Unassociated Document

Benchmarking

	InspireMD									Biosensor*									Xtent									Conor
	2011			2012			2013			2003**			2009			2010			2008E			2009E			2010E			2005E			2006E			2007E			2008E

REVENUES		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%

GROSS PROFIT		38	%		55	%		74	%		37	%		75	%		73	%		16	%		41	%		63	%		40	%		65	%		73	%		78	%


EXPENSES
R&D		52	%		42	%		30	%		13	%		18	%		11	%		268	%		45	%		15	%		472	%		50	%		25	%		15	%
Sales & Marketing		31	%		23	%		15	%		10	%		22	%		27	%
G&A		45	%		26	%		17	%		33	%		17	%		16	%		140	%		43	%		31	%		235	%		30	%		30	%		30	%
TOTAL EXPENSES		129	%		91	%		62	%		56	%		57	%		55	%		408	%		88	%		46	%		706	%		80	%		55	%		45	%

NET INCOME before Tax		-89	%		-36	%		12	%		7	%		7	%		29	%		-361	%		-43	%		16	%		-635	%		-14	%		18	%		16	%

Receivable Days		90			90			90									80
Inventory Days		60			60			60									210

*% of interventional cardiology sales from total sales (40% in 2003; 52% in 2009; 83% in 2010)

** before fund raising and license agreement; fund raising was in 2004

(US$ 000's)

Cash Flow	2011					2012					2013					2014
	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total
Net Income	(1,095)	(1,965)	(1,805)	(1,395)	(6,260)	(1,430)	(1,305)	(1,205)	(780)	(4,720)	(1,920)	(590)	1,360	3,820	2,670	(1,235)	490	5,305	10,675	15,235
Adjustments required to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation & Amortization	40	45	45	55	185	70	80	90	90	330	95	95	95	95	380	250	255	255	260	1,020
Stock Based Compensation	255	250	275	275	1,055	325	350	395	445	1,515	470	450	445	445	1,810	-	-	-	-	-
Decrease (increase) in trade receivables	-	500	(950)	(600)	(1,050)	1,200	(1,550)	(1,050)	(850)	(2,250)	1,500	(1,100)	(1,650)	(2,200)	(3,450)	900	(3,650)	(6,050)	(7,550)	(16,350)
Decrease (increase) in inventory	570	(360)	(240)	545	515	(490)	(210)	(95)	510	(285)	(110)	(130)	(90)	115	(215)	(480)	(810)	(1,000)	(820)	(3,110)
Increase (decrease) in trade payables	(40)	90	60	(140)	(30)	125	50	25	(125)	75	25	35	20	(30)	50	170	205	250	205	830
Net Cash from Operations	(270)	(1,440)	(2,615)	(1,260)	(5,585)	(200)	(2,585)	(1,840)	(710)	(5,335)	60	(1,240)	180	2,245	1,245	(395)	(3,510)	(1,240)	2,770	(2,375)

Investing Activities
Purchase of PP&E	(135)	(110)	(10)	(125)	(380)	(260)	(15)	(165)	(20)	(460)	(15)	(15)	(10)	(10)	(50)	(2,350)	(50)	(50)	(50)	(2,500)
Net Cash - Investing	(135)	(110)	(10)	(125)	(380)	(260)	(15)	(165)	(20)	(460)	(15)	(15)	(10)	(10)	(50)	(2,350)	(50)	(50)	(50)	(2,500)

Investing Acitivities
Net proceeds from issuance of shares	12,500				12,500					-					-	-				-
Net proceeds from loans	(470)				(470)							240	(170)	(70)	-	560	3,560	1,290	(2,720)	2,690
Net Cash Investing	12,030	-	-	-	12,030	-	-	-	-	-	-	240	(170)	(70)	-	560	3,560	1,290	(2,720)	2,690

Cash at beginning of period	700	12,325	10,775	8,150	700	6,765	6,305	3,705	1,700	6,765	970	1,015	-	-	970	2,165	(20)	(20)	(20)	2,165
Increase/(decrease) in cash	11,625	(1,550)	(2,625)	(1,385)	6,065	(460)	(2,600)	(2,005)	(730)	(5,795)	45	(1,015)	-	2,165	1,195	(2,185)	-	-	-	(2,185)
Cash at end of period	12,325	10,775	8,150	6,765	6,765	6,305	3,705	1,700	970	970	1,015	-	-	2,165	2,165	(20)	(20)	(20)	(20)	(20)


Reconciliation:
Gross Profit	535	355	765	1,005	2,660	620	1,440	2,170	2,880	7,110	2,145	3,080	4,535	6,600	16,360	5,875	8,800	13,640	19,685	48,000

Working Capital	530	230	(1,130)	(195)	(565)	835	(1,710)	(1,120)	(465)	(2,460)	1,415	(1,195)	(1,720)	(2,115)	(3,615)	590	(4,255)	(6,800)	(8,165)	(18,630)
Clinical Trials	(345)	(745)	(880)	(700)	(2,670)	(325)	(755)	(1,270)	(1,500)	(3,850)	(2,030)	(1,425)	(870)	(380)	(4,705)	(1,200)	(1,200)	(1,200)	(1,200)	(4,800)
Salaries (not included mfg.)	(485)	(585)	(630)	(655)	(2,355)	(730)	(730)	(770)	(790)	(3,020)	(790)	(790)	(790)	(790)	(3,160)	(1,755)	(1,755)	(1,755)	(1,755)	(7,020)
Trade Shows	(20)	(250)	(20)	(210)	(500)	(100)	(250)	(175)	(215)	(740)	(105)	(255)	(175)	(215)	(750)	(630)	(1,530)	(1,050)	(1,290)	(4,500)
Promotional/Collaterals	(65)	(65)	(65)	(65)	(260)	(95)	(95)	(95)	(95)	(380)	(120)	(120)	(120)	(120)	(480)	(1,215)	(1,215)	(1,215)	(1,215)	(4,860)
Travel	(115)	(115)	(115)	(115)	(460)	(140)	(140)	(140)	(140)	(560)	(155)	(155)	(155)	(155)	(620)	(480)	(480)	(480)	(480)	(1,920)
Legal Services	(50)	(50)	(50)	(50)	(200)	(50)	(50)	(50)	(50)	(200)	(50)	(50)	(50)	(50)	(200)	(75)	(75)	(75)	(75)	(300)
Investor Relations	(30)	(30)	(30)	(30)	(120)	(30)	(30)	(30)	(30)	(120)	(30)	(30)	(30)	(30)	(120)	(30)	(30)	(30)	(30)	(120)
Audit & Financial Services	(45)	(45)	(45)	(45)	(180)	(45)	(45)	(45)	(45)	(180)	(45)	(45)	(45)	(45)	(180)	(65)	(65)	(65)	(65)	(260)
D&O Insurance	(20)	(20)	(20)	(20)	(80)	(20)	(20)	(20)	(20)	(80)	(20)	(20)	(20)	(20)	(80)	(20)	(20)	(20)	(20)	(80)
R&S Consultants	(25)	(25)	(25)	(25)	(100)	(25)	(25)	(25)	(25)	(100)	(25)	(25)	(25)	(25)	(100)	(50)	(50)	(50)	(50)	(200)
Rent	(25)	(25)	(25)	(25)	(100)	(25)	(25)	(25)	(25)	(100)	(25)	(25)	(25)	(25)	(100)	(60)	(60)	(60)	(60)	(240)
Commissions	(30)	(20)	(40)	(50)	(140)	(25)	(60)	(80)	(95)	(260)	(65)	(90)	(120)	(165)	(440)	(370)	(550)	(855)	(1,230)	(3,005)
Bad Debt	(30)	(20)	(40)	(50)	(140)	(25)	(60)	(80)	(95)	(260)	(65)	(90)	(120)	(165)	(440)	(145)	(220)	(340)	(490)	(1,195)
G&A miscellaneous	(50)	(50)	(50)	(50)	(200)	(50)	(50)	(50)	(50)	(200)	(50)	(50)	(50)	(50)	(200)	(100)	(100)	(100)	(100)	(400)
Other	-	20	(215)	20	(175)	30	20	(35)	50	65	75	45	(40)	(5)	75	(665)	(705)	(785)	(690)	(2,845)

Net Cash from Operations	(270)	(1,440)	(2,615)	(1,260)	(5,585)	(200)	(2,585)	(1,840)	(710)	(5,335)	60	(1,240)	180	2,245	1,245	(395)	(3,510)	(1,240)	2,770	(2,375)


Receivables	1,500	1,000	1,950	2,550		1,350	2,900	3,950	4,800		3,300	4,400	6,050	8,250		7,350	11,000	17,050	24,600
Inventory	430	790	1,030	485		975	1,185	1,280	770		880	1,010	1,100	985		1,465	2,275	3,275	4,095
Accounts Payable	160	250	310	170		295	345	370	245		270	305	325	295		465	670	920	1,125


Interest Income/(Expense)	23	43	35	28	130	25	19	10	5	58	4	2	-	4	10	4	(0)	(0)	(0)	4

(US$ 000's)

P&L	2011	2012	2013	2014
	Total	Total	Total	Total

REVENUES	7,000	13,000	22,000	60,000

GROSS PROFIT	2,660	7,110	16,360	48,000
% of SALES	38%	55%	74%	80%

TOTAL EXPENSES	9,005	11,870	13,695	32,620

EBIT	(6,345)	(4,760)	2,665	15,380

INTEREST INCOME/(EXPENSE)	85	40	5	(145)

NET INCOME before Tax	(6,260)	(4,720)	2,670	15,235

TAXES	-	-	-	-

NET INCOME after TAX	(6,260)	(4,720)	2,670	15,235

ACCUMULATED INCOME (LOSS )

EBITDA	(6,165)	(4,425)	3,045	15,380


PERCENT OF SALES	2011	2012	2013	2013
	Total	Total	Total	Total
REVENUES	100%	100%	100%	100%

COST of GOODS SOLD	62%	45%	26%	20%

GROSS PROFIT	38%	55%	74%	80%

EXPENSES
R&D	52%	42%	30%	15%
Sales & Marketing	31%	23%	15%	30%
G&A	45%	26%	17%	10%
TOTAL EXPENSES	129%	91%	62%	54%

EBIT	-91%	-37%	12%	26%

INTEREST INCOME/(EXPENSE)	1%	0%	0%	0%

NET INCOME before Tax	-89%	-36%	12%	25%

TAXES	0%	0%	0%	0%

NET INCOME after TAX	-89%	-36%	12%	25%

EBITDA	-88%	-34%	14%	26%

P&L	2011				2011	2012	2013	2014
	Q1	Q2	Q3	Q4	$000	$000	$000	$000
REVENUES
TOTAL REVENUES	1,500	1,000	1,950	2,550	7,000	13,000	22,000	60,000

COST of GOODS SOLD	965	645	1,185	1,545	4,340	5,890	5,640	12,000

GROSS PROFIT	535	355	765	1,005	2,660	7,110	16,360	48,000
% of SALES	36%	36%	39%	39%	38%	55%	74%	80%

R&D
Salaries	90	90	110	135	425	800	940	2,320
ESOP	40	35	45	45	165	225	280	280
Options Other	10	10	5	-	25	-	-	-
Vehicles & Maintenance	10	10	15	20	55	110	120	360
Travel	15	15	15	15	60	80	100	160
Clinical Trials	345	745	880	700	2,670	3,850	4,705	4,800
Product Liability Insurance	5	5	5	5	20	20	40	60
Patents	15	15	15	15	60	120	130	280
Consultants & Sub Contractors	25	25	25	25	100	100	100	200
Rent /Facility Cost	5	5	5	5	20	20	20	60
Depreciation & Amortization	5	5	5	10	25	100	110	390
Phones	5	5	5	5	20	20	20	40
Misc.	5	5	5	5	20	20	20	40
Total R&D	575	970	1,135	985	3,665	5,465	6,585	8,990
Marketing
Salaries	65	65	65	65	260	300	300	360
ESOP	10	5	5	10	30	60	60	60
Options _ Other	-	-	-	-	-	-	-	-
Vehicles & Maintenance	5	5	5	5	20	40	40	60
Trade Shows	20	250	20	210	500	740	750	4,500
Travel	25	25	25	25	100	140	140	800
Promotion Activities	45	45	45	45	180	220	240	2,460
Collaterals	20	20	20	20	80	160	240	2,400
Rent	-	-	-	-	-	-	-	40
Phones	5	5	5	5	20	20	20	40
Misc.	5	5	5	5	20	20	20	200
Total Marketing	200	425	195	390	1,210	1,700	1,810	10,920
Sales
Salaries	135	150	175	175	635	800	800	2,900
ESOP	-	-	-	-	-	-	-	140
Options Other	-	-	-	-	-	-	-	-
Vehicles & Maintenance	10	10	10	10	40	40	40	80
Travel	30	30	30	30	120	160	200	600
Consultants & Sub Contractors	-	-	-	-	-	-	-	-
Commissions	30	20	40	50	140	260	440	3,005
Phones	5	5	5	5	20	20	20	60
Misc.	5	5	5	5	20	20	20	200
Total Sales	215	220	265	275	975	1,300	1,520	6,985
G&A/Finance
Salaries	195	280	280	280	1,035	1,120	1,120	1,440
ESOP	105	100	100	105	410	635	810	800
Options Other	-	-	-	-	-	-	-	-
Bad Debt	30	20	40	50	140	260	440	1,195
Vehicles & Maintenance	15	15	15	15	60	60	60	80
Travel	45	45	45	45	180	180	180	360
Consultants & Sub Contractors	-	-	-	-	-	-	-	40
Director Fees	10	10	10	10	40	40	40	40
Legal Services	50	50	50	50	200	200	200	300
Investor Relations	30	30	30	30	120	120	120	120
Audit & Financial Services	45	45	45	45	180	180	180	260
D&O Insurance	20	20	20	20	80	80	80	80
Depreciation & Amortization	5	5	5	5	20	20	40	40
Rent	20	20	20	20	80	80	80	140
Computer Expenses	5	5	5	5	20	20	20	60
Phones	10	10	10	10	40	40	40	100
Office Supplies	5	5	5	5	20	20	20	40
Employee Recruiting	5	5	5	5	20	20	20	40
Company Events	-	10	-	10	20	20	20	20
Employee Meals & Refreshments	10	10	10	10	40	40	40	100
NASDAQ Fees and associated	-	-	250	-	250	70	70	70
Misc.	50	50	50	50	200	200	200	400
Total G&A	655	735	995	770	3,155	3,405	3,780	5,725
TOTAL EXPENSES	1,645	2,350	2,590	2,420	9,005	11,870	13,695	32,620

EBIT	(1,110)	(1,995)	(1,825)	(1,415)	(6,345)	(4,760)	2,665	15,380

INTEREST INCOME/(EXPENSE)	15	30	20	20	85	40	5	(145)

NET INCOME before Tax	(1,095)	(1,965)	(1,805)	(1,395)	(6,260)	(4,720)	2,670	15,235

TAXES					-	-	-	-

NET INCOME after TAX	(1,095)	(1,965)	(1,805)	(1,395)	(6,260)	(4,720)	2,670	15,235

ACCUMULATED INCOME (LOSS )	(1,095)	(3,060)	(4,865)	(6,260)			5	(140)

EBITDA	(1,070)	(1,950)	(1,780)	(1,360)	(6,165)	(4,425)	3,045	15,380

P&L	2011				2011	2012	2013	2014
	Q1	Q2	Q3	Q4	$000	$000	$000	$000
REVENUES
TOTAL REVENUES	1,485	1,018	1,925	2,574	7,002	13,000	22,000	60,005

COST of GOODS SOLD	965	646	1,184	1,544	4,340	5,889	5,638	12,001

GROSS PROFIT	520	371	741	1,030	2,662	7,112	16,363	48,004
% of SALES	35%	37%	39%	40%	38%	55%	74%	80%


Total R&D	573	970	1,137	979	3,659	5,475	6,596	8,996
Total Marketing	204	429	201	393	1,226	1,729	1,844	10,929
Total Sales	216	221	264	277	978	1,295	1,515	6,985
Total G&A	644	731	989	766	3,129	3,404	3,765	5,701
TOTAL EXPENSES	1,636	2,350	2,591	2,416	8,993	11,902	13,719	32,611

EBIT	(1,116)	(1,979)	(1,850)	(1,386)	(6,331)	(4,791)	2,644	15,393

INTEREST INCOME/(EXPENSE)	15	28	22	18	83	39	6	(118)

NET INCOME before Tax	(1,101)	(1,951)	(1,828)	(1,368)	(6,248)	(4,752)	2,650	15,275

TAXES					-	-	-	-

NET INCOME after TAX	(1,101)	(1,951)	(1,828)	(1,368)	(6,248)	(4,752)	2,650	15,275

ACCUMULATED INCOME (LOSS )	(1,101)	(3,052)	(4,880)	(6,248)

EBITDA	(1,078)	(1,934)	(1,805)	(1,333)	(6,150)	(4,457)	3,024	16,412

	Exchange Rate = NIS:USD	3.6
HEADCOUNT PROJECTION																Vehicles
				Current	Current
			Annual	Monthly	Monthly	Soc. Ben. Seniors	Soc. Ben. Juniors	$ -	$ -		2010	2011	2012	2013	2014	2010	2011	2012	2013
Department	Title	Sub title	Gross $	Gross $	Gross NIS	30.0%	22.5%	Car	Cell

Total Production											26	32	33	34	91	1	1	2	3

Total R&D											3	5	10	10	10	3	5	9	9

Total Marketing											2	4	5	5	8	2	2	3	3

Total Sales											5	9	10	10	33	2	3	3	3

Total G&A											9	10	10	10	16	4	4	4	4

TOTAL Employees											44	59	67	68	157	12	15	21	22


COST																Cost Per Car
			Annual	Monthly		Soc. Ben. Seniors	Soc. Ben. Juniors	$ -	$ -	Monthly		2011	2012	2013	2013		2011	2012	2013
Department	Title		Gross $	Gross $		30.0%	22.5%	Car	Cell	Cost $		$000	$000	$000	$000		$000	$000	$000

Total Production												658	770	961	2,436		14	18	43

Total R&D												481	844	930	2,321		54	115	130

Total Marketing												214	270	270	326		29	43	43

Total Sales												626	791	791	2,899		43	43	43

Total G&A												1,083	1,171	1,171	1,483		58	58	58

TOTAL SALARIES												3,063	3,846	4,122	9,465		198	277	317

Recording for P&L purposes:

R&D Adjusted:
Original												481	844	930	2,321
Allocation of Eli until there is VP of Production Q1 2013												(70)	(53)	-	-
Allocation of Eli to G&A												(70)	(70)	(70)	(70)
Allocation of Ofir to R&D												20	20	20	20
Allocation of Asher to R&D												59	59	59	59
Adjusted R&D												419	800	938	2,330

G&A Adjusted:
Original												1,083	1,171	1,171	1,483
Allocation of Ofir to R&D												(20)	(20)	(20)	(20)
Allocation of Asher to R&D												(59)	(59)	(59)	(59)
Allocation of Ofir to Marketing												(20)	(20)	(20)	(20)
Allocation of Asher to Marketing												(20)	(20)	(20)	(20)
Allocation of Eli to G&A												70	70	70	70
Adjusted R&D												1,035	1,123	1,123	1,435

Marketing Adjusted:
Original												214	270	270	326
Allocation of Ofir to Marketing												20	20	20	20
Allocation of Asher to Marketing												20	20	20	20
Adjusted Marketing												253	309	309	365

Production Adjusted:
Original												658	770	961	2,436
Allocation of Eli to Production												70	53	-	-
Adjusted Production												729	822	961	2,436

Sales (No adjustments)												626	791	791	2,899

Total Pre Adjusted												3,063	3,846	4,122	9,465
Total Adjusted												3,063	3,846	4,122	9,465
Variance												-	-	-	-

Total Adjusted without Production												2,334	3,023	3,162	7,029

			2011				2011	2012				2012	2013				2013	2014				2014
			Q1 000	Q2 000	Q3 000	Q4 000	000's	Q1 000	Q2 000	Q3 000	Q4 000	000's	Q1 000	Q2 000	Q3 000	Q4 000	000's	Q1 000	Q2 000	Q3 000	Q4 000	000's
Price	$ 550.00
	Coronary Stents		2,700	1,850	3,500	4,680	12,730	2,413	5,308	7,184	8,732	23,637	6,000	8,000	11,000	15,000	40,000	12,000	16,000	25,000	35,000	88,000
	Peripheral/Carotid Stents*						-					-					-	1,200	3,000	4,000	5,500	13,700
	Coronary DE Stents**						-	-				-					-	200	1,000	2,000	4,200	7,400
	Total World	# of Stents	2,700	1,850	3,500	4,680	12,730	2,413	5,308	7,184	8,732	23,637	6,000	8,000	11,000	15,000	40,000	13,400	20,000	31,000	44,700	109,100

	Sales by Geographic Region

							2011	2012				2012	2013				2013	2014				2014
	Continent	Current
	Europe	62%	20%	55%	55%	55%	48%	48%	48%	48%	48%	48%	42%	42%	42%	42%	42%	28%	28%	28%	28%	28%
	North America	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	30%	30%	30%	30%	30%
	Latin American	10%	5%	10%	10%	10%	9%	12%	12%	12%	12%	12%	15%	15%	15%	15%	15%	10%	10%	10%	10%	10%
	Asia	23%	70%	30%	30%	30%	38%	37%	37%	37%	37%	37%	40%	40%	40%	40%	40%	28%	28%	28%	28%	28%
	ROW	5%	5%	5%	5%	5%	5%	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%	4%	4%	4%	4%	4%

	Total	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%


	# of Stents Per Continent
	Europe		540	1,018	1,925	2,574	6,057	1,158	2,548	3,448	4,191	11,346	2,520	3,360	4,620	6,300	16,800	3,752	5,600	8,680	12,516	30,548
	North America		-	-	-	-	0	-	-	-	-	0	-	-	-	-	0	4,020	6,000	9,300	13,410	32,730
	Latin American		135	185	350	468	1,138	290	637	862	1,048	2,836	900	1,200	1,650	2,250	6,000	1,340	2,000	3,100	4,470	10,910
	Asia		1,890	555	1,050	1,404	4,899	893	1,964	2,658	3,231	8,746	2,400	3,200	4,400	6,000	16,000	3,752	5,600	8,680	12,516	30,548
	ROW		135	93	175	234	637	72	159	216	262	709	180	240	330	450	1,200	536	800	1,240	1,788	4,364

	Total		2,700	1,850	3,500	4,680	12,730	2,413	5,308	7,184	8,732	23,637	6,000	8,000	11,000	15,000	40,000	13,400	20,000	31,000	44,700	109,100

TRADE SHOWS	International Conferences

		2011	2012	2013

	Big	2	3	3
	Medium	1	2	2
	Small	1	1	1


	Cost
	Big
	Medium
	Small
		2011	2012	2013
		$000	$000	$000
	Big	300	450	450
	Medium	80	160	160
	Small	40	40	40
	Local Sponsorship in contries	80	90	100
Total Trade Shows		500	740	750

OTHER MARKETING EXP.

Subcontractors		40	80	100
Press Release Distribrution		6	6	6
Marketing Support Trials		100	100	100
Advertising		40	40	40
Total Promotional Activities		186	226	246
Collaterals
	Spec Sheet	8	16	24
	Brochures	8	16	24
	Backgrounder	8	16	24
	Folders	8	16	24
	CD demo	8	16	24
	Print Adds	8	16	24
	Marketing content	8	16	24
	Graphic designs	8	16	24
	Giveaways	8	16	24
	Incentive Programs	8	16	24	75%
Total Collaterals		80	160	240

IP


	Patent Application		4	4	4
	PCT		-	3	2
	IP National Phase		-	-	1

Cost		$000
	Patent Application	10
	PCT	20
	IP National Phase	30

			2009	2010	2011
			$000	$000	$000
	Patent Application		40	40	40
	PCT		-	60	40
	IP National Phase		-	-	30
	Miscellaneous		20	20	20
			60	120	130

ESOP			2011				2011	2012				2012	2013				2013
			Q1 $000	Q2 $000	Q3 $000	Q4 $000	$000	Q1 $000	Q2 $000	Q3 $000	Q4 $000	$000	Q1 $000	Q2 $000	Q3 $000	Q4 $000	$000
G&A
Allotments as of 31/12/2010			92,194	68,324	45,580	26,928	233,026	26,928	28,717	25,771	25,771	107,187	25,771	29,049	25,000	25,000	104,820
Allotments in 2011/2012			11,069	33,208	55,346	77,485	177,107	99,623	121,761	143,900	166,038	531,322	177,107	177,107	177,107	177,107	708,430
Total G&A			103,263	101,532	100,926	104,413	410,133	126,551	150,478	169,671	191,809	638,509	202,878	206,156	202,107	202,107	813,250

Production
Allotments as of 31/12/2010			80,776	66,658	70,454	45,837	263,725	38,769	33,454	29,180	25,458	126,861	22,406	1	1	1	22,409
Allotments in 2011/2012			9,698	29,095	48,492	67,888	155,173	87,285	106,682	126,078	145,475	465,519	155,173	155,173	155,173	155,173	620,692
Total Production			90,474	95,753	118,946	113,725	418,898	126,054	140,135	155,258	170,933	592,380	177,579	155,174	155,174	155,174	643,101

R&D
Allotments as of 31/12/2010			37,311	23,337	23,285	12,756	96,689	8,966	1	1	1	8,969	1	1	1	1	4
Allotments in 2011/2012			4,480	13,439	22,399	31,358	71,676	40,317	49,277	58,236	67,196	215,027	71,676	71,676	71,676	71,676	286,702
Total G&A			41,791	36,776	45,684	44,114	168,365	49,283	49,278	58,237	67,197	223,996	71,677	71,677	71,677	71,677	286,706

Marketing
Allotments as of 31/12/2010			8,624	1,302	1,302	1,302	12,530	11,298	1	1	1	11,301	1	1	1	1	4
Allotments in 2011/2012			1,035	3,106	5,177	7,248	16,567	9,319	11,390	13,461	15,532	49,701	16,567	16,567	16,567	16,567	66,268
Total Marketing			9,659	4,408	6,479	8,550	29,097	20,617	11,391	13,462	15,533	61,002	16,568	16,568	16,568	16,568	66,272

Sales
Allotments as of 31/12/2010			1	1	1	1	4	1	1	1	1	4	1	1	1	1	4
Allotments in 2011/2012			0	0	1	1	2	1	1	2	2	6	2	2	2	2	8
Total Sales			1	1	2	2	6	2	2	3	3	10	3	3	3	3	12

Total
Allotments as of 31/12/2010			218,906	159,622	140,622	86,824	605,974	85,962	62,174	54,954	51,232	254,322	48,180	29,053	25,004	25,004	127,241
Allotments in 2011/2012			26,283	78,848	131,414	183,980	420,525	236,545	289,111	341,677	394,242	1,261,575	420,525	420,525	420,525	420,525	1,682,100
Total Company			245,189	238,470	272,036	270,804	1,026,499	322,508	351,285	396,631	445,474	1,515,897	468,705	449,578	445,529	445,529	1,809,341

New Allocation of Options:			Allocation
Total amount	7,476,000		1	2	3	4		5	6	7	8
50% allocated evenly in 2011	3,738,000		934,500	934,500	934,500	934,500	3,738,000
50% allocated evenly in 2012	3,738,000							934,500	934,500	934,500	934,500	3,738,000
			Cost charged as Compensation
option price	$ 1.50	1	26,283	52,566	52,566	52,566	183,980	52,566	52,566	52,566	52,566	210,263	52,566	52,566	52,566	52,566	210,263
B&S value (Average of BDO report)	$ 0.90	2		26,283	52,566	52,566	131,414	52,566	52,566	52,566	52,566	210,263	52,566	52,566	52,566	52,566	210,263
		3			26,283	52,566	78,848	52,566	52,566	52,566	52,566	210,263	52,566	52,566	52,566	52,566	210,263
		4				26,283	26,283	52,566	52,566	52,566	52,566	210,263	52,566	52,566	52,566	52,566	210,263
		5						26,283	52,566	52,566	52,566	183,980	52,566	52,566	52,566	52,566	210,263
	52,566	6							26,283	52,566	52,566	131,414	52,566	52,566	52,566	52,566	210,263
		7								26,283	52,566	78,848	52,566	52,566	52,566	52,566	210,263
		8									26,283	26,283	52,566	52,566	52,566	52,566	210,263

		Total	26,283	78,848	131,414	183,980	420,525	236,545	289,111	341,677	394,242	1,261,575	420,525	420,525	420,525	420,525	1,682,100


	Allotment Pre 2011	% of Total
G&A	92,194	42%
Production	80,776	37%
R&D	37,311	17%
Marketing	8,624	4%
Sales	1	0%
Total	218,906	100%


Other Options (000's)			2011				2011	2012				2012	2013				2013
			Q1 $000	Q2 $000	Q3 $000	Q4 $000	$000	Q1 $000	Q2 $000	Q3 $000	Q4 $000	$000	Q1 $000	Q2 $000	Q3 $000	Q4 $000	$000

G&A							0					0					0
R&D			9	8	5	2	23	2	2	1	1	5	1	1	1	0	2
Marketing							0					0					0
Sales			2	2	2	2	9					0					0
Total			11	10	7	4	32	2	2	1	1	5	1	1	1	0	2

Production Other Options							0					0					0

Total Options - Not ESOP			11	10	7	4	32	2	2	1	1	5	1	1	1	0	2

Amount in US$

	2011	2012	2013	2014

Description					Total	Unit Cost
Deep Coating System	0	1	0	3	250000	250,000
Crimper	1	1	0	3	270000	135,000
Self expanding crimper	1	0	0	3	120000	120,000
Inspection Microscop	2	2	2	50	50000	8,333
Clean room #1	1	0	0	1	100000	100,000
Clean room #2	1	0	0	1	100000	100,000
Clean room #3	0	1	0	1	150000	150,000
Water system	1	1	0	0	20000	10,000
General Equipment	0	0	0	0	100000

Total	7	6	2	62

	2011	2012	2013	2012
Cost
Description					Total	Unit Cost
Deep coating system	-	250	-	750	250000
Crimper	135	135	-	405	270000
Self expanding crimper	120	-	-	360	120000
Inspection Microscopes	17	17	17	417	50000
Clean room #1	100	-	-	100	100000
Clean room #2	100	-	-	100	100000
Clean room #3	-	150	-	150	150000
Water system	10	10	-	-	20000
General Equipment	33	33	33	220	100000

Total	515	595	50	2,502

Adjusted for Cash Flow	380	460	50	2,502

MFG	473	303	8	1,323
R&D	42	292	42	1,178

Total for Depreciation	515	595	50	2,502

Depreciation

G&A
Prior to 31/12/2010	20	20	20	20
New	2	8	12	20
Total Depreciation	22	28	32	40

R&D
Prior to 31/12/2010	20	20	20	20
New	7	79	90	370
Total Depreciation	27	99	110	390

MFG
Prior to 31/12/2010	30	30	30	30
New	91	164	196	527
Total Depreciation	121	194	226	557

Sales	6	6	6	16

Marketing	6	6	6	16

Total Depreciation	181	334	380	1,019

	2011	2012	2013	Total
Gross Profit	2,660	7,110	16,360	26,130

Working Capital	565	2,460	3,615	6,640
R&D	3,500	5,240	6,305	15,045
Marketing and Sales	2,155	2,940	3,270	8,365
G&A	2,745	2,770	2,970	8,485

Total outlay	8,965	13,410	16,160	38,535

Net Cash	(6,305)	(6,300)	200	(12,405)

InspireMD Key Financial Data

	2011	2012	2013
# of Stents (000)	12.7	23.6	40.0

Sales ($000)	7,000	13,000	22,000

Gross Margin (average for the year)	38%	55%	74%

NET INCOME	-6,260	-4,720	2,670

Sales By Geographic Region
Europe	48%	48%	42%
North America	0%	0%	0%
Latin American	9%	12%	15%
Asia	38%	37%	40%
ROW	5%	3%	3%

Total	100%	100%	100%