ongoing international commercialization.
The persistent rise in SG&A and R&D spending suggests that management is prioritizing clinical validation and market readiness over immediate expense discipline. This aggressive spending profile necessitates constant capital infusions, which may continue to dilute existing shareholders until the company reaches a more mature commercial stage.
Analysis of the income statement reveals that stock-based compensation reached $2.1 million in 2026Q1, a substantial figure relative to the company's revenue, which suggests that reported net income figures may be significantly influenced by non-cash accounting adjustments rather than core operational performance or sustainable profitability.
The reliance on equity-based incentives to manage cash burn warrants further investigation into the company's long-term compensation strategy. Investors should be cautious, as these non-cash charges effectively shift the burden of operational funding from the income statement to the equity holders through ongoing dilution.
While the 122.2% revenue growth in 2026Q1 appears impressive, the company's history of operating losses and reliance on external financing suggests that the current growth trajectory may be unsustainable without a successful U.S. market entry or a significant shift in the underlying business model.
Short-sellers may focus on the disconnect between the company's rapid revenue growth and its inability to demonstrate a path toward operating leverage. The reliance on third-party distributors creates a risk that reported revenue may not accurately reflect end-user demand, potentially leading to future volatility in quarterly results.
Quick answers to the most common questions about buying NSPR stock.
For fiscal year 2025, InspireMD, Inc. (NSPR) reported total revenue of $9.0M. This represents a 163.2% increase compared to $3.4M in 2009.
InspireMD, Inc. (NSPR) reported a net loss of $48.8M for the fiscal year ending 2025.
InspireMD, Inc. (NSPR) reported an operating income of $-49.1M, resulting in an operating profit margin of -547.0%. This margin reflects the operational efficiency of the business before interest and taxes.
InspireMD, Inc. (NSPR) generated $2.6M in gross profit for the year, representing a gross profit margin of 29.5%. This demonstrates the company's core pricing power and production efficiency.