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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

InspireMD Reports Results For Period Ending Sept. 30, 2012

Stocks in this article: NSPR

About MGuard™ Embolic Protection Coronary Stent

MGuard™ EPS combines a coronary stent merged with an embolic protection specifically designed for acute MI patients. The embolic protection is comprised of an ultra-thin polymer micron net that is integrated with the stent. The MGuard EPS is designedto provide outstanding and lifelong embolic protection, without affecting deliverability. MGuard EPS is CE Mark approved. MGuard™ is not approved for sale in the U.S. by the U.S. Food and Drug Administration at this time.

Forward-looking Statements:

This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multi-national companies, (v) product liability claims, (vi) our limited manufacturing capabilities and reliance on subcontractors for assistance, (vii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (x) our reliance on single suppliers for certain product components, (xi) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Transition Report on From 10-K/T and its Quarterly Reports on Form 10-Q.  Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

 

                   CONSOLIDATED STATEMENTS OF OPERATIONS [(1)]
 
                (U.S. dollars in thousands, except per share data)
 
                                                   Three months ended
                                                      September 30,
                                                 2012              2011
 
    Revenues                                            $509            $1,986
    Cost of Revenues                                     230               801
 
    Gross Profit                                         279             1,185
 
    Operating Expenses:
    Research and development                             946               547
    Selling and marketing                                402               302
    General and administrative                         2,212             2,486
 
    Total operating expenses                           3,560             3,335
 
    Loss from Operations                              -3,281            -2,150
    Financial (income),expenses net                    4,218               108
 
    Loss before tax expenses                          -7,499            -2,258
    Tax Expenses                                           7                25
 
    Net Loss                                        ($7,506)          ($2,283)
 
    Net loss per share - basic and diluted           ($0.11)           ($0.04)
 
    Weighted average number of shares of
    common stock used in computing net
    loss per share - basic and diluted            68,296,940        64,300,685
                      CONSOLIDATED BALANCE SHEETS [(2)]
                         (U.S. dollars in thousands)
                                                    June 30,    June 30,
    ASSETS                                            2012        2012
 
    Current Assets:
    Cash and cash equivalents                           $8,297     $10,284
    Restricted cash                                         37          37
    Accounts receivable:
    Trade                                                1,078       1,824
    Other                                                  408         264
    Prepaid expenses                                        56          93
    Inventory:
    On hand                                              2,076       1,744
    On consignment                                          22          63
 
    Total current assets                                11,974      14,309
 
    Property, plant and equipment, net of
    accumulated depreciation and amortization              463         462
    Other non-current assets:
    Funds in respect of employees rights upon
    retirement                                             304         282
    Deferred debt issuance costs                           874         961
 
    Total other non-current assets                       1,178       1,243
 
    Total assets                                       $13,615     $16,014
                                              September 30,                 June 30,
    LIABILITIES AND EQUITY                           2012                       2012
    Current liabilities:
    Accounts payable and
    accruals:
    Trade                                            $556                       $441
    Other                                           2,628                      2,925
    Advanced payment from
    customers                                         169                        174
    Deferred revenues                                  10                         10
 
    Total current liabilities                       3,363                      3,550
 
    Long-term liabilities:
    Liability for employees
    rights upon retirement                            394                        354
    Convertible loans                               5,635                      5,018
    Contingently redeemable
    warrants                                        4,979                      1,706
 
    Total long-term
    liabilities                                    11,008                      7,078
 
    Total liabilities                              14,371                     10,628
 
    Equity:
    Common stock, par value
    $0.0001 per share;
    125,000,000 shares
    authorized; 68,596,903 and
    68,160,161 shares issued
    and outstanding at
    September 30, 2012 and
    June 30, 2012.                                      7                          7
    Additional paid-in capital                     50,464                     49,101
    Accumulated deficit                           -51,227                    -43,722
 
    Total equity (capital
    deficiency)                                      -756                      5,386
 
    Total liabilities and
    equity (capital
    deficiency)                                   $13,615                    $16,014
 
    (1) All 2012 financial information is derived from the Company's 2012
    unaudited financial statements and all 2011 financial information is derived
    from the Company's 2011 unaudited financial statements, as disclosed in the
    Company's Quarterly Report on Form 10-Q, filed with the Securities and
    Exchange Commission.
 
    (2) All September 30, 2012 financial information is derived from the Company's
    2012 unaudited financial statements and all June 30, 2012 financial
    information is derived from the Company's 2012 audited financial statements,
    as disclosed in the Company's Transition Report on Form 10-KT, filed with the
    Securities and Exchange Commission.
 

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