YOKNEAM, Israel,
Nov. 2,
2023 /PRNewswire/ -- 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:
- Quarterly revenue of $123.1
million, an increase of
2% compared to the third quarter of 2022.
InMode's proprietary surgical technology platforms engaged in
minimally invasive and subdermal ablative treatments
represented 83% of quarterly revenues, while 9% came from InMode's
hands-free platforms and 8% from InMode's traditional laser and
non-invasive RF platforms.
- GAAP net income of $46.5
million, compared to $48.8
million in the third quarter of 2022; *non-GAAP net income
of $53.1 million, compared to
$56.6 million in the third quarter of
2022.
- GAAP diluted earnings per share of $0.54, compared to $0.58 in the third quarter of 2022; *non-GAAP
diluted earnings per share of $0.61, compared to $0.66 in the third quarter of 2022.
- Quarterly revenues from consumables and service of
$17.9 million, an increase of 28%
compared to the third quarter of 2022.
- Total cash position of $675.8
million as of September 30,
2023, including cash and cash equivalents, marketable
securities, and short-term bank deposits.
|
U.S. GAAP
Results
(U.S. dollars in
thousands, except for per share data)
|
|
Q3 2023
|
Q3 2022
|
|
Revenues
|
$123,112
|
$121,232
|
|
Gross
Margins
|
84 %
|
85 %
|
|
Net Income
|
$46,520
|
$48,789
|
|
Earnings per Diluted
Share
|
$0.54
|
$0.58
|
|
*Non-GAAP
Results
(U.S. dollars in
thousands, except for per share data)
|
|
Q3 2023
|
Q3 2022
|
|
Gross
Margins
|
84 %
|
85 %
|
|
Net Income
|
$53,084
|
$56,646
|
|
Earnings per Diluted
Share
|
$0.61
|
$0.66
|
*Please refer to "Use of Non-GAAP Financial Measures" below
for important information about non-GAAP financial measures. A
reconciliation between U.S. GAAP and non-GAAP Statement of
Income is provided following the financial statements that
are included in this release. Non-GAAP results exclude share-based
compensation adjustments.
Management Comments
"The third quarter was the first time that we experienced a
slowdown, which was mainly attributed to a strong seasonality
impact. In addition, record-high interest rates affected new
leasing agreements and platform sale cycles were longer than
usual," said Moshe Mizrahy, Chairman
and Chief Executive Officer. "However, we are pleased to see high
demand for InMode's treatments, as reflected by year-over-year
consumables growth higher than 20%."
Shakil Lakhani, President
of InMode North America, commented, "This quarter, the soft
launch of Envision continued to gain traction in the U.S., and we
were pleased to see the increased adoption level by
both ophthalmologists and optometrists."
"As we mentioned last quarter, we are in the process of
developing new and improved minimally invasive technologies and
platforms as well as upgrading and adding new features to Morpheus8
and Evolve," said Dr. Spero
Theodorou, Chief Medical Officer.
Third Quarter 2023 Financial Results
Total revenues for the third quarter of 2023 reached
$123.1 million, an increase of 2%
compared to the third quarter of 2022.
"Although we experienced some headwinds in the U.S., we are
encouraged by our international sales, which increased by 13% in
the third quarter of 2023 compared to the third quarter of 2022,"
said Yair Malca, Chief Financial
Officer.
GAAP and *Non-GAAP gross margin for the third quarter of 2023
was 84% compared to a gross margin of 85% for the third quarter
2022.
GAAP operating margin for the third quarter of 2023 was 38%,
compared to an operating margin of 44% in the third quarter of
2022. *Non-GAAP operating margin for the third quarter of 2023 was
43% compared to 51% for the third quarter of 2022. This decrease
was primarily attributable to higher sales and marketing expenses,
mainly because of the addition of new sales representatives, higher
travel expenses, as well as investment in direct-to-consumer
advertising campaigns and hosting in-person events to support the
company's growth projections.
InMode reported GAAP net income of $46.5 million, or $0.54 per diluted share, in the
third quarter of 2023, compared to $48.8 million, or $0.58 per diluted share, in the third quarter of
2022. On a *non-GAAP basis, InMode reported net income of
$53.1 million, or $0.61 per diluted share, in the third quarter of
2023, compared to $56.6 million, or
$0.66 per diluted share, in the third
quarter of 2022.
2023 Financial Outlook
Management provided an outlook for the full year of 2023 ending
December 31, 2023. Based on current
estimates, management expects:
- Revenue between $500 million and
$510 million
- *Non-GAAP gross margin between 83% and 85%
- *Non-GAAP income from operations between $220 million and $225
million
- *Non-GAAP earnings per diluted share between $2.53 and $2.57
This outlook is not a guarantee of future performance and
stockholders should not rely on such forward-looking statements.
See "Forward-Looking Statements" for additional
information.
*Please refer to "Use of Non-GAAP Financial Measures" below
for important information about non-GAAP financial measures. A
reconciliation between U.S. GAAP and non-GAAP Statement of Income
is provided following the financial statements that are included in
this release. Non-GAAP results exclude share-based compensation
adjustments.
The Current Situation in Israel
Regarding the current situation in Israel, management would like to assure
investors that the Company is prioritizing the safety and
well-being of its employees, and all its team are safe. InMode
doesn't anticipate any interruption or delay in production or
shipment. InMode's inventory levels globally and in Israel are sufficient and include components
and subassemblies for at least 6 months.
Use of Non-GAAP Financial Measures
In addition to InMode's operating results presented in
accordance with GAAP, this release contains certain non-GAAP
financial measures including non-GAAP net income, non-GAAP earnings
per diluted share, and non-GAAP operating margin. Because these
measures are used in InMode's internal analysis of financial and
operating performance, management believes they provide investors
with greater transparency of its view of InMode's economic
performance. Management also believes the presentation of these
measures, when analyzed in conjunction with InMode's GAAP operating
results, allows investors to more effectively evaluate and compare
InMode's performance to that of its peers, although InMode's
presentation of its non-GAAP measures may not be strictly
comparable to the similarly titled measures of other companies.
Schedules reconciling each of these non-GAAP financial measures are
provided as a supplement to this release.
Conference Call Information
Mr. Moshe Mizrahy, Chairman and Chief Executive
Officer, Dr. Michael Kreindel,
Co-Founder and Chief Technology Officer, Mr. Yair Malca, Chief
Financial Officer, Mr. Shakil
Lakhani, President of North
America, and Dr. Spero
Theodorou, Chief Medical Officer, will host a conference
call today, November 02, 2023, at 8:30 a.m. Eastern
Time to discuss the third quarter 2023 financial results.
The Company encourages participants to pre-register for the
conference call using the following link:
https://dpregister.com/sreg/10183086/fa97575b36.
Callers will receive a unique dial-in number upon registration,
which enables immediate access to the call. Participants may
pre-register at any time, including up to and after the call start
time.
For callers who opt out of pre-registration, please dial one of
the following teleconferencing numbers. Please begin by placing
your call 10 minutes before the conference call commences. If you
are unable to connect using the toll-free number, please try the
international dial-in number.
U.S. Toll-Free Dial-in Number: 1-833-316-0562
Israel Toll- Free Dial-in
Number: 1-80-921-2373
International Dial-in Number: 1-412-317-5736
Webcast URL:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=5EQBwtdf
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israel Time
The conference call will also be webcast live from a link on
InMode's website at
https://inmodemd.com/investors/events-presentations/. A replay of
the conference call will be available from November 02,
2023, at 12 p.m. Eastern Time to November 16,
2023, at 11:59 p.m. Eastern Time. To access the replay,
please dial one of the following numbers:
Replay Dial-in U.S TOLL-FREE: 1-877-344-7529
Replay Dial-in Canada TOLL-FREE: 855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 2198302
To access the replay using an international dial-in number,
please select the link below:
https://services.choruscall.com/ccforms/replay.html
A replay of the conference call will also be available for 90
days on InMode's website
at https://inmodemd.com/investors/.
About InMode
InMode is a leading global provider of innovative medical
technologies. InMode develops, manufactures, and markets devices
harnessing novel radio frequency ("RF") technology. InMode strives
to enable new emerging surgical procedures as well as improve
existing treatments. InMode has leveraged its medically accepted
minimally invasive RF technologies to offer a comprehensive line of
products across several categories for plastic surgery, gynecology,
dermatology, otolaryngology, and ophthalmology. For more
information about InMode, please visit www.inmodemd.com.
Forward-Looking Statements
The information in this press release includes forward-looking
statements within the meaning of the federal securities laws. These
statements generally relate to future events or InMode's future
financial or operating performance, including the future
performance described above under the heading titled "2023
Financial Outlook." Actual outcomes and results may differ
materially from what is expressed or forecast in such
forward-looking statements. In some cases, you can identify these
statements because they contain words such as "anticipate,"
"believe," "estimate," "expect," "intend," "may," "plan,"
"predict," "project," "will," "would" and similar expressions that
concern our expectations, strategic plans or intentions.
Forward-looking statements are based on management's current
expectations and assumptions, and are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict, including with respect to the impact of the
COVID-19 global outbreak. Consequently, actual results could differ
materially from those indicated in these forward-looking
statements. When considering these forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements included in InMode's Annual Report on Form 20-F filed
with the Securities and Exchange Commission on February 14, 2023, as well as risk factors
relating to the COVID-19 global outbreak and our future public
filings. InMode undertakes no obligation and does not intend to
update these forward-looking statements to reflect events or
circumstances occurring after this press release. You are cautioned
not to place undue reliance on these forward-looking statements,
which pertain only as of the date of this press release.
|
Company
Contact:
Yair Malca
Chief Financial
Officer
Phone: (949)
305-0108
Email:
Yair.Malca@inmodemd.com
|
Investor Relations
Contact:
Miri Segal
MS-IR LLC
Phone: (917)
607-8654
Email:
ir@inmodemd.com
|
|
INMODE
LTD.
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
|
|
(U.S. dollars in
thousands, except for per share data)
|
|
(Unaudited)
|
|
|
Three months
ended
September 30,
|
Nine months
ended
September 30,
|
|
|
2023
|
2022
|
2023
|
2022
|
|
|
REVENUES
|
123,112
|
121,232
|
365,267
|
320,700
|
|
|
COST OF
REVENUES
|
20,136
|
18,765
|
60,444
|
52,483
|
|
|
GROSS
PROFIT
|
102,976
|
102,467
|
304,823
|
268,217
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
Research and
development
|
3,268
|
3,166
|
9,937
|
9,164
|
|
|
Sales and
marketing
|
50,819
|
43,062
|
143,591
|
113,564
|
|
|
General and
administrative
|
2,479
|
2,494
|
6,879
|
7,533
|
|
|
TOTAL OPERATING
EXPENSES
|
56,566
|
48,722
|
160,407
|
130,261
|
|
|
INCOME FROM
OPERATIONS
|
46,410
|
53,745
|
144,416
|
137,956
|
|
|
Finance income
(expense), net
|
4,953
|
189
|
12,687
|
(350)
|
|
|
INCOME BEFORE
TAXES
|
51,363
|
53,934
|
157,103
|
137,606
|
|
|
INCOME
TAXES
|
4,843
|
5,145
|
14,349
|
13,794
|
|
|
NET
INCOME
|
46,520
|
48,789
|
142,754
|
123,812
|
|
|
|
|
|
|
|
|
NET INCOME PER
SHARE:
|
|
|
|
|
|
|
Basic
|
0.56
|
0.59
|
1.71
|
1.50
|
|
|
Diluted
|
0.54
|
0.58
|
1.66
|
1.45
|
|
|
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING USED IN COMPUTATION OF NET
INCOME PER SHARE (in thousands)
|
|
|
|
|
|
|
Basic
|
83,703
|
82,306
|
83,423
|
82,494
|
|
|
Diluted
|
85,970
|
84,823
|
85,814
|
85,120
|
|
|
INMODE
LTD.
|
|
CONDENSED CONSOLIDATED
BALANCE SHEETS
|
|
(U.S. dollars in
thousands, except for per share data)
|
|
(Unaudited)
|
|
|
September
30,
2023
|
December
31,
2022
|
|
Assets
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
133,733
|
97,540
|
|
Marketable
securities
|
385,860
|
374,589
|
|
Short-term bank
deposits
|
156,253
|
75,254
|
|
Accounts receivable,
net of allowance for doubtful accounts
|
42,692
|
26,997
|
|
Other
receivables
|
19,385
|
15,094
|
|
Inventories
|
39,989
|
39,897
|
|
TOTAL CURRENT ASSETS
|
777,912
|
629,371
|
|
NON-CURRENT ASSETS:
|
|
|
|
Accounts receivable,
net of allowance for doubtful accounts
|
4,074
|
3,973
|
|
Deferred income tax
asset, net
|
2,103
|
3,094
|
|
Operating lease
right-of-use assets
|
6,359
|
5,073
|
|
Property and
equipment, net
|
2,482
|
2,298
|
|
Other
investments
|
600
|
600
|
|
TOTAL NON-CURRENT
ASSETS
|
15,618
|
15,038
|
|
TOTAL
ASSETS
|
793,530
|
644,409
|
|
Liabilities and
shareholders' equity
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
12,333
|
16,242
|
|
Contract
liabilities
|
10,625
|
13,798
|
|
Other
liabilities
|
39,230
|
51,980
|
|
TOTAL CURRENT
LIABILITIES
|
62,188
|
82,020
|
|
NON-CURRENT LIABILITIES:
|
|
|
|
Contract
liabilities
|
3,502
|
3,959
|
|
Other
liabilities
|
762
|
303
|
|
Operating lease
liabilities
|
3,581
|
3,509
|
|
TOTAL NON-CURRENT
LIABILITIES
|
7,845
|
7,771
|
|
TOTAL
LIABILITIES
|
70,033
|
89,791
|
|
|
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
723,497
|
554,618
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
793,530
|
644,409
|
|
INMODE
LTD.
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(U.S. dollars in
thousands, except for per share data)
|
|
(Unaudited)
|
|
|
|
Three months
ended
September 30,
|
Nine months
ended
September 30,
|
|
2023
|
2022
|
2023
|
2022
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
|
46,520
|
48,789
|
142,754
|
123,812
|
|
|
Adjustments required
to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
129
|
169
|
501
|
462
|
|
|
Share-based
compensation expenses
|
6,564
|
7,857
|
17,278
|
17,304
|
|
|
Allowance for doubtful
accounts
|
426
|
50
|
665
|
402
|
|
|
Loss on marketable
securities, net
|
-
|
12
|
-
|
49
|
|
|
Finance expenses
(income), net
|
(527)
|
586
|
(3,236)
|
1,527
|
|
|
Deferred income taxes,
net
|
(216)
|
9
|
(154)
|
156
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Increase in accounts
receivable
|
(10,753)
|
(6,926)
|
(16,461)
|
(11,220)
|
|
|
Decrease (increase) in
other receivables
|
(1,347)
|
887
|
(5,367)
|
(706)
|
|
|
Increase in
inventories
|
(1,421)
|
(6,050)
|
(92)
|
(14,784)
|
|
|
Increase (decrease) in
accounts payable
|
(962)
|
1,463
|
(3,909)
|
4,517
|
|
|
Increase (decrease) in
other liabilities
|
3,040
|
4,136
|
(12,792)
|
3,366
|
|
|
Decrease in contract
liabilities
|
(9)
|
(5,390)
|
(3,630)
|
(459)
|
|
|
Net cash provided by
operating activities
|
41,444
|
45,592
|
115,557
|
124,426
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Investment in
short-term deposits
|
(179,140)
|
(48,090)
|
(285,140)
|
(93,701)
|
|
|
Proceeds from
short-term deposits
|
91,590
|
30,090
|
204,090
|
73,090
|
|
|
Purchase of fixed
assets
|
(149)
|
(387)
|
(684)
|
(1,247)
|
|
|
Purchase of marketable
securities
|
(60,588)
|
(58,982)
|
(233,130)
|
(97,736)
|
|
|
Proceeds from sale of
marketable securities
|
-
|
301
|
-
|
2,303
|
|
|
Proceeds from maturity
of marketable securities
|
78,465
|
20,935
|
230,493
|
46,092
|
|
|
Net cash used in
investing activities
|
(69,822)
|
(56,133)
|
(84,371)
|
(71,199)
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Repurchase of ordinary
shares
|
-
|
-
|
-
|
(42,637)
|
|
|
Exercise of
options
|
2,729
|
550
|
5,229
|
915
|
|
|
Net cash provided by
(used in) financing activities
|
2,729
|
550
|
5,229
|
(41,722)
|
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
(473)
|
(1,365)
|
(222)
|
(2,593)
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
(26,122)
|
(11,356)
|
36,193
|
8,912
|
|
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
159,855
|
88,404
|
97,540
|
68,136
|
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
133,733
|
77,048
|
133,733
|
77,048
|
|
|
INMODE
LTD.
|
|
CONDENSED CONSOLIDATED
FINANCIAL HIGHLIGHTS
|
|
(U.S. dollars in
thousands, except for per share data)
|
|
(Unaudited)
|
|
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|
2023
|
2022
|
2023
|
2022
|
|
Revenues by
Category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Equipment
revenues - United States
|
67,969
|
55 %
|
72,920
|
60 %
|
191,548
|
53 %
|
180,640
|
57 %
|
|
Capital Equipment
revenues - International
|
37,276
|
30 %
|
34,383
|
28 %
|
114,284
|
31 %
|
97,126
|
30 %
|
|
Total Capital
Equipment revenues
|
105,245
|
85 %
|
107,303
|
88 %
|
305,832
|
84 %
|
277,766
|
87 %
|
|
Consumables and service
revenues
|
17,867
|
15 %
|
13,929
|
12 %
|
59,435
|
16 %
|
42,934
|
13 %
|
|
Total Net
Revenue
|
123,112
|
100 %
|
121,232
|
100 %
|
365,267
|
100 %
|
320,700
|
100 %
|
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|
2023
|
2022
|
2023
|
2022
|
|
%
|
%
|
%
|
%
|
|
United
States
|
Internati
onal
|
Total
|
United
States
|
Internati
onal
|
Total
|
United
States
|
Internati
onal
|
Total
|
United
States
|
Internati
onal
|
Total
|
|
Revenues by
Technology:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimal-Invasive
|
85
|
80
|
83
|
84
|
75
|
82
|
87
|
76
|
83
|
84
|
73
|
80
|
|
Hands-Free
|
11
|
4
|
9
|
13
|
8
|
11
|
10
|
5
|
8
|
13
|
7
|
11
|
|
Non-Invasive
|
4
|
16
|
8
|
3
|
17
|
7
|
3
|
19
|
9
|
3
|
20
|
9
|
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
|
INMODE
LTD.
|
|
|
RECONCILIATION OF
GAAP CONDENSED CONSOLIDATED STATEMENTS OF
|
|
|
INCOME TO
NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
|
(U.S. dollars in
thousands, except for per share data)
|
|
|
(Unaudited)
|
|
|
|
|
Three months
ended September 30, 2023
|
Three months
ended September 30, 2022
|
|
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
|
|
REVENUES
|
123,112
|
-
|
123,112
|
121,232
|
-
|
121,232
|
|
|
COST OF
REVENUES
|
20,136
|
(572)
|
19,564
|
18,765
|
(554)
|
18,211
|
|
|
GROSS
PROFIT
|
102,976
|
572
|
103,548
|
102,467
|
554
|
103,021
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
Research and
development
|
3,268
|
(729)
|
2,539
|
3,166
|
(857)
|
2,309
|
|
|
Sales and
marketing
|
50,819
|
(4,787)
|
46,032
|
43,062
|
(5,879)
|
37,183
|
|
|
General and
administrative
|
2,479
|
(476)
|
2,003
|
2,494
|
(567)
|
1,927
|
|
|
TOTAL OPERATING
EXPENSES
|
56,566
|
(5,992)
|
50,574
|
48,722
|
(7,303)
|
41,419
|
|
|
INCOME FROM
OPERATIONS
|
46,410
|
6,564
|
52,974
|
53,745
|
7,857
|
61,602
|
|
|
Finance income,
net
|
4,953
|
-
|
4,953
|
189
|
|
189
|
|
|
INCOME BEFORE
TAXES
|
51,363
|
6,564
|
57,927
|
53,934
|
7,857
|
61,791
|
|
|
INCOME
TAXES
|
4,843
|
-
|
4,843
|
5,145
|
-
|
5,145
|
|
|
NET
INCOME
|
46,520
|
6,564
|
53,084
|
48,789
|
7,857
|
56,646
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER
SHARE:
|
|
|
|
|
|
|
|
|
Basic
|
0.56
|
|
0.63
|
0.59
|
|
0.69
|
|
|
Diluted
|
0.54
|
|
0.61
|
0.58
|
|
0.66
|
|
|
WEIGHTED AVERAGE
NUMBER OF
SHARES OUTSTANDING USED IN
COMPUTATION OF NET INCOME
PER SHARE (in thousands)
|
|
|
|
|
|
|
|
|
Basic
|
83,703
|
|
83,703
|
82,306
|
|
82,306
|
|
|
Diluted
|
85,970
|
|
86,333
|
84,823
|
|
85,453
|
|
|
INMODE
LTD.
|
|
RECONCILIATION OF GAAP
CONDENSED CONSOLIDATED STATEMENTS OF
|
|
INCOME TO
NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
|
|
(U.S. dollars in
thousands, except for per share data)
|
|
(Unaudited)
|
|
|
Nine months
ended September 30, 2023
|
Nine months
ended September 30, 2022
|
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
|
REVENUES
|
365,267
|
-
|
365,267
|
320,700
|
-
|
320,700
|
|
COST OF
REVENUES
|
60,444
|
(1,473)
|
58,971
|
52,483
|
(1,364)
|
51,119
|
|
GROSS
PROFIT
|
304,823
|
1,473
|
306,296
|
268,217
|
1,364
|
269,581
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
Research and
development
|
9,937
|
(1,987)
|
7,950
|
9,164
|
(2,248)
|
6,916
|
|
Sales and
marketing
|
143,591
|
(12,556)
|
131,035
|
113,564
|
(12,233)
|
101,331
|
|
General and
administrative
|
6,879
|
(1,262)
|
5,617
|
7,533
|
(1,459)
|
6,074
|
|
TOTAL OPERATING
EXPENSES
|
160,407
|
(15,805)
|
144,602
|
130,261
|
(15,940)
|
114,321
|
|
INCOME FROM
OPERATIONS
|
144,416
|
17,278
|
161,694
|
137,956
|
17,304
|
155,260
|
|
Finance income
(expense),net
|
12,687
|
-
|
12,687
|
(350)
|
-
|
(350)
|
|
INCOME BEFORE
TAXES
|
157,103
|
17,278
|
174,381
|
137,606
|
17,304
|
154,910
|
|
INCOME
TAXES
|
14,349
|
-
|
14,349
|
13,794
|
-
|
13,794
|
|
NET
INCOME
|
142,754
|
17,278
|
160,032
|
123,812
|
17,304
|
141,116
|
|
|
|
|
|
|
|
|
NET INCOME PER
SHARE:
|
|
|
|
|
|
|
|
Basic
|
1.71
|
|
1.92
|
1.50
|
|
1.71
|
|
Diluted
|
1.66
|
|
1.86
|
1.45
|
|
1.65
|
|
WEIGHTED AVERAGE
NUMBER OF
SHARES OUTSTANDING USED IN
COMPUTATION OF NET INCOME
PER SHARE (in thousands)
|
|
|
|
|
|
|
|
Basic
|
83,423
|
|
83,423
|
82,494
|
|
82,494
|
|
Diluted
|
85,814
|
|
86,154
|
85,120
|
|
85,667
|
Logo:
https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/inmode-reports-third-quarter-2023-financial-results-quarterly-revenue-of-123-1m-represents-2-year-over-year-growth-301974870.html
SOURCE InMode LTD
