Business
InspireMD Announces Strong Preliminary Fourth Quarter 2019 Revenue and Reports Inducement Award Under NYSE American Company Guide §711(a)
TEL AVIV, Israel, Jan. 06, 2020 (GLOBE NEWSWIRE) -- InspireMD, Inc. (NYSE American: NSPR), the developer of the CGuard™ Embolic Prevention System (EPS) for
About this update from Inspiremd Inc.
[{"type":"text","content":"TEL AVIV, Israel, Jan. 06, 2020 (GLOBE NEWSWIRE) -- InspireMD, Inc. (NYSE American: NSPR), the developer of the CGuard™ Embolic Prevention System (EPS) for the prevention of stroke caused by carotid artery disease (CAD), today announced strong preliminary unaudited revenue for the fourth quarter and reported an inducement grant to the company’s new Chief Executive Officer, Marvin Slosman, who assumed the role effective January 1, 2020.\n InspireMD anticipates that preliminary unaudited revenue for the fourth quarter ended December 31, 2019, will be within a range of $1,000,000 to $1,025,000, representing estimated growth of 22%-25% over the comparable period in 2018. The company’s revenue growth during the quarter was driven largely by growing demand for CGuard™ EPS, which increased sales more than 30% over the comparable period in 2018. Actual results may differ materially from the foregoing estimates due to developments or other information that may arise between now and the time the financial results for the fourth quarter of 2019 are finalized. These preliminary results should not be viewed as a substitute for the company’s fourth quarter reviewed consolidated financial statements prepared in accordance with GAAP. “I assumed the role of Chief Executive Officer because, upon reviewing the significant body of evidence demonstrating the superiority of CGuard™ as compared to other interventional and surgical CAD treatment options, I believe we have a significant opportunity to transform patient care while creating long-term value for our shareholders,” said Marvin Slosman, Chief Executive Officer. “We believe our continued strong revenue growth reflects the increasing awareness of CGuard™ by treating physicians, including vascular surgeons, in our key territories. At the same time, we continue to work to introduce CGuard™ into new markets and anticipate that we will be able to sustain this momentum through 2020.” InspireMD also today announced that the Company has granted Marvin Slosman, the new Chief Executive Officer of the company, stock options to purchase up to an aggregate of 60,794 shares of common stock of the company and 182,381 restricted stock units as inducement awards outside the company’s 2013 Long-Term Incentive Plan. The grant was approved by the Compensation Committee and was made as an inducement material to th...