InspireMD (NSPR) 10-Q12 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 12, 2014
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Entity Registrant Name	'InspireMD, Inc.	'
Entity Central Index Key	'0001433607	'
Current Fiscal Year End Date	'--12-31	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	42,401,311
Entity Current Reporting Status	'Yes	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
CURRENT ASSETS:	'	'
Cash and cash equivalents	$4,978	$17,535
Restricted cash	'	93
Accounts receivable:	'	'
Trade	397	1,855
Other	544	387
Prepaid expenses	138	141
Inventory	1,682	1,593
Total current assets	7,739	21,604
PROPERTY, PLANT AND EQUIPMENT, net	636	652
NON-CURRENT ASSETS:	'	'
Deferred issuance costs	170	310
Funds in respect of employees rights upon retirement	474	434
Long term prepaid expenses	80	114
Royalties buyout	792	852
Total other non-current assets	1,516	1,710
Total assets	9,891	23,966
Accounts payable and accruals:	'	'
Trade	1,548	1,623
Other	4,113	3,141
Advanced payment from customers	180	179
Current maturity of loan	3,710	1,181
Total current liabilities	9,551	6,124
LONG-TERM LIABILITIES:	'	'
Liability for employees rights upon retirement	719	610
Long term loan	6,002	8,593
Total long-term liabilities	6,721	9,203
COMMITMENTS AND CONTINGENT LIABILITIES (Note 11)	'	'
Total liabilities	16,272	15,327
EQUITY (CAPITAL DEFICIENCY):	'	'
Common stock, par value $0.0001 per share; 125,000,000 shares authorized; 35,107,046 and 33,983,346 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	4	3
Additional paid-in capital	96,236	90,952
Accumulated deficit	-102,621	-82,316
Total equity (capital deficiency)	-6,381	8,639
Total liabilities and equity (less capital deficiency)	$9,891	$23,966

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]	'	'
Common stock, par value per share	$0.00	$0.00
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	35,107,046	33,983,346
Common stock, shares outstanding	35,107,046	33,983,346

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]	'	'	'	'
REVENUES	$273	$1,552	$1,948	$4,566
COST OF REVENUES	349	750	1,558	2,256
GROSS PROFIT (LOSS)	-76	802	390	2,310
OPERATING EXPENSES:	'	'	'	'
Research and development	2,460	1,544	7,485	3,498
Selling and marketing	1,806	830	5,030	2,838
General and administrative	2,139	2,313	7,126	7,285
Total operating expenses	6,405	4,687	19,641	13,621
LOSS FROM OPERATIONS	-6,481	-3,885	-19,251	-11,311
FINANCIAL EXPENSES, net:	'	'	'	'
Interest expense	361	'	1,072	2,160
Other financial expenses (income)	-48	57	-21	10,344
Total financial expenses	313	57	1,051	12,504
LOSS BEFORE INCOME TAXES	-6,794	-3,942	-20,302	-23,815
TAX EXPENSES (INCOME)	-19	3	3	-38
NET LOSS	($6,775)	($3,945)	($20,305)	($23,777)
NET LOSS PER SHARE - basic and diluted	($0.20)	($0.12)	($0.59)	($0.86)
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING NET LOSS PER SHARE - basic and diluted	34,581,521	33,959,773	34,251,620	27,787,580

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net loss	($20,305)	($23,777)
Adjustments required to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	181	163
Change in liability for employees right upon retirement	109	186
Financial expenses	279	12,231
Share-based compensation expenses	3,151	3,259
Loss (Gains) on amounts funded in respect of employee rights upon retirement, net	15	-3
Changes in operating asset and liability items:	'	'
Decrease (increase) in prepaid expenses	37	-193
Decrease (increase) in trade receivables	1,458	-855
Increase in other receivables	-157	-235
Decrease in inventory on consignment	'	20
Decrease (increase) in inventory	-89	585
Increase (decrease) in trade payables	-75	349
Decrease in deferred revenues	'	-10
Increase in other payables and advance payment from customers	1,124	507
Net cash used in operating activities	-14,272	-7,773
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of property, plant and equipment	-105	-195
Decrease in restricted cash	93	'
Amounts funded in respect of employee rights upon retirement, net	-55	-98
Net cash used in investing activities	-67	-293
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Taxes withheld in respect of share issuance	-115	-27
Proceeds from issuance of shares	2,229	22,880
Repayment of loan	-290	'
Exercise of options and warrants	'	8
Induced conversion of convertible debt	'	-8,787
Net cash provided (used) by financing activities	1,824	14,074
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	-42	-1
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	-12,557	6,007
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD	17,535	5,433
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	$4,978	$11,440

DESCRIPTION_OF_BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
DESCRIPTION OF BUSINESS	Sep. 30, 2014
DESCRIPTION OF BUSINESS [Abstract]	'
DESCRIPTION OF BUSINESS	'
	NOTE 1 - DESCRIPTION OF BUSINESS

	InspireMD, Inc., a Delaware corporation (the “Company”), together with its subsidiaries, is a medical device company focusing on the development and commercialization of its proprietary MicroNet™ stent platform technology for the treatment of complex coronary and vascular disease. MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. The Company's coronary products combining MicroNet and a bare-metal stent (MGuard™ Prime EPS) are marketed for use in patients with acute coronary syndromes, notably acute myocardial infarction (heart attack) and saphenous vein graft coronary interventions (bypass surgery). In October 2014, the Company launched a limited market release of its carotid embolic prevention system (CGuard™ EPS), which combines MicroNet and a self-expandable nitinol stent in a single device to treat carotid artery disease. A coronary stent product incorporating a drug-eluting (drug-coated) stent with MicroNet is currently in development. The Company markets its products through distributors in international markets, mainly in Europe, Southeast Asia, India, Latin America and Israel, and through direct sales to hospitals in Europe.

	The Company has an accumulated deficit of $103 million as of September 30, 2014, as well as net losses and negative operating cash flows in recent years and the current quarter. The Company expects to continue incurring losses and negative cash flows from operations until its MGuard™ and CGuard™ products reach commercial profitability. As a result of these expected losses and negative cash flows from operations, along with the Company's current cash position, the Company does not have sufficient resources to fund operations for the next twelve months. Therefore, there is substantial doubt about the Company's ability to continue as a going concern.

	Management's plans include the continued commercialization of the MGuard™ and CGuard™ products and raising capital through the sale of additional equity securities or debt. There are no assurances, however, that the Company will be successful in obtaining the level of financing needed for its operations. If the Company is unsuccessful in commercializing its MGuard™ or CGuard™ products and raising capital, it may need to reduce activities, curtail or cease operations.

	These financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.

	On April 30, 2014, the Company initiated a voluntary field corrective action (“VFA”) of its MGuard Prime EPS to address the issue of stent retention following reports of MGuard Prime stent dislodgements. On June 18, 2014, the Company received approval from the European regulatory agency to resume the manufacturing of the MGuard Prime stent with a modified stent securement process. The Company also received approval to modify and re-deploy existing MGuard Prime stents that have been sent to us by clinical and commercial sites worldwide. These products have been modified and shipped to direct hospital customers and the majority of its distributor partners, who have begun shipping modified product back into hospital accounts. The Company began shipping products to new customers in the Company's direct markets in Western Europe in October 2014. The VFA had an adverse impact on both the commercial and clinical activities relating to the MGuard Prime EPS from the date of initiation through September 30, 2014.

	The expenses associated with the modifications that were performed as a result of the VFA is approximately $320,000 with an additional approximate $76,000 accrued for as of September 30, 2014 which is estimated to be incurred. These expenses were recorded in “Cost of revenues” in the nine months ended September 30, 2014.

	On November 7, 2014, the Company sold 6,261,846 shares of its common stock and warrants to purchase 3,130,923 shares of common stock in in a registered direct offering. The common stock was sold at a negotiated purchase price of $1.30 per share, and each purchaser received a warrant to purchase 0.5 of a share of common stock for each share of common stock that it purchased in the offering. The warrants are non-exercisable for six months and have a term of exercise of 42 months from the date of issuance and an exercise price of $1.75. This offering resulted in net proceeds to the Company of approximately $7.4 million after deducting placement agent fees and other estimated offering expenses.

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2014
BASIS OF PRESENTATION [Abstract]	'
BASIS OF PRESENTATION	'
	NOTE 2 - BASIS OF PRESENTATION

	The accompanying unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements. In the opinion of management, the financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position and results of operations of the Company. These consolidated financial statements and notes thereto are unaudited and should be read in conjunction with the Company's audited financial statements for the six month period ended December 31, 2013, as found in the Company's Transition Report on Form 10-KT, filed with the Securities and Exchange Commission on February 26, 2014, as amended by Amendment No. 1 filed with the Securities and Exchange Commission on September 25, 2014. The balance sheet for December 31, 2013 was derived from the Company's audited financial statements for the six month period ended December 31, 2013. The results of operations for the nine months ended September 30, 2014 are not necessarily indicative of results that could be expected for the entire fiscal year.

RECENTLY_ISSUED_ACCOUNTING_PRO

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	Sep. 30, 2014
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS [Abstract]	'
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	'
	NOTE 3 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

	In May 2014, Financial Accounting Standards Board (the “FASB”) issued ASC 606, Revenue from contracts with customers. The objective of the new revenue standard is to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries, and across capital markets. The revenue standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services, based on a five step model that includes the identification of the contract with the customer and the performance obligations in the contract, determination of the transaction price, allocation of the transaction price to the performance obligations in the contract and recognizing revenue when (or as) the entity satisfies a performance obligation. The revenue standard is effective for annual periods beginning on or after January 1, 2017. Early adoption is permitted.

	In August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. Continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity's liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. Currently, there is no guidance under U.S. GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern or to provide related footnote disclosures. The amendments in ASU 2014-15 provide that guidance. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. This new standard requires management to assess the entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management's plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 will be effective prospectively for annual reporting periods ending after the first annual period ending after December 15, 2016 and interim periods therein. Early application of the standard is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2014
EQUITY [Abstract]	'
EQUITY	'
	NOTE 4 - EQUITY:

		a.	During the nine months ended September 30, 2014, the Company granted stock options to employees and directors to purchase a total of 1,826,515 shares of the Company's common stock. The options have exercise prices ranging from $2.38-$3.23 per share, which were the fair market value of the Company's common stock on the date of each respective grant. The options are subject to a three-year vesting period, with one-third of such awards vesting each year.

	In calculating the fair value of the above options the Company used the following assumptions: dividend yield of 0% and expected term of 5.5-6.5 years; expected volatility of 63.7%-67.9%; and risk-free interest rate of 1.64%-2.18%.

	The fair value of the above options, using the Black-Scholes option-pricing model, was approximately $3.3 million.

		b.	During the nine months ended September 30, 2014, the Company granted a total of 652,757 restricted shares of the Company's common stock to employees. The shares are subject to a three-year vesting period, with one-third of such awards vesting each year.

	The fair value of the above restricted shares was approximately $1.9 million.

		c.	During the three months ended September 30, 2014, the Company sold 948,000 shares of its common stock pursuant to its at-the-market (ATM) issuance sales agreement with MLV & Co. LLC. These sales resulted in net proceeds to the Company of approximately $2.2 million.

NET_LOSS_PER_SHARE

NET LOSS PER SHARE	9 Months Ended
NET LOSS PER SHARE	Sep. 30, 2014
NET LOSS PER SHARE [Abstract]	'
NET LOSS PER SHARE	'
	NOTE 5- NET LOSS PER SHARE:

	Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share excludes potential share issuances of common stock upon the exercise of share options, warrants, convertible loans and restricted stocks as the effect is anti-dilutive.

	The total number of shares of common stock related to outstanding options, warrants, convertible loans and restricted stock excluded from the calculations of diluted loss per share were 10,484,017 and 8,180,669 for the nine and three month periods ended September 30, 2014 and 2013, respectively.

FAIR_VALUE_MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
FAIR VALUE MEASUREMENT	Sep. 30, 2014
FAIR VALUE MEASUREMENT [Abstract]	'
FAIR VALUE MEASUREMENT	'
	NOTE 6 - FAIR VALUE MEASURMENT:

	The carrying amounts of financial instruments included in working capital approximate their fair value either because these amounts are presented at fair value or due to the relatively short-term maturities of such instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. As of September 30, 2014, the carrying amount of cash and cash equivalents, accounts receivable, other current assets and accounts payables and accrued expenses approximated their fair values due to the short-term maturities of these instruments. The fair value of the loan received on October 23, 2013 (the “Loan”) approximated its carrying amount.

INVENTORY

INVENTORY	9 Months Ended
INVENTORY	Sep. 30, 2014
INVENTORY [Abstract]	'
INVENTORY	'
	NOTE 7 - INVENTORY:


		September 30,		December 31,
		2014		2013
		($ in thousands)
	Finished goods	$	800	$	1,097
	Work in process		585		341
	Raw materials and supplies		297		155
		$	1,682	$	1,593

ACCOUNTS_PAYABLE_AND_ACCRUALS_

ACCOUNTS PAYABLE AND ACCRUALS - OTHER	9 Months Ended
ACCOUNTS PAYABLE AND ACCRUALS - OTHER	Sep. 30, 2014
ACCOUNTS PAYABLE AND ACCRUALS - OTHER [Abstract]	'
ACCOUNTS PAYABLE AND ACCRUALS - OTHER	'
	NOTE 8 - ACCOUNTS PAYABLE AND ACCRUALS - OTHER:

		September 30,		December 31,
		2014		2013
		($ in thousands)
	Employees and employee institutions	$	1,556	$	1,133
	Accrued vacation and recreation pay		405		325
	Accrued clinical trial expenses		1,141		622
	Accrued expenses		797		886
	Provision for sales commissions		207		139
	Other		7		36
		$	4,113	$	3,141

FINANCIAL_EXPENSES_NET

FINANCIAL EXPENSES, NET	9 Months Ended
FINANCIAL EXPENSES, NET	Sep. 30, 2014
FINANCIAL EXPENSES, NET [Abstract]	'
FINANCIAL EXPENSES, NET	'
	NOTE 9 - FINANCIAL EXPENSES, NET:


		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		($ in thousands)

	Bank commissions	$	14		$	11		$	35		$	30
	Interest income		(2	)		(2	)		(2	)		(14	)
	Exchange rate differences		(60	)		(29	)		(7	)		(16	)
	2013 Exchange agreement:
	Induced conversion of convertible debt											9,330
	Issuance of warrants											568
	Interest expense (including debt issuance costs)		361						1,072			2,160
	Change in fair value of warrants, embedded derivatives and other					77			(47	)		446

		$	313		$	57		$	1,051		$	12,504

RELATED_PARTIES

RELATED PARTIES	9 Months Ended
	Sep. 30, 2014
RELATED PARTIES [Abstract]	'
RELATED PARTIES	'
	NOTE 10 - RELATED PARTIES:

		a.	During the nine month period ended September 30, 2014, the Company's chief executive officer was granted options to purchase 399,675 shares of common stock at exercise prices ranging from $2.97-$3.10 per share, as well as 182,725 shares of restricted stock. See Note 4.

		b.	During the nine month period ended September 30, 2014, directors of the Company were granted options to purchase an aggregate of 335,000 shares of common stock at an exercise price of $3.10 per share. See Note 4a.

		c.	On February 25, 2014, the Company entered into a consulting agreement with a director of the Company, pursuant to which the director agreed to provide the Company with consulting services in exchange for a monthly consultancy fee calculated at the rate of $313 per hour. On July 14, 2014, the Company appointed the director as the new executive vice president and COO and entered into an Employment Agreement with the COO. Under the Employment Agreement, the COO is entitled to an annual base salary of $365,000. The COO is also eligible to receive an annual bonus of at least $225,000 upon the achievement of reasonable target objectives and performance goals, to be determined by the board of directors in consultation with the COO. In accordance with the Employment Agreement, the Company granted the new COO a nonqualified stock option to purchase 335,058 shares of common stock, made pursuant to a Nonqualified Stock Option Agreement, an incentive stock option to purchase 114,942 shares of common stock, made pursuant to an Incentive Stock Option Agreement, and 150,000 shares of restricted stock, made pursuant to a Restricted Stock Award Agreement. The options have an exercise price of $2.61 per share, which was the fair market value of the Company's common stock on the date of grant. Both the options and the restricted stock are subject to a three-year vesting period subject to the COO's continued service with the Company, with one-third (1/3rd) of such awards vesting on the first, second and third anniversary of the grant date. See Note 4.

COMMITMENT_AND_CONTINGENT_LIAB

COMMITMENT AND CONTINGENT LIABILITIES	9 Months Ended
	Sep. 30, 2014
COMMITMENT AND CONTINGENT LIABILITIES [Abstract]	'
COMMITMENT AND CONTINGENT LIABILITIES	'
	NOTE 11 - COMMITMENT AND CONTINGENT LIABILITIES:

		a.	Litigation

	In July 2012, a purported assignee of options in InspireMD Ltd. submitted a statement of claim against the Company, InspireMD Ltd., and the Company's former chief executive officer and president for a declaratory and enforcement order that this purported assignee is entitled to options to purchase 83,637 shares of the Company's commons stock at an exercise price of $0.76 per share. After considering the views of its legal counsel as well as other factors, the Company's management believes that a loss to the Company is neither probable nor in an amount or range of loss that is estimable.

	In December 2012, a former service provider of InspireMD GmbH filed a claim with the Labor Court in Buenos Aires, Argentina in the amount of $193,378 plus interest (6% in dollars or 18.5% in pesos), social benefits, legal expenses and fees (25% of the award) against InspireMD Ltd. and InspireMD GmbH. The Company's management, after considering the views of its legal counsel as well as other factors, recorded a provision of $250,000 in the financial statements for the quarter ended December 31, 2012. The Company's management estimates that the ultimate resolution of this matter could result in a loss of up to $80,000 in excess of the amount accrued.


		b.	Liens and pledges

	The Company's obligations under the Loan (as defined in Note 6) were secured by Israeli security agreements and deposit account control agreements on all of the assets and properties of the Company and InspireMD Ltd., other than the intellectual property of the Company and InspireMD Ltd.

ENTITY_WIDE_DISCLOSURE

ENTITY WIDE DISCLOSURE	9 Months Ended
ENTITY WIDE DISCLOSURE	Sep. 30, 2014
ENTITY WIDE DISCLOSURE [Abstract]	'
ENTITY WIDE DISCLOSURE	'
	NOTE 12 - ENTITY WIDE DISCLOSURE:

	The Company operates in one operating segment.

	Disaggregated financial data is provided below as follows:

	(1) Revenues by geographic area and
	(2) Revenues from principal customers.

	Revenues are attributed to geographic areas based on the location of the customers. The following is a summary of revenues by geographic areas:

		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		($ in thousands)
	Germany		72			29			164			172
	Malaysia		41						119
	Argentina		40			57			40			100
	Middle East		39			57			664			240
	Russia					453			3			1,165
	Spain		5			162			206			574
	Other		76			794			752			2,315
			273			1,552			1,948			4,566

	The following is a summary of revenues by principal customers:


		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013

	Customer A		17	%		1	%		6	%		1	%
	Customer B		15	%					6	%
	Customer C		15	%		4	%		2	%		2	%
	Customer D		14	%		4	%		4	%		5	%
	Customer E					29	%					26	%
	Customer F		2	%		10	%		11	%		13	%
	Customer G								31	%


	All tangible long-lived assets are located in Israel.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2014
SUBSEQUENT EVENTS [Abstract]	'
SUBSEQUENT EVENTS	'

	NOTE 13 - SUBSEQUENT EVENTS:

	As a result of the VFA, the Company suspended enrollment in the MASTER II trial, which had been previously launched to support its investigational device exemption application for MGuard Prime EPS with the U.S. Food and Drug Administration (“FDA”), pending a review by the FDA of the manufacturing improvements to the MGuard Prime EPS. The FDA approved the re-commencement of the MASTER II trial in October 2014.

	Notwithstanding FDA approval to re-commence enrollment of the Master II trial, in light of current market conditions moving toward the use of drug-eluting stents (DES) over bare-metal stents, the Company elected not to resume enrollment in the MASTER II trial. As a result of this change, the MASTER II trial will no longer be an FDA registration trial.

INVENTORY_Tables

INVENTORY (Tables)	9 Months Ended
INVENTORY (Tables)	Sep. 30, 2014
INVENTORY [Abstract]	'
Schedule of Inventory	'
		September 30,		December 31,
		2014		2013
		($ in thousands)
	Finished goods	$	800	$	1,097
	Work in process		585		341
	Raw materials and supplies		297		155
		$	1,682	$	1,593

ACCOUNTS_PAYABLE_AND_ACCRUALS_1

ACCOUNTS PAYABLE AND ACCRUALS - OTHER (Tables)	9 Months Ended
ACCOUNTS PAYABLE AND ACCRUALS - OTHER (Tables)	Sep. 30, 2014
ACCOUNTS PAYABLE AND ACCRUALS - OTHER [Abstract]	'
Schedule of Accounts Payable and Accruals	'
		September 30,		December 31,
		2014		2013
		($ in thousands)
	Employees and employee institutions	$	1,556	$	1,133
	Accrued vacation and recreation pay		405		325
	Accrued clinical trial expenses		1,141		622
	Accrued expenses		797		886
	Provision for sales commissions		207		139
	Other		7		36
		$	4,113	$	3,141

FINANCIAL_EXPENSES_NET_Tables

FINANCIAL EXPENSES, NET (Tables)	9 Months Ended
FINANCIAL EXPENSES, NET (Tables)	Sep. 30, 2014
FINANCIAL EXPENSES, NET [Abstract]	'
Schedule of Financial Expenses, Net	'
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		($ in thousands)

	Bank commissions	$	14		$	11		$	35		$	30
	Interest income		(2	)		(2	)		(2	)		(14	)
	Exchange rate differences		(60	)		(29	)		(7	)		(16	)
	2013 Exchange agreement:
	Induced conversion of convertible debt											9,330
	Issuance of warrants											568
	Interest expense (including debt issuance costs)		361						1,072			2,160
	Change in fair value of warrants, embedded derivatives and other					77			(47	)		446

		$	313		$	57		$	1,051		$	12,504

ENTITY_WIDE_DISCLOSURE_Tables

ENTITY WIDE DISCLOSURE (Tables)	9 Months Ended
ENTITY WIDE DISCLOSURE (Tables)	Sep. 30, 2014
ENTITY WIDE DISCLOSURE [Abstract]	'
Schedule of Revenues Attributed to Geographic Areas	'
	Revenues are attributed to geographic areas based on the location of the customers. The following is a summary of revenues by geographic areas:

		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		($ in thousands)
	Germany		72			29			164			172
	Malaysia		41						119
	Argentina		40			57			40			100
	Middle East		39			57			664			240
	Russia					453			3			1,165
	Spain		5			162			206			574
	Other		76			794			752			2,315
			273			1,552			1,948			4,566
Schedule of Principal Customers	'
	The following is a summary of revenues by principal customers:


		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013

	Customer A		17	%		1	%		6	%		1	%
	Customer B		15	%					6	%
	Customer C		15	%		4	%		2	%		2	%
	Customer D		14	%		4	%		4	%		5	%
	Customer E					29	%					26	%
	Customer F		2	%		10	%		11	%		13	%
	Customer G								31	%

DESCRIPTION_OF_BUSINESS_Detail

DESCRIPTION OF BUSINESS (Details) (USD $)	0 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended
DESCRIPTION OF BUSINESS (Details) (USD $)	Nov. 07, 2014	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
DESCRIPTION OF BUSINESS [Abstract]	'	'	'	'	'	'
Accumulated deficit	'	($102,621,000)	'	($102,621,000)	'	($82,316,000)
Expense associated with VFA	'	76,000	320,000	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'
Number of shares sold	6,261,846	948,000	'	'	'	'
Stock purchase price	$1.30	'	'	'	'	'
Proceeds from issuance of shares	$7,400,000	$2,200,000	'	$2,229,000	$22,880,000	'
November Investor Warrants [Member]	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'
Aggregate number of shares covered by warrants	3,130,923	'	'	'	'	'
Number of shares covered by each warrants	0.5	'	'	'	'	'
Term of warrant	'42 months	'	'	'	'	'
Exercise price of warrant	$1.75	'	'	'	'	'

EQUITY_Details

EQUITY (Details) (USD $)	0 Months Ended	3 Months Ended	9 Months Ended
EQUITY (Details) (USD $)	Nov. 07, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Number of shares sold	6,261,846	948,000	'	'
Proceeds from issuance of shares	$7,400,000	$2,200,000	$2,229,000	$22,880,000
Employee Stock Option [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Options granted	'	'	1,826,515	'
Equity awards, fair value	'	'	3,300,000	'
Dividend yield	'	'	0.00%	'
Expected volatility, minimum	'	'	63.70%	'
Expected volatility, maximum	'	'	67.90%	'
Risk-free interest rate, minimum	'	'	1.64%	'
Risk-free interest rate, maximum	'	'	2.18%	'
Vesting period	'	'	'3 years	'
Employee Stock Option [Member] \| Minimum [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Option exercise price	'	'	$2.38	'
Expected term	'	'	'5 years 6 months	'
Employee Stock Option [Member] \| Maximum [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Option exercise price	'	'	$3.23	'
Expected term	'	'	'6 years 6 months	'
Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Restricted stock granted	'	'	652,757	'
Equity awards, fair value	'	'	$1,900,000	'
Vesting period	'	'	'3 years	'

NET_LOSS_PER_SHARE_Details

NET LOSS PER SHARE (Details)	3 Months Ended		9 Months Ended
NET LOSS PER SHARE (Details)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
NET LOSS PER SHARE [Abstract]	'	'	'	'
Number of ordinary shares related to outstanding options, warrants and convertible loans excluded from the calculations of diluted loss per share	10,484,017	8,180,669	10,484,017	8,180,669

INVENTORY_Details

INVENTORY (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
INVENTORY [Abstract]	'	'
Finished goods	$800	$1,097
Work in process	585	341
Raw materials and supplies	297	155
Inventory on hand	$1,682	$1,593

ACCOUNTS_PAYABLE_AND_ACCRUALS_2

ACCOUNTS PAYABLE AND ACCRUALS - OTHER (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
ACCOUNTS PAYABLE AND ACCRUALS - OTHER [Abstract]	'	'
Employees and employee institutions	$1,556	$1,133
Accrued vacation and recreation pay	405	325
Accrued clinical trial expenses	1,141	622
Accrued expenses	797	886
Provision for sales commissions	207	139
Other	7	36
Total accounts payable and accruals - other	$4,113	$3,141

FINANCIAL_EXPENSES_NET_Details

FINANCIAL EXPENSES, NET (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating Data:	'	'	'	'
Bank commissions	$14	$11	$35	$30
Interest income	-2	-2	-2	-14
Exchange rate differences	-60	-29	-7	-16
Induced conversion of convertible debt	'	'	'	9,330
Issuance of warrants	'	'	'	568
Interest expense (including debt issuance costs)	361	'	1,072	2,160
Change in fair value of warrants, embedded derivatives and other	'	77	-47	446
Total financial expenses	$313	$57	$1,051	$12,504

RELATED_PARTIES_Details

RELATED PARTIES (Details) (USD $)

9 Months Ended

0 Months Ended

Sep. 30, 2014

Jul. 14, 2014

Employee Stock Option [Member]

Restricted Stock [Member]

Chief Executive Officer [Member]

Director [Member]

Chief Operating Officer [Member]

Minimum [Member]

Maximum [Member]

Employee Stock Option [Member]

Restricted Stock [Member]

Employee Stock Option [Member]

Restricted Stock [Member]

Incentive Stock Options [Member]

Minimum [Member]

Maximum [Member]

Related Party Transaction [Line Items]

Options granted

1,826,515

399,675

335,000

335,058

114,942

Option exercise price

$2.38

$3.23

$2.97

$3.10

$2.61

Restricted stock granted

652,757

182,725

150,000

Monthly consultancy fee, hourly rate

$313

Employee salary commitment

365,000

Amount of bonus

$225,000

Vesting period

'3 years

Vesting rate

33.00%

COMMITMENT_AND_CONTINGENT_LIAB1

COMMITMENT AND CONTINGENT LIABILITIES (Details) (USD $)	1 Months Ended
	Jul. 31, 2012	Dec. 31, 2012	Jun. 30, 2014	Dec. 31, 2012	Dec. 31, 2012
	Statement of Claim by Assignee of Options [Member]	Previous Service Provider Litigation [Member]	Previous Service Provider Litigation [Member]	Previous Service Provider Litigation [Member]	Previous Service Provider Litigation [Member]
				United States of America, Dollars [Member]	Argentina, Pesos [Member]
Loss Contingencies [Line Items]	'	'	'	'	'
Maximum amount of claim	'	$193,378	$80,000	'	'
Number of securities covered by claim	83,637	'	'	'	'
Exercise price of securities covered by claim	$0.76	'	'	'	'
Provision included in financial statements	'	($250,000)	'	'	'
Interest rate	'	'	'	6.00%	18.50%
Legal fees as a percent of the award	'	25.00%	'	'	'

ENTITY_WIDE_DISCLOSURE_Schedul

ENTITY WIDE DISCLOSURE (Schedule of Revenues by Geographic Areas) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues by geographic areas:	'	'	'	'
Revenues	$273	$1,552	$1,948	$4,566
Germany [Member]	'	'	'	'
Revenues by geographic areas:	'	'	'	'
Revenues	72	29	164	172
Malaysia [Member]	'	'	'	'
Revenues by geographic areas:	'	'	'	'
Revenues	41	'	119	'
Argentina [Member]	'	'	'	'
Revenues by geographic areas:	'	'	'	'
Revenues	40	57	40	100
Middle East [Member]	'	'	'	'
Revenues by geographic areas:	'	'	'	'
Revenues	39	57	664	240
Russia [Member]	'	'	'	'
Revenues by geographic areas:	'	'	'	'
Revenues	'	453	3	1,165
Spain [Member]	'	'	'	'
Revenues by geographic areas:	'	'	'	'
Revenues	5	162	206	574
Other [Member]	'	'	'	'
Revenues by geographic areas:	'	'	'	'
Revenues	$76	$794	$752	$2,315

ENTITY_WIDE_DISCLOSURE_Schedul1

ENTITY WIDE DISCLOSURE (Schedule of Revenues by Principal Customers) (Details) (Sales [Member])	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Customer A [Member]	'	'	'	'
Revenues by principal customers:	'	'	'	'
Percentage of revenues per major customer	17.00%	1.00%	6.00%	1.00%
Customer B [Member]	'	'	'	'
Revenues by principal customers:	'	'	'	'
Percentage of revenues per major customer	15.00%	'	6.00%	'
Customer C [Member]	'	'	'	'
Revenues by principal customers:	'	'	'	'
Percentage of revenues per major customer	15.00%	4.00%	2.00%	2.00%
Customer D [Member]	'	'	'	'
Revenues by principal customers:	'	'	'	'
Percentage of revenues per major customer	14.00%	4.00%	4.00%	5.00%
Customer E [Member]	'	'	'	'
Revenues by principal customers:	'	'	'	'
Percentage of revenues per major customer	'	29.00%	'	26.00%
Customer F [Member]	'	'	'	'
Revenues by principal customers:	'	'	'	'
Percentage of revenues per major customer	2.00%	10.00%	11.00%	13.00%
Customer G [Member]	'	'	'	'
Revenues by principal customers:	'	'	'	'
Percentage of revenues per major customer	'	'	31.00%	'