TEL AVIV, Israel—Shareholders of InspireMD (NASDAQ:NSPR), Inc., a medical device company, have re-elected two directors and approved executive compensation at the company's annual meeting, according to a recent SEC filing.
At the meeting held on Monday, shareholders cast their votes to re-elect Paul Stuka and Gary Rubin as Class 1 directors for a three-year term. Stuka received 12,361,205 votes for, 271,503 withheld, and there were 5,083,327 broker non-votes. Rubin garnered 12,377,887 votes for, 254,821 withheld, and the same number of broker non-votes.
Additionally, the compensation of the company's named executive officers was approved in an advisory vote, with 9,539,687 votes for, 1,194,733 against, 1,898,288 abstentions, and 5,083,327 broker non-votes.
Shareholders also voted on the frequency of future advisory votes on executive compensation, opting for every three years. The tally for this proposal was 4,612,537 votes for one year, 16,628 for two years, 5,993,405 for three years, and 2,010,138 abstentions.
In light of these results, InspireMD has decided to hold advisory votes on executive compensation every three years, aligning with the shareholders' preference.
The appointment of Kesselman & Kesselman, a member of PricewaterhouseCoopers International Limited, as the company's independent registered public accounting firm for the fiscal year 2024 was ratified with 17,544,555 votes for, 134,905 against, and 36,575 abstentions.
InspireMD is known for its surgical and medical instruments and apparatus, operating under the organization name 08 Industrial Applications and Services. It is incorporated in Delaware and has its headquarters in Tel Aviv, Israel.
The information for this article is based on a press release statement.
In other recent news, medical device company InspireMD reported a 22% year-over-year increase in Q1 CGuard revenue to $1.5 million, despite a net loss of $7.32 million for the quarter. The company's C-Guardians pivotal U.S. trial for the CGuard carotid stent system is progressing smoothly with 316 patients enrolled and a low incidence of adverse events reported in the 30-day follow-up. The company's cash reserves, including cash equivalents and marketable securities, were reported at $34 million as of March 31, 2024.
In other developments, the company sold 2,553 CGuard stents, marking a 25.6% increase from the previous year. Data from the C-Guardians trial is planned for submission to the FDA in August or September. Approval for CGuard Prime is expected in the first half of 2025, with the SwitchGuard TCAR kit anticipated for clearance in the first half of 2026.
The company plans to enroll patients in the C-Guardians II study by the end of 2024. A focus on the neurocommunity is emphasized, with the first patient in the tandem lesion early feasibility study expected to be enrolled in Q2. Lastly, InspireMD plans to build a 60-person sales force over the next three years, indicating a strategic focus on growth and profitability.
InvestingPro Insights
In the realm of financial metrics and future projections, InspireMD, Inc. (NSPR) presents a mixed bag for investors. According to InvestingPro data, the company's market capitalization stands at $66.89 million USD, with a notable revenue growth of 23.91% over the last twelve months as of Q1 2024. This growth is indicative of the company's ability to increase sales, which is a positive sign for potential investors.
However, the financial health of the company is not without its concerns. The P/E Ratio, at -3.62, and the adjusted P/E Ratio for the last twelve months as of Q1 2024, at -2.95, signal that the company is not currently profitable. This aligns with one of the InvestingPro Tips that analysts do not anticipate InspireMD will be profitable this year. Additionally, the company's operating income margin is deeply negative at -373.26%, underscoring the challenges it faces in turning revenues into profits.
On a more positive note, InspireMD holds more cash than debt on its balance sheet, and its liquid assets exceed short term obligations, suggesting a degree of financial stability in the near term. In terms of market performance, the company has seen a strong return over the last month, with a 19.91% increase in its stock price. For a more comprehensive analysis and additional tips, including the fact that the company does not pay a dividend to shareholders, users may consider an InvestingPro subscription. There are 7 additional InvestingPro Tips available for NSPR, which can be accessed with a special offer using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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