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	$1.17
SO	46.8M
Options	—
Warrants	25.8M
FD SO	72.7M
MC	$85.0M

Cash	$11.4M
Total debt	$5.0M
EV	$78.7M

TTM Multiples
EV / Revenue	7.3x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

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.

Some dilution data missing — FD SO falls back to available figures.

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	6.1	73.5	51.0
Basic Avg Shares	83.8	6.1	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%

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
Receivables	2.38	2.17	1.96	1.59
Inventory	3.04	3.40	3.61	3.05
Total Current Assets	48.59	61.47	70.39	25.46

Net PPE	3.65	3.58	3.40	3.10
Total Assets	56.47	69.40	78.47	33.34

Total Current Liabilities	9.44	10.71	10.82	9.07
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
Receivables	2.38	2.17	1.57	1.80	1.03
Inventory	3.04	3.40	2.57	2.11	1.62
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
Total Assets	56.47	69.40	46.81	47.64	24.65

Total Current Liabilities	9.44	10.71	7.68	6.02	5.07
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
Operating Cash Flow	(12.34)	(9.35)	(8.63)	(8.33)

CapEx	(0.19)	(0.40)	(0.33)	(0.58)
Investing Cash Flow	14.78	(45.13)	7.55	5.32

Stock Issuance	—	(37.71)	38.02	0.19
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
Operating Cash Flow	(38.65)	(35.10)	(21.87)	(16.38)	(15.54)

CapEx	(1.50)	(1.66)	(1.40)	(0.38)	(0.47)
Investing Cash Flow	(17.48)	(30.56)	12.64	(16.09)	8.44

Stock Issuance	—	1.00	1.00	—	—
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