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Share Name | Share Symbol | Market | Type |
---|---|---|---|
InMode Ltd | NASDAQ:INMD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 0.06% | 16.90 | 16.64 | 17.14 | 17.24 | 16.74 | 16.84 | 1,774,455 | 01:00:00 |
Exhibit No.
|
Description of Exhibit
|
|
InMode Ltd.
|
|
|
|
|
By: /s/ Moshe Mizrahy
|
Moshe Mizrahy
|
|
August 1, 2024
|
Chief Executive Officer
|
● |
Quarterly GAAP revenue of $86.4 million, a decrease of 36.5% compared
to the second quarter of 2023. InMode’s proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 87% of its quarterly revenues, while 6% were derived from InMode’s traditional
laser and non-invasive RF platforms and 7% were derived from InMode’s hands-free platforms. Pro-forma revenue (including pre-orders of new platforms not yet delivered) of $102.6 million.
|
● |
GAAP net income of $23.8 million, compared to $55.7 million in the second quarter of 2023; *non-GAAP net income of $29.0 million, compared to $62.2 million in the second quarter of 2023.
**Pro-Forma non-GAAP net income of $39.8 million.
|
● |
GAAP diluted earnings per share of $0.28, compared to $0.65 in the second quarter of 2023; *non-GAAP diluted earnings per share of $0.34, compared to $0.72 in the second quarter of 2023.
**Pro-Forma non-GAAP diluted earnings per share of $0.46.
|
● |
Quarterly revenues from
consumables and service of $21.0 million, a decrease of 3% compared to the second quarter of 2023.
|
● |
Total cash position of $729.2
million as of June 30, 2024, including cash and cash equivalents, marketable securities, and short-term bank deposits.
|
U.S. GAAP Results
(U.S. dollars in thousands, except for per share data)
|
||
Q2 2024
|
Q2 2023
|
|
Revenues
|
$86,449
|
$136,081
|
Gross Margins
|
80%
|
84%
|
Net Income
|
$23,818
|
$55,729
|
Earnings per Diluted Share
|
$0.28
|
$0.65
|
*Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
|
||
Q2 2024
|
Q2 2023
|
|
Gross Margins
|
81%
|
84%
|
Net Income
|
$28,976
|
$62,234
|
Earnings per Diluted Share
|
$0.34
|
$0.72
|
**Pro-Forma Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
|
||
Q2 2024
|
Q2 2023
|
|
Revenue
|
$102,622
|
$136,081
|
Gross Margins
|
82%
|
84%
|
Net Income
|
$39,764
|
$62,234
|
Earnings per Diluted Share
|
$0.46
|
$0.72
|
● |
Full Year 2024 revenue to be $430 to $440 million compared to prior guidance of $485 million to $495 million
|
● |
*Non-GAAP gross margin between 82% and 84% consistent with prior guidance
|
● |
*Non-GAAP income from operations between $150 million and $155 million compared to prior guidance of $169 million to $174 million
|
● |
*Non-GAAP earnings per diluted share between $1.92 and $1.96 compared to previous guidance of $2.01 to $2.05
|
Company Contact:
Yair Malca
Chief Financial Officer
Phone: (949) 305-0108
Email: Yair.Malca@inmodemd.com
|
Investor Relations Contact:
Miri Segal
MS-IR LLC
Email: ir@inmodemd.com
|
Three months ended
June 30, |
Six months ended
June 30, |
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
REVENUES
|
86,449
|
136,081
|
166,733
|
242,155
|
||||||||||||
COST OF REVENUES
|
17,116
|
22,054
|
33,481
|
40,308
|
||||||||||||
GROSS PROFIT
|
69,333
|
114,027
|
133,252
|
201,847
|
||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Research and development
|
3,698
|
3,567
|
7,216
|
6,669
|
||||||||||||
Sales and marketing
|
45,055
|
51,059
|
84,850
|
92,772
|
||||||||||||
General and administrative
|
2,266
|
2,392
|
4,780
|
4,400
|
||||||||||||
TOTAL OPERATING EXPENSES
|
51,019
|
57,018
|
96,846
|
103,841
|
||||||||||||
OPERATIONS INCOME
|
18,314
|
57,009
|
36,406
|
98,006
|
||||||||||||
Finance income, net
|
8,690
|
4,445
|
16,674
|
7,734
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
27,004
|
61,454
|
53,080
|
105,740
|
||||||||||||
INCOME TAXES
|
3,186
|
5,725
|
5,566
|
9,506
|
||||||||||||
NET INCOME
|
23,818
|
55,729
|
47,514
|
96,234
|
||||||||||||
EARNINGS PER SHARE:
|
||||||||||||||||
Basic
|
0.28
|
0.67
|
0.56
|
1.16
|
||||||||||||
Diluted
|
0.28
|
0.65
|
0.55
|
1.12
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
|
||||||||||||||||
Basic
|
83,878
|
83,405
|
84,205
|
83,280
|
||||||||||||
Diluted
|
85,890
|
85,650
|
86,520
|
85,579
|
June 30,
2024
|
December 31,
2023
|
|||||||
Assets
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
91,997
|
144,411
|
||||||
Marketable securities
|
333,517
|
373,647
|
||||||
Short-term bank deposits
|
303,694
|
223,547
|
||||||
Accounts receivable, net of allowance for credit losses
|
38,154
|
42,362
|
||||||
Prepaid expense and other receivables
|
23,003
|
16,268
|
||||||
Inventories
|
52,627
|
45,095
|
||||||
TOTAL CURRENT ASSETS
|
842,992
|
845,330
|
||||||
NON-CURRENT ASSETS:
|
||||||||
Accounts receivable, net of allowance for credit losses
|
3,100
|
3,670
|
||||||
Deferred income tax asset
|
1,402
|
1,506
|
||||||
Operating lease right-of-use assets
|
9,246
|
9,698
|
||||||
Property and equipment, net
|
2,396
|
2,382
|
||||||
Other investments
|
700
|
700
|
||||||
TOTAL NON-CURRENT ASSETS
|
16,844
|
17,956
|
||||||
TOTAL ASSETS
|
859,836
|
863,286
|
||||||
Liabilities and shareholders’ equity
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
15,548
|
13,966
|
||||||
Contract liabilities
|
43,610
|
10,923
|
||||||
Other liabilities
|
38,532
|
39,247
|
||||||
TOTAL CURRENT LIABILITIES
|
97,690
|
64,136
|
||||||
NON-CURRENT LIABILITIES:
|
||||||||
Contract liabilities
|
3,455
|
3,766
|
||||||
Other liabilities
|
1,899
|
1,399
|
||||||
Operating lease liabilities
|
5,671
|
6,613
|
||||||
TOTAL NON-CURRENT LIABILITIES
|
11,025
|
11,778
|
||||||
TOTAL LIABILITIES
|
108,715
|
75,914
|
||||||
TOTAL SHAREHOLDERS’ EQUITY
|
751,121
|
787,372
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
859,836
|
863,286
|
Three months ended
June 30, |
Six months ended
June 30, |
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||
Net income
|
23,818
|
55,729
|
47,514
|
96,234
|
||||||||||||
Adjustments required to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||
Depreciation and amortization
|
177
|
184
|
342
|
372
|
||||||||||||
Share-based compensation expenses
|
5,158
|
6,505
|
9,141
|
10,714
|
||||||||||||
Change in allowance for credit losses of trade receivable
|
97
|
261
|
284
|
239
|
||||||||||||
Loss on marketable securities, net
|
112
|
-
|
141
|
-
|
||||||||||||
Finance income, net
|
(5,040
|
)
|
(1,197
|
)
|
(9,797
|
)
|
(2,709
|
)
|
||||||||
Deferred income taxes
|
(56
|
)
|
43
|
(93
|
)
|
62
|
||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||
Decrease (increase) in accounts receivable
|
(4,814
|
)
|
(7,949
|
)
|
4,494
|
(5,708
|
)
|
|||||||||
Increase in other receivables
|
(4,048
|
)
|
(3,791
|
)
|
(6,717
|
)
|
(4,020
|
)
|
||||||||
Decrease (increase) in inventories
|
(1,025
|
)
|
2,243
|
(7,532
|
)
|
1,329
|
||||||||||
Increase (decrease) in accounts payable
|
2,325
|
1,308
|
1,582
|
(2,947
|
)
|
|||||||||||
Increase (decrease) in other liabilities
|
2,241
|
7,211
|
(5,562
|
)
|
(15,832
|
)
|
||||||||||
Increase (decrease) in contract liabilities (current and non-current)
|
23,114
|
(7,547
|
)
|
32,376
|
(3,621
|
)
|
||||||||||
Net cash provided by operating activities
|
42,059
|
53,000
|
66,173
|
74,113
|
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||
Investment in short-term deposits
|
(55,000
|
)
|
(25,000
|
)
|
(86,297
|
)
|
(28,000
|
)
|
||||||||
Proceeds from short-term deposits
|
13,500
|
31,500
|
13,500
|
34,500
|
||||||||||||
Purchase of fixed assets
|
(246
|
)
|
(194
|
)
|
(358
|
)
|
(535
|
)
|
||||||||
Purchase of marketable securities
|
(64,129
|
)
|
(54,190
|
)
|
(185,693
|
)
|
(132,119
|
)
|
||||||||
Proceeds from sale of marketable securities
|
33,910
|
-
|
47,375
|
-
|
||||||||||||
Proceeds from maturity of marketable securities
|
89,690
|
60,891
|
181,808
|
111,605
|
||||||||||||
Net cash provided by (used in) investing activities
|
17,725
|
13,007
|
(29,665
|
)
|
(14,549
|
)
|
||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||
Repurchase of ordinary shares
|
(88,980
|
)
|
-
|
(88,980
|
)
|
-
|
||||||||||
Exercise of options
|
395
|
827
|
629
|
2,500
|
||||||||||||
Net cash provided by (used in) financing activities
|
(88,585
|
)
|
827
|
(88,351
|
)
|
2,500
|
||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
(132
|
)
|
60
|
(571
|
)
|
251
|
||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(28,933
|
)
|
66,894
|
(52,414
|
)
|
62,315
|
||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
120,930
|
92,961
|
144,411
|
97,540
|
||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
91,997
|
159,855
|
91,997
|
159,855
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||||||||||||||||||
2024
|
2023
|
2024
|
2023 | |||||||||||||||||||||||||||||
Revenues by Category:
|
||||||||||||||||||||||||||||||||
Capital Equipment revenues - United States
|
34,799
|
41
|
%
|
73,828
|
54
|
%
|
65,658
|
39
|
%
|
123,579
|
51
|
%
|
||||||||||||||||||||
Capital Equipment revenues - International
|
30,606
|
35
|
%
|
40,635
|
30
|
%
|
57,529
|
35
|
%
|
77,008
|
32
|
%
|
||||||||||||||||||||
Total Capital Equipment revenues
|
65,405
|
76
|
%
|
114,463
|
84
|
%
|
123,187
|
74
|
%
|
200,587
|
83
|
%
|
||||||||||||||||||||
Consumables and service revenues
|
21,044
|
24
|
%
|
21,618
|
16
|
%
|
43,546
|
26
|
%
|
41,568
|
17
|
%
|
||||||||||||||||||||
Total Revenue
|
86,449
|
100
|
%
|
136,081
|
100
|
%
|
166,733
|
100
|
%
|
242,155
|
100
|
%
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||||||||||||||||||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||||||||||||||||||||||||||||||||||
%
|
%
|
%
|
%
|
|||||||||||||||||||||||||||||||||||||||||||||
United States
|
International
|
Total
|
United States
|
International
|
Total
|
United States
|
International
|
Total
|
United States
|
International
|
Total
|
|||||||||||||||||||||||||||||||||||||
Revenues by Technology:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Minimal-Invasive
|
85
|
86
|
87
|
86
|
73
|
81
|
87
|
84
|
86
|
88
|
74
|
83
|
||||||||||||||||||||||||||||||||||||
Hands-Free
|
11
|
4
|
7
|
11
|
6
|
9
|
9
|
3
|
6
|
10
|
6
|
8
|
||||||||||||||||||||||||||||||||||||
Non-Invasive
|
4
|
10
|
6
|
3
|
21
|
10
|
4
|
13
|
8
|
2
|
20
|
9
|
||||||||||||||||||||||||||||||||||||
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
Three months ended
June 30, 2024
|
Three months ended
June 30, 2023
|
|||||||||||||||||||||||
GAAP
|
Share Based
Compensation |
Non-GAAP
|
GAAP
|
Share Based
Compensation |
Non-GAAP
|
|||||||||||||||||||
REVENUES
|
86,449
|
-
|
86,449
|
136,081
|
-
|
136,081
|
||||||||||||||||||
COST OF REVENUES
|
17,116
|
(471
|
)
|
16,645
|
22,054
|
(547
|
)
|
21,507
|
||||||||||||||||
GROSS PROFIT
|
69,333
|
471
|
69,804
|
114,027
|
547
|
114,574
|
||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Research and development
|
3,698
|
(559
|
)
|
3,139
|
3,567
|
(757
|
)
|
2,810
|
||||||||||||||||
Sales and marketing
|
45,055
|
(3,824
|
)
|
41,231
|
51,059
|
(4,731
|
)
|
46,328
|
||||||||||||||||
General and administrative
|
2,266
|
(304
|
)
|
1,962
|
2,392
|
(470
|
)
|
1,922
|
||||||||||||||||
TOTAL OPERATING
EXPENSES |
51,019
|
(4,687
|
)
|
46,332
|
57,018
|
(5,958
|
)
|
51,060
|
||||||||||||||||
OPERATIONS INCOME
|
18,314
|
5,158
|
23,472
|
57,009
|
6,505
|
63,514
|
||||||||||||||||||
Finance income (expense), net
|
8,690
|
-
|
8,690
|
4,445
|
-
|
4,445
|
||||||||||||||||||
INCOME BEFORE INCOME TAXES
|
27,004
|
5,158
|
32,162
|
61,454
|
6,505
|
67,959
|
||||||||||||||||||
INCOME TAXES
|
3,186
|
-
|
3,186
|
5,725
|
-
|
5,725
|
||||||||||||||||||
NET INCOME
|
23,818
|
5,158
|
28,976
|
55,729
|
6,505
|
62,234
|
||||||||||||||||||
EARNINGS PER SHARE:
|
||||||||||||||||||||||||
Basic
|
0.28
|
0.35
|
0.67
|
0.75
|
||||||||||||||||||||
Diluted
|
0.28
|
0.34
|
0.65
|
0.72
|
||||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
|
||||||||||||||||||||||||
Basic
|
83,878
|
83,878
|
83,405
|
83,405
|
||||||||||||||||||||
Diluted
|
85,890
|
85,900
|
85,650
|
86,243
|
Six months ended
June 30, 2024
|
Six months ended
June 30, 2023
|
|||||||||||||||||||||||
GAAP
|
Share Based
Compensation |
Non-GAAP
|
GAAP
|
Share Based
Compensation |
Non-GAAP
|
|||||||||||||||||||
REVENUES
|
166,733
|
-
|
166,733
|
242,155
|
-
|
242,155
|
||||||||||||||||||
COST OF REVENUES
|
33,481
|
(880
|
)
|
32,601
|
40,308
|
(901
|
)
|
39,407
|
||||||||||||||||
GROSS PROFIT
|
133,252
|
880
|
134,132
|
201,847
|
901
|
202,748
|
||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Research and development
|
7,216
|
(987
|
)
|
6,229
|
6,669
|
(1,258
|
)
|
5,411
|
||||||||||||||||
Sales and marketing
|
84,850
|
(6,707
|
)
|
78,143
|
92,772
|
(7,769
|
)
|
85,003
|
||||||||||||||||
General and administrative
|
4,780
|
(567
|
)
|
4,213
|
4,400
|
(786
|
)
|
3,614
|
||||||||||||||||
TOTAL OPERATING
EXPENSES |
96,846
|
(8,261
|
)
|
88,585
|
103,841
|
(9,813
|
)
|
94,028
|
||||||||||||||||
OPERATIONS INCOME
|
36,406
|
9,141
|
45,547
|
98,006
|
10,714
|
108,720
|
||||||||||||||||||
Finance income (expense),net
|
16,674
|
-
|
16,674
|
7,734
|
-
|
7,734
|
||||||||||||||||||
INCOME BEFORE INCOME TAXES
|
53,080
|
9,141
|
62,221
|
105,740
|
10,714
|
116,454
|
||||||||||||||||||
INCOME TAXES
|
5,566
|
-
|
5,566
|
9,506
|
-
|
9,506
|
||||||||||||||||||
NET INCOME
|
47,514
|
9,141
|
56,655
|
96,234
|
10,714
|
106,948
|
||||||||||||||||||
EARNINGS PER SHARE:
|
||||||||||||||||||||||||
Basic
|
0.56
|
0.67
|
1.16
|
1.28
|
||||||||||||||||||||
Diluted
|
0.55
|
0.65
|
1.12
|
1.24
|
||||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
|
||||||||||||||||||||||||
Basic
|
84,205
|
84,205
|
83,280
|
83,280
|
||||||||||||||||||||
Diluted
|
86,520
|
86,531
|
85,579
|
86,062
|
1 Year InMode Chart |
1 Month InMode Chart |
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