InspireMD announced its results for the third quarter ended September 30, 2015. Revenue increased $0.3 million to $0.6 million compared to $0.3 million during the same period in 2014.
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The increase was predominately driven by sales of $0.3 million of new product CGuard EPS, carotid product, which was launched in October 2014. Sales of CGuard EPS during the three months ended September 30, 2015 were predominately driven by initial sales to new strategic distribution partner, Penumbra, Inc.
The company’s gross profit for the quarter ended September 30, 2015 was $0.1 million compared to a gross loss of $0.1 million for the same period in 2014.
The improvement of 217.1% was largely attributable to the increase in product revenues and a decrease of write-offs of inventory of MGuard Prime EPS. These improvements in gross profit, however, were partially offset by an increase in labor and material costs attributable to higher revenues.
Total operating expenses for the quarter ended September 30, 2015 were $3.5 million, a decrease of 45.3% compared to $6.4 million for the same period in 2014.
This decrease was primarily due to a reduction of expenses related to MGuard Prime EPS’s MASTER II trial, which was suspended in October 2014, a decrease in compensation related expenses and other savings associated with cost reduction plan.
The loss from operations for the quarter ended September 30, 2015 was $3.4 million, a decrease of 47.4% compared to a loss of $6.5 million for the same period in 2014.
Financial expenses for the quarter ended September 30, 2015 was $0.2 million, a decrease of 27.2% compared to the same period in 2014. This decrease was primarily due to a decrease in interest expenses due to the reduction in principal of outstanding indebtedness.
The net loss for the quarter ended September 30, 2015 totaled $3.6 million, or $0.48 per basic and diluted share, compared to a net loss of $6.8 million, or $1.96 per basic and diluted share, in the same period in 2014.
Non-GAAP net loss for the quarter ended September 30, 2015 was $2.8 million, or $0.36 per basic and diluted share, a decrease of 51.6% compared to a non-GAAP net loss of $5.7 million, or $1.65 per basic and diluted share, for the same period in 2014.
The non-GAAP net loss for the quarter ended September 30, 2015 primarily excludes $0.6 million of share-based compensation and $0.3 million of expense related to the impairment of the value of royalties buyout option associated with MGuard Prime EPS.
The non-GAAP net loss for the quarter ended September 30, 2014 primarily excludes $1.1 million of share-based compensation. ■