Estados financieros detallados de InspireMD, Inc. (NSPR): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
InspireMD, Inc. registró ingresos de $9.0M en el último ejercicio fiscal, con un CAGR de 5 años del 29.3%.
Márgenes de los últimos 12 meses: margen bruto 18.1%, margen operativo -494.0%, margen neto -355.2%.
Al precio actual de $0.74, NSPR presenta beneficios negativos (P/E no significativo) y un ROE del -88.38%. La capitalización bursátil es de $35M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.9M | $2.8M | $3.6M | $3.7M | $2.5M | $4.5M | $5.2M | $6.2M | $7.0M | $9.0M |
| Coste de Ventas | $1.8M | $2.2M | $2.6M | $3.0M | $2.4M | $3.7M | $4.1M | $4.4M | $5.5M | $6.3M |
| Beneficio Bruto | $102000 | $585000 | $995000 | $756000 | $83000 | $754000 | $1.1M | $1.8M | $1.5M | $2.6M |
| I+D | $1.3M | $1.3M | $1.5M | $3.0M | $2.2M | $5.2M | $7.8M | $8.0M | $13.6M | $15.0M |
| Generales y Administrativos | $6.5M | $7.5M | $7.1M | $7.6M | $8.2M | $10.3M | $12.0M | $15.0M | $21.4M | $37.3M |
| Gastos Operativos | $7.8M | $8.8M | $8.6M | $10.6M | $10.5M | $15.5M | $19.8M | $22.9M | $35.0M | $51.8M |
| Beneficio Operativo | -$7.6M | -$8.2M | -$7.6M | -$9.8M | -$10.4M | -$14.7M | -$18.7M | -$21.1M | -$33.5M | -$49.1M |
| EBITDA | -$7.5M | -$8.1M | -$7.5M | -$9.7M | -$10.2M | -$14.6M | -$18.3M | -$19.6M | -$31.7M | -$48.2M |
| Gastos por Intereses | $812000 | $179000 | 0 | $200000 | $160000 | $157000 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$8.5M | -$8.4M | -$7.2M | -$10.0M | -$10.5M | -$14.9M | -$18.5M | -$19.9M | -$31.9M | -$48.7M |
| Impuestos | $1000 | $27000 | 0 | $24000 | $4000 | $45000 | $28000 | $65000 | $59000 | $63000 |
| Beneficio Neto | -$8.5M | -$8.4M | -$7.2M | -$10.0M | -$10.5M | -$14.9M | -$18.5M | -$19.9M | -$32.0M | -$48.8M |
| BPA | $-151089.29 | $-4265.93 | $-247.50 | $-72.00 | $-6.90 | $-2.03 | $-2.35 | $-0.82 | $-0.76 | $-0.76 |
| BPA Diluido | $-151089.29 | $-4265.93 | $-247.50 | $-72.00 | $-6.90 | $-2.03 | $-2.35 | $-0.82 | $-0.76 | $-0.76 |
| Acciones en Circulación (Diluidas) | $56 | $1978 | $30769 | $139331 | $1.5M | $7.3M | $7.9M | $24.3M | $41.9M | $73.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $2.5M | $3.1M | $3.4M | $1.8M |
| Beneficio Bruto | $864000 | $1.2M | $687000 | -$774000 |
| Beneficio Operativo | -$13.1M | -$12.1M | -$14.0M | -$14.4M |
| EBITDA | -$12.6M | -$11.6M | $438000 | -$14.2M |
| Beneficio Neto | -$12.7M | -$11.8M | $289000 | -$14.3M |
| BPA | $-0.17 | $-0.14 | $0.00 | $-0.19 |
| BPA Diluido | $-0.17 | $-0.14 | $0.00 | $-0.19 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $7.5M | $3.7M | $9.4M | $5.5M | $12.6M | $12.0M | $4.6M | $9.6M | $18.9M | $8.9M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | $22.0M | $13.2M | $29.4M | $15.7M | $45.3M |
| Cuentas por Cobrar | $513000 | $850000 | $820000 | $973000 | $945000 | $1.4M | $1.2M | $2.5M | $2.3M | $2.6M |
| Inventario | $500000 | $533000 | $1.1M | $1.2M | $1.4M | $1.1M | $1.6M | $2.1M | $2.6M | $3.4M |
| Activos Corrientes | $8.6M | $5.2M | $11.4M | $7.8M | $15.3M | $37.1M | $21.3M | $44.2M | $40.5M | $61.5M |
| Inmovilizado Material | $379000 | $476000 | $421000 | $1.5M | $1.7M | $1.7M | $2.5M | $2.5M | $4.7M | $6.3M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $9.4M | $6.1M | $12.3M | $9.9M | $17.8M | $39.7M | $24.7M | $47.6M | $46.8M | $69.4M |
| Cuentas por Pagar | $618000 | $328000 | $929000 | $646000 | $236000 | $893000 | $659000 | $939000 | $1.3M | $1.3M |
| Deuda a Corto | $2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $4.8M | $2.5M | $2.9M | $3.1M | $3.7M | $4.3M | $5.1M | $6.0M | $7.7M | $10.7M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $5.4M | $3.4M | $3.5M | $4.5M | $5.6M | $6.2M | $7.3M | $8.1M | $10.7M | $14.2M |
| Reservas | -$131.9M | -$140.4M | -$147.6M | -$157.6M | -$168.2M | -$183.1M | -$201.6M | -$221.5M | -$253.5M | -$302.3M |
| Patrimonio Neto | $4.0M | $2.7M | $8.8M | $5.4M | $12.2M | $33.5M | $17.4M | $39.5M | $36.1M | $55.2M |
| Deuda Total | $2.7M | 0 | 0 | $1.0M | $1.4M | $1.2M | $1.6M | $1.6M | $2.3M | $3.3M |
| Deuda Neta | -$4.8M | -$3.7M | -$9.4M | -$4.5M | -$11.2M | -$32.8M | -$16.2M | -$37.4M | -$32.3M | -$50.9M |
| Capital Circulante | $3.8M | $2.7M | $8.5M | $4.7M | $11.6M | $32.7M | $16.3M | $38.1M | $32.8M | $50.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $63.4M | $8.9M | $11.4M | $15.1M |
| Activos Totales | $78.5M | $69.4M | $56.5M | $44.6M |
| Pasivos Totales | $14.4M | $14.2M | $12.9M | $13.1M |
| Patrimonio Neto | $64.1M | $55.2M | $43.6M | $31.5M |
| Deuda Total | $3.4M | $3.3M | $3.1M | $2.0M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$8.5M | -$8.4M | -$7.2M | -$10.0M | -$10.5M | -$14.9M | -$18.5M | -$19.9M | -$32.0M | -$48.8M |
| Amortizaciones | $191000 | $178000 | $152000 | $158000 | $151000 | $161000 | $188000 | $232000 | $280000 | $476000 |
| Compensación en Acciones | $978000 | $672000 | $70000 | $325000 | $606000 | $1.6M | $2.4M | $4.5M | $10.1M | $12.3M |
| Cambio en Capital Circulante | -$290000 | -$60000 | -$182000 | -$350000 | $533000 | -$75000 | $395000 | -$801000 | $736000 | $1.1M |
| Flujo de Caja Operativo | -$7.5M | -$8.1M | -$7.6M | -$9.8M | -$9.1M | -$13.2M | -$15.5M | -$16.4M | -$21.9M | -$35.1M |
| Inversiones (CapEx) | -$49000 | -$258000 | -$67000 | -$284000 | -$88000 | -$344000 | -$473000 | -$381000 | -$1.4M | -$1.7M |
| Adquisiciones | 0 | 0 | 0 | 0 | $22000 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | -$3.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$7.5M | -$8.4M | -$7.7M | -$10.1M | -$9.2M | -$13.6M | -$16.0M | -$16.8M | -$23.3M | -$36.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$8.6M | -$9.3M | -$12.3M | -$10.9M |
| Inversiones (CapEx) | -$329000 | -$398000 | -$194000 | -$330000 |
| Flujo de Caja Libre | -$9.0M | -$9.7M | -$12.5M | -$11.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $3.5M | $2.8M | $2.1M | $2.2M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +45.8% | +30.4% | +3.3% | -33.2% | +80.9% | +15.0% | +20.0% | +13.0% | +28.1% |
| Crecimiento Beneficio Neto (anual) | | +0.3% | +14.2% | -38.7% | -5.0% | -41.5% | -24.0% | -7.7% | -60.7% | -52.4% |
| Crecimiento BPA (anual) | | +97.2% | +94.2% | +70.9% | +90.4% | +70.6% | -15.8% | +65.1% | +7.3% | +0.0% |
| Cambio en Acciones (anual) | | +3432.1% | +1455.6% | +352.8% | +985.5% | +385.7% | +7.2% | +208.3% | +72.8% | +75.2% |
| Crecimiento FCF (anual) | | -11.2% | +8.5% | -31.6% | +9.2% | -47.8% | -18.2% | -4.6% | -38.9% | -58.0% |
| Margen Bruto | 5.4% | 21.2% | 27.6% | 20.3% | 3.3% | 16.8% | 21.6% | 29.1% | 21.5% | 29.5% |
| Margen Operativo | -403.8% | -298.2% | -211.4% | -263.8% | -417.7% | -327.4% | -361.9% | -340.7% | -478.0% | -547.0% |
| Margen EBITDA | -398.5% | -293.9% | -207.1% | -259.6% | -411.6% | -323.8% | -353.4% | -316.2% | -451.8% | -537.3% |
| Margen Neto | -446.7% | -305.6% | -201.1% | -269.8% | -424.3% | -331.9% | -357.6% | -321.0% | -456.6% | -543.3% |
| Margen FCF | -398.3% | -303.8% | -213.1% | -271.3% | -369.0% | -301.5% | -309.7% | -270.1% | -332.0% | -409.5% |
| Tasa Impositiva Efectiva | -0.0% | -0.3% | -0.0% | -0.2% | -0.0% | -0.3% | -0.2% | -0.3% | -0.2% | -0.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-134714.29 | $-4241.15 | $-249.37 | $-72.45 | $-6.06 | $-1.85 | $-2.03 | $-0.69 | $-0.55 | $-0.50 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $54 | $1978 | $30769 | $139331 | $1.5M | $7.3M | $7.9M | $24.3M | $41.9M | $73.5M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -88.38% |
| Rentabilidad sobre capital invertido | -82.18% |
| Rentabilidad sobre activos | -70.29% |
| Margen bruto | 18.05% |
| Margen operativo | -494.03% |
| Margen neto | -355.17% |
Salud financiera
| Deuda / Patrimonio | 0.06 |
| Ratio corriente | 3.80 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -1.90 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.31 | -0.57 | -0.48 | -0.22 | -0.74 | -1.49 | -0.37 | -3.43 | -3.46 | -2.34 |
| P/VC | 0.63 | 1.77 | 0.42 | 0.42 | 0.63 | 0.66 | 0.39 | 1.73 | 3.06 | 2.37 |
| P/V | 1.34 | 1.75 | 1.03 | 0.61 | 3.10 | 4.94 | 1.31 | 10.99 | 15.73 | 14.56 |
| Margen Bruto | 5.4% | 21.2% | 27.6% | 20.3% | 3.3% | 16.8% | 21.6% | 29.1% | 21.5% | 29.5% |
| Margen Operativo | -403.8% | -298.2% | -211.4% | -263.8% | -417.7% | -327.4% | -361.9% | -340.7% | -478.0% | -547.0% |
| Margen Neto | -446.7% | -305.6% | -201.1% | -269.8% | -424.3% | -331.9% | -357.6% | -321.0% | -456.6% | -543.3% |