MIAMI - InspireMD, Inc. (NASDAQ:NSPR), a medical device company specializing in the development of stroke prevention systems with a market capitalization of $83 million, announced today that Craig Shore, the Chief Financial Officer, is set to retire following the appointment of his successor. Shore, who has been with the company for 15 years, will continue in his role until a new CFO is appointed to ensure a smooth transition. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet.
Marvin Slosman, CEO of InspireMD, acknowledged Shore's dedication to the company's growth in the field of carotid interventions. Shore expressed his belief in the company's continued success and is looking forward to his personal next chapter.
The announcement comes as InspireMD continues to focus on gaining U.S. FDA approval for its CGuard™ Embolic Prevention Stent System, which is anticipated in the first half of 2025. The company has initiated the process to find a new CFO who will contribute to its growth and investment community relations.
InspireMD is known for its proprietary MicroNet® technology, which aims to set a new standard in carotid stenting by delivering superior acute results and long-term outcomes. The company's common stock is traded on the Nasdaq under the ticker symbol NSPR.
The press release also contains forward-looking statements regarding the company's future events and financial performance. These statements are not guarantees of future performance and are subject to various risks and uncertainties. InspireMD has a history of losses and negative cash flows, and there are concerns about its ability to continue as a going concern. The company's future success depends on market acceptance of its products, regulatory approvals, and the ability to compete in a highly competitive industry.
Investors are urged to consider the detailed risk factors that may affect the realization of forward-looking statements as outlined in the company's SEC filings. This news is based on a press release statement from InspireMD, Inc.
In other recent news, InspireMD has reported noteworthy developments. The company has seen a 16% increase in CGuard revenue, reaching $1.81 million in the third quarter of 2024. However, it also experienced a net loss of $7.9 million, a rise from $5.2 million during the same period last year. The company's CGuard implants have seen a 14% growth, with over 3,100 sold, leading to a double-digit market share in 30 countries.
In addition, InspireMD has welcomed Scott R. Ward, a seasoned leader in the medical technology field, to its Board of Directors. Ward's appointment comes as the company prepares for potential U.S. approval of its CGuard Prime product.
Looking forward, InspireMD is gearing up 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. These are among the recent developments shaping the company's trajectory.
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