Business
InspireMD Announces First Quarter 2020 Financial Results
First quarter revenue growth driven by continued strong uptake of the CGuard™ Embolic Prevention System (EPS) in the company’s major markets Management to
About this update from Inspiremd Inc.
[{"type":"text","content":"First quarter revenue growth driven by continued strong uptake of the CGuard™ Embolic Prevention System (EPS) in the company’s major markets\n Management to host investor conference call today, May 12, at 8:30am ET TEL AVIV, Israel, May 12, 2020 (GLOBE NEWSWIRE) -- InspireMD, Inc. (NYSE American: NSPR), developer of the CGuard™ Embolic Prevention System (EPS) for the prevention of stroke caused by the treatment of Carotid Artery Disease (CAD), today announced financial and operating results for the first quarter ended March 31, 2020. First Quarter 2020 and recent highlights: Generated CGuard™ EPS revenue of $971,000, an increase of 158.2% compared to $376,000 in the first quarter of 2019, when the company’s previous third-party sterilizer equipment failures caused a significant interruption in sterilized product supply for the majority of the first quarter. For the third consecutive year, company was chosen to demonstrate a successful live clinical case transmission featuring CGuard™ EPS at the Leipzig Interventional Course (LINC) 2020 that showcased CGuard’s ease-of-use and exceptional patient safety features Completed all additional bench testing requested by FDA in support of the company’s pending IDE application, which the company expects to re-file in May 2020 Continued to advance plans to broaden the company’s product portfolio with procedural protection devices based on its reverse flow technology as well as develop new indications for the CGuard EPS with MicroNet. “The ongoing COVID-19 pandemic has placed unprecedented pressure on healthcare systems around the world, and we are seeing this impact on elective procedure volumes, including carotid artery disease treatments,” stated Marvin Slosman, Chief Executive Officer of InspireMD. “However, these procedures must ultimately occur to save lives, and we stand ready with our support and supply infrastructure to quickly fulfill the needs of physicians and their patients as a more normalized healthcare environment reemerges.” “I am more enthusiastic than ever about the potential of CGuard EPS – and its novel MicroNet® technology - to fundamentally disrupt the current standard of care in carotid stenosis. During the quarter, we continued to see consistent growth across all our current markets while we simultaneously worked to open new opportunities in Brazil, France, the Asia/...