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InspireMD, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $1,810,000 from $1,556,000 in the same quarter the previous year. This increase was primarily driven by growth in existing and new markets.
Gross profit for the quarter decreased to $414,000 from $438,000 in the previous year, with the decline attributed to increased material and labor costs.
Research and development expenses rose significantly to $3,915,000 from $2,110,000, primarily due to increased expenses related to the development and regulatory approval process of the SwitchGuard NPS.
Selling and marketing expenses increased to $1,472,000 from $876,000, mainly due to the expansion of the U.S. commercial infrastructure.
General and administrative expenses also increased to $3,489,000 from $3,091,000, driven by higher compensation expenses.
Net loss for the quarter was $7,890,000, up from $5,178,000 in the previous year, primarily due to increased operating expenses.
Cash and cash equivalents were reported at $15,818,000, with marketable securities at $24,584,000 as of September 30, 2024.
The company highlighted concerns about its ability to continue as a going concern due to recurring losses and negative cash flows, and is seeking additional capital through equity sales and strategic partnerships.
The filing also discusses the ongoing security situation in Israel and its potential impact on the company's operations, although no significant disruptions have been reported so far.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the InspireMD Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.