RA'ANANA, Israel - Inspira Technologies OXY B.H.N. Ltd. (NASDAQ:IINN), a medical technology firm, today disclosed its 2023 financial results, highlighting a decrease in total operating expenses and net loss compared to the previous year. The company also touched on its recent advancements, including the submission of its INSPIRA™ ART100 device for FDA review and the progress of its HYLA™ blood sensor.
For the year ended December 31, 2023, Inspira Technologies reported operating expenses of $12,133,000, down from $14,893,000 in 2022. This reduction was largely due to decreased share-based compensation. Research and development expenses fell to $7,320,000, general and administrative expenses to $4,063,000, and sales and marketing expenses to $746,000.
The company's net loss for common stock shareholders was $11,286,000 in 2023, a reduction from the $14,976,000 net loss in 2022. As for its balance sheet, cash and cash equivalents stood at $7,361,000 as of December 31, 2023, a decrease from $13,903,000 at the end of the previous year.
Inspira Technologies also announced a notable achievement in its HYLA™ blood sensor technology, reaching 95% accuracy compared to standard blood gas analyzers. The company expects to submit this sensor for FDA clearance later in the year.
In addition, the company has been granted a U.S. patent for its INSPIRA™ ART medical device and anticipates the approval of additional patents. Inspira has entered into pre-conditional summary distribution agreements potentially worth up to $546 million, subject to product development completion and regulatory approvals.
The INSPIRA™ ART100, a cardio-pulmonary bypass device, was submitted to the FDA on September 13, 2023, with clearance anticipated in the first half of 2024. This is part of the company's strategy to collaborate with potential strategic partners and leverage the strengths of larger corporations.
Inspira Technologies has not yet tested its products in humans, and none have been approved by any regulatory entity.
The information in this article is based on a press release statement from the company.
InvestingPro Insights
In the wake of Inspira Technologies' recent financial disclosures, InvestingPro provides additional insights into the company's financial health and stock performance. With a market capitalization of $23.93 million, Inspira Technologies is navigating a challenging period characterized by a significant cash burn. According to InvestingPro data, the company's operating income stands at a loss of $12.13 million for the last twelve months as of Q3 2023, underscoring the financial difficulties it faces.
Despite these challenges, InvestingPro Tips suggest that the company holds more cash than debt on its balance sheet, which is a positive sign for its financial stability. However, it is important to note that Inspira Technologies is not profitable over the last twelve months, and the stock price has been quite volatile. The company's stock has experienced a large price uptick over the last six months, with a 26.04% return, and a notable 64.15% year-to-date price total return. This could be indicative of investor optimism regarding the company's future prospects, including its recent submission of the INSPIRA™ ART100 device for FDA review.
Investors may also find it valuable to note that Inspira Technologies does not pay a dividend to shareholders, which is common for companies focused on growth and reinvestment. For those interested in further analysis and tips, there are 10 additional InvestingPro Tips available, which can be accessed by visiting InvestingPro's detailed report on Inspira Technologies. To gain full access to these insights, readers can use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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