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

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The loss from operations for the fiscal year ended June 30, 2013 was $15.1 million, a decrease of 14.1% compared to $17.5 million for the same period in 2012.

The net loss for the fiscal year ended June 30, 2013 totaled $29.3 million, or $1.39 per basic and diluted share, an increase of 66.3% compared to a net loss of $17.6 million, or $1.04 per basic and diluted share in the period in 2012. The increase in net loss resulted primarily from an increase of $14.1 million in financial expenses, of which, $13.4 million were non-recurring, non-cash costs associated with the Company's convertible debt.

Non-GAAP net loss for the fiscal year ended June 30, 2013 was $11.0 million, or $0.53 per share, compared to $7.4 million, or $0.44 per share, for the same period in 2012.  The non-GAAP net loss for fiscal year 2013 primarily excludes the $13.4 million non-recurring, non-cash costs associated with the Company's convertible debt, and $3.8 million in share-based compensation.  The non-GAAP net loss for fiscal year 2012 primarily excludes $10.6 million in share-based compensation.

Cash and Cash EquivalentsAt June 30, 2013, cash and cash equivalents were $14.8 million, an increase of 44.1% compared to $10.3 million at June 30, 2012. The Company's cash increased mainly due to the April 2013 capital raise with net proceeds of $14.1 million.

Change to Fiscal Year The Company announced today that it will be changing its fiscal reporting year end from June 30th to December 31st.  It will run a transitional six-month fiscal year from July 1st to December 31st, 2013.  Management believes that this change will allow the Company to better align its financial periods and annual budget planning with its business cycle, as well as assist the investment community with following its progress moving forward. 

Investor Conference Call  The Company will host a conference ca
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