InspireMD Reports Fourth Quarter and Full-Year 2023 Financial Results and Provides Business Update - Record fourth quarter 2023 CGuard EPS revenue of $1.76 million increased 71.6% over fourth quarter 2022 - - Announced p

Reports Fourth Quarter and Full-Year 2023 Financial Results and Provides Business Update

Record fourth quarter 2023 CGuard EPS revenue of $1.76 million increased 71.6% over fourth quarter 2022 -

Announced positive 30-day data from the Company's ongoing U.S. Investigational Device Exemption (IDE) clinical trial, C-GUARDIANS,

designed to support U.S. approval of CGuard Prime -

Named Patrick Geraghty, M.D. and Patrick Muck, M.D. as lead principal investigators for the Company's C-GUARDIANS II clinical trial

of its SwitchGuard NPS for Transcarotid Artery Revascularization (TCAR), as well as Dr. William Gray, as advisor to the company

to host investor conference call today, March 6, at 8:30am ET

Aviv, Israel and Miami, FL - March 6, 2024 - InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard Embolic

Prevention System (EPS) for the treatment of carotid artery disease (CAD) and prevention of stroke, today announced financial and operating

results for the fourth quarter and full-year ended December 31, 2023.

Quarter 2023 and Recent Developments:

Slosman, CEO of InspireMD, commented: "We delivered another strong quarter of sales growth in our approved CE Mark territories

while at the same time advancing our U.S. clinical trial and product development pipeline. Our total revenue of $1.76 million represents

a record quarter and an increase of nearly 72% over the comparable period in 2022. Notably, we sold over 3,100 stents, up more than 74%

year-over-year and bringing our real-world experience to more than 48,000 stents sold to date. The receipt of formal recertification

of our CE Mark under the EU's new Medical Device Regulation (MDR) regulatory framework just a few weeks ago allows us to now leverage

the new product development pathway and the latest regulatory certification provided under MDR.

during the quarter, we were extremely pleased to report 30-day follow-up data from our C-GUARDIANS clinical trial at VIVA23 and the VEITH

Symposium, which are among the most important annual gatherings of specialists who treat vascular disease. The data showed that stenting

with CGuard in patients with carotid artery stenosis and at high risk for carotid endarterectomy had a DSMI rate of 0.95% from procedure

through 30 days, which compares favorably to both surgery and alternative stenting options and represents best in class results to date

of any pivotal trial of carotid intervention. We remain on track to report 12-month follow-up data mid-year, followed by the submission

of our Premarket Approval (PMA) application.

we made progress advancing our new product pipeline by announcing the lead PIs for our upcoming C-GUARDIANS II clinical trial of our

SwitchGuard NPS for use with CGuard Prime in TCAR procedures. We also announced an agreement with Jacobs Institute to conduct an early

feasibility study of CGuard Prime to treat patients with acute ischemic stroke and tandem lesions.

believe InspireMD is uniquely positioned with a best-in-class implant and solutions to support both CAS and TCAR procedures, with line-of-sight

to significant clinical and regulatory catalysts this year and next," Mr. Slosman concluded.

Results for the Fourth Quarter Ended December 31, 2023

the fourth quarter of 2023, total revenue increased 71.6%, to $1,761,000, from $1,026,000 during the fourth quarter of 2022. This increase

was predominantly driven by the CE Mark recertification which occurred subsequent to the end of the fourth quarter 2022.

profit for the fourth quarter of 2023 increased by $307,000, or 155.1%, to $505,000, compared to a gross profit of $198,000 for the fourth

quarter of 2022. This increase resulted from higher revenue and a decrease in miscellaneous expenses. Gross margin (gross profits as

a percentage of revenue) increased to 28.7% during the three months ended December 31, 2023, from 19.3% during the three months ended

operating expenses for the fourth quarter of 2023 were $6,313,000, an increase of $1,179,000, or 23.0% compared to $5,134,000 for the

fourth quarter of 2022. This increase was primarily due to increases in expenses related to the salaries and share-based compensation

offset by a reduction in clinical trial expenses as we near completion of the C-GUARDIANS trial.

financial income for the fourth quarter of 2023 was $468,000, an increase of $349,000 or 293% compared to $119,000 for the third quarter

of 2022. This increase was primarily due to a $349,000 increase in interest income from investment in marketable securities, money market

funds and short-term bank deposits.

loss for the fourth quarter of 2023 totaled $5,405,000, or $0.16 per basic and diluted share, compared to a net loss of $4,845,000, or

$0.60 per basic and diluted share, for the same period in 2022.

of December 31, 2023, cash, cash equivalents, short-term bank deposits and marketable securities were $39.0 million compared to $17.8

million as of December 31, 2022.

Results for the full year ended Dec 31, 2023

the twelve months ended December 31, 2023, total revenue increased by $1,034,000, or 20.0%, to $6,205,000, from $5,171,000 during the

twelve months ended December 31, 2022. This increase was driven by a 21.1% increase in sales of CGuard EPS, to $6,205,000 during the

twelve months ended December 31, 2023, from $5,123,000 during the twelve months ended December 31, 2022. This sales increase was mainly

due to growth in existing and new markets.

profit for the twelve months ended December 31, 2023, increased by $690,000, or 61.8%, to $1,807,000, compared to a gross profit of $1,117,000

for the twelve months ended December 31, 2022. This increase in gross profit resulted from higher revenue and a decrease in write-off

and miscellaneous expenses. Gross margin increased to 29.1% during the twelve months ended December 31, 2023, from 21.6% during the twelve

months ended December 31, 2022.

operating expenses for the twelve months ended December 31, 2023 were $22,950,000, an increase of $3,120,000, or 15.7% compared to $19,830,000

for the twelve months ended December 31, 2022. This increase was primarily due to increases in expenses related to salaries and share-based

compensation offset by a reduction in clinical and product development expenses.

financial income for the twelve months ended December 2023, was $1,292,000, an increase of $1,042,000 or 417% compared to $250,000 for

the twelve months ended December 31, 2022. This increase was primarily due to a $1,152,000 increase in interest income from investment

in marketable securities, money market funds and short-term bank deposits.

loss for the twelve months ended December 31, 2023 totaled $19,916,000, or $0.82 per basic and diluted share, compared to a net loss

of $18,491,000, or $2.35 per basic and diluted share, for the twelve months ended December 31, 2022.

Call and Webcast Details

will host a conference call at 8:30AM ET today, March 6th, to review financial results and provide an update on corporate

developments. Following management's formal remarks, there will be a question-and-answer session.

March 6th at 8:30 a.m. ET

seeks to utilize its proprietary MicroNet technology to make its products the industry standard for carotid stenting by providing

outstanding acute results and durable, stroke-free, long-term outcomes. InspireMD's common stock is quoted on the Nasdaq under

the ticker symbol NSPR.

routinely post information that may be important to investors on our website. For more information, please visit www.inspiremd.com.

press release contains "forward-looking statements." Forward-looking statements include, but are not limited to, statements

regarding InspireMD or its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Such

statements may be preceded by the words "intends," "may," "will," "plans," "expects,"

"anticipates," "projects," "predicts," "estimates," "aims," "believes,"

"hopes," "potential", "scheduled" or similar words. Forward-looking statements are not guarantees

of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of

which are beyond the company's control, and cannot be predicted or quantified and consequently, actual results may differ materially

from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and

uncertainties associated with our history of recurring losses and negative cash flows from operating activities, significant future commitments

and the uncertainty regarding the adequacy of our liquidity to pursue our complete business objectives; our need to raise additional

capital to meet our business requirements in the future and such capital raising may be costly or difficult to obtain and could dilute

out stockholders' ownership interests; market acceptance of our products; an inability to secure and maintain regulatory approvals

for the sale of our products; negative clinical trial results or lengthy product delays in key markets; our ability to maintain compliance

with the Nasdaq listing standards; our ability to generate revenues from our products and obtain and maintain regulatory approvals for

our products; our ability to adequately protect our intellectual property; our dependence on a single manufacturing facility and our

ability to comply with stringent manufacturing quality standards and to increase production as necessary; the risk that the data collected

from our current and planned clinical trials may not be sufficient to demonstrate that our technology is an attractive alternative to

other procedures and products; intense competition in our industry, with competitors having substantially greater financial, technological,

research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do;

entry of new competitors and products and potential technological obsolescence of our products; inability to carry out research, development

and commercialization plans; loss of a key customer or supplier; technical problems with our research and products and potential product

liability claims; product malfunctions; price increases for supplies and components; insufficient or inadequate reimbursement by governmental

and other third-party payers for our products; our efforts to successfully obtain and maintain intellectual property protection covering

our products, which may not be successful; adverse federal, state and local government regulation, in the United States, Europe or Israel

and other foreign jurisdictions; the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency

exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political

and economic instability in each jurisdiction; the escalation of hostilities in Israel, which could impair our ability to manufacture

our products; and current or future unfavorable economic and market conditions and adverse developments with respect to financial institutions

and associated liquidity risk. More detailed information about the Company and the risk factors that may affect the realization of forward-looking

statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's