InspireMD, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showing a revenue increase but continued net losses. For the three months ended September 30, 2024, revenues reached $1,810,000, a 16.3% increase from $1,556,000 in the same period of 2023. For the nine months, revenues totaled $5,060,000, up 13.9% from $4,444,000 year-over-year. This growth was attributed to increased sales in Europe, Asia, and the Middle East, although there was a decline in the U.S. market.

Despite the revenue growth, the company faced significant challenges with operating expenses. Total operating expenses for the third quarter rose to $8,876,000, compared to $6,077,000 in the prior year, leading to a loss from operations of $(8,462,000) for the quarter, up from $(5,639,000) in 2023. For the nine-month period, the loss from operations was $(24,136,000), compared to $(15,335,000) in the previous year. The net loss for the third quarter was $(7,890,000), a 52.4% increase from $(5,178,000) in 2023, while the nine-month net loss increased to $(22,831,000) from $(14,511,000).

The company’s financial position showed improvements in liquidity, with cash and cash equivalents increasing to $15,818,000 as of September 30, 2024, up from $9,640,000 at the end of 2023. Total assets also rose to $50,481,000 from $47,643,000. However, InspireMD continues to report an accumulated deficit of $244,332,000, raising concerns about its ability to sustain operations without additional funding.

Strategically, InspireMD is focused on the commercialization of its CGuard™ EPS product, which combines MicroNet technology with a self-expandable stent for carotid artery disease treatment. The company has expanded its market presence, launching CGuard EPS in over 30 countries and recently receiving CE mark recertification. Additionally, the company is seeking strategic partnerships for potential launches in Japan and other Asian markets.

Operationally, InspireMD has faced challenges due to the ongoing conflict in Israel, where its manufacturing facility is located. While operations have not been significantly disrupted, the situation poses risks that could impact future performance. The company has also initiated a new lease for its global headquarters in Miami, Florida, to support its U.S. operations.

In summary, while InspireMD has achieved revenue growth, it continues to face substantial losses and liquidity challenges, necessitating ongoing efforts to secure additional capital and navigate operational risks.