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InspireMD Reports Record Third Quarter 2011 Operating and Financial Results and Strategic Update
Date:11/15/2011

s from operations of $717,000 in the year-ago quarter. The net loss was $2.3 million, or $0.04 per weighted average share, compared to a net loss of $847,000, or $0.02 per weighted average share last year. Net income for the third quarter was negatively impacted by a non-cash charge of $1.1 million in share-based compensation for one of the Company's new directors, which is recorded in general and administrative expenses.

Year-to-Date Financial ResultsFor the first nine months of 2011, the period ended September 30, 2011, total revenue was $4.7 million, an increase of 11.4% compared to the $4.2 million for the first nine months last year. On a product delivery basis, shipments increased 85.3% year-to-date compared to the first nine months last year. Gross profit was $2.4 million, or 50.3% gross profit margin, compared to gross profit of $1.9 million, or 43.8% gross profit margin in the same period last year. Total operating expenses were $7.9 million compared to total operating expenses of $3.9 million. The increase was due to a 142% increase in general and administrative expense, primarily related to share based compensation expenses, ($1.1 million increase), legal expenses, ($0.7 million increase), salary expenses, ($0.4 million increase), and investor relations expenses, ($0.4 million increase), a 69% increase in research and development expense, primarily related to investments in future products and the clinical validation of existing products, ($0.8 million increase), as well as salaries, ($0.2 million increase), and a 47% increase in selling and marketing expense, primarily related to non-cash share based compensation expenses, ($0.2 million increase), salary expenses ($0.2 million increase), and commissions expense, ($0.1 million increase).

The Company reported a loss from operations of $5.5 million compared to a loss from operations of $2.1 million in the year-ago period. The net loss was $6.4 million, or $0.11 per weighted average share,
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