MIAMI - InspireMD, Inc. (NASDAQ:NSPR), a company specializing in stroke prevention systems, today announced the addition of Scott R. Ward to its Board of Directors. Ward, an experienced leader in the medical technology field, previously served as CEO and President of Cardiovascular Systems (NASDAQ:CSII), Inc. before its acquisition by Abbott in April 2023.
Ward brings over four decades of healthcare industry experience, including significant tenure at Medtronic (NYSE:MDT), Inc., where he held senior leadership roles. His appointment comes as InspireMD prepares for the potential U.S. approval of its CGuard Prime product, which the company anticipates could be a pivotal development.
Paul Stuka, InspireMD's Chairman of the Board, expressed confidence in Ward's ability to contribute significantly to the company, citing his extensive operational experience and proven track record in the cardiovascular sector. CEO Marvin Slosman also highlighted Ward's valuable expertise, which he believes will be instrumental in advancing InspireMD's carotid stent platform.
Ward himself expressed enthusiasm about joining the company at a transformative time, noting the compelling data supporting the efficacy of the CGuard Prime system. He anticipates that, upon U.S. approval, CGuard could become a new standard for carotid intervention and stroke prevention.
InspireMD aims to leverage its proprietary MicroNet® technology to set a new industry benchmark for carotid stenting by delivering exceptional acute results and long-term stroke-free outcomes. The company's common stock is traded on the Nasdaq under the ticker symbol NSPR.
This announcement is based on a press release statement and contains forward-looking statements regarding InspireMD's future plans and expected performance. These statements are not guarantees of future results and are subject to risks and uncertainties. Investors are advised to read company filings with the SEC for a more comprehensive understanding of these risks.
In other recent news, InspireMD has reported a 16% increase in CGuard revenue, reaching $1.81 million in the third quarter of 2024. Despite this growth, the company's net loss widened to $7.9 million, up from $5.2 million in the same period last year. The company also noted the sale of over 3,100 CGuard implants, marking a 14% growth and a double-digit market share in 30 countries.
Looking ahead, InspireMD is preparing for the U.S. launch of CGuard Prime in 2025, with expectations of significant U.S. revenue potential. The company is also developing the SwitchGuard neuroprotection system and has initiated the CGuardians 2 pivotal study for TCAR procedures.
In the meantime, InspireMD is focusing on building a U.S. commercial team and ensuring supply chain readiness. The company holds a strong cash position with $40.4 million in cash and equivalents, and its PMA application for CGuard Prime has been accepted by the FDA. These are among the recent developments shaping the company's trajectory.
InvestingPro Insights
As InspireMD, Inc. (NASDAQ:NSPR) welcomes Scott R. Ward to its Board of Directors, investors may find additional context from InvestingPro's real-time data and tips particularly relevant.
InspireMD's market capitalization stands at $75.12 million, reflecting its current position in the medical technology sector. The company's revenue growth is noteworthy, with a 24.7% increase over the last twelve months as of Q3 2024, and a 16.32% quarterly growth in Q3 2024. This growth trajectory aligns with the company's strategic moves, including the high-profile board appointment and the anticipation of potential U.S. approval for its CGuard Prime product.
However, investors should note that despite revenue growth, InspireMD faces financial challenges. An InvestingPro Tip indicates that the company is "quickly burning through cash," which is crucial information given the capital-intensive nature of medical device development and regulatory approval processes. This cash burn rate could be particularly significant as the company prepares for potential U.S. market entry.
Another InvestingPro Tip reveals that analysts do not anticipate the company will be profitable this year. This aligns with the reported operating income margin of -439.0% over the last twelve months, suggesting substantial ongoing investments in research, development, and potentially, market preparation activities.
For a more comprehensive analysis, InvestingPro offers 5 additional tips for NSPR, providing deeper insights into the company's financial health and market position. These additional tips could be valuable for investors looking to understand the full picture of InspireMD's prospects as it enters this potentially transformative period.
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