Inspira Technologies Ltd. (IINN), a speciality medical device company, has dipped 38.27% in aftermarket trading session and consequently, is trading at $5.92 at the time of the writing. The decline is due to profit-taking after IINN stock skyrocketed 308.09% in Tuesday’s regular trading hours and closed the day at $9.59. The announcement of a strategic agreement with the Waas group was behind this humongous increase.
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Reason for increase
On 26th October, IINN announced to have signed an exclusive distribution agreement with Anita Técnica S.L. (WAAS Group). Anita Técnica is one of Spain’s leading distributors and technical service providers in the medical industry. WAAS group provide necessary services to more than 40 international companies and devices. The agreement has an initial term period of 7 years which was subjected to completion of product development and regulatory approval. Both parties will collaborate in the marketing and deployment of the ART device. The device was designed to treat the deteriorating respiratory failure patients while they were awake and breathing. ART has the potential to minimize the need for mechanical ventilation.
IINN presentation in HLTH conference
On 13th October, IINN announced to present in-person at the HLTH conference in Boston which was to be held from October 17th to 20th. CFO of company Joe Hayon was to attend the conference and present the ART device, the company’s novel technology. Besides, he was to discuss the company’s vision, business plan and go-to-market strategy as well.
Q2 2021 financial highlights
On 13th August, IINN reported the financial results for 1HFY 2021, which ended on 30th June. The company had cash and cash equivalents of $4.35 million on 30th June. The R&D expenses for the six months were $1.10 million against $1.45 million for the same period of 2020. The marketing expenses for the six months were $244,000 against zero for the same period of 2020. The general and administrative expenses for the period were $1.21 million against $840,000 for the same period of 2020. The finance expenses for the period were $5.73 million against $2.05 million for the same period of 2020. The net loss for the six months was $8.29 million against $4.34 million for the same period of 2020.
Comments from CEO
Commenting on the results, Dagi Ben-Noon, Inspira’s (IINN) CEO and one of its Co-Founders said that the company is exploring potential partnerships with the leading companies of the medical industry. He said that the company has placed the estimated potential addressable market of ART to be $25 billion. The company has also developed a razor blade business model under which it expects disposable sales to grow with future deployments of ART.
What’s next for IINN?
During the last three months, IINN stock has soared more than 155% primarily on the back of business expansion strategies as highlighted by the CEO. Such an approach in future would reap numerous dividends for the company in the long run. So, potential investors should closely monitor the fluctuations of IINN stock.