- **Revenue Surge**: Q3 2025 revenue up 39% to $2.5M, driven by U.S. CGuard Prime launch and global expansion.
- **Clinical Impact**: Over 100 U.S. cases, 70k+ global stents sold, with tandem lesion study 50% enrolled.
- **Financial Strength**: 34.2% gross margin, $63.4M cash from financing, positioning for Q4 growth to $2.5-3.0M.
- **Strategic Moves**: New CMO, deliberate U.S. onboarding (12 reps, 12+ accounts), and premium pricing for broad adoption.

### CEO Summary Section
- **Revenue Growth**: Total revenue increased by 39% to $2.5 million, driven by the U.S. launch of CGuard Prime and international expansion. U.S. revenue reached $497,000 in the first quarter post-FDA approval.
- **Product Adoption**: Over 100 CGuard Prime cases performed in the U.S., with strong demand in large IDNs. Global stent sales exceeded 70,000 units, reflecting a shift to stent-first carotid intervention.
- **Clinical Momentum**: Enrollment over 50% complete in the tandem lesion study with Dr. Adnan Siddiqui. C-GUARDIANS II and III trials advancing TCAR solutions, targeting FDA clearance in mid-2027.
- **Team Expansion**: Hired Dr. Peter Soukas as Chief Medical Officer to strengthen clinical leadership and evidence-building.

### CFO Financial Commentary
- **Revenue Breakdown**: Q3 2025 revenue of $2.5 million (U.S.: $497k, International: $2.0 million). Gross margin improved to 34.2% (vs. 22.9% in Q3 2024) due to U.S. sales mix and cost leverage.
- **Financial Performance**: Net loss of $12.7 million, offset by $63.4 million in cash from a $40.1 million PIPE and $17.9 million milestone financing.
- **Outlook**: Q4 2025 revenue expected to grow sequentially to $2.5-3.0 million, with U.S. sales ramping and international stability.

### Q&A Highlights
- **Physician Feedback**: CGuard Prime praised for its balance of open/closed-cell design, reducing adverse events by 2-3x vs. first-gen stents. Priced at a modest premium to CAS/TCAR stents to enable broad adoption.
- **U.S. Launch Metrics**: 12+ sales reps activated, over a dozen accounts opened, and 100+ cases performed in 3 months. ASP strategy focuses on sustainable volume growth.
- **Sales Force Strategy**: 30+ U.S. commercial team members, with plans to scale based on Q4 2026 case volume trends.

InspireMD, Inc. (NSPR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NSPR

NSPR fundamentals

You can ask Aime