InspireMD Reports Fourth Quarter and Year-End 2022 Financial Results and Provides Business Update - 2022 CGuard EPS revenue of $5.1 million increased 18.9% over 2021 - - Resumed shipments of CGuard EPS to CE Mark territo

Reports Fourth Quarter and Year-End 2022 Financial Results and Provides Business Update

2022 CGuard EPS revenue of $5.1 million increased 18.9% over 2021 -

Resumed shipments of CGuard EPS to CE Mark territories under the pre-existing Medical Device Directive (MDD) regulatory framework; Company

anticipates re-certification under new Medical Device Regulation (MRD) framework in coming weeks -

Continued enrollment in the C-Guardian US IDE trial, with 20 sites currently enrolling patients; on track to complete enrollment by approximately

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

Aviv, Israel- March 30, 2023 - InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard Embolic Prevention System

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

fourth quarter ended December 31, 2022.

Quarter 2022 and Recent Developments:

Slosman, CEO of InspireMD, commented: "We are very pleased to have resumed shipments of CGuard to our major European markets

under the existing MDD framework as we await final approval and CE Mark recertification under MDR. While revenues in Q4 of 2022 and Q1

of 2023 were impacted by the temporary lapse of our CE Mark, our team did an outstanding job converting backlog to revenue, and we anticipate

that the remaining backlog will be shipped over the next two quarters."

U.S. IDE trial continues to progress, and now has 20 sites enrolling patients. We anticipate having the trial fully enrolled by approximately

the end of the second quarter, a critical step forward in our goal to gain eventual marketing approval of CGuard EPS in the U.S."

the expectation of potentially obtaining CE Mark recertification under MDR in the next few weeks, we plan to work tirelessly to continue

to gain share in our key European territories, further driven by conversion of existing endovascular carotid procedures to CGuard from

other stent systems, and the potential introduction of two new delivery systems, our SwitchGuard Trans Carotid (TCAR) and CGuard Prime

Transfemoral (TFEM) platforms, later this year, subject to regulatory approval. I believe we are well positioned for continued success

as we progress through 2023," Mr. Slosman concluded.

Results for the Fourth Quarter ended December 31, 2022

the fourth quarter of 2022, total revenue decreased 25.7%, to $1,026,000, from $1,380,000 during the fourth quarter of 2021. This decrease

was predominantly driven by a 20.6% decrease in sales of CGuard EPS, to $1,026,000 in the fourth quarter of 2022 from $1,291,000 in the

same period one year ago. This sales decrease was due to the temporary expiration of the CE Mark and resulting inability to ship to EU

countries for the second half of the quarter, due to delays in the European regulatory bodies in the MDR recertification process, offset

by an increase in US sales related to stents used in the C-Guardian U.S. Food and Drug Administration (FDA) clinical trial.

profit for the fourth quarter of 2022 decreased by $96,000, or 32.7%, to $198,000, compared to a gross profit of $294,000 for the fourth

quarter of 2021. This decrease resulted from lower revenue offset by a decrease in miscellaneous expenses. Gross margin (gross profits

as a percentage of revenue) decreased to 19.3% during the three months ended December 31, 2022, from 21.3% during the three months ended

operating expenses for the fourth quarter of 2022, were $5,134,000, an increase of $909,000, or 21.5% compared to $4,225,000 for the

fourth quarter of 2021. This increase was primarily due to increases in expenses related to the commencement of the C-Guardians FDA study,

sales and marketing expenses, and regulatory expenses.

loss for the fourth quarter of 2022 totaled $4,845,000, or $0.60 per basic and diluted share, compared to a net loss of $4,097,000, or

$0.53 per basic and diluted share, for the same period in 2021.

of December 31, 2022, cash, cash equivalents and short-term bank deposits were $17.8 million compared to $34.0 million as of December

Results for the full year ended Dec 31, 2022

the twelve months ended December 31, 2022, total revenue increased by $676,000, or 15.0%, to $5,171,000, from $4,495,000 during the twelve

months ended December 31, 2021. This increase was predominantly driven by a 18.9% increase in sales of CGuard EPS, to $5,123,000 during

the twelve months ended December 31, 2022 from $4,309,000 during the twelve months ended December 31, 2021. This sales increase was mainly

due to growth in existing and new markets and sales in the United States related to stents used in our C-Guardians FDA study as enrollment

profit for the twelve months ended December 31, 2022 increased by $363,000, or 48.1%, to $1,117,000, compared to a gross profit of $754,000

for the twelve months ended December 31, 2021. This increase in gross profit resulted from higher revenue, and a decrease of $177,000

in miscellaneous expenses. Gross margin increased to 21.6% during the twelve months ended December 31, 2022 from 16.8% during the twelve

months ended December 31, 2021.

operating expenses for the twelve months ended December 31, 2022, were $19,830,000, an increase of $4,360,000, or 28.2% compared to $15,470

for the twelve months ended December 31, 2021. This increase was primarily due to increases in expenses related to the commencement of

the C-Guardians FDA study, share-based compensation, resumed activities in tradeshows and travel, regulatory expenses, and miscellaneous

loss for the twelve months ended December 31, 2022 totaled $18,491,000, or $2.35 per basic and diluted share, compared to a net loss

of $14,918,000, or $2.03 per basic and diluted share, for the twelve months ended December 31, 2021.

Call and Webcast Details

will host a conference call at 8:30AM ET today, March 30th, 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 30th 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, and substantial doubt regarding

our ability to continue as a going concern; 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 Annual Report on Form 10-K and its Quarterly

Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at

http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new

information, future events or otherwise.

Padala, Managing Director

STATEMENTS OF OPERATIONS (1)

dollars in thousands, except per share data)