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InMode(INMD) - 2024 Q1 - Quarterly Report
2024-05-02 11:02
Exhibit 99.1 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 - InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financi ...
Earnings Preview: InMode (INMD) Q1 Earnings Expected to Decline
Zacks Investment Research· 2024-04-25 15:07
The market expects InMode (INMD) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 2, 2024, might help the stock move higher if these key numbers are better than ...
InMode Responds To BTL Petition for Inter Partes Review Of Patent InMode Is Asserting Against BTL
Prnewswire· 2024-04-15 11:00
YOKNEAM, Israel, April 15, 2024 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies, responded to the recent petition to the U.S. Patent & Trademark Office filed by BTL Industries, Inc., in which BTL asks the USPTO to conduct an Inter Partes Review of InMode's U.S. Patent No. 8,961,511.  Six months before BTL's petition, InMode sued BTL in the United States District Court for the Central District of California alleging that BTL's UltraFemme 360 and EmFemm ...
INVESTOR DEADLINE APPROACHING: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of InMode
Prnewswire· 2024-04-13 13:00
NEW YORK, April 13, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against InMode Ltd. ("InMode" or the "Company") (NASDAQ: INMD) and reminds investors of the April 15, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In InMode To Con ...
InMode to Report First Quarter 2024 Financial Results and Hold Conference Call May 2, 2024
Prnewswire· 2024-04-09 11:00
Expects Q1 Revenue Between $80.0M-$80.1M, Pro Forma Revenue (including new platform pre-orders) Between $95.7M- $95.8M, Decreases FY 2024 Guidance to $485M-$495M Conference call to be held on Thursday, May 2, 2024, at 8:30 a.m. Eastern Time YOKNEAM, Israel, April 9, 2024 /PRNewswire/ -- InMode Ltd. (NASDAQ: INMD), a leading global provider of innovative medical technologies, announced today that it expects to release its financial results for the first quarter of 2024 before the Nasdaq market opens on Thur ...
InMode(INMD) - 2023 Q4 - Annual Report
2024-02-13 12:03
Product Development and Innovation - The company has introduced two new product platforms in 2023, Define and Envision, expanding its offerings to a total of 12 product platforms[32]. - The company launched two new products, Define and Envision, in 2023, expanding its portfolio of innovative, energy-based, minimally invasive surgical medical treatment solutions[180]. - Since 2010, the company has launched 12 product platforms, demonstrating a strong track record of sustained new and next-generation product development[180]. - The company is developing additional RF energy-based platforms and applicators targeted towards several medical specialties to enhance its offerings[183]. - The proprietary Simultaneous Fat Destruction and Skin Tightening technology is claimed to be the first RF-based, non-invasive body contouring technology that permanently kills adipose tissue[194]. - The Triton product for permanent hair reduction is noted as the only FDA-cleared, single-pulse, dual wavelength product in the market[198]. - The BodyTite handpiece, introduced in 2010, utilizes directional RF energy for minimally invasive treatments, allowing treatment depth up to 50mm[211]. - The Morpheus8 handpiece, launched in 2021, offers programmable RF energy for subdermal adipose tissue remodeling with treatment depth up to 7mm[215]. - The company intends to leverage its existing technology to develop new minimally and non-invasive applications targeting various medical conditions[205]. Market Strategy and Customer Base - The company aims to expand its customer base beyond traditional markets, targeting non-traditional customers such as ENTs and general practitioners[34]. - The company is in the early stages of developing new platforms for ENT and urology, focusing on treatments for snoring and erectile dysfunction, respectively[188]. - The company plans to expand its direct sales presence in the United States and Canada, and establish sales organizations in Europe and Latin America[203]. - The company aims to satisfy unmet market demand by targeting patients who are averse to surgical procedures due to costs, downtime, and safety risks[179]. - The company offers extensive post-sales support, including training and marketing assistance, to enhance the utilization of its products by physicians[199]. Financial Performance - Revenue for the year ended December 31, 2023, increased to approximately $492.0 million, up from $454.3 million in 2022, representing a growth of 8.5% year-over-year[186]. - Gross margin for 2023 remained stable at approximately 84%, compared to 84% in 2022 and 85% in 2021[186]. - Net income for 2023 was approximately $197.9 million, an increase from $161.5 million in 2022, reflecting a growth of 22.5%[186]. - U.S. revenue for 2023 was approximately $307.8 million, up from $298.6 million in 2022, with minimally invasive platforms contributing approximately $264.7 million, or 86% of total U.S. revenue[187]. - International sales accounted for approximately 37% of total revenue for the year ended December 31, 2023[60]. Regulatory Compliance and Risks - The company is subject to extensive regulatory compliance obligations, and failure to meet these could adversely affect its operations[31]. - Regulatory compliance is critical, as failure to obtain necessary FDA clearances could harm commercial operations[116]. - The FDA's 510(k) clearance process typically takes 3 to 12 months, while premarket approval can take 1 to 3 years or longer, impacting product launch timelines[118]. - The company must ensure that promotional materials comply with FDA regulations to avoid penalties and reputational damage[127]. - The company faces increased scrutiny from regulatory authorities as it grows, which may lead to higher compliance costs and potential legal liabilities[84]. - The company may face significant costs in obtaining and maintaining international regulatory approvals for its products[138]. - The company is subject to evolving healthcare laws and regulations, which could materially affect its business operations and result in significant penalties if not complied with[92]. Competitive Landscape - The competitive landscape in the medical aesthetics market is characterized by rapid innovation, necessitating ongoing product development to maintain market position[49]. - The company faces intense competition from both public and private companies, which could impact market share and profit margins[51]. - The company acknowledges that competitors may exploit jurisdictions where it lacks patent protection, potentially harming its competitive position[98]. Supply Chain and Operational Risks - The company faces significant risks including market acceptance of its products, reliance on a limited number of suppliers, and potential product liability suits[31]. - There is a risk of supply shortages and price fluctuations due to reliance on a limited number of suppliers for components[68]. - The company outsources almost all manufacturing to subcontractors, which may lead to delivery delays if operations are interrupted[65]. - The company’s financial results may fluctuate due to reliance on anticipated orders and a limited number of contract manufacturers, which increases operational risks[47]. Economic and Geopolitical Factors - The ongoing Israel-Hamas conflict could disrupt operations and delay shipments, adversely affecting business and financial results[62]. - Political, economic, and military conditions in Israel, including the recent Israel-Hamas conflict, could directly affect the company's business operations[157]. - Global economic conditions, including the ongoing war in Ukraine and rising interest rates, may adversely affect customer purchasing power and demand for aesthetic procedures[78]. - The intensity and duration of the current war against Hamas are unpredictable, which may have significant economic implications for the company and Israel's economy[160]. Intellectual Property and Litigation - The company has issued 10 U.S. patents and one Korean patent, with seven pending patent applications in the U.S., indicating a focus on protecting its proprietary technology[99]. - The company’s ability to protect its intellectual property is critical for maintaining its competitive position in the market[97]. - The company may incur substantial costs related to litigation over intellectual property rights, which could adversely affect its financial condition and operational capabilities[106]. - The company may indemnify customers and distributors against claims related to third-party intellectual property rights, which could lead to costly litigation[110]. - There is a risk of compromising confidential information during intellectual property litigation, potentially affecting the company's share price[111]. Cybersecurity and Data Protection - Cyber-attacks and data breaches could result in significant liabilities and harm the company's reputation, impacting financial performance[82]. - Compliance with evolving data protection laws, such as GDPR, could impose additional costs and operational challenges for the company[86]. - The invalidation of the EU-US Privacy Shield Framework may complicate personal data transfers, leading to potential regulatory investigations and fines[87]. - The company may incur substantial liabilities if customer confidential information is misappropriated or disclosed due to security breaches[90]. Management and Corporate Governance - The management team has an average of over 15 years of experience in the medical aesthetics industry, with a proven track record in developing innovative technologies[203]. - The company is a "foreign private issuer," which allows it to follow home country corporate governance practices, potentially resulting in less investor protection compared to U.S. domestic issuers[156]. - The company may face increased regulatory and compliance costs if it loses its foreign private issuer status, requiring more detailed reporting and governance practices[155].
InMode(INMD) - 2023 Q4 - Annual Report
2024-02-13 12:01
Revenue Performance - Fourth quarter 2023 revenue was $126.8 million, a decrease of 5.4% from $133.6 million in Q4 2022[6] - Full year 2023 revenue reached a record $492 million, representing an 8% year-over-year increase from $454.3 million in 2022[6] - Revenues for Q4 2023 were $126,781,000, a decrease of 5.9% compared to $133,571,000 in Q4 2022[36] - For the full year 2023, revenues reached $492,048,000, an increase of 8.3% from $454,271,000 in 2022[39] - International revenues increased by 18% year-over-year, contributing to overall revenue growth[6] Profitability - GAAP net income for Q4 2023 was $55.2 million, or $0.64 per diluted share, compared to $37.7 million, or $0.44 per diluted share in Q4 2022[10] - Non-GAAP net income for Q4 2023 was $61.5 million, or $0.71 per diluted share, down from $66.4 million, or $0.78 per diluted share in Q4 2022[10] - Net income for Q4 2023 increased to $55,165 thousand, a 46.3% rise from $37,708 thousand in Q4 2022[26] - Net income for Q4 2023 was $61,487,000, compared to $66,370,000 in Q4 2022, representing a decrease of 7.4%[36] - Net income for the year 2023 was $221,519,000, compared to $207,486,000 in 2022, reflecting an increase of 6.8%[39] Gross Margin - Gross margins for both GAAP and non-GAAP were 84% for Q4 2023, consistent with the previous year[8] - Gross profit for the year ended December 31, 2023, was $411,340 thousand, up 8.0% from $380,786 thousand in 2022[26] - Gross profit for Q4 2023 was $107,090,000, down from $113,122,000 in Q4 2022, reflecting a decline of 5.3%[36] - Gross profit for the year ended December 31, 2023, was $413,386,000, up from $382,703,000 in 2022, indicating an increase of 8.0%[39] - Non-GAAP gross margin for 2024 is projected to be between 83% and 85%[14] Operating Expenses - Operating expenses for the year increased to $215,680 thousand, up 17.9% from $182,932 thousand in 2022, primarily driven by sales and marketing expenses[26] - Operating expenses totaled $49,524,000 in Q4 2023, an increase of 7.5% from $46,076,000 in Q4 2022[36] - Operating expenses for the year were $194,126,000, a rise of 20.9% compared to $160,397,000 in 2022[39] Cash Position and Assets - As of December 31, 2023, the total cash position was $741.6 million, including cash and cash equivalents, marketable securities, and short-term bank deposits[11] - Cash and cash equivalents at the end of Q4 2023 were $144,411 thousand, compared to $97,540 thousand at the end of Q4 2022, reflecting a 47.9% increase[31] - Total assets as of December 31, 2023, were $863,286 thousand, up 34.1% from $644,409 thousand in 2022[28] - Total liabilities decreased to $75,914 thousand as of December 31, 2023, down from $89,791 thousand in 2022, a reduction of 15.5%[28] Future Outlook - The company plans to launch 2 new platforms in 2024 to enhance market share in minimally invasive aesthetics treatments[5] - Management expects 2024 revenue to be between $495 million and $505 million[14] - The company plans to continue investing in research and development, with R&D expenses for the year totaling $13,410 thousand, an increase from $12,425 thousand in 2022[26]
InMode(INMD) - 2023 Q3 - Quarterly Report
2023-11-02 11:30
Exhibit 99.1 InMode Reports Third Quarter 2023 Financial Results; Quarterly Revenue of $123.1M Represents 2% Year-Over-Year Growth YOKNEAM, Israel, Nov. 2, 2023- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the third quarter ended September 30, 2023. Third Quarter 2023 Highlights: | U.S. GAAP Results | | | | --- | --- | --- | | (U.S. dollars in thousands, except for per share data) | | | | Q3 2023 ...
InMode(INMD) - 2023 Q2 - Earnings Call Transcript
2023-07-27 15:13
Financial Data and Key Metrics Changes - InMode reported record revenue of $136.1 million for Q2 2023, a 20% increase compared to Q2 2022 [3][13] - Gross margin was 84% on a GAAP basis, with GAAP operating margin at 42%, slightly down from 43% in Q2 2022 [17] - Non-GAAP diluted earnings per share reached a record $0.72, compared to $0.59 in Q2 2022 [17] - The company ended the quarter with cash and cash equivalents of $629.4 million [17] Business Line Data and Key Metrics Changes - Revenue from consumables and services grew nearly 44% year-over-year, indicating increased usage of platforms [11] - Capital equipment sales represented 84% of total revenue, while consumables and service revenues accounted for 16% [14] - Sales outside the US reached $49.5 million, up from $41.2 million in Q2 2022 [13] Market Data and Key Metrics Changes - InMode established two new subsidiaries in Japan and Germany to enhance direct sales capabilities [8] - Sales from Asia hit a new record, contributing to overall growth [13] - The company operates in 92 countries with over 264 direct sales representatives and 81 distributors [14] Company Strategy and Development Direction - InMode plans to invest heavily in product development, launching new technologies and platforms over the next 12 months [4] - The company aims to secure additional FDA indications, with eight studies currently in process [10] - InMode's strategy includes direct sales in markets where it previously relied on distributors, enhancing market presence and revenue recognition [67] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand for consumables, with expectations for continued growth despite seasonal trends [25] - The competitive landscape remains challenging, but InMode's brand awareness and innovation are seen as advantages [50] - Management expressed confidence in the sustainability of growth, particularly in the ophthalmology market [12] Other Important Information - InMode became part of the Russell 2000 Index, enhancing its visibility among investors [10] - The company is focused on maintaining a strong balance sheet while exploring M&A opportunities [101] Q&A Session Summary Question: Sustainability of consumables demand amid macroeconomic headwinds - Management indicated strong demand continues into July, with expectations for Q3 and Q4 to be higher than current levels [25] Question: Trends in capital equipment demand and financing - Management noted that while financing conditions have tightened, demand remains strong, and they are adapting to the environment [28][30] Question: Seasonal cadence for system sales in the back half of the year - Management acknowledged typical seasonality but noted that demand in North America remains strong [42][44] Question: Competitive environment and market dynamics - Management stated that competition is strong, but their focus on brand awareness and innovation helps maintain their market position [50] Question: Updates on Empower platform and hiring - Management confirmed growth in Empower sales and ongoing discussions with the FDA regarding new indications [54] Question: Capital allocation priorities and potential M&A - Management is open to acquiring more IP and exploring M&A opportunities, but no immediate deals are confirmed [101] Question: Leasing dynamics and technology upgrades for customers - Management reported that leasing remains stable, and they provide upgrades for software at no cost when possible [104]
InMode(INMD) - 2023 Q2 - Quarterly Report
2023-07-27 11:00
Exhibit 99.1 InMode Reports Second Quarter 2023 Financial Results; Record Quarterly Revenue of $136.1M Represents 20% Year-Over-Year Growth YOKNEAM, Israel, July 27, 2023- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the second quarter ended June 30, 2023. "We are pleased to report a record quarter with revenue of $136.1 million, as sales from our platforms and disposables were the strongest they'v ...