RA'ANANA, Israel - Inspira Technologies OXY B.H.N. Ltd. (NASDAQ:IINN, IINNW), a medical technology company, announced today it has received an initial purchase order from Glo-Med Networks, Inc. for five INSPIRA™ ART100 systems, with delivery expected in the fourth quarter of 2024. The agreement also includes an option for Glo-Med to acquire an additional 20 systems at a later date.
The INSPIRA™ ART100, recently cleared by the FDA, marks the company's entry into the mechanical ventilator market, which is valued at approximately $19 billion. Inspira’s ART100 is designed to offer an alternative to traditional mechanical ventilation methods. The company is also developing the INSPIRA™ ART (Gen 2), which aims to provide a new clinical solution for life support and mechanical ventilation, though this next-generation technology is still awaiting regulatory approval.
Joe Hayon, Inspira's President and co-founder, expressed the company’s commitment to advancing its technologies, emphasizing the ART100 as a foundational step in establishing their market presence. Inspira has already commenced commercial manufacturing of the ART100, with the first units designated for deployment in U.S. hospitals through Glo-Med, a distributor of Inspira products.
The ART100 is part of a broader suite of technologies that Inspira is developing, including the INSPIRA™ ART (Gen 2) and the HYLA™ Blood Sensor, which are designed to enhance patient oxygen saturation levels and potentially allow patients to remain awake during treatment. These products are in development and have not yet been tested in humans or approved by regulatory authorities.
This news is based on a press release statement from Inspira Technologies.
In other recent news, Inspira Technologies has made significant strides in its operations. The company secured FDA clearance for its INSPIRA™ ART100, a Cardiopulmonary Bypass System, marking a significant milestone. Furthermore, Inspira has initiated the production of the ART100 device, a medical device developed for respiratory treatment.
The company has also partnered with Beilinson Hospital, a leading organ transplant center in Israel, to evaluate the potential application of the INSPIRA ART100 device in organ transplant procedures. In a collaborative effort with Ennocure MedTech Ltd., Inspira reported promising in vitro results of a new bio-electronic treatment aimed at preventing bloodstream infections.
Additionally, Inspira secured a direct share offering resulting in expected proceeds of $1.65 million, with the funds earmarked for working capital and general corporate purposes. The company continues to develop innovative medical technologies, with other products such as the INSPIRA ART (Gen 2) and HYLA™ blood sensor still in the development phase.
These developments reflect Inspira's ongoing commitment to technological advancements in the medical field.
InvestingPro Insights
As Inspira Technologies OXY B.H.N. Ltd. (NASDAQ:IINN) forges ahead with its initial purchase order from Glo-Med Networks, Inc., investors are keeping a close eye on the company's financial health and market performance. With a market capitalization of approximately $34.93 million, the medical technology firm is navigating through the competitive landscape of the medical device sector. An important metric to consider is the company's Price to Book (P/B) ratio, which, as of the last twelve months ending Q4 2023, stands at 6.09. This suggests that the market values the company significantly higher than its net asset value, which could be indicative of investor optimism about future growth or potentially a sign of overvaluation.
Amidst the developments, Inspira Technologies is also grappling with financial challenges. The company is not profitable over the last twelve months, with a reported operating income of around -$12.13 million. This aligns with one of the InvestingPro Tips indicating that the company is quickly burning through cash. Moreover, with an EBITDA growth of 18.98%, it shows that the company is making efforts to improve its earnings before interest, taxes, depreciation, and amortization, which is a positive sign for potential investors.
InvestingPro Tips highlight that Inspira holds more cash than debt on its balance sheet and that its liquid assets exceed short-term obligations. This financial stability is crucial as the company invests in the development of its new technologies, such as the INSPIRA™ ART100 and the upcoming Gen 2 version. However, the tips also point out that the stock price is quite volatile, with a 100% price uptick over the last six months, and a 90.57% year-to-date price total return, reflecting a potentially higher risk for investors.
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