Detailed financial statements for Inspira Technologies OXY B.H.N. Ltd. (IINN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Inspira Technologies Oxy B.H.N. Ltd., a specialty medical device company, engages in the research, development, manufacturing, and marketing of proprietary life support technologies for the treatment of acute respiratory failure in Israel. It offers INSPIRA ART100, a life support system used in procedures requiring cardiopulmonary bypass for six hours or less.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.7%, operating margin 25.0%, net margin -22.1%.
At the current price of $1.05, IINN has negative trailing earnings (P/E not meaningful) and an ROE of -5.69%. Market capitalisation stands at $25M.
Balance sheet quality for IINN: current ratio of 1.6, net cash position of $1.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | -$4.7M | 0 | 0 | $289000 |
| Cost of Revenue | 0 | $76000 | $203000 | $218000 | $361000 | $406000 | $488000 | $561000 |
| Gross Profit | 0 | -$76000 | -$203000 | -$218000 | -$5.0M | -$406000 | -$488000 | -$272000 |
| Research & Development | $26400 | $887000 | $3.9M | $3.9M | $8.1M | $7.0M | $6323 | $7.2M |
| Selling, General & Admin | $13200 | $359000 | $2.4M | $9.3M | $6.7M | $4.7M | $4.8M | $5.9M |
| Operating Expenses | $39600 | $1.3M | $6.3M | $11.9M | $14.6M | $11.7M | -$11267 | $13.3M |
| Operating Income | -$39600 | -$1.3M | -$6.3M | -$12.2M | $14.9M | -$12.1M | $11267 | -$13.6M |
| EBITDA | 0 | -$4.5M | -$7.0M | -$16.7M | -$14.7M | -$10.9M | -$11096 | -$13.2M |
| Interest Expense | 0 | $9000 | $5000 | $6000 | $181000 | $10000 | 0 | $9000 |
| Pre-tax Income | -$39600 | -$4.6M | -$7.2M | -$17.0M | -$15.0M | -$11.3M | -$11053 | -$13.2M |
| Income Tax | 0 | 0 | 0 | $6000 | -$6.3M | 0 | 0 | 0 |
| Net Income | -$39600 | -$4.6M | -$7.2M | -$17.0M | -$4.0M | -$11.3M | -$11053 | -$13.2M |
| EPS | $-0.02 | $-0.34 | $-1.01 | $-3.20 | $-1.39 | $-0.93 | $-0.00 | $-0.45 |
| EPS (Diluted) | $-0.02 | $-0.34 | $-1.01 | $-3.20 | $-1.39 | $-0.93 | $-0.00 | $-0.45 |
| Shares Outstanding (Diluted) | $2.0M | $13.5M | $7.2M | $5.3M | $10.8M | $12.1M | $18.5M | $29.6M |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8000 | $96000 | $496000 | $23.7M | $6.8M | $5.0M | $5.1M | $3.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | $7.1M | $2.3M | $668000 | 0 |
| Receivables | 0 | $51000 | $188000 | $210000 | 0 | $432000 | 0 | 0 |
| Inventory | -$3000 | $34949 | 0 | $336000 | -$279000 | 0 | $444000 | $735000 |
| Total Current Assets | $11000 | $182000 | $684000 | $24.5M | $14.5M | $7.8M | $6.8M | $4.4M |
| Property, Plant & Equipment | 0 | $192000 | $303000 | $1.4M | $1.5M | $1.5M | $1.3M | $930000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $11000 | $374000 | $987000 | $25.9M | $16.0M | $9.3M | $8.1M | $5.3M |
| Accounts Payable | 0 | $74000 | $3000 | $93000 | $152000 | $198000 | $154000 | $107000 |
| Short-term Debt | 0 | $4.7M | $399000 | $3.5M | $294000 | $1.8M | $1.9M | $1.4M |
| Total Current Liabilities | $40000 | $5.0M | $951000 | $4.3M | $1.7M | $3.0M | $3.4M | $2.8M |
| Long-term Debt | 0 | 0 | $1.6M | $302000 | $398000 | $588000 | 0 | 0 |
| Total Liabilities | $40000 | $5.0M | $2.7M | $5.5M | $3.2M | $3.6M | $3.7M | $3.0M |
| Retained Earnings | -$33000 | -$4.6M | -$11.8M | -$28.8M | -$44.2M | -$55.5M | -$66.6M | -$79.8M |
| Total Equity | -$29000 | -$4.6M | -$1.7M | $20.4M | $13.6M | $5.7M | $4.3M | $2.3M |
| Total Debt | 0 | $4.8M | $2.3M | $1.5M | $1.5M | $878000 | $2.5M | $1.6M |
| Net Debt | -$8000 | $4.7M | $1.8M | -$22.3M | -$12.4M | -$6.5M | -$3.3M | -$1.7M |
| Working Capital | -$29000 | -$4.8M | -$267000 | $20.2M | $12.8M | $4.8M | $3.4M | $1.6M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$39600 | -$4.6M | -$7.2M | -$17.0M | -$10.3M | -$11.3M | -$11.1M | -$13.2M |
| Depreciation & Amortization | 0 | $76000 | $203000 | $25000 | $361000 | $111000 | $171000 | $449000 |
| Stock-based Compensation | 0 | $3.3M | $3.9M | $6.7M | $4.9M | $1.5M | $1.9M | 0 |
| Change in Working Capital | $44400 | $84000 | $348000 | -$233000 | $704000 | $41000 | -$432000 | -$219000 |
| Operating Cash Flow | $4800 | -$1.1M | -$1.9M | -$7.9M | -$7.4M | -$9.8M | -$9.4M | -$9.9M |
| Capital Expenditure | 0 | -$31000 | -$23000 | -$176000 | -$304000 | -$206000 | -$164000 | -$103000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $4800 | -$1.1M | -$1.9M | -$8.1M | -$7.7M | -$10.0M | -$9.5M | -$10.0M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +100.0% | |||||||
| Net Income Growth (YoY) | -11475.8% | -57.8% | -134.5% | +76.4% | -182.0% | +99.9% | -119505.5% | |
| EPS Growth (YoY) | -1583.2% | -197.1% | -216.8% | +56.6% | +33.1% | +99.9% | -74900.0% | |
| Shares Change (YoY) | +587.8% | -46.8% | -26.2% | +103.4% | +12.1% | +53.1% | +60.0% | |
| FCF Growth (YoY) | -23891.7% | -66.3% | -324.1% | +4.6% | -29.6% | +4.3% | -4.5% | |
| Gross Margin | 107.7% | -94.1% | ||||||
| Operating Margin | -318.4% | -4710.7% | ||||||
| EBITDA Margin | 313.9% | -4555.4% | ||||||
| Net Margin | 85.5% | -4574.4% | ||||||
| FCF Margin | 164.3% | -3447.8% | ||||||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | 41.9% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.00 | $-0.08 | $-0.26 | $-1.52 | $-0.71 | $-0.82 | $-0.52 | $-0.34 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.0M | $13.5M | $7.2M | $5.3M | $10.8M | $12.1M | $18.5M | $29.6M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -569.09% |
| Return on Invested Capital | -326.40% |
| Return on Assets | -247.52% |
| Gross Margin | 0.69% |
| Operating Margin | 2503.46% |
| Net Margin | -2213.84% |
Financial Health
| Debt / Equity | 0.21 |
| Current Ratio | 1.56 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -23.62 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -235.15 | -13.97 | -4.70 | -1.30 | -0.93 | -1.14 | -1700.00 | -2.00 |
| P/B | -321.53 | -13.82 | -20.04 | 1.08 | 1.02 | 2.23 | 4.37 | 11.48 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | -2.98 | 0.00 | 0.00 | 92.25 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 107.7% | 0.0% | 0.0% | -94.1% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -318.4% | 0.0% | 0.0% | -4710.7% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 85.5% | 0.0% | 0.0% | -4574.4% |
Related companies: BFRI · ENSC · FEED · HSCS · ISPC · PTPI · RPID
Explore sector: Healthcare · Medical - Devices
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