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InMode Reports Second Quarter 2019 Financial Results; Record Quarterly Revenue of $38.8 Million Reflects Growth of 55% Over Prior Year

Published: 2019-08-13 20:05:00 ET

LAKE FOREST, Calif., Aug. 13, 2019 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced financial results for the second quarter ended June 30, 2019.

Second Quarter 2019 Highlights:

Quarterly revenue of $38.8 million, a 55% increase year-over-year
Gross margins of 87%, compared to 84% year-over-year
Net income of $15.8 million, a 109% increase year-over-year
Total cash position of $82.8 million, including cash and cash equivalents, marketable securities and deposits. This excludes proceeds raised in InMode's initial public offering

Management Comments

"We are pleased with our second quarter results, which are consistent with both our reported expectations and the positive trends we are continuing to see in our business," commented Moshe Mizrahy, Chief Executive Officer and Chairman of the Board.

2019 Second Quarter Results

Total revenues for the second quarter of 2019 were $38.8 million, an increase of 55% compared to the second quarter of 2018. This was primarily driven by higher revenues in the U.S. resulting from an expansion of our direct sales organization, and an increase in the number of clinical workshops for customers and prospects and an increase in the average sale price of platforms.

Gross margin for the second quarter of 2019 was 87%, compared to the gross margin of 84% in the second quarter of 2018. This increase is primarily attributable to an increase in average sale price of our platforms in the U.S.

Operating margin for the second quarter of 2019 was 41%, compared to the operating margin of 31% in the second quarter of 2018. This increase is primarily attributable to an estimated increase in our gross profit exceeding the increase in our operating expenses.

The company reported net income of $15.8 million, or $0.45 per diluted share, in the second quarter of 2019. This is compared with net income of $7.6 million, or $0.21 per diluted share, in the second quarter of 2018.

Total cash position, including cash and cash equivalents, marketable securities and deposits, was $82.8 million as of June 30, 2019. This excludes proceeds raised in InMode's initial public offering.

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 our future financial or operating performance. 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, strategy 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. As a result, 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 contained in our prospectus (included in the Registration Statement on Form F-1, filed with the Securities and Exchange Commission (File No. 333-232615), as amended). 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 speak only as of the date of this press release.

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SOURCE InMode

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