SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2023
 

INMODE LTD.
 


(Exact name of registrant as specified in its charter)
 
Tavor Building, Sha’ar Yokneam
 
P.O. Box 533
 
Yokneam 2069206 Israel
(Address of Principal Executive Offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒          Form 40-F ☐
 
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes ☐          No ☒


On November 2, 2023, InMode Ltd. announced its third quarter 2023 financial results. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
Exhibit No.
 
Description of Exhibit

 


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
InMode Ltd.
 
 
 
By: /s/ Moshe Mizrahy
 
Moshe Mizrahy
November 2, 2023 
Chief Executive Officer and Chairman of The Board of Directors
 


Exhibit 99.1

InMode Reports Third Quarter 2023 Financial Results; Quarterly
Revenue of $123.1M Represents 2% Year-Over-Year Growth

YOKNEAM, Israel, Nov. 2, 2023- 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
   
International
   
Total
   
United States
   
International
   
Total
   
United States
   
International
   
Total
   
United States
   
International
   
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
 



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