In the context of nondestructive testing (NDT), this article proposes an inverse problem approach for the reconstruction of high-resolution ultrasonic images from full matrix capture (FMC) data sets. We build a linear model that links the FMC data, i.e., the signals collected from all transmitter-receiver pairs of an ultrasonic array, to the discretized reflectivity map of the inspected object. In particular, this model includes the ultrasonic waveform corresponding to the response of transducers. Despite a large amount of data, the inversion problem is ill-posed. Therefore, a regularization strategy is proposed, where the reconstructed image is defined as the minimizer of a penalized least-squares cost function. A mixed penalization function is considered, which simultaneously enhances the sparsity of the image (in NDT, the reflectivity map is mostly zero except at the flaw locations) and its spatial smoothness (flaws may have some spatial extension). The proposed method is shown to outperform two well-known imaging methods: the total focusing method (TFM) and Excitelet. Numerical simulations with two close reflectors show that the proposed method improves the resolution limit defined by the Rayleigh criterion by a factor of four. Such high-resolution imaging capability is confirmed by experimental results obtained with side-drilled holes in an aluminum sample.