InMode(INMD) - 2023 Q4 - Annual Report

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]