Business
InspireMD Reports Third Quarter 2022 Financial Results and Provides Business Update
- Generated 38.8% growth in CGuard™ revenue year-over-year - - Continued enrollment in the C-Guardian US IDE trial, with 24 sites currently enrolling
About this update from Inspiremd Inc.
[{"type":"text","content":"- Generated 38.8% growth in CGuard™ revenue year-over-year - - Continued enrollment in the C-Guardian US IDE trial, with 24 sites currently enrolling patients; on track to complete enrollment by approximately end of Q1 2023 - - Announced strategic partnership with NAMSA, a med tech contract research organization (CRO), to accelerate new medical device development and commercialization - --Management to Host Investor Conference Call Today, November 8th, at 8:30am ET-- TEL AVIV, Israel, Nov. 08, 2022 (GLOBE NEWSWIRE) -- InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard™ Embolic Prevention System (EPS) for treatment of carotid artery disease (CAD) and prevention of stroke today announced financial and operating results for the third quarter ended September 30, 2022. Third Quarter 2022 and Recent Highlights: CGuard revenues for the third quarter 2022 were $1,430,836, a 38.8 % increase over the same period in 2021, on 2,624 stent systems sold, as compared to 1,709 stents sold in the same period in 2021.Continued enrollment in the C-Guardian Investigational Device Exemption (IDE) Clinical Trial. The company currently has 24 trial sites enrolling patients (19 US, 5 EU) and anticipates adding two more US sites by the end of the year. The company anticipates completing enrollment by approximately end of Q1 2023, consistent with prior guidance.Professor Piotr Musialek presented at the 2022 Transcatheter Cardiovascular Therapeutics (TCT) Conference long term patient results from the ongoing CGuard Optima study establishing a new baseline of carotid stent performance.Announced strategic outsourcing partnership with NAMSA, a med tech contract research organization (CRO), to accelerate new medical device development and commercialization. Marvin Slosman, CEO of InspireMD, commented: “During the third quarter, we continued to gain share in our key European markets, contributing to nearly 40% CGuard revenue growth over the prior year period. We continue to work with our Notified Body to secure our CE Mark certification under the MDR, which currently expires November 12, while preparing our customers and distributors with sufficient inventory to mitigate as best as possible any potential delay in the recertification process. “At the same time, our U.S. IDE trial now has 24 sites enrolling patients. We continue to anticipate having the tria...