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InspireMD Reports Fourth Quarter and Fiscal Year 2013 Results
Date:9/17/2013

.7% compared to $0.9 million for the same period in 2012. The increase was the result of recent expanded sales activities in key European and South American countries.

Gross profit for the quarter ended June 30, 2013 totaled $0.7 million, an increase of 414% compared to $0.1 million for same period in 2012. The increase in gross profit is primarily attributable to a non-recurring write-off of $0.4 million of slow moving inventory in the twelve months ended June 30, 2012, which did not occur in the same period in 2013, and an increase of $0.4 million primarily due to the increase in sales of $0.6 million, as discussed above. This was partially offset by $0.2 million of expenses related to the integration of our R&D center into a streamlined manufacturing facility intended to increase efficiency and support anticipated commercial demand. Gross margins for the quarter increased to 44.5% compared to 13.9% for the same period in 2012.

Total operating expenses for the quarter ended June 30, 2013 were $4.9 million, an increase of 17.3% compared to $4.2 million for the same period in 2012. The increase was primarily due to an increase in General & Administrative and Sales & Marketing expenses, as the Company builds the appropriate sales infrastructure and management team for future growth.

The loss from operations for the quarter ended June 30, 2013 was $4.2 million, a slight increase of 4.5% compared to $4.0 million for the same period in 2012.

The net loss for the quarter ended June 30, 2013 totaled $14.9 million, or $0.48 per basic and diluted share, an increase of 279% compared to a net loss of $3.9 million, or $0.23 per basic and diluted share in the same period in 2012. The net loss was driven by $10.6 million of non-recurring, non-cash costs associated with the conversion and retirement of the Company's convertible debt in conjunction with the April 2013 capital raise.

Non-GAAP net loss for the quarter ended June 30, 20
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