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

13 was $3.2 million, or $0.10 per basic and diluted share, a decrease of 8.6% compared to a non-GAAP net loss of $3.5 million or $0.21 for the same period in 2012.  The non-GAAP net loss for the quarter ended June 30, 2013 primarily excludes the $10.6 million 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.

Fiscal Year End Financial ResultsRevenue for the fiscal year ended June 30, 2013 totaled $4.9 million, a decrease of 8.9% compared to $5.3 million for the same period in 2012. The $0.4 million decrease in sales volume was due primarily to the process of restructuring the Company's commercial strategy in key countries by developing direct sales channels and eliminating certain non-performing third party distributors.

Gross profit for the fiscal year ended June 30, 2013 totaled $2.6 million, an increase of 3.6% compared to $2.5 million for the same period in 2012. The increase in gross profit is attributable to a decrease in cost of revenues, primarily from 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.
These decreases were partially offset by 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 increased to 53.2% for the fiscal year ended June 30, 2013 compared to 46.7% for the same period in 2012.

Total operating expenses for the fiscal year ended June 30, 2013 were $17.7 million, a decrease of 11.9% compared to $20.0 million for the same period in 2012.  The decrease was primarily due to a decrease in share-based compensation of $6.7 million, which was partially offset by an increase in Sales and Marketing, as the Company builds the appropriate sales infrastructure for future gr
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