NSPRHIGH SIGNALFINANCIAL10-K

InspireMD shows severe deterioration in operating performance with net losses expanding 52% to $48.8M and operating cash flow declining 61% despite revenue growth.

While the company improved gross margins and raised additional capital (stockholders equity up 53%), the dramatic worsening of losses and cash burn indicates serious operational inefficiencies or increased expenses that are outpacing revenue growth. The 53% decline in cash position to $8.9M combined with $35M annual cash burn raises immediate liquidity concerns for this medical device company.

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FINANCIAL ANALYSIS

InspireMD presents a mixed but concerning financial picture - while gross profit improved 76% to $2.6M indicating better operational efficiency, this was completely overwhelmed by expense increases that drove net losses up 52% to $48.8M and operating cash flow down 61% to -$35.1M. The company appears to have raised significant capital (stockholders equity up 53% and current assets up 52%), but with cash declining 53% to just $8.9M against a $35M annual burn rate, the improved balance sheet strength may not provide sufficient runway without immediate operational improvements or additional financing.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
-83.5%
$721K→$119K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Gross Profit
P&L
+75.9%
$1.5M→$2.6M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Operating Cash Flow
Cash Flow
-60.5%
-$21.9M→-$35.1M

Operating cash flow fell 60.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Stockholders Equity
Balance Sheet
+53%
$36.1M→$55.2M

Equity base grew 53% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
-52.7%
$18.9M→$8.9M

Cash declined 52.7% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Net Income
P&L
-52.4%
-$32.0M→-$48.8M

Net income declined 52.4% — review whether driven by operations, interest costs, or non-recurring items.

Current Assets
Balance Sheet
+51.7%
$40.5M→$61.5M

Current assets grew 51.7% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+48.3%
$46.8M→$69.4M

Asset base grew 48.3% — expansion through organic growth, acquisitions, or capital deployment.

Operating Income
P&L
-48.1%
-$33.5M→-$49.6M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Current Liabilities
Balance Sheet
+39.5%
$7.7M→$10.7M

Current liabilities surged 39.5% — significant near-term obligations; verify ability to meet short-term debt.

LANGUAGE CHANGES
NEW — 2026-03-18
PRIOR — 2025-03-12
ADDED
Management s Discussion and Analysis of Financial Condition 73 Item 7A.
81 2 INTRODUCTION InspireMD, the InspireMD logo, CGuard, CGuard Prime, MicroNet, SwitchGuard, and our other registered or common law trade names, trademarks or service marks appearing in this Annual Report on Form 10-K are our property.
Trade names, trademarks and service marks of other companies appearing in this Annual Report on Form 10-K are the property of their respective owners.
We do not intend our use or display of other companies trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, these other companies unless otherwise stated.
Solely for convenience, the trademarks and tradenames referred to in this Annual Report on Form 10-K appear without the and symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor to these trademarks and tradenames.
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REMOVED
Management s Discussion and Analysis of Financial Condition 63 Item 7A.
All information in this Annual Report on Form 10-K relating to shares or price per share reflects the 1-for-15 reverse stock split effected by us on April 26, 2021.
4 PART I In this Annual Report on Form 10-K, unless the context requires otherwise, the terms we, our, us, or the Company refer to InspireMD, Inc., a Delaware corporation, and its subsidiaries, including InspireMD Ltd., taken as a whole.
Overview We are a medical device company focusing on the development and commercialization of products for the treatment of carotid artery disease and other vascular disease, including our proprietary CGuard stent platform.
A stent is an expandable scaffold-like device, usually constructed of a metallic material, that is inserted into the lumen of an artery to create patency and improved blood flow.
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