InMode(US:INMD)2023-07-27 11:00Financial Performance - Record quarterly revenue of $136.1 million, representing a 20% year-over-year growth compared to Q2 2022[5] - Total net revenue for Q2 2023 reached $136.1 million, a 20% increase from $113.5 million in Q2 2022[29] - Revenues for the six months ended June 30, 2023, increased to $242,155,000, up from $199,468,000 in the same period of 2022, representing a growth of 21.4%[33] - Net income for Q2 2023 was $55.7 million, up 26% from $44.0 million in Q2 2022[31] - Net income for the six months ended June 30, 2023, was $106,948,000, compared to $84,470,000 in 2022, which is an increase of 26.7%[33] - Basic net income per share increased to $1.28 for the first half of 2023, up from $1.02 in the same period of 2022, representing a growth of 25.5%[33] - Diluted net income per share rose to $1.24 in the first half of 2023, compared to $0.98 in 2022, reflecting a year-over-year increase of 26.5%[33] Profitability Metrics - GAAP net income reached $55.7 million, up from $44.0 million in Q2 2022; non-GAAP net income was $62.2 million, compared to $50.4 million in Q2 2022[9] - GAAP diluted earnings per share of $0.65, an increase from $0.52 in Q2 2022; non-GAAP diluted earnings per share of $0.72, up from $0.59 in Q2 2022[5] - GAAP gross margin for Q2 2023 was 84%, compared to 83% in Q2 2022; non-GAAP gross margin remained at 84%[7] - The company reported a gross profit of $114.0 million for Q2 2023, representing a gross margin of 84%[31] - Gross profit for the first half of 2023 was $202,748,000, compared to $166,560,000 in 2022, reflecting a year-over-year increase of 21.7%[33] Cash and Assets - Total cash position as of June 30, 2023, was $629.4 million, including cash and cash equivalents, marketable securities, and short-term bank deposits[5] - Cash and cash equivalents increased to $159.9 million as of June 30, 2023, compared to $97.5 million at the end of June 2022[27] - Total current assets rose to $719.2 million, a 14% increase from $629.4 million in the previous year[24] Expenses and Liabilities - Operating expenses totaled $94,028,000 for the six months ended June 30, 2023, compared to $72,902,000 in 2022, marking an increase of 28.9%[33] - Research and development expenses for Q2 2023 were $3.6 million, slightly up from $3.2 million in Q2 2022[31] - Research and development expenses were $5,411,000 for the first half of 2023, compared to $4,607,000 in 2022, an increase of 17.4%[33] - Sales and marketing expenses increased to $85,003,000 in the first half of 2023, up from $64,148,000 in 2022, representing a growth of 32.5%[33] - Total liabilities decreased to $67.9 million, down 24% from $89.8 million in June 2022[24] Future Outlook - Management expects full-year 2023 revenue to be between $530 million and $540 million[13] - Non-GAAP earnings per diluted share guidance for 2023 is projected to be between $2.62 and $2.66[13] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[31] Sales Growth - Revenue from consumables and services grew nearly 44% year-over-year, reaching a record level of $21.6 million[4] - Significant international sales growth reached a record level of $49.5 million in Q2 2023[7] - Capital equipment revenues in the U.S. grew by 17% to $73.8 million, while international revenues increased by 14% to $40.6 million[29] Operating Performance - GAAP operating margin for Q2 2023 was 42%, slightly down from 43% in Q2 2022; non-GAAP operating margin was 47%, compared to 49% in Q2 2022[8] - Operating cash flow for Q2 2023 was $53.0 million, compared to $47.0 million in Q2 2022[27] - Income from operations rose to $108,720,000 in the first half of 2023, up from $93,658,000 in 2022, indicating a growth of 16.0%[33]