InMode(US:INMD)2023-11-02 11:30Financial Performance - Quarterly revenue of $123.1 million, representing a 2% year-over-year growth compared to $121.2 million in Q3 2022[5] - GAAP net income of $46.5 million, down from $48.8 million in Q3 2022, with diluted earnings per share of $0.54 compared to $0.58[10] - Non-GAAP net income of $53.1 million, compared to $56.6 million in Q3 2022, with non-GAAP diluted earnings per share of $0.61 versus $0.66[10] - Total net revenue for the three months ended September 30, 2023, was $123.11 million, a slight increase of 1.5% from $121.23 million in the same period of 2022[32] - Net income for the three months ended September 30, 2023, was $46.52 million, a decrease of 4.6% compared to $48.79 million in the same period of 2022[30] - Revenues for the nine months ended September 30, 2023, increased to $365.267 million, up from $320.700 million in the same period of 2022, representing a growth of 13.9%[37] - Net income for the nine months ended September 30, 2023, reached $160.032 million, up from $141.116 million in 2022, indicating an increase of 13.4%[37] - Basic net income per share for the nine months ended September 30, 2023, was $1.71, compared to $1.50 in 2022, reflecting a growth of 14.0%[37] - Diluted net income per share for the nine months ended September 30, 2023, was $1.66, up from $1.45 in 2022, representing an increase of 14.5%[37] Revenue Breakdown - Revenues from consumables and services increased by 28% year-over-year, totaling $17.9 million[5] - Capital equipment revenues in the United States for the three months ended September 30, 2023, were $67.97 million, accounting for 55% of total revenues, compared to 60% in the same period of 2022[32] - Consumables and service revenues increased to $17.87 million, representing 15% of total revenues, compared to 12% in the same period of 2022[32] Margins and Expenses - Gross margins for Q3 2023 were 84%, a slight decrease from 85% in Q3 2022[8] - Total operating expenses rose to $144.602 million for the nine months ended September 30, 2023, from $114.321 million in 2022, marking an increase of 26.5%[37] - Research and development expenses for the nine months ended September 30, 2023, were $7.950 million, slightly down from $6.916 million in 2022, indicating a focus on cost management[37] - Sales and marketing expenses increased to $131.035 million for the nine months ended September 30, 2023, from $101.331 million in 2022, a rise of 29.3%[37] Cash and Assets - Total cash position as of September 30, 2023, was $675.8 million, including cash and cash equivalents, marketable securities, and short-term bank deposits[5] - Cash and cash equivalents at the end of the period were $133.73 million, up from $97.54 million at the beginning of the period[30] - Total assets increased to $793.53 million in September 2023, up from $644.41 million in December 2022, representing a growth of 23.2%[27] - Total current liabilities decreased to $62.19 million in September 2023, down from $82.02 million in December 2022, a reduction of 24.2%[27] - Total shareholders' equity increased to $723.50 million in September 2023, up from $554.62 million in December 2022, reflecting a growth of 30.5%[27] Future Outlook - Management expects full-year 2023 revenue to be between $500 million and $510 million, with non-GAAP gross margin projected between 83% and 85%[14] - The soft launch of the Envision platform is gaining traction among ophthalmologists and optometrists in the U.S.[6] - The company is developing new minimally invasive technologies and upgrading existing platforms like Morpheus8 and Evolve[6] Shareholder Information - The company reported a basic net income per share of $0.56 for the three months ended September 30, 2023, compared to $0.59 in the same period of 2022[34] - The weighted average number of diluted shares outstanding increased to 86,154 thousand for the nine months ended September 30, 2023, compared to 85,667 thousand in 2022[37]