Dr. Holzer concluded, "During the quarter, we also expanded our board of directors, adding three experienced executives. We expect that these additions will prove to be invaluable, as our board is better able to provide management with greater guidance on driving value for patients, doctors, and shareholders."
On a product delivery basis, shipments increased 74% during the second quarter of 2011 compared to the same period in 2010, and have increased 93% year-to-date compared to the first six months last year. For the quarter, total revenue was $1,040,000, an increase of 15% compared to $908,000 during the same period in 2010. The increase was primarily attributed to initial sales to its distributor in the Netherlands, as well as an increase in sales to distributors in Germany, Argentina and Israel. Year-to-date revenues decreased 10% to $2.7 million from $3.0 million due to revenue recognition policies related to entries into new regions and compliance with U.S. GAAP standards.
The Company completed the quarter with cash and cash equivalents of approximately $8.1 million, as compared to $636,000 as of December 31, 2010. The Company's cash utilization rate, year-to-date, was approximately $900,000 per quarter, inclusive of cash inflows from operations. Additional financial details, including financial statements, are contained in the Form 10-Q.
About MGuard™ Coronary
MGuard™ presents a combination of 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 wraps the stent. The MGuard™ stent is in
|SOURCE InspireMD, Inc.|
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