InMode(US:INMD)2023-02-14 12:00Revenue Performance - Record quarterly revenue of $133.6 million, an increase of 21% year-over-year[7] - Full year 2022 revenues reached $454.3 million, representing a 27% increase compared to 2021[16] - Revenues for Q4 2022 reached $133,571,000, a 20.8% increase from $110,540,000 in Q4 2021[31] - Revenues for the three months ended December 31, 2022, were $133,571 thousand, an increase of 20.8% compared to $110,540 thousand for the same period in 2021[41] - For the year ended December 31, 2022, total revenues reached $454,271 thousand, a 27.1% increase from $357,565 thousand in 2021[44] Profitability Metrics - GAAP net income for Q4 2022 was $37.7 million, down from $52.7 million in Q4 2021; non-GAAP net income reached a record $66.4 million[15] - Net income for Q4 2022 was $37,708,000, compared to $52,685,000 in Q4 2021, indicating a decrease of 28.5%[31] - Net income for the three months ended December 31, 2022, was $66,370 thousand, a significant increase from $55,193 thousand in the prior year, marking a 20.2% growth[41] - Net income for the year ended December 31, 2022, was $207,486 thousand, compared to $176,420 thousand in 2021, showing an increase of 17.6%[44] Margins and Expenses - Gross margin for Q4 2022 was 84%, compared to 85% in Q4 2021; non-GAAP gross margin remained at 85%[13] - GAAP operating margin for 2022 was 44%, down from 47% in 2021; non-GAAP operating margin was 49%[17] - Gross profit for the year ended December 31, 2022, was $380,786,000, up from $303,973,000 in 2021, reflecting a 25.3% growth[31] - Operating expenses for the year ended December 31, 2022, totaled $182,932,000, compared to $136,496,000 in 2021, reflecting a 33.9% increase[31] - Operating expenses for the three months ended December 31, 2022, totaled $46,076 thousand, compared to $37,521 thousand in the same period of 2021, representing a 22.7% increase[41] - Operating expenses for the year ended December 31, 2022, were $160,397 thousand, up from $126,442 thousand in 2021, representing a 26.8% increase[44] Cash and Assets - Cash and cash equivalents as of December 31, 2022, totaled $547.4 million[19] - Cash and cash equivalents at the end of Q4 2022 were $97,540,000, up from $68,136,000 at the end of Q4 2021, a 43.2% increase[36] - Total current assets increased to $629,371,000 as of December 31, 2022, from $470,114,000 in 2021, representing a 33.8% growth[33] - Total liabilities increased to $89,791,000 as of December 31, 2022, from $62,739,000 in 2021, a 43.0% increase[33] Future Outlook - Management expects 2023 revenue between $525 million and $530 million, with non-GAAP earnings per diluted share projected between $2.58 and $2.60[22] - The Empower RF platform exceeded expectations, with ongoing clinical studies addressing various health issues for women[9] - InMode plans to launch the Envision platform for ophthalmology in the first half of 2023 and a second-generation hands-free platform later in the year[9] Research and Development - Research and development expenses for Q4 2022 were $3,261,000, up from $2,528,000 in Q4 2021, a 29.0% increase[31]