The Tel Aviv, Israel-based company reported losses of $2.5 million, on sales of $313,000 for the three months ended June 30, for a sales loss of -76.9% compared with Q2 2019.
Earnings per share were -20¢, 15¢ ahead of The Street, where analysts were looking for sales of $203,000.
“COVID-19 placed significant pressure on the operations of healthcare facilities worldwide, resulting in interruptions in elective procedure volumes, including critical carotid artery treatments. However, we are encouraged by the gradual resumption of these crucial procedures in a growing number of our key markets in Europe and other territories, and we look forward to this expansion taking hold in South America as well. We are also buoyed by the scientific validation we continue to receive in both peer-reviewed publications and opportunities to present at medical conferences where our CGuard MicroNet technology is being recognized as a valued advancement in the carotid stent category,” CEO Marvin Slosman said in a news release.
“Our expansion strategy continues to progress, with our recent Brazilian approval for CGuard MicroNet introducing us to the largest market for medical devices in Latin America and one of the top overall global markets for carotid artery disease. We believe this approval will set the stage for continued expansion into other countries in South America.”
InspireMD did not disclose its financial outlook for the rest of the year.
Shares in NSPR were up 2.65^ to 46¢ apiece before trading hours.