The following is a summary of the InspireMD Inc. (NSPR) Q4 2023 Earnings Call Transcript:
Financial Performance:
InspireMD reported Q4 revenue increase of 71.6% to $1.76 million, significantly driven by the recertification of the CE mark and growth in both existing and new markets.
Gross profit grew by 155.1% to $505,000, with the gross margin increasing from 19.3% in Q4 2022 to 28.7% in Q4 2023.
Operating expenses escalated 23% to $6.3 million, mainly attributed to increased salaries and share-based compensation.
The financial income for Q4 2023 showed a 293% increase at $468,000 because of higher interest income from investments in marketable securities, money market funds, and short-term bank deposits.
There was a recorded net loss of $5.4 million or $0.16 per share, higher than the net loss of $4.8 million or $0.60 per share in Q4 2022.
Cash and equivalents stood at $39 million as of December 31, 2023, showing an improvement from the $17.8 million in the previous year.
Business Progress:
InspireMD is on track to report 1-year primary endpoint results from the C-GUARDIANS trial in the first half of 2024, with a target to achieve potential U.S. approval and commercialization by 2025's first half.
InspireMD is also planning to introduce CGuard Prime and SwitchGuard into the European market in 2024 after receiving CE Mark certification under MDR.
The company's commercial infrastructure development strategy aims at having 60 full-time direct sales representatives over a span of 2 years post-FDA approval.
The FDA also approved a feasibility study for the usage of CGuard Prime for severe carotid stenosis or occlusion, which is a significant milestone.
The company is also planning a step-up in R&D activities related to the EFS and the SwitchGuard C-GUARDIANS II trial during the initial few quarters before it levels off.
More details: InspireMD IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.