NSPR · InspireMD, Inc.
InspireMD, Inc., a medical device company, focuses on the development and commercialization of products for the treatment of carotid artery disease and other vascular conditions in the United States, Germany, Italy, Russia, Poland, and internationally. It offers MicroNet, a biocompatible polymer mesh material for medical implants, as well as for treating plaque prolapse and embolization; CGuard carotid embolic prevention system (EPS) for use in carotid artery applications; CGuard Prime Carotid Stent System; and SwitchGuard neuroprotection system to provide flow reversal of cerebral protection in carotid interventions, as well as treating acute stroke with tandem lesions. The company was founded in 2005 and is headquartered in Miami, Florida.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $0.71 |
| SO | 46.8M |
| Options | 0.0M |
| Warrants | 25.8M |
| FD SO | 72.7M |
| MC | $52.0M |
| Cash | $11.4M |
| Total debt | — |
| EV | $40.6M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 3.7x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 48.7% |
| Insiders | 19.8% |
| # Institutions | 37 |
| Analysts | 3 |
| Consensus | — |
| Avg target | $3.67 |
| Short % float | 0.2% |
| Days to cover | 0.53 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-07. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 3.40 | 3.15 | 2.52 | 1.78 |
| Revenue YoY % | 122.2% | 61.6% | 39.4% | 2.2% |
| Cost of Revenue | 2.71 | 1.97 | 1.66 | 1.47 |
| Gross Profit | 0.69 | 1.18 | 0.86 | 0.31 |
| Gross Profit YoY % | 135.3% | 151.6% | 108.7% | (5.4%) |
| Gross Margin % | 20.2% | 37.5% | 34.2% | 17.6% |
| SG&A | 9.90 | 9.79 | 10.28 | 9.50 |
| R&D | 4.76 | 3.48 | 3.63 | 3.83 |
| Operating Expense | 14.66 | 13.26 | 13.91 | 13.33 |
| Operating Income | (13.98) | (12.08) | (13.05) | (13.02) |
| Operating Income YoY % | (22.0%) | (29.0%) | (54.2%) | (57.6%) |
| Operating Margin % | (411.4%) | (383.7%) | (517.3%) | (732.2%) |
| EBITDA | (13.83) | (11.94) | (12.92) | (12.91) |
| EBITDA Margin % | (407.0%) | (379.2%) | (512.2%) | (726.2%) |
| Pretax Income | (13.69) | (11.76) | (12.71) | (13.15) |
| Net Income | (13.69) | (11.76) | (12.71) | (13.15) |
| Net Margin % | (402.9%) | (373.5%) | (503.7%) | (739.7%) |
| Diluted EPS | -$0.16 | -$0.12 | -$0.17 | -$0.26 |
| Basic EPS | -$0.16 | -$0.12 | -$0.17 | -$0.26 |
| Diluted Avg Shares | 83.8 | — | 73.5 | 51.0 |
| Basic Avg Shares | 83.8 | — | 73.5 | 51.0 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 10.85 | 8.98 | 7.01 | 6.21 | 5.17 |
| Revenue YoY % | 20.8% | 28.1% | 13.0% | 20.0% | — |
| Cost of Revenue | 7.80 | 6.33 | 5.50 | 4.40 | 4.05 |
| Gross Profit | 3.04 | 2.65 | 1.51 | 1.81 | 1.12 |
| Gross Profit YoY % | 14.9% | 75.9% | (16.7%) | 61.8% | — |
| Gross Margin % | 28.1% | 29.5% | 21.5% | 29.1% | 21.6% |
| SG&A | 39.47 | 37.26 | 21.38 | 14.97 | 12.02 |
| R&D | 15.71 | 15.00 | 13.63 | 7.98 | 7.81 |
| Operating Expense | 55.18 | 52.26 | 35.01 | 22.95 | 19.83 |
| Operating Income | (52.13) | (49.61) | (33.50) | (21.14) | (18.71) |
| Operating Income YoY % | (5.1%) | (48.1%) | (58.5%) | (13.0%) | — |
| Operating Margin % | (480.6%) | (552.6%) | (478.0%) | (340.7%) | (361.9%) |
| EBITDA | (51.60) | 426.39 | 246.50 | 210.86 | 169.29 |
| EBITDA Margin % | (475.7%) | 4748.7% | 3516.9% | 3398.2% | 3273.8% |
| Other Income / (Expense) | 0.82 | 0.89 | 1.56 | 1.29 | — |
| Pretax Income | (51.31) | (48.73) | (31.95) | (19.85) | (18.46) |
| Tax Provision | — | 0.06 | 0.06 | 0.07 | 0.03 |
| Net Income | (51.31) | (48.79) | (32.01) | (19.92) | (18.49) |
| Net Margin % | (473.0%) | (543.4%) | (456.6%) | (321.0%) | (357.6%) |
| Diluted EPS | -$0.71 | -$0.76 | -$0.76 | -$0.82 | -$2.35 |
| Basic EPS | -$0.71 | -$0.76 | -$0.76 | -$0.82 | -$2.35 |
| Diluted Avg Shares | 83.8 | 64.3 | 41.9 | 24.3 | 7.9 |
| Basic Avg Shares | 83.8 | 64.3 | 41.9 | 24.3 | 7.9 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 11.36 | 8.94 | 63.40 | 11.51 |
| Short-term Investments | 30.21 | 45.27 | — | 7.87 |
| Receivables | 2.38 | 2.17 | 1.96 | 1.59 |
| Inventory | 3.04 | 3.40 | 3.61 | 3.05 |
| Other Current Assets | 1.61 | 1.70 | 1.42 | 1.44 |
| Total Current Assets | 48.59 | 61.47 | 70.39 | 25.46 |
| Net PPE | 3.65 | 3.58 | 3.40 | 3.10 |
| Operating Lease ROU | 2.60 | 2.76 | 2.92 | 3.07 |
| Other Assets | 1.63 | 1.59 | 1.76 | 1.71 |
| Total Assets | 56.47 | 69.40 | 78.47 | 33.34 |
| Current Lease Liabilities | — | 1.07 | — | — |
| Other Current Liabilities | 9.44 | 9.65 | 10.82 | 9.07 |
| Total Current Liabilities | 9.44 | 10.71 | 10.82 | 9.07 |
| Long-term Lease Liabilities | 2.04 | 2.22 | 2.37 | 2.51 |
| Other Liabilities | 1.37 | 1.27 | 1.18 | 1.52 |
| Total Liabilities | 12.85 | 14.20 | 14.36 | 13.10 |
| Retained Earnings | (315.98) | (302.29) | (290.53) | (277.82) |
| Total Equity | 43.62 | 55.20 | 64.11 | 20.24 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 11.36 | 8.94 | 18.92 | 9.64 | 4.63 |
| Short-term Investments | 30.21 | 45.27 | 15.72 | 29.38 | — |
| Receivables | 2.38 | 2.17 | 1.57 | 1.80 | 1.03 |
| Inventory | 3.04 | 3.40 | 2.57 | 2.11 | 1.62 |
| Other Current Assets | 1.61 | 1.70 | 1.74 | 1.23 | 14.04 |
| Total Current Assets | 48.59 | 61.47 | 40.52 | 44.16 | 21.33 |
| Net PPE | 3.65 | 3.58 | 2.37 | 1.06 | 0.92 |
| Operating Lease ROU | 2.60 | 2.76 | 2.36 | 1.47 | 1.55 |
| Other Assets | 1.63 | 1.59 | 1.55 | 0.95 | 0.86 |
| Total Assets | 56.47 | 69.40 | 46.81 | 47.64 | 24.65 |
| Current Lease Liabilities | — | 1.07 | 0.54 | 0.56 | 0.42 |
| Other Current Liabilities | 9.44 | 9.65 | 7.14 | 5.46 | 4.65 |
| Total Current Liabilities | 9.44 | 10.71 | 7.68 | 6.02 | 5.07 |
| Long-term Lease Liabilities | 2.04 | 2.22 | 1.80 | 1.04 | 1.20 |
| Other Liabilities | 1.37 | 1.27 | 1.25 | 1.08 | 0.99 |
| Total Liabilities | 12.85 | 14.20 | 10.72 | 8.14 | 7.26 |
| Retained Earnings | (315.98) | (302.29) | (253.51) | (221.50) | (201.59) |
| Total Equity | 43.62 | 55.20 | 36.09 | 39.50 | 17.39 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (13.69) | (11.76) | (12.71) | (13.15) |
| D&A | 0.15 | 0.14 | 0.13 | 0.11 |
| Stock-Based Comp | 2.10 | 2.85 | 3.54 | 3.21 |
| Δ Working Cap & Other | (0.90) | (0.57) | 0.40 | 1.50 |
| Operating Cash Flow | (12.34) | (9.35) | (8.63) | (8.33) |
| CapEx | (0.19) | (0.40) | (0.33) | (0.58) |
| Other Investing | 14.97 | (44.74) | 7.88 | 5.90 |
| Investing Cash Flow | 14.78 | (45.13) | 7.55 | 5.32 |
| Stock Issuance | — | (37.71) | 38.02 | 0.19 |
| Other Financing | — | 37.71 | 14.91 | 1.95 |
| Financing Cash Flow | — | 0.00 | 52.93 | 2.14 |
| Free Cash Flow | (12.53) | (9.74) | (8.96) | (8.91) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (51.31) | (48.79) | (32.01) | (19.92) | (18.49) |
| D&A | 0.53 | 476.00 | 280.00 | 232.00 | 188.00 |
| Stock-Based Comp | 11.71 | 12.33 | 10.14 | 4.49 | 2.35 |
| Δ Working Cap & Other | 0.43 | (474.65) | (280.00) | (232.95) | (187.40) |
| Operating Cash Flow | (38.65) | (35.10) | (21.87) | (16.38) | (15.54) |
| CapEx | (1.50) | (1.66) | (1.40) | (0.38) | (0.47) |
| Other Investing | (15.99) | (28.90) | 14.04 | (15.71) | 8.91 |
| Investing Cash Flow | (17.48) | (30.56) | 12.64 | (16.09) | 8.44 |
| Stock Issuance | — | 1.00 | 1.00 | — | — |
| Other Financing | — | 54.57 | 17.45 | 37.53 | — |
| Financing Cash Flow | — | 55.57 | 18.45 | 37.53 | (0.14) |
| Free Cash Flow | (40.15) | (36.77) | (23.27) | (16.76) | (16.02) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 5.15 | 5.74 | 6.51 | 2.81 |
| Quick Ratio | 4.82 | 5.42 | 6.17 | 2.47 |
| Debt / Equity | 0.29 | 0.26 | 0.22 | 0.65 |
| EBITDA Margin % | (407.0%) | (379.2%) | (512.2%) | (726.2%) |
| Working Capital | 39.15 | 50.76 | 59.58 | 16.39 |
| Net Debt | — | — | — | — |
| ROE % | (31.4%) | (21.3%) | (19.8%) | (65.0%) |
| ROA % | (24.2%) | (16.9%) | (16.2%) | (39.4%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 5.15 | 5.74 | 5.28 | 7.34 | 4.21 |
| Quick Ratio | 4.82 | 5.42 | 4.94 | 6.99 | 3.89 |
| Debt / Equity | 0.29 | 0.26 | 0.30 | 0.21 | 0.42 |
| EBITDA Margin % | (475.7%) | 4748.7% | 3516.9% | 3398.2% | 3273.8% |
| Working Capital | 39.15 | 50.76 | 32.84 | 38.14 | 16.26 |
| Net Debt | — | — | — | — | — |
| ROE % | (117.6%) | (88.4%) | (88.7%) | (50.4%) | (106.3%) |
| ROA % | (90.9%) | (70.3%) | (68.4%) | (41.8%) | (75.0%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-13 | Slosman Marvin | Director, Officer (CEO and President) | 2026-05-12 | P | 21,000 | $1.20 | $25,200 |
| 2026-05-13 | Stuka Paul | Director | 2026-05-11 | P | 10,000 | $1.19 | $11,900 |
| 2026-05-13 | Stuka Paul | Director | 2026-05-08 | P | 65,626 | $1.16 | $76,126 |
| 2026-05-12 | Stuka Paul | Director | 2026-05-11 | P | 10,000 | $1.19 | $11,900 |
| 2026-05-12 | Stuka Paul | Director | 2026-05-08 | P | 65,626 | $1.16 | $76,126 |
| 2026-05-08 | Ward Scott R. | Director | 2026-05-07 | P | 73,255 | $1.15 | $84,243 |
| 2026-05-08 | Stuka Paul | Director | 2026-05-07 | P | 6,378 | $1.15 | $7,335 |
| 2026-05-08 | ROUBIN GARY S | Director | 2026-05-07 | P | 90,000 | $1.18 | $106,200 |
| 2026-05-08 | Ward Scott R. | Director | 2026-05-06 | P | 15,995 | $1.15 | $18,394 |
| 2026-05-08 | Stuka Paul | Director | 2026-05-06 | P | 1,517 | $1.12 | $1,699 |
| 2026-02-23 | Stuka Paul | Director | 2025-12-09 | P | 2,710 | $1.81 | $4,905 |
| 2026-02-02 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2026-02-02 | S | (2,000) | $1.60 | -$3,208 |
| 2026-02-02 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2026-01-30 | S | (2,900) | $1.63 | -$4,730 |
| 2026-02-02 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2026-01-29 | S | (5,000) | $1.65 | -$8,250 |
| 2026-02-02 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2026-01-28 | S | (12,395) | $1.65 | -$20,464 |
| 2026-02-02 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2026-01-27 | S | (4,781) | $1.66 | -$7,956 |
| 2026-02-02 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2026-01-22 | S | (8,411) | $1.57 | -$13,239 |
| 2026-02-02 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2026-01-21 | S | (17,593) | $1.62 | -$28,553 |
| 2026-02-02 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2026-01-20 | S | (2,955) | $1.59 | -$4,710 |
| 2026-02-02 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2026-01-16 | S | (2,250) | $1.61 | -$3,627 |
| 2026-02-02 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2026-01-15 | S | (2,909) | $1.58 | -$4,593 |
| 2026-01-16 | Ward Scott R. | Director | 2026-01-14 | A | 88,053 | — | $0 |
| 2026-01-16 | Tommasoli Andrea | Officer (Chief Operating Officer) | 2026-01-14 | A | 226,695 | — | $0 |
| 2026-01-16 | Stuka Paul | Director | 2026-01-14 | A | 132,076 | — | $0 |
| 2026-01-16 | Slosman Marvin | Director, Officer (CEO and President) | 2026-01-14 | A | 1,114,792 | — | $0 |
| 2026-01-16 | ROUBIN GARY S | Director | 2026-01-14 | A | 88,053 | — | $0 |
| 2026-01-16 | Lawless Michael A | Officer (Chief Financial Officer) | 2026-01-14 | A | 226,695 | — | $0 |
| 2026-01-16 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2026-01-14 | A | 453,390 | — | $0 |
| 2026-01-16 | Dearen Danny L. | Director | 2026-01-14 | A | 44,030 | — | $0 |
| 2026-01-16 | COHEN RAYMOND W | Director | 2026-01-14 | A | 44,030 | — | $0 |
| 2026-01-16 | BERMAN MICHAEL | Director | 2026-01-14 | A | 88,053 | — | $0 |
| 2025-12-31 | Arnold Kathryn | Director | 2025-12-30 | A | 55,556 | — | $0 |
| 2025-12-31 | Arnold Kathryn | Director | 2025-12-30 | A | 26,276 | — | $0 |
| 2025-12-11 | Stuka Paul | Director | 2025-12-09 | P | 5,073 | $1.81 | $9,182 |
| 2025-12-08 | Stuka Paul | Director | 2025-12-05 | P | 5,073 | $1.86 | $9,436 |
| 2025-12-05 | Stuka Paul | Director | 2025-12-04 | P | 10,130 | $1.85 | $18,740 |
| 2025-11-13 | Stuka Paul | Director | 2025-11-12 | P | 13,431 | $1.62 | $21,758 |
| 2025-10-09 | ROUBIN GARY S | Director | 2025-10-07 | A | 48,000 | — | $0 |
| 2025-09-17 | Kester Thomas J | Director | 2025-09-15 | A | 37,815 | — | $0 |
| 2025-09-17 | Kester Thomas J | Director | 2025-09-15 | A | 19,041 | — | $0 |
| 2025-08-01 | ROUBIN GARY S | Director | 2025-07-30 | P | 41,322 | $2.42 | $99,999 |
| 2025-08-01 | Kester Thomas J | Director | 2025-07-30 | P | 30,991 | $2.42 | $74,998 |
| 2025-08-01 | Slosman Marvin | Director, Officer (CEO and President) | 2025-07-30 | P | 10,330 | $2.42 | $24,999 |
| 2025-08-01 | Stuka Paul | Director | 2025-07-30 | P | 20,661 | $2.42 | $50,000 |
| 2025-07-23 | Kester Thomas J | Director | 2025-07-11 | X | 30,624 | $1.38 | $42,344 |
| 2025-07-23 | Kester Thomas J | Director | 2025-07-11 | X | (30,624) | — | $-0 |
| 2025-07-23 | Stuka Paul | Director | 2025-07-01 | X | 87,500 | $1.38 | $120,986 |
| 2025-07-23 | Stuka Paul | Director | 2025-07-01 | X | (87,500) | — | $-0 |
| 2025-07-23 | BERMAN MICHAEL | Director | 2025-06-29 | X | 61,248 | $1.38 | $84,688 |
| 2025-07-23 | BERMAN MICHAEL | Director | 2025-06-29 | X | (61,248) | — | $-0 |
| 2025-07-23 | ROUBIN GARY S | Director | 2025-06-25 | X | 30,624 | $1.38 | $42,344 |
| 2025-07-23 | ROUBIN GARY S | Director | 2025-06-25 | X | (30,624) | — | $-0 |
| 2025-01-10 | Tommasoli Andrea | Officer (Chief Operating Officer) | 2025-01-07 | A | 232,616 | — | $0 |
| 2025-01-10 | Tommasoli Andrea | Officer (Chief Operating Officer) | 2025-01-07 | A | 106,218 | — | $0 |
| 2025-01-10 | Kester Thomas J | Director | 2025-01-07 | A | 32,491 | — | $0 |
| 2025-01-10 | Kester Thomas J | Director | 2025-01-07 | A | 14,836 | — | $0 |
| 2025-01-10 | Ward Scott R. | Director | 2025-01-07 | A | 16,245 | — | $0 |
| 2025-01-10 | Ward Scott R. | Director | 2025-01-07 | A | 7,418 | — | $0 |
| 2025-01-10 | ROUBIN GARY S | Director | 2025-01-07 | A | 32,491 | — | $0 |
| 2025-01-10 | ROUBIN GARY S | Director | 2025-01-07 | A | 14,836 | — | $0 |
| 2025-01-10 | Slosman Marvin | Director, Officer (CEO and President) | 2025-01-07 | A | 558,417 | — | $0 |
| 2025-01-10 | Slosman Marvin | Director, Officer (CEO and President) | 2025-01-07 | A | 254,985 | — | $0 |
| 2025-01-10 | Arnold Kathryn | Director | 2025-01-07 | A | 32,491 | — | $0 |
| 2025-01-10 | Arnold Kathryn | Director | 2025-01-07 | A | 14,836 | — | $0 |
| 2025-01-10 | Verta Patrick | Officer (EVP Clinical/Medical Affairs) | 2025-01-07 | A | 83,072 | — | $0 |
| 2025-01-10 | Verta Patrick | Officer (EVP Clinical/Medical Affairs) | 2025-01-07 | A | 37,933 | — | $0 |
| 2025-01-10 | Stuka Paul | Director | 2025-01-07 | A | 48,736 | — | $0 |
| 2025-01-10 | Stuka Paul | Director | 2025-01-07 | A | 22,254 | — | $0 |
| 2025-01-10 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2025-01-07 | A | 232,616 | — | $0 |
| 2025-01-10 | Gleason Shane Thomas | Officer (Chief Commercial Officer) | 2025-01-07 | A | 106,218 | — | $0 |
| 2025-01-10 | BERMAN MICHAEL | Director | 2025-01-07 | A | 32,491 | — | $0 |
| 2025-01-10 | BERMAN MICHAEL | Director | 2025-01-07 | A | 14,836 | — | $0 |
| 2025-01-10 | Shore Craig | Officer (CFO and CAO) | 2025-01-07 | A | 232,616 | — | $0 |
| 2025-01-10 | Shore Craig | Officer (CFO and CAO) | 2025-01-07 | A | 106,218 | — | $0 |
| 2024-06-26 | BERMAN MICHAEL | Director | 2024-06-24 | X | 61,249 | $1.38 | $84,689 |
| 2024-06-26 | BERMAN MICHAEL | Director | 2024-06-24 | X | (61,249) | — | $-0 |
| 2024-06-25 | Kester Thomas J | Director | 2024-05-28 | X | 30,625 | $1.38 | $42,345 |
| 2024-06-25 | Kester Thomas J | Director | 2024-05-28 | X | (30,625) | — | $-0 |
| 2024-06-07 | Stuka Paul | Director | 2024-06-05 | X | 87,500 | $1.38 | $120,986 |
| 2024-06-07 | Stuka Paul | Director | 2024-06-05 | X | (87,500) | — | $-0 |
| 2024-05-30 | ROUBIN GARY S | Director | 2024-05-28 | X | 30,625 | $1.38 | $42,345 |
| 2024-05-30 | ROUBIN GARY S | Director | 2024-05-28 | X | (30,625) | — | $-0 |