InspireMD Inc. (NYSE: NSPR) reported earnings that matched expectations for the fourth quarter of 2019 while revenues missed estimates. The stock was down 5% in premarket hours on Tuesday.
Total revenue increased 23% year-over-year to $1.01 million, but fell below forecasts of $1.6 million. The growth in revenue was driven by increasing demand for CGuard in key European markets.
Net loss was $2.5 million, or $0.57 per share, compared to $2.2 million, or $2.64 per share, last year. Analysts had projected a loss of $0.57 per share.
The company generated CGuard EPS revenue of $921,000, up 31% over the prior-year period. This was partially offset by a 24% decline in sales of MGuard Prime EPS, due to a shift in preference to drug-eluting stents over bare metal stents in STEMI patients.
During the quarter, gross margin decreased to 25.6% from 27.6% last year. Total operating expenses increased 13.6% to $2.7 million, mainly due to payments related to the separation agreement with the company’s former CEO. InspireMD has appointed Marvin Slosman as the new Chief Executive Officer.
The company presented updated data from the IRONGUARD 2 study, which indicated that the use of CGuard EPS in routine clinical practice does not lead to major periprocedural and neurologic complications. InspireMD also began exploring the broadening of its product portfolio with procedural protection devices based on its reverse flow technology.
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