InspireMD, Inc.
NSPR Healthcare Medical Devices
InspireMD, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.0 million, up 28.1% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 34.6% and free cash flow fell 26.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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InspireMD, Inc. (NSPR) Beneish M-score
InspireMD, Inc.'s Beneish M-score for fiscal 2025 is −3.55; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.55 | (0.39) |
| FY2024 | −3.16 | (0.89) |
| FY2023 | −2.28 | 0.83 |
| FY2022 | −3.11 | (0.56) |
| FY2021 | −2.54 | (2.36) |
| FY2020 | −0.18 | 0.84 |
| FY2019 | −1.02 | 1.44 |
| FY2018 | −2.46 | (0.28) |
| FY2017 | −2.18 | 2.51 |
| FY2016 | −4.69 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.89 | — | 0.82 | |
| Gross margin index | 0.73 | — | 0.38 | |
| Asset quality index | 0.75 | — | 0.30 | |
| Sales growth index | 1.28 | — | 1.14 | |
| Depreciation index | 0.90 | — | 0.10 | |
| SG&A index | 1.36 | — | −0.23 | |
| Total accruals to total assets | (0.20) | — | −0.92 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.55 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ITOC iTonic Holdings Ltd. compare | −3.7× |
| NSPR InspireMD, Inc. | −3.6× |
| LFWD Lifeward Ltd. compare | −3.2× |
| ARAY Accuray Incorporated compare | −3.1× |
| NSYS Nortech Systems Incorporated compare | −2.6× |
| PMI Flag Ship Acquisition Corp compare | — |
| MODD Modular Medical, Inc. compare | — |
| PAVM PAVmed Inc. compare | — |
| BDMD Baird Medical Investment Holdings Limited compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI