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WKN: A2PP3A | ISIN: IL0011595993 | Ticker-Symbol: 154
Tradegate
20.06.24
20:16 Uhr
16,615 Euro
-0,010
-0,06 %
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INMODE LTD Chart 1 Jahr
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16,47016,80010:55
16,47016,80010:43
PR Newswire
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(2)

InMode LTD: InMode Reports First Quarter 2024 Financial Results; Quarterly Revenue of $80.3M Represents 24% Year-Over-Year Decrease; Pro Forma Revenue (including new platform pre-orders not yet available) of $96M

Company Announces Share Repurchase Program of Up to 8.37 Million Shares; and

Appoints New Chairman of the Board of Directors

YOKNEAM, Israel, May 2, 2024 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the first quarter ended March 31, 2024.

First Quarter 2024 Highlights:

  • Quarterly GAAP revenue of $80.3 million, a decrease of 24% compared to the first quarter of 2023. InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 84% of its quarterly revenues, while 11% were derived from InMode's traditional laser and non-invasive RF platforms and 5% were derived from InMode's hands-free platforms. Pro-forma revenue (including pre-orders of new platforms not yet available) of $96 million.
  • GAAP net income of $23.7 million, compared to $40.5 million in the first quarter of 2023; *non-GAAP net income of $27.7 million, compared to $44.7 million in the first quarter of 2023.**Pro-Forma Non-GAAP net income of $38.8 million.
  • GAAP diluted earnings per share of $0.28, compared to $0.47 in the first quarter of 2023; *non-GAAP diluted earnings per share of $0.32, compared to $0.52 in the first quarter of 2023. **Pro-Forma Non-GAAP diluted earnings per share of $0.45.
  • Record quarterly revenues from consumables and service of $22.5 million, an increase of 13% compared to the first quarter of 2023.
  • Total cash position of $770.5 million as of March 31, 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)


Q1 2024

Q1 2023

Revenues

$80,284

$106,074

Gross Margins

80 %

83 %

Net Income

$23,696

$40,505

Earnings per Diluted Share

$0.28

$0.47

*Non-GAAP Results

(U.S. dollars in thousands, except for per share data)


Q1 2024

Q1 2023

Gross Margins

80 %

83 %

Net Income

$27,679

$44,714

Earnings per Diluted Share

$0.32

$0.52

**Pro-Forma Non-GAAP Results

(U.S. dollars in thousands, except for per share data)


Q1 2024

Q1 2023

Revenue

$96,007

$106,074

Gross Margins

82 %

83 %

Net Income

$38,776

$44,714

Earnings per Diluted Share

$0.45

$0.52


*Please refer to "Use of Non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A
reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in
this release. Non-GAAP results exclude share-based compensation adjustments.


** Pro-forma Non-GAAP results includes pre-orders of new platforms not yet available and excludes share-based compensation.

Management Comments

"This year started with pre-orders in the United States for our two new and advanced platforms: IgniteRF and Optimus Max, and we believe these platforms will play a significant role as growth catalysts for our company in the future," said Moshe Mizrahy, Chief Executive Officer. "Although we were unable to set up manufacturing lines and build inventory for the new platforms fast enough to start delivery in the first quarter, we are working hard to promptly fulfill these orders. We anticipate delivery of open orders and building sufficient level of inventory by the second half of this year.

"We are happy to announce that our Board of Directors has approved another share repurchase program, authorizing the buyback of up to 8.37 million shares. This marks the third such program in just four years, underscoring our confidence in the Company's future success and our commitment to enhancing shareholders' value.

"I would like to welcome Dr. Michael Anghel as our new Chairman of the Board, beginning July 25, 2024. Dr. Anghel has been a board member since 2019, and we look forward to benefitting from his financial and strategical expertise," Mizrahy concluded.

First Quarter 2024 Financial Results

Total GAAP revenues for the first quarter of 2024 reached $80.3 million, a decrease of 24% compared to $106.1 million in first quarter of 2023. Pro-forma revenue reached $96 million.

"During the first quarter, we began taking orders for some of our new platforms, though we are not able to recognize those sales as revenue until the pre-orders are delivered," said Yair Malca, Chief Financial Officer. "We expect to report revenue from those orders over the next couple of quarters upon the delivery of the new platforms. We are encouraged by sales outside of North America in the first quarter, especially in Europe, where revenues reached a record number."

GAAP and *Non-GAAP gross margin for the first quarter of 2024 was 80% compared to a gross margin of 83% for the first quarter of 2023. **Pro-forma Non-GAAP gross margin for the first quarter of 2024 was 82%.

GAAP operating margin for the first quarter of 2024 was 23%, compared to an operating margin of 39% in the first quarter of 2023. *Non-GAAP operating margin for the first quarter of 2024 was 27% compared to 43% for the first quarter of 2023. **Pro-forma Non-GAAP operating margin for the first quarter of 2024 was 35%. This decrease was primarily attributable to the decrease in systems sales in North America.

InMode reported GAAP net income of $23.7 million, or $0.28 per diluted share, in the first quarter of 2024, compared to $40.5 million, or $0.47 per diluted share, in the first quarter of 2023. On a *Non-GAAP basis, InMode reported net income of $27.7 million, or $0.32 per diluted share, in the first quarter of 2024, compared to $44.7 million, or $0.52 per diluted share, in the first quarter of 2023. **Pro-forma Non-GAAP net income of $38.8 million, or $0.45 per diluted share, in the first quarter of 2024.

2024 Financial Outlook

Management provided an outlook for the full year of 2024 ending December 31, 2024. Based on current estimates, management expects:

  • Full Year 2024 revenue to be $485 to $495 million compared to previous guidance of $495 million to $505 million
  • *Non-GAAP gross margin between 82% and 84% compared to previous guidance of 83% to 85%
  • *Non-GAAP income from operations between $169 million and $174 million compared to previous guidance of $217 million to $222 million
  • *Non-GAAP earnings per diluted share between $2.01 and $2.05 compared to previous guidance of $2.53 to $2.57

This outlook is not a guarantee of future performance, and stockholders should not rely on such forward-looking statements. See "Forward-Looking Statements" for additional information.


*Please refer to "Use of Non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation adjustments.


** Pro-forma Non-GAAP results includes pre-orders of new platforms not yet available and excludes share-based compensation.

The Current Situation in Israel

Regarding the current situation in Israel, management would like to assure investors that the Company is prioritizing the safety and well-being of its employees, and all its team are safe. However, an inability to promptly receive needed supplies and materials due to the ongoing and unpredictable nature of the conflict in Israel and the surrounding region may adversely impact our ability to commercialize and manufacture our product candidates and products in a timely manner. This could cause several delays and/or issues for our operations, which in turn would have a material adverse impact on our ability to commercialize our product candidates and our financial condition.

Use of Non-GAAP Financial Measures

In addition to InMode's operating results presented in accordance with GAAP, this release contains certain non-GAAP financial measures including non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating margin as well as Pro-forma Non-GAAP revenue, pro-forma Non-GAAP net income, pro-forma non-GAAP earnings per diluted share and pro-forma non-GAAP operating margin. Because these measures are used in InMode's internal analysis of financial and operating performance, management believes they provide investors with greater transparency of its view of InMode's economic performance. Management also believes the presentation of these measures, when analyzed in conjunction with InMode's GAAP operating results, allows investors to more effectively evaluate and compare InMode's performance to that of its peers, although InMode's presentation of its non-GAAP measures may not be strictly comparable to the similarly titled measures of other companies. Schedules reconciling each of these non-GAAP financial measures are provided as a supplement to this release.

Conference Call Information

Mr. Moshe Mizrahy, Chief Executive Officer, Dr. Michael Kreindel, Co-Founder and Chief Technology Officer, Mr. Yair Malca, Chief Financial Officer, Mr. Shakil Lakhani, President of North America, and Dr. Spero Theodorou, Chief Medical Officer, will host a conference call today, May 02, 2024, at 8:30 a.m. Eastern Time to discuss the first quarter 2024 financial results.

The Company encourages participants to pre-register for the conference call using the following link:

https://dpregister.com/sreg/10187938/fc1d661e7a.

Callers will receive a unique dial-in number upon registration, which enables immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

For callers who opt out of pre-registration, please dial one of the following teleconferencing numbers. Please begin by placing your call 10 minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number.

U.S. Toll-Free Dial-in Number: 1-833-316-0562
Israel Toll - Free Dial-in Number: 1-80-921-2373
International Dial-in Number: 1-412-317-5736
Webcast URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Q0VCLo65
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time

The conference call will also be webcast live from a link on InMode's website at https://inmodemd.com/investors/events-presentations/. A replay of the conference call will be available from May 02, 2024, at 12 p.m. Eastern Time to May 16, 2024, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:

Replay Dial-in U.S TOLL-FREE: 1-877-344-7529
Replay Dial-in Canada TOLL-FREE: 855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 9531570

To access the replay using an international dial-in number, please select the link below:

https://services.choruscall.com/ccforms/replay.html

A replay of the conference call will also be available for 90 days on InMode's website at https://inmodemd.com/investors/.

About InMode

InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio frequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode, please visit www.inmodemd.com.

Forward-Looking Statements

The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the 2024 revenue projection described above. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategic plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 13, 2024, and our future public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.

Company Contact:

Yair Malca

Chief Financial Officer

Phone: (949) 305-0108

Email: [email protected]

Investor Relations Contact:

Miri Segal

MS-IR LLC

Email: [email protected]

INMODE LTD.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(U.S. dollars in thousands, except for per share data)

(Unaudited)



Three months ended
M
arch 31,


2024

2023

REVENUES

80,284

106,074

COST OF REVENUES

16,365

18,254

GROSS PROFIT

63,919

87,820

OPERATING EXPENSES:



Research and development

3,518

3,102

Sales and marketing

39,795

41,713

General and administrative

2,514

2,008

TOTAL OPERATING EXPENSES

45,827

46,823

OPERATIONS INCOME

18,092

40,997

Finance income, net

7,984

3,289

INCOME BEFORE INCOME TAXES

26,076

44,286

INCOME TAXES

2,380

3,781

NET INCOME

23,696

40,505




EARNINGS PER SHARE:



Basic

0.28

0.49

Diluted

0.28

0.47

WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING USED IN COMPUTATION OF
EARNINGS PER SHARE (in thousands)



Basic

84,523

83,154

Diluted

85,965

85,387

INMODE LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except for per share data)

(Unaudited)



March 31,

2024

December 31,

2023

Assets



CURRENT ASSETS:



Cash and cash equivalents

120,930

144,411

Marketable securities

390,782

373,647

Short-term bank deposits

258,829

223,547

Accounts receivable, net of allowance for credit losses

33,102

42,362

Prepaid expense and other receivables

18,939

16,268

Inventories

51,602

45,095

TOTAL CURRENT ASSETS

874,184

845,330

NON-CURRENT ASSETS:



Accounts receivable, net of allowance for credit losses

3,435

3,670

Deferred income tax asset

1,494

1,506

Operating lease right-of-use assets

9,593

9,698

Property and equipment, net

2,329

2,382

Other investments

700

700

TOTAL NON-CURRENT ASSETS

17,551

17,956

TOTAL ASSETS

891,735

863,286

Liabilities and shareholders' equity



CURRENT LIABILITIES:



Accounts payable

13,223

13,966

Contract liabilities

20,516

10,923

Other liabilities

31,256

39,247

TOTAL CURRENT LIABILITIES

64,995

64,136

NON-CURRENT LIABILITIES:



Contract liabilities

3,435

3,766

Other liabilities

1,657

1,399

Operating lease liabilities

6,213

6,613

TOTAL NON-CURRENT LIABILITIES

11,305

11,778

TOTAL LIABILITIES

76,300

75,914




TOTAL SHAREHOLDERS' EQUITY

815,435

787,372

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

891,735

863,286

INMODE LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands, except for per share data)

(Unaudited)




Three months ended
March 31,


2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES:



Net income

23,696

40,505

Adjustments required to reconcile net income to net cash provided by operating activities:



Depreciation and amortization

165

188

Share-based compensation expenses

3,983

4,209

Change in allowance for credit losses of trade receivable

187

(22)

Loss on marketable securities, net

29

-

Finance income, net

(4,757)

(1,512)

Deferred income taxes

(37)

19

Changes in operating assets and liabilities:



Decrease in accounts receivable

9,308

2,241

Increase in other receivables

(2,669)

(229)

Increase in inventories

(6,507)

(914)

Decrease in accounts payable

(743)

(4,255)

Decrease in other liabilities

(7,803)

(23,043)

Increase in contract liabilities (current and non-current)

9,262

3,926

Net cash provided by operating activities

24,114

21,113

CASH FLOWS FROM INVESTING ACTIVITIES:



Investment in short-term deposits

(31,297)

(3,000)

Proceeds from short-term deposits

-

3,000

Purchase of fixed assets

(112)

(341)

Purchase of marketable securities

(121,564)

(77,929)

Proceeds from sale of marketable securities

13,465

-

Proceeds from maturity of marketable securities

92,118

50,714

Net cash used in investing activities

(47,390)

(27,556)

CASH FLOWS FROM FINANCING ACTIVITIES:



Exercise of options

234

1,673

Net cash provided by financing activities

234

1,673

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS

(439)

191

NET DECREASE IN CASH AND CASH EQUIVALENTS

(23,481)

(4,579)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

144,411

97,540

CASH AND CASH EQUIVALENTS AT END OF PERIOD

120,930

92,961

Revision of prior period financial information

The Company revised certain items within the investing activities with no impact on the net cash used in investing activities. The items impacted were "Investment in short-term deposits" and "Proceeds from short-term deposits" which were decreased by $3,000 and "Purchase of marketable securities" and "Proceeds from maturity of marketable securities" which were decreased by $40,423.

These changes have no impact on our previously reported consolidated total cash flows from operating activities, financing activities and investing activities in the periods stated above as well as net income and net change in cash and cash equivalents.

The Company evaluated the materiality of the adjustments, individually and in the aggregate, considering both qualitative and quantitative factors, and concluded that it was immaterial to the Company's prior periods' consolidated financial information. Since the revision was not material to any prior interim period or annual consolidated financial statements, no amendments to previously filed interim or annual periodic financial information was required. Consequently, the Company has revised the historical consolidated financial information presented herein for the impact of the above.

INMODE LTD.

CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS

(U.S. dollars in thousands, except for per share data)

(Unaudited)



Three months ended
M
arch 31,

2024

2023

Revenues by Category:










Capital Equipment revenues - United States

30,859

38 %

49,751

47 %

Capital Equipment revenues - International

26,923

34 %

36,373

34 %

Total Capital Equipment revenues

57,782

72 %

86,124

81 %

Consumables and service revenues

22,502

28 %

19,950

19 %

Total Revenue

80,284

100 %

106,074

100 %








Three months ended
M
arch 31,

2024

2023


%

%


United States


International

Total

United States

International

Total

Revenues by Technology:







Minimally Invasive

87

80

84

90

75

83

Hands-Free

8

3

5

8

6

8

Non-Invasive

5

17

11

2

19

9


100

100

100

100

100

100

INMODE LTD.


RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF


INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME


(U.S. dollars in thousands, except for per share data)


(Unaudited)







Three months ended March 31, 2024

Three months ended March 31, 2023


GAAP

Share Based
Compensation

Non-GAAP

GAAP

Share Based
Compensation

Non-GAAP


REVENUES

80,284

-

80,284

106,074

-

106,074


COST OF REVENUES

16,365

(409)

15,956

18,254

(354)

17,900


GROSS PROFIT

63,919

409

64,328

87,820

354

88,174


OPERATING EXPENSES:








Research and development

3,518

(428)

3,090

3,102

(501)

2,601


Sales and marketing

39,795

(2,883)

36,912

41,713

(3,038)

38,675


General and administrative

2,514

(263)

2,251

2,008

(316)

1,692


TOTAL OPERATING
EXPENSES

45,827

(3,574)

42,253

46,823

(3,855)

42,968


OPERATIONS INCOME

18,092

3,983

22,075

40,997

4,209

45,206


Finance income, net

7,984

-

7,984

3,289

-

3,289


INCOME BEFORE INCOME TAXES

26,076

3,983

30,059

44,286

4,209

48,495


INCOME TAXES

2,380

-

2,380

3,781

-

3,781


NET INCOME

23,696

3,983

27,679

40,505

4,209

44,714










EARNINGS PER SHARE:








Basic

0.28


0.33

0.49


0.54


Diluted

0.28


0.32

0.47


0.52


WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING USED IN
COMPUTATION OF EARNINGS PER
SHARE (in thousands)








Basic

84,523


84,523

83,154


83,154


Diluted

85,965


86,563

85,387


85,878


Logo - https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg

SOURCE InMode LTD

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