Q2 2026 InspireMD Inc Earnings Call Transcript
Key Points
- International revenue grew 21% year-over-year, driven by strong demand for the CGuard stent platform.
- The CGUARDIANS II trial for the CGuard Prime 80 platform reported outstanding 30-day results, with FDA approval expected in Q4 2026.
- The company is advancing multiple regulatory catalysts, including the original CGuard platform for CAS and the next-generation SwitchGuard neuroprotection system.
- The voluntary recall is being managed effectively, with a clear plan for design modifications and a potential earlier-than-expected market re-entry for the CGuard Prime 135 system.
- The company has taken decisive actions to reduce costs, including a 20% workforce reduction, saving approximately $9 million annually.
- Total revenue was flat year-over-year, with US revenue negatively impacted by customer credits and an inventory impairment charge related to the voluntary recall.
- Gross profit turned negative, with a gross margin of -43.7% due to recall-related credits and a $612,000 inventory impairment.
- Net loss widened to $14.3 million in Q2 2026, compared to $13.2 million in the same period last year.
- Cash and cash equivalents decreased significantly to $30.4 million from $54.2 million at the end of 2025, raising concerns about financial runway.
- The approval timeline for the original CGuard delivery system was pushed from Q3 to Q4 2026, reflecting regulatory delays.
Good morning, and welcome to InspireMD second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes. Joining us today from InspireMD are Marvin Slosman, Chief Executive Officer; and Mike Lawless, Chief Financial Officer.
During this call, management will make forward-looking statements, which are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. These forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements. More detailed information about the company and the risk factors that may affect the realization of forward-looking statements is set forth in the company's filings with the US Securities and Exchange Commission, including its annual report on Form 10-K, quarterly report on Form 10-Q, any updates in its current reports on Form 8-K as well as InspireMD's press release that accompanies this call, particularly the cautionary statements made
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