UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 23, 2014
InspireMD, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-35731 |
|
26-2123838 |
(State or other |
|
(Commission File Number) |
|
(IRS Employer |
jurisdiction
of incorporation) |
|
|
|
Identification No.) |
321 Columbus Avenue |
|
|
Boston, Massachusetts |
|
02116 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (857) 453-6553
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4
(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02 | Results of Operations and Financial Condition. |
On July 23, 2014, InspireMD, Inc. (the “Company”)
issued a press release announcing its financial results for the fiscal quarter ended June 30, 2014. A copy of this press release
is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2
of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, that is furnished pursuant to this Item
2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference
into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibit
Number |
|
Description |
99.1 |
|
Earnings release dated July 23, 2014 |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
inspiremd, inc. |
|
|
|
Date: July 24, 2014 |
By: |
/s/ Craig Shore |
|
|
Name: Craig Shore |
|
|
Title: Chief Financial Officer |
InspireMD Reports Financial Results for
the Second Quarter Ended June 30, 2014
BOSTON, MA – July 23, 2014 – InspireMD,
Inc. (NYSE MKT: NSPR) (“InspireMD” or the “Company”), a leader in embolic protection systems
(“EPS”), today announced its financial and operating results for the second quarter, which ended June 30, 2014.
Recent Operating Highlights
| · | Received European approval to resume manufacturing
and distribution of MGuard™ Prime EPS |
| o | Manufacturing and sales were temporarily suspended due to Voluntary Field Action (VFA) implemented
on April 30, 2014 |
| o | Modified manufacturing process now in place to enhance system performance |
| · | Completed the expansion of its international
sales organization and is positioned to ramp up MGuard Prime EPS sales and limited market release (LMR) launch of CGuard in the
second half of 2014 |
| · | Completed CARENET (CARotid Embolic protection
study using microNET) trial for the CGuardTM EPS |
| o | 100% procedural success rate |
| o | Results expected to be announced in mid September 2014 at the TCT Conference |
| · | Appointed Dr. James Barry as Chief Operating Officer |
| o | More than 18 years’ experience in senior roles at Boston Scientific |
| o | Extensive background in developing drug eluting stents |
“The financial performance for the quarter is within our
expectations, as sales activities for the MGuard Prime EPS were temporarily halted following our voluntary field action (VFA).
We successfully managed the VFA regulatory process in Europe and have now shifted our focus to ramping our commercial activities,”
said Alan Milinazzo, CEO of InspireMD. “This quarter also marked the successful completion of enrollment in the CARENET trial,
which we view as a significant milestone in our plans to develop the CGuard EPS for patients with carotid artery disease. Enrollment
had a 100% procedural success rate and we are looking forward to sharing the results of the trial at the TCT conference in September.”
“Additionally, we are pleased to
welcome Dr. Jim Barry as our new Chief Operating Officer. We are now entering a critical phase in the development of our DES strategies
and Jim’s expertise will be invaluable to us,” Concluded Milinazzo.
Operational Overview
European regulatory approval for a new
manufacturing process improving stent retention and performance in the MGuard Prime EPS was granted following the Company’s
VFA that was implemented on April 30, 2014. The Company is in the process of modifying and redeploying all the MGuard Prime EPS
stents that were returned by clinical and commercial sites. The Company expects sales of the MGuard Prime EPS to ramp over the
next several months. Due to the VFA, the Company did not fill any new customer sales orders during the past two months. The MGuard
Prime EPS is currently InspireMD’s primary commercial product and, as a result, the Company recorded sales of $0.2 million
for the second quarter ended June 30, 2014.
The planned expansion of the Company’s
international sales organization has been completed with the additional hiring of several direct salespeople in Tier 1 countries
in Europe and Latin America. The team currently includes 20 people positioned to advance sales of the Company’s coronary
and carotid devices.
The Company successfully completed enrollment in the CARENET
(CARotid Embolic protection using microNET) study. CARENET is a multi-specialty trial
to evaluate the safety and efficacy of the CGuard EPS for use in carotid artery disease. The acute procedural performance of the
CGuard device was 100% successful for all of the 30 patients enrolled in the trial. Follow up will be done using traditional assessments
post procedure and at 30 days to include MACE (death, stroke, MI) and ipsilateral stroke. The Company is in the process of evaluating
the results and anticipates sharing these data in September at the upcoming TCT Conference in Washington DC.
The Company continues to conduct studies
to ascertain the safety and efficacy of combining its proprietary MicroNet™ technology with existing drug eluting stent technologies.
Pre-clinical tests are being done with several already CE Marked or FDA approved drug eluting coronary stents and the Company continues
to negotiate with manufacturers and evaluate opportunities in this space. InspireMD remains committed to this phase of the development
of the next generation embolic protection system.
Enrollment in the MASTER II trial remains temporarily suspended,
pending review by the FDA of the manufacturing improvements to the MGuard Prime EPS. However, the Company continues to move forward
with site activation and audit activities so that the Company will be able to accelerate enrollment once the study is resumed,
which is expected to be in the third or fourth quarter of 2014. The MASTER II trial will evaluate the safety and effectiveness
of the MGuard™ Prime EPS in patients suffering from ST Elevation Myocardial Infarction (STEMI). The results are also
intended to support the Company’s Investigational Device Exemption (IDE) application with the U.S. Food and Drug Administration
(FDA) to market the MGuard™ Prime MicroNet™ covered coronary stent system in the U.S.
Quarter Ended June 30, 2014 Financial
Results
On April 30, 2014 sales were temporarily
suspended due to the VFA. As such, revenue for the quarter ended June 30, 2014 was $0.2 million compared to $1.5 million during
the same period in 2013.
Gross profit (loss) for the quarter ended
June 30, 2014 totaled $(0.4) million, a decrease of 158.5% compared to $0.7 million for the same period in 2013. This decrease
in gross profit was attributable to the impact of the VFA which included a decrease in revenues as well as $0.4 million in expenses
related to the modification of the MGuard Prime EPS.
Total operating expenses for the quarter
ended June 30, 2014 were $6.8 million, an increase of 40.2% compared to $4.9 million for the same period in 2013. This increase
was primarily due to higher research and development expenses attributable to the MASTER II trial, the CARENET trial, efforts to
improve stent retention and expenditures in sales and marketing as the Company increased its efforts to support the new sales strategies
in key European and Latin American countries.
The loss from operations for the quarter
ended June 30, 2014 was $7.2 million, an increase of 71.6% compared to a loss of $4.2 million for the same period in 2013.
Financial expenses for the quarter ended
June 30, 2014 decreased 97.0% to $0.3 million from $10.8 million during the same period in 2013. The decrease in financial expenses
resulted primarily from $9.9 million of non-cash effects in the quarter ended June 30, 2013 related to the adjustment of the conversion
ratio of our convertible debentures prior to their retirement in April 2013. No such expense occurred during the same period in
2014.
The net loss for the quarter ended June
30, 2014 totaled $7.6 million, or $0.22 per basic and diluted share, compared to a net loss of $14.9 million, or $0.48 per basic
and diluted share, in the same period in 2013.
Non-GAAP net loss for the quarter ended
June 30, 2014 was $6.5 million, or $0.19 per basic and diluted share, an increase of 107.8%, compared to a non-GAAP net loss of
$3.1 million, or $0.10 per basic and diluted share, for the same period in 2013. The non-GAAP net loss for the quarter ended June
30, 2014 primarily excludes $1.1 million of share-based compensation. The non-GAAP net loss for quarter ended June 30, 2013 primarily
excludes $10.7 million in non-cash financial expenses and $1.1 million in share-based compensation expenses.
Six Months Ended June 30, 2014 Financial
Results
Revenue for the six months ended June 30,
2014 decreased $1.3 million to $1.7 million compared to $3.0 million during the same period in 2013. The 2014 period included an
expected decline in sales volume associated with the temporary stoppage of sales activities for the MGuard™ Prime EPS following
our VFA.
Gross profit for the six months ended June
30, 2014 totaled $0.5 million, a decrease of 69.1% compared to $1.5 million for the same period in 2013. This decrease in gross
profit was attributable to a decrease in revenues as well as the impact of expenses related to the VFA.
Total operating expenses for the six months
ended June 30, 2014 were $13.2 million, an increase of 48.2% compared to $8.9 million for the same period in 2013. This was primarily
due to increased research and development expenses attributable to the MASTER II trial, the CARENET trial, efforts to improve stent
retention and expenditures in sales and marketing as the Company increased its efforts to support the new sales strategies in key
European and Latin American countries.
The loss from operations for the six months
ended June 30, 2014 was $12.8 million, an increase of 72.0% compared to a loss of $7.4 million for the same period in 2013.
Financial expenses for the six months ended
June 30, 2014, decreased 94.1% to $0.7 million from $12.4 million during the same period in 2013. The decrease in financial expenses
resulted primarily from $9.9 million of non-cash effects in the six months ended June 30, 2013 related to the adjustment of the
conversion ratio of our convertible debentures prior to their retirement in April 2013, as well as $1.5 million of non-cash expense
in the six months ended June 30, 2013 related to our issuance of common stock without new consideration to certain investors resulting
from anti-dilution rights. No such expense occurred during the six months ended June 30, 2014.
The net loss for the six months ended June
30, 2014 totaled $13.5 million, or $0.40 per basic and diluted share, compared to a net loss of $19.8 million, or $0.80 per basic
and diluted share, in the same period in 2013.
Non-GAAP net loss for the six months ended
June 30, 2014 was $11.4 million, or $0.34 per basic and diluted share, an increase of 118.0% compared to a non-GAAP net loss of
$5.2 million, or $0.21 per basic and diluted share, for the same period in 2013. The non-GAAP net loss for the six months ended
June 30, 2014 primarily excludes $2.1 million of share-based compensation. The non-GAAP net loss for the six months ended June
30, 2013 primarily excludes $12.2 million in non-cash financial expenses and $2.4 million in share-based compensation expenses.
Cash and Cash Equivalents
As of June 30, 2014, cash and cash equivalents
were $9.0 million, compared to $17.5 million as of December 31, 2013.
Investor Conference Call
The Company will host a conference call
at 4:30 p.m. ET on Wednesday, July 23rd to review its financial results and business outlook. Participants should call
(877) 407-0784 (United States) or (201) 689-8560 (International) and request the InspireMD call or provide confirmation code:
13586684. A live webcast of the call will also be available on the Investor Relations section of the Company’s website at
www.inspire-md.com/site_en/for-investors. Please allow 10 minutes prior to the call to visit this site to download and
install any necessary audio software.
An archive of the webcast will be available
approximately one hour after completion of the live event and will be accessible on the Investor Relations section of the Company's
website at www.inspire-md.com/site_en/for-investors for a limited time. A dial-in replay of the call will also be available
to those interested until August 6th. To access the replay, dial (877) 870-5176 (United States) or (858) 384-5517 (International)
and enter code: 13586684.
About InspireMD, Inc.
InspireMD seeks to utilize its proprietary MGuard™ with
MicroNet™ technology to make its products the industry standard for embolic protection and to provide a superior solution
to the key clinical issues of current stenting in patients with a high risk of distal embolization, no reflow and major adverse
cardiac events.
InspireMD intends to pursue applications of this MicroNet technology
in coronary, carotid (CGuard™) and peripheral artery procedures. InspireMD's common stock is quoted on the NYSE MKT under
the ticker symbol NSPR.
Use of Non-GAAP Financial Measures
To supplement the Company’s consolidated
financial statements presented on a GAAP basis, the Company discloses a non-GAAP measure as non-GAAP net loss because management
uses this supplemental non-GAAP financial measure to evaluate performance period over period, to analyze the underlying trends
in its business, and to establish operational goals and forecasts that are used in allocating resources. In addition, the Company
believes many investors use this non-GAAP measure to monitor the Company’s performance. This non-GAAP measure should not
be considered as an alternative to GAAP measures as an indicator of the Company’s operating performance.
Non-GAAP net loss is defined by the Company
as net loss excluding non-cash financial expenses, share-based compensation expenses and royalties buyout amortization. Non-cash
financial expenses are items that are related to the amortization of discount on convertible debt and related issuance costs, the
revaluation of warrants and expenses related to the anti-dilution rights of our March 2011 investors.
Generally, a non-GAAP financial measure
is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts
that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with
GAAP. The non-GAAP measures discussed above, however, should be considered in addition to, and not as a substitute for or superior
to operating loss, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of
non-GAAP to GAAP financial measure is set forth in the table below.
The Company believes that presenting a
non-GAAP net loss, in addition to the corresponding GAAP financial measures, provides investors greater transparency to the information
used by management for financial and operational decision-making and allows investors to see the Company’s results "through
the eyes" of management. The Company further believes that providing this information assists investors in understanding the
Company’s operating performance and the methodology used by management to evaluate and measure such performance.
Forward-looking Statements:
This press release contains "forward-looking
statements." Such statements may be preceded by the words "intends," "may," "will," "plans,"
"expects," "anticipates," "projects," "predicts," "estimates," "aims,"
"believes," "hopes," "potential" 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 (i) market acceptance of our existing and new products, (ii) negative clinical trial results
or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv)
intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi)
product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient
or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain
and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory
reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product
components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that
such capital raising may be costly, dilutive or difficult to obtain and (xiii) 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. 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 Transition Report on Form 10-KT 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.
Investor Contacts:
Todd Fromer / Garth Russell
KCSA Strategic Communications
Phone: 212-896-1215 / 212-896-1250
Email: tfromer@kcsa.com / grussell@kcsa.com
Media Contacts:
Lewis Goldberg / Samantha Wolf
KCSA Strategic Communications
Phone: 212-896-1216 / 212-896-1220
Email: lgoldberg@kcsa.com / swolf@kcsa.com
######
CONSOLIDATED STATEMENTS OF OPERATIONS (1) |
(U.S. dollars in thousands, except per share data) |
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
| |
2014 | | |
2013 | | |
2014 | | |
2013 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 193 | | |
$ | 1,500 | | |
$ | 1,675 | | |
$ | 3,014 | |
Cost of revenues | |
| 584 | | |
| 832 | | |
| 1,209 | | |
| 1,506 | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit (Loss) | |
| (391 | ) | |
| 668 | | |
| 466 | | |
| 1,508 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| 2,448 | | |
| 1,047 | | |
| 5,025 | | |
| 1,954 | |
Selling and marketing | |
| 1,948 | | |
| 1,204 | | |
| 3,224 | | |
| 2,008 | |
General and administrative | |
| 2,448 | | |
| 2,632 | | |
| 4,987 | | |
| 4,972 | |
| |
| | | |
| | | |
| | | |
| | |
Total operating expenses | |
| 6,844 | | |
| 4,883 | | |
| 13,236 | | |
| 8,934 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (7,235 | ) | |
| (4,215 | ) | |
| (12,770 | ) | |
| (7,426 | ) |
| |
| | | |
| | | |
| | | |
| | |
Financial expenses | |
| 325 | | |
| 10,755 | | |
| 738 | | |
| 12,447 | |
| |
| | | |
| | | |
| | | |
| | |
Loss before tax expenses | |
| (7,560 | ) | |
| (14,970 | ) | |
| (13,508 | ) | |
| (19,873 | ) |
| |
| | | |
| | | |
| | | |
| | |
Tax expenses (Income) | |
| 2 | | |
| (23 | ) | |
| 22 | | |
| (41 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss | |
$ | (7,562 | ) | |
$ | (14,947 | ) | |
$ | (13,530 | ) | |
$ | (19,832 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share – basic and diluted | |
$ | (0.22 | ) | |
$ | (0.48 | ) | |
$ | (0.40 | ) | |
$ | (0.80 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares of common stock used in computing net loss per share – basic and diluted | |
| 34,115,814 | | |
| 31,033,657 | | |
| 34,083,936 | | |
| 24,650,333 | |
RECONCILIATION OF NON-GAAP NET LOSS (2) |
(U.S. dollars in thousands, except per share data) |
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
| |
2014 | | |
2013 | | |
2014 | | |
2013 | |
| |
| | |
| | |
| | |
| |
GAAP Net Loss | |
$ | (7,562 | ) | |
$ | (14,947 | ) | |
$ | (13,530 | ) | |
$ | (19,832 | ) |
| |
| | | |
| | | |
| | | |
| | |
Non-GAAP Adjustments: | |
| | | |
| | | |
| | | |
| | |
Non-cash financial expenses (income)(3) | |
| (41 | ) | |
| 10,698 | | |
| (47 | ) | |
| 12,156 | |
Share-based compensation expenses | |
| 1,080 | | |
| 1,109 | | |
| 2,099 | | |
| 2,408 | |
Royalties buyout expenses and amortization | |
| 25 | | |
| 13 | | |
| 40 | | |
| 21 | |
| |
| | | |
| | | |
| | | |
| | |
Total Non-GAAP Adjustments | |
| 1,064 | | |
| 11,820 | | |
| 2,092 | | |
| 14,585 | |
| |
| | | |
| | | |
| | | |
| | |
Non-GAAP Net Loss | |
$ | (6,498 | ) | |
$ | (3,127 | ) | |
$ | (11,438 | ) | |
$ | (5,247 | ) |
| |
| | | |
| | | |
| | | |
| | |
Non-GAAP net loss per share – basic and diluted | |
$ | (0.19 | ) | |
$ | (0.10 | ) | |
$ | (0.34 | ) | |
$ | (0.21 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares of common stock used in computing net loss per share – basic and diluted | |
| 34,115,814 | | |
| 31,033,657 | | |
| 34,083,936 | | |
| 24,650,333 | |
CONSOLIDATED BALANCE SHEETS (4) |
(U.S. dollars in thousands) |
| |
June 30, | | |
December 31, | |
ASSETS | |
2014 | | |
2013 | |
| |
| | |
| |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 8,988 | | |
$ | 17,535 | |
Restricted cash | |
| | | |
| 93 | |
Accounts receivable: | |
| | | |
| | |
Trade | |
| 493 | | |
| 1,855 | |
Other | |
| 420 | | |
| 387 | |
Prepaid expenses | |
| 215 | | |
| 141 | |
Inventory | |
| 1,514 | | |
| 1,593 | |
| |
| | | |
| | |
Total current assets | |
| 11,630 | | |
| 21,604 | |
| |
| | | |
| | |
Property, plant and equipment, net | |
| 663 | | |
| 652 | |
| |
| | | |
| | |
Non-current assets: | |
| | | |
| | |
Deferred issuance costs | |
| 276 | | |
| 310 | |
Funds in respect of employee rights upon retirement | |
| 493 | | |
| 434 | |
Long term prepaid expenses | |
| 84 | | |
| 114 | |
Royalties buyout | |
| 812 | | |
| 852 | |
| |
| | | |
| | |
Total non-current assets | |
| 1,665 | | |
| 1,710 | |
| |
| | | |
| | |
Total assets | |
$ | 13,958 | | |
$ | 23,966 | |
| |
June 30, | | |
December 31, | |
LIABILITIES AND EQUITY (CAPITAL DEFICIENCY) | |
2014 | | |
2013 | |
| |
| | |
| |
Current liabilities: | |
| | | |
| | |
Accounts payable and accruals: | |
| | | |
| | |
Trade | |
$ | 1,529 | | |
$ | 1,623 | |
Other | |
| 4,344 | | |
| 3,141 | |
Advanced payment from customers | |
| 214 | | |
| 179 | |
Current maturity of loan | |
| 3,037 | | |
| 1,181 | |
| |
| | | |
| | |
Total current liabilities | |
| 9,124 | | |
| 6,124 | |
| |
| | | |
| | |
Long-term liabilities: | |
| | | |
| | |
Liability for employees rights upon retirement | |
| 745 | | |
| 610 | |
Long term loan | |
| 6,886 | | |
| 8,593 | |
| |
| | | |
| | |
Total long-term liabilities | |
| 7,631 | | |
| 9,203 | |
| |
| | | |
| | |
Total liabilities | |
| 16,755 | | |
| 15,327 | |
| |
| | | |
| | |
Equity: | |
| | | |
| | |
Common stock, par value $0.0001 per share; 125,000,000 shares authorized; 34,159,043 and 33,983,346 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | |
| 3 | | |
| 3 | |
Additional paid-in capital | |
| 93,046 | | |
| 90,952 | |
Accumulated deficit | |
| (95,846 | ) | |
| (82,316 | ) |
| |
| | | |
| | |
Total equity (capital deficiency) | |
| (2,797 | ) | |
| 8,639 | |
| |
| | | |
| | |
Total liabilities and equity (less capital deficiency) | |
$ | 13,958 | | |
$ | 23,966 | |
(1) All 2014 financial information is derived
from the Company’s 2014 unaudited financial statements, as disclosed in the Company’s Quarterly Report on Form 10-Q,
filed with the Securities and Exchange Commission, and all 2013 financial information is derived from the Company’s unaudited
internal financial statements.
(2) Our non-GAAP net loss is presented
as management uses this supplemental non-GAAP financial measure to evaluate performance period over period, analyze the underlying
trends in our business, and establish operational goals and forecasts that are used in allocating resources. We believe by presenting
this additional measurement, we are providing investors with greater transparency to the information used by our management for
our financial and operational decision-making, as well as allowing investors to see our results "through the eyes" of
management. We further believe that providing this information assists our investors in understanding our operating performance
and the methodology used by management to evaluate and measure such performance.
(3) Non-cash financial expenses (income)
are items related to the induced conversion of the convertible loan, the amortization of the discount on the convertible loan and
its related issuance costs, the issuance of shares as a result of the anti-dilution rights of our March 2011 investors and the
revaluation of warrants.
(4) All June 30, 2014 financial information
is derived from the Company’s 2014 unaudited financial statements, as disclosed in the Company's Quarterly Report on Form
10-Q, filed with the Securities and Exchange Commission and all December 31, 2013 financial information is derived from the Company’s
2013 audited financial statements, as disclosed in the Company’s Transition Report on Form 10-KT, filed with the Securities
and Exchange Commission.
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