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 February 2024


 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 February 13, 2024, InMode Ltd. announced its fourth quarter 2024 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
 
 
February 13, 2024 
Chief Executive Officer and Chairman of
The Board of Directors
 
 


Exhibit 99.1

InMode Reports Fourth Quarter and Full Year 2023 Financial Results; Quarterly Revenue of
$126.8M and Record Full Year Revenue of $492M

YOKNEAM, Israel, Feb. 13, 2024- InMode Ltd. (Nasdaq: INMD) (“InMode”), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the fourth quarter and full year ended December 31, 2023.
 
Fourth Quarter 2023 Highlights:

Quarterly revenue of $126.8 million, compared to $133.6 in the fourth quarter of 2022.
 
Quarterly revenues from consumables and service of $20.5 million, an increase of 20% compared to the fourth quarter of 2022.

Total cash position of $741.6 million as of December 31, 2023, including cash and cash equivalents, marketable securities, and short-term bank deposits.

Full Year 2023 Highlights:

Record full year revenue of $492 million, a year-over-year increase of 8%.

Record GAAP net income of $197.9 million, compared to $161.5 million in 2022; record *non-GAAP net income of $221.5 million, compared to $207.5 million in 2022.

18% increase in international (non-U.S.) revenues as compared to 2022.

U.S. GAAP Results
(U.S. dollars in thousands, except for per share data)
 
Q4 2023
Q4 2022
FY 2023
FY 2022
Revenues
$126,781
$133,571
$492,048
$454,271
Gross Margins
84%
84%
84%
84%
Net Income
$55,165
$37,708
$197,919
$161,520
Earnings per Diluted Share
$0.64
$0.44
$2.30
$1.89
*Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
 
Q4 2023
Q4 2022
FY 2023
FY 2022
Gross Margins
84%
85%
84%
84%
Net Income
$61,487
$66,370
$221,519
$207,486
Earnings per Diluted Share
$0.71
$0.78
$2.57
$2.42

*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.in 2022 The Company applied the provisions of the amendment to the Investment Law to its exempt profits accrued prior to 2020 and made a one-time payment of $12.0 million to the Israeli Tax Authority. In addition, the Company reached agreement with the Israeli Tax Authority under which the Company paid during January 2023 approximately $14.3 million on its undistributed exempt income for the year ended December 31, 2021. As a result, approximately $313.2 million of the Company’s undistributed exempt income for years 2012 through 2021 may be distributed or used by the Company without being subject to additional corporate tax.
 
Management Comments
 
“In 2023, particularly the latter half, we saw challenges both for InMode and the aesthetics industry, including the surgical aesthetic sector,” said Moshe Mizrahy, Chairman and Chief Executive Officer. “However, we successfully introduced two exciting platforms, Define and Envision, which gained substantial market traction.

“Looking ahead, we plan to launch 2 new platforms this year and believe that our market share will continue to grow as we introduce new and innovative technologies for minimally invasive aesthetics treatments. Our unique technology and continued commitment to bringing new platforms to market are pivotal in establishing InMode as a global leader in the aesthetics medical device industry worldwide,” Moshe Mizrahy concluded.


Fourth Quarter and Full Year 2023 Financial Results
 
Total revenues for the fourth quarter of 2023 reached $126.8 million, compared to $133.6 in the fourth quarter of 2022. Total revenues for 2023 were $492 million, an increase of 8% as compared to 2022. This increase was primarily attributable to the growth in our consumables sales and our expansion in international markets, with international revenues growing 18% year over year.

GAAP gross margin for the fourth quarter of 2023 and 2022 was 84%. *Non-GAAP gross margin for the fourth quarter of 2023 was 84% compared to a gross margin of 85% for the fourth quarter 2022. GAAP and *Non-GAAP gross margin for 2023 and 2022 was 84%.
 
GAAP operating margin for the fourth quarter of 2023 was 40%, compared to an operating margin of 45% in the fourth quarter of 2022. *Non-GAAP operating margin for the fourth quarter of 2023 was 45% compared to 50% for the fourth quarter of 2022. GAAP operating margin for 2023 was 40%, compared to the operating margin of 44% in 2022. *Non-GAAP operating margin for 2023 was 45%, compared to the operating margin of 49% in the full year 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 $55.2 million, or $0.64 per diluted share, in the fourth quarter of 2023, compared to $37.7 million, or $0.44 per diluted share, in the fourth quarter of 2022. On a *non-GAAP basis, InMode reported net income of $61.5 million, or $0.71 per diluted share, in the fourth quarter of 2023, compared to $66.4 million, or $0.78 per diluted share, in the fourth quarter of 2022. GAAP net income of $197.9 million, or $2.3 per diluted share, in 2023. This is compared with GAAP net income of $161.5 million, or $1.89 per diluted share, in 2022. On a *non-GAAP basis, InMode reported net income of $221.5 million, or $2.57 per diluted share, in the full year of 2023, compared to net income of $207.5 million, or $2.42 per diluted share, in the full year of 2022.
 
As of December 31, 2023, InMode had cash and cash equivalents, marketable securities, and short-term bank deposits of $741.6 million.
 
2024 Financial Outlook
 
Management provided an outlook for the full year of 2024 ending December 31, 2024. Based on current estimates, management expects:
 
Revenue between $495 million and $505 million
 
*Non-GAAP gross margin between 83% and 85%
 
*Non-GAAP income from operations between $217 million and $222 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. in 2022 The Company applied the provisions of the amendment to the Investment Law to its exempt profits accrued prior to 2020 and made a one-time payment of $12.0 million to the Israeli Tax Authority. In addition, the Company reached agreement with the Israeli Tax Authority under which the Company paid during January 2023 approximately $14.3 million on its undistributed exempt income for the year ended December 31, 2021. As a result, approximately $313.2 million of the Company’s undistributed exempt income for years 2012 through 2021 may be distributed or used by the Company without being subject to additional corporate tax.
 


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 significant interruption or delay in production or shipment. InMode’s inventory levels globally and in Israel are adequate 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, February 13, 2024, at 8:30 a.m. Eastern Time to discuss the fourth quarter 2023 financial results.
 
The Company encourages participants to pre-register for the conference call using the following link:  
https://dpregister.com/sreg/10185217/fb446e05e4.
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=6h4ExUgZ
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific 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 February 13, 2024, at 12 p.m. Eastern Time to February 27, 2024, 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: 6723856

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://inmodeinvestors.com/.


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 2024 revenue projection described above. 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. 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, 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
December 31,
   
Year Ended
December 31,
 
   
2023
   
2022
   
2023
   
2022
 
REVENUES
   
126,781
     
133,571
     
492,048
     
454,271
 
COST OF REVENUES
   
20,264
     
21,002
     
80,708
     
73,485
 
GROSS PROFIT
   
106,517
     
112,569
     
411,340
     
380,786
 
OPERATING EXPENSES:
                               
Research and development
   
3,473
     
3,261
     
13,410
     
12,425
 
Sales and marketing
   
49,451
     
47,012
     
193,042
     
160,576
 
General and administrative
   
2,349
     
2,398
     
9,228
     
9,931
 
TOTAL OPERATING EXPENSES
   
55,273
     
52,671
     
215,680
     
182,932
 
INCOME FROM OPERATIONS
   
51,244
     
59,898
     
195,660
     
197,854
 
Finance income, net
   
8,920
     
3,962
     
21,607
     
3,612
 
INCOME BEFORE TAXES
   
60,164
     
63,860
     
217,267
     
201,466
 
INCOME TAXES
   
4,999
     
26,152
     
19,348
     
39,946
 
NET INCOME
   
55,165
     
37,708
     
197,919
     
161,520
 
                                 
NET INCOME PER SHARE:
                               
Basic
   
0.66
     
0.46
     
2.37
     
1.96
 
Diluted
   
0.64
     
0.44
     
2.30
     
1.89
 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
                               
Basic
   
83,862
     
82,449
     
83,534
     
82,482
 
Diluted
   
85,835
     
85,288
     
85,954
     
85,404
 


INMODE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except for per share data)
(Unaudited)

   
December 31,
2023
   
December 31,
2022
 
Assets
           
CURRENT ASSETS:
           
Cash and cash equivalents
   
144,411
     
97,540
 
Marketable securities (amortized cost of $375,829 and $384,320, as of December 31, 2023 and 2022, respectively)
   
373,647
     
374,589
 
Short-term bank deposits
   
223,547
     
75,254
 
Accounts receivable, net of allowance for credit losses of $1,538 and $836, as of December 31, 2023 and 2022, respectively
   
42,362
     
26,997
 
Other receivables
   
16,268
     
15,094
 
Inventories
   
45,095
     
39,897
 
         TOTAL CURRENT ASSETS
   
845,330
     
629,371
 
    NON-CURRENT ASSETS:
               
Accounts receivable, net of allowance for credit losses of $716 and $482 as of December 31, 2023 and 2022, respectively
   
3,670
     
3,973
 
Deferred income tax asset, net
   
1,506
     
3,094
 
Operating lease right-of-use assets
   
9,698
     
5,073
 
Property and equipment, net
   
2,382
     
2,298
 
Other investments
   
700
     
600
 
TOTAL NON-CURRENT ASSETS
   
17,956
     
15,038
 
TOTAL ASSETS
   
863,286
     
644,409
 
Liabilities and shareholders’ equity
               
CURRENT LIABILITIES:
               
Accounts payable
   
13,966
     
16,242
 
Contract liabilities
   
10,923
     
13,798
 
Other liabilities
   
39,247
     
51,980
 
TOTAL CURRENT LIABILITIES
   
64,136
     
82,020
 
    NON-CURRENT LIABILITIES:
               
Contract liabilities
   
3,766
     
3,959
 
Other liabilities
   
1,399
     
303
 
Operating lease liabilities
   
6,613
     
3,509
 
TOTAL NON-CURRENT LIABILITIES
   
11,778
     
7,771
 
TOTAL LIABILITIES
   
75,914
     
89,791
 
                 
TOTAL SHAREHOLDERS’ EQUITY
   
787,372
     
554,618
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
   
863,286
     
644,409
 



INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands, except for per share data)
(Unaudited)

   
Three months ended
December 31,
   
Year Ended
December 31,
 
   
2023
   
2022
   
2023
   
2022
 
CASH FLOWS FROM OPERATING ACTIVITIES:
                       
Net income
   
55,165
     
37,708
     
197,919
     
161,520
 
Adjustments required to reconcile net income to net cash provided by operating activities:
                               
Depreciation and amortization
   
122
     
218
     
623
     
680
 
Share-based compensation expenses
   
6,322
     
7,148
     
23,600
     
24,452
 
Allowance for doubtful accounts
   
355
     
47
     
1,020
     
449
 
Loss on marketable securities, net
   
-
     
22
     
-
     
71
 
Finance expenses (income), net
   
(1,581
)
   
(2,737
)
   
(4,714
)
   
(1,210
)
Deferred income taxes, net
   
(30
)
   
(72
)
   
(184
)
   
84
 
Changes in operating assets and liabilities:
                               
Decrease (increase) in accounts receivable
   
377
     
805
     
(16,084
)
   
(10,415
)
Decrease (increase) in other receivables
   
3,143
     
(1,081
)
   
(2,224
)
   
(1,787
)
Increase in inventories
   
(5,106
)
   
(4,087
)
   
(5,198
)
   
(18,871
)
Increase (decrease) in accounts payable
   
1,633
     
2,946
     
(2,276
)
   
7,463
 
Increase (decrease) in other liabilities
   
204
     
14,575
     
(12,588
)
   
17,941
 
Increase (decrease) in contract liabilities
   
562
     
1,660
     
(3,068
)
   
1,201
 
Net cash provided by operating activities
   
61,166
     
57,152
     
176,826
     
181,578
 
CASH FLOWS FROM INVESTING ACTIVITIES:
                               
Investment in short-term deposits
   
(67,101
)
   
-
     
(233,241
)
   
(93,701
)
Proceeds from short-term deposits
   
-
     
-
     
85,090
     
73,090
 
Purchase of fixed assets
   
(21
)
   
(328
)
   
(705
)
   
(1,575
)
Other investments
   
(100
)
   
-
     
(100
)
   
-
 
Purchase of marketable securities
   
(52,527
)
   
(70,944
)
   
(245,337
)
   
(168,680
)
Proceeds from sale of marketable securities
   
5,000
     
-
     
5,000
     
2,303
 
Proceeds from maturity of marketable securities
   
63,159
     
32,997
     
253,229
     
79,089
 
Net cash used in investing activities
   
(51,590
)
   
(38,275
)
   
(136,064
)
   
(109,474
)
CASH FLOWS FROM FINANCING ACTIVITIES:
                               
Repurchase of ordinary shares
   
-
     
-
     
-
     
(42,637
)
     Exercise of options
   
275
     
637
     
5,504
     
1,552
 
Net cash provided by (used in) financing activities
   
275
     
637
     
5,504
     
(41,085
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
   
827
     
978
     
605
     
(1,615
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
   
10,678
     
20,492
     
46,871
     
29,404
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
   
133,733
     
77,048
     
97,540
     
68,136
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
   
144,411
     
97,540
     
144,411
     
97,540
 


INMODE LTD.
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS
(U.S. dollars in thousands, except for per share data)
(Unaudited)

 
Three months ended December 31,
   
Year ended December 31,
 
   
2023
   
2022
   
2023
   
2022
 
Revenues by Category:
                                               
                                                 
Capital Equipment revenues - United States
   
69,253
     
55
%
   
80,352
     
60
%
   
260,801
     
53
%
   
260,992
     
58
%
Capital Equipment revenues - International
   
37,004
     
29
%
   
36,094
     
27
%
   
151,288
     
31
%
   
133,220
     
29
%
Total Capital Equipment revenues
   
106,257
     
84
%
   
116,446
     
87
%
   
412,089
     
84
%
   
394,212
     
87
%
Consumables and service revenues
   
20,524
     
16
%
   
17,125
     
13
%
   
79,959
     
16
%
   
60,059
     
13
%
Total Net Revenue
   
126,781
     
100
%
   
133,571
     
100
%
   
492,048
     
100
%
   
454,271
     
100
%

 
Three months ended December 31,
   
Year ended December 31,
 
   
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
   
84
     
80
     
83
     
86
     
76
     
83
     
86
     
77
     
83
     
85
     
74
     
81
 
Hands-Free
   
12
     
4
     
9
     
11
     
4
     
9
     
11
     
5
     
8
     
12
     
6
     
10
 
Non-Invasive
   
4
     
16
     
8
     
3
     
20
     
8
     
3
     
18
     
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 December 31, 2023
   
Three months ended December 31, 2022
 
   
GAAP
   
share Based Compensation
   
Non-GAAP
   
GAAP
   
share Based Compensation
   
Undistributed Exempt Income
   
Non-GAAP
 
REVENUES
   
126,781
     
-
     
126,781
     
133,571
     
-
     
-
     
133,571
 
COST OF REVENUES
   
20,264
     
(573
)
   
19,691
     
21,002
     
(553
)
   
-
     
20,449
 
GROSS PROFIT
   
106,517
     
573
     
107,090
     
112,569
     
553
             
113,122
 
OPERATING EXPENSES:
                                                       
Research and development
   
3,473
     
(665
)
   
2,808
     
3,261
     
(918
)
   
-
     
2,343
 
Sales and marketing
   
49,451
     
(4,611
)
   
44,840
     
47,012
     
(5,069
)
   
-
     
41,943
 
General and administrative
   
2,349
     
(473
)
   
1,876
     
2,398
     
(608
)
   
-
     
1,790
 
TOTAL OPERATING
EXPENSES
   
55,273
     
(5,749
)
   
49,524
     
52,671
     
(6,595
)
   
-
     
46,076
 
INCOME FROM OPERATIONS
   
51,244
     
6,322
     
57,566
     
59,898
     
7,148
             
67,046
 
Finance income, net
   
8,920
     
-
     
8,920
     
3,962
     
-
     
-
     
3,962
 
INCOME BEFORE TAXES
   
60,164
     
6,322
     
66,486
     
63,860
     
7,148
             
71,008
 
INCOME TAXES
   
4,999
     
-
     
4,999
     
26,152
     
-
     
(21,514
)
   
4,638
 
NET INCOME
   
55,165
     
6,322
     
61,487
     
37,708
     
7,148
     
21,514
     
66,370
 
                                                         
NET INCOME PER SHARE:
                                                       
Basic
   
0.66
             
0.73
     
0.46
                     
0.80
 
Diluted
   
0.64
             
0.71
     
0.44
                     
0.78
 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
                                                       
Basic
   
83,862
             
83,862
     
82,449
                     
82,449
 
Diluted
   
85,835
             
86,196
     
85,288
                     
85,515
 


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)

 
Year Ended December 31, 2023
   
Year Ended December 31, 2022
 
   
GAAP
   
share Based
Compensation
   
Non-GAAP
   
GAAP
   
share Based
Compensation
   
Undistributed Exempt Income
   
Non-GAAP
 
REVENUES
   
492,048
     
-
     
492,048
     
454,271
     
-
     
-
     
454,271
 
COST OF REVENUES
   
80,708
     
(2,046
)
   
78,662
     
73,485
     
(1,917
)
   
-
     
71,568
 
GROSS PROFIT
   
411,340
     
2,046
     
413,386
     
380,786
     
1,917
     
-
     
382,703
 
OPERATING EXPENSES:
                                                       
Research and development
   
13,410
     
(2,652
)
   
10,758
     
12,425
     
(3,166
)
   
-
     
9,259
 
Sales and marketing
   
193,042
     
(17,167
)
   
175,875
     
160,576
     
(17,302
)
   
-
     
143,274
 
General and administrative
   
9,228
     
(1,735
)
   
7,493
     
9,931
     
(2,067
)
   
-
     
7,864
 
TOTAL OPERATING
EXPENSES
   
215,680
     
(21,554
)
   
194,126
     
182,932
     
(22,535
)
   
-
     
160,397
 
INCOME FROM OPERATIONS
   
195,660
     
23,600
     
219,260
     
197,854
     
24,452
     
-
     
222,306
 
Finance income, net
   
21,607
     
-
     
21,607
     
3,612
     
-
     
-
     
3,612
 
INCOME BEFORE TAXES
   
217,267
     
23,600
     
240,867
     
201,466
     
24,452
     
-
     
225,918
 
INCOME TAXES (TAX BENEFIT)
   
19,348
     
-
     
19,348
     
39,946
     
-
     
(21,514
)
   
18,432
 
NET INCOME
   
197,919
     
23,600
     
221,519
     
161,520
     
24,452
     
21,514
     
207,486
 
                                                         
NET INCOME PER
SHARE:
                                                       
Basic
   
2.37
             
2.65
     
1.96
                     
2.52
 
Diluted
   
2.30
             
2.57
     
1.89
                     
2.42
 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
                                                       
Basic
   
83,534
             
83,534
     
82,482
                     
82,482
 
Diluted
   
85,954
             
86,177
     
85,404
                     
85,628
 



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