InspireMD Q2 2026 Earnings: Revenue Misses $1.77 Million Estimate

Quick Verdict

InspireMD reported a Q2 2026 net loss of $0.17 per share, narrowly beating the expected $0.18 loss, while revenue of $1.77 million missed the $2.54 million consensus forecast. Shares traded lower after the release, reflecting the revenue shortfall and the ongoing U.S. CGuard Prime delivery-system recall.

About InspireMD

InspireMD, Inc. (Nasdaq: NSPR) is a Miami, Florida-headquartered medical-device company that develops and commercializes products for carotid artery disease and other vascular conditions. Founded in 2005, the company’s core technology is its proprietary MicroNet mesh platform, which is incorporated into the CGuard carotid stent system designed to help prevent stroke during carotid interventions.

As of the August 17, 2026 market session, InspireMD’s market capitalization was approximately $42.76 million. The company had no meaningful positive P/E ratio because it remains loss-making, and it did not report a dividend yield. NSPR traded near $0.91, down about 7.06% intraday in the cited market snapshot. A separate market-data source placed the market capitalization around $44.06 million and cited a negative P/E ratio of -1.36.

The company’s near-term investment case is highly dependent on regulatory progress for its CGuard Prime 80 cm stent for transcarotid artery revascularization (TCAR), the original CGuard system for traditional carotid artery stenting (CAS), and the redesign and eventual U.S. re-launch of its voluntarily recalled CGuard Prime 135 cm delivery system. The company said it expects FDA decisions on its pending TCAR and CAS submissions later in 2026, while a submission for the redesigned 135 cm system is anticipated before year-end.

Top Financial Highlights

1. Total Q2 2026 revenue was $1.771 million, down 0.4% from $1.778 million in Q2 2025.
2. Reported net loss was $14.324 million, versus a $13.151 million loss in the prior-year quarter.
3. Basic and diluted loss per share improved to $0.17, from a loss of $0.26 per share a year earlier, primarily reflecting a higher weighted-average share count.
4. Revenue fell approximately 30.3% short of the reported analyst revenue expectation of $2.54 million.
5. The adjusted loss per share beat the reported $0.18 analyst-loss estimate by $0.01.
6. International revenue rose 21% year over year to $2.122 million, compared with $1.751 million in Q2 2025.
7. U.S. revenue was negative $351,000, compared with positive $27,000 in Q2 2025. The negative amount reflected $734,000 in customer credits related to the voluntary U.S. recall of the CGuard Prime 135 cm delivery system.
8. Gross loss was $774,000, compared with gross profit of $313,000 in Q2 2025. The reported gross margin was therefore approximately -43.7%, versus positive 17.6% a year earlier.
9. The gross loss included a $612,000 inventory-impairment charge and the $734,000 recall-related customer credits.
10. Non-GAAP adjusted gross profit, excluding the inventory impairment and customer credits, was $572,000, equivalent to an adjusted gross margin of roughly 32.3%.
11. Total operating expenses increased 2.5% to $13.671 million, from $13.332 million.
12. Research and development expense was $4.295 million, selling and marketing expense was $5.221 million, and general and administrative expense was $4.155 million.
13. Financial income, net, was $121,000, compared with net financial expense of $132,000 in Q2 2025.
14. Cash, cash equivalents, and marketable securities totaled $30.421 million at June 30, 2026, down from $54.211 million at December 31, 2025.
15. Management initiated post-quarter cost-saving actions expected to generate approximately $9 million of annual savings; it did not provide formal revenue or EPS guidance for the next quarter or full year.

Inspire Medical Raises 2026 Outlook

(Source: zacks.com)

• The chart indicates a clear divergence between Inspire Medical Systems’ share price performance and its forward EPS expectations. The stock price reached above $300 during 2023 before entering a prolonged downward trend, falling sharply through 2025 and 2026 to approximately $52.22. This decline suggests that investor sentiment has weakened considerably, despite the company continuing to maintain positive earnings expectations for future years.
• The EPS consensus shows a gradual recovery across the forecast period. Current estimates shown on the chart are around $0.93, $1.32, and $1.92 for selected forward years, indicating expectations for improving profitability. Several positive EPS surprises are also visible historically, although the frequency and magnitude appear mixed.
• Overall, the chart suggests that earnings expectations remain constructive, while the stock valuation has experienced significant pressure, indicating that investors may be factoring in slower growth, execution risks, or concerns about future operating performance.

Beat or Miss?

The quarter illustrates the split between underlying international demand and the near-term disruption in the United States. International sales expanded, but recall-related customer credits, inventory impairment, and the temporary interruption to the U.S. commercial launch caused a sharp deterioration in reported gross profit and left total revenue below consensus expectations.

What Leadership Is Saying

“Following the end of the second quarter, we executed a series of steps designed to consolidate resources and better align our global operations with our near-term commercial and regulatory priorities, including streamlining our commercial organization to more effectively support our anticipated U.S. platform re-launch.”
— Marvin Slosman, Chief Executive Officer

“We continue to engage in a productive dialogue with FDA regarding our pending regulatory submissions for our CGuard Prime 80 cm implant for TCAR procedures, as well as our original CGuard platform for traditional carotid stenting procedures. We continue to anticipate FDA decisions on both products later this year.”
— Marvin Slosman, Chief Executive Officer

InspireMD’s release did not include a distinct CFO quotation. Financial commentary in the release instead came through management’s reported results, including the recall-linked charges, increased operating expenses, liquidity position, and planned cost reductions. The company identified operating-expense pressure from U.S. commercial headcount, clinical activity, and regulatory development for SwitchGuard NPS and CGuard Prime 80 cm.

Historical Performance

The apparent contradiction between a wider net loss and a narrower per-share loss is explained by dilution: weighted-average shares used in the EPS calculation increased to about 84.66 million in Q2 2026 from about 51.00 million in Q2 2025.

Competitor Comparison

A direct Q2 2026 financial comparison with named carotid-stenting competitors is not available from InspireMD’s earnings release, which does not disclose competitor quarterly revenue, net income, or operating expenses. The table below therefore compares the company’s two principal reported commercial geographies rather than presenting unsupported competitor figures.

For competitive positioning, the crucial operating indicators are not yet revenue-scale comparisons but regulatory milestones and clinical evidence. InspireMD reported 100% acute device success in 50 patients in its CGUARDIANS II trial of the CGuard Prime 80 cm implant for TCAR, with no deaths, strokes, myocardial infarctions, or stent thrombosis reported within 30 days. These trial results are preliminary clinical and operational indicators, not a substitute for competitor revenue comparisons or commercial-market-share data.

How the Market Reacted?

The immediate response appeared negative. Market data cited NSPR at about $0.91, down $0.07, or 7.06%, during the August 17 session, while another report described shares as having closed at $0.98 and noted substantial prior weakness, including a decline of roughly 60.56% over the preceding 12 months.

The market’s reaction is consistent with a mixed report: InspireMD delivered a modest EPS beat and strong international growth, but revenue missed expectations materially, and U.S. results were distorted by the voluntary recall. Investors appear focused on whether the company can secure anticipated FDA decisions later in 2026, complete the redesigned 135 cm delivery-system submission before year-end, and translate its approximately $9 million annual cost-reduction initiative into a more durable cash runway.