● Record quarterly revenue of $133.6 million, an increase of 21% compared to the fourth quarter of 2021. 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 $37.7 million, compared to $52.7 million in the fourth quarter of 2021; record *non-GAAP net income of $66.4 million, compared to $55.2 million in the fourth quarter of 2021.
|
|
● GAAP diluted earnings per share of $0.44, compared to $0.61 in the fourth quarter of 2021; record *non-GAAP diluted earnings per share of
$0.78, compared to $0.64 in the fourth quarter of 2021.
|
|
● Record quarterly revenues from consumables and service of $17.1 million, an increase of 43% compared to the fourth quarter of 2021.
|
● |
Record full year revenues of $454.3 million, an increase of 27% as compared to 2021; 81% of revenues derived from our proprietary surgical technology platforms
engaged in minimally invasive and subdermal ablative treatments, 10% from our hands-free platforms and 9% from our traditional laser and non-invasive RF platforms
|
● |
GAAP net income of $161.5 million, compared to $165 million in 2021; record *non-GAAP net income of $207.5 million, compared to $176.3 million in 2021
|
● |
GAAP diluted earnings per share of $1.89, compared to $1.92 in 2021; record *non-GAAP diluted earnings per share of $2.42, compared to $2.05 in 2021
|
● |
29% increase in international (non-U.S.) revenues as compared to 2021
|
U.S. GAAP Results
(U.S. dollars in thousands, except for per share data)
|
||||
Q4 2022
|
Q4 2021
|
FY 2022
|
FY 2021
|
|
Revenues
|
$133,571
|
$110,540
|
$454,271
|
$357,565
|
Gross Margins
|
84%
|
85%
|
84%
|
85%
|
Net Income Attributable to InMode Ltd.
|
$37,708
|
$52,685
|
$161,520
|
$164,971
|
Earnings per Diluted Share
|
$0.44
|
$0.61
|
$1.89
|
$1.92
|
*Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
|
||||
Q4 2022
|
Q4 2021
|
FY 2022
|
FY 2021
|
|
Gross Margins
|
85%
|
85%
|
84%
|
85%
|
Net Income Attributable to InMode Ltd.
|
$66,370
|
$55,193
|
$207,486
|
$176,317
|
Earnings per Diluted Share
|
$0.78
|
$0.64
|
$2.42
|
$2.05
|
● |
Revenue between $525 million and $530 million
|
● |
*Non-GAAP gross margin between 83% and 85%
|
● |
*Non-GAAP income from operations between $236 million and $238 million
|
● |
*Non-GAAP earnings per diluted share between $2.58 and $2.60
|
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
|
Three months ended
December 31, |
Year Ended
December 31, |
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
REVENUES
|
133,571
|
110,540
|
454,271
|
357,565
|
||||||||||||
COST OF REVENUES
|
21,002
|
16,847
|
73,485
|
53,592
|
||||||||||||
GROSS PROFIT
|
112,569
|
93,693
|
380,786
|
303,973
|
||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Research and development
|
3,261
|
2,528
|
12,425
|
9,532
|
||||||||||||
Sales and marketing
|
47,012
|
35,286
|
160,576
|
119,353
|
||||||||||||
General and administrative
|
2,398
|
2,527
|
9,931
|
8,411
|
||||||||||||
Other Income
|
-
|
(800
|
)
|
-
|
(800
|
)
|
||||||||||
TOTAL OPERATING EXPENSES
|
52,671
|
39,541
|
182,932
|
136,496
|
||||||||||||
INCOME FROM OPERATIONS
|
59,898
|
54,152
|
197,854
|
167,477
|
||||||||||||
Finance income, net
|
3,962
|
118
|
3,612
|
525
|
||||||||||||
INCOME BEFORE TAXES
|
63,860
|
54,270
|
201,466
|
168,002
|
||||||||||||
INCOME TAXES
|
26,152
|
1,585
|
39,946
|
2,928
|
||||||||||||
NET INCOME
|
37,708
|
52,685
|
161,520
|
165,074
|
||||||||||||
Less: net income attributable to non-controlling interests
|
-
|
-
|
-
|
(103
|
)
|
|||||||||||
NET INCOME ATTRIBUTABLE TO INMODE LTD.
|
37,708
|
52,685
|
161,520
|
164,971
|
||||||||||||
NET INCOME PER SHARE:
|
||||||||||||||||
Basic
|
0.46
|
0.63
|
1.96
|
2.03
|
||||||||||||
Diluted
|
0.44
|
0.61
|
1.89
|
1.92
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
|
||||||||||||||||
Basic
|
82,449
|
83,234
|
82,482
|
81,445
|
||||||||||||
Diluted
|
85,288
|
86,384
|
85,404
|
86,017
|
December 31,
2022
|
December 31,
2021
|
|||||||
Assets
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
97,540
|
68,136
|
||||||
Marketable securities (amortized cost of $384,321 and $296,243, as of December 31, 2022 and 2021,
respectively)
|
374,589
|
294,530
|
||||||
Short-term bank deposits
|
75,254
|
53,248
|
||||||
Accounts receivable, net of allowance for credit losses of $836 and $1,107, as of December 31, 2022 and
2021, respectively
|
26,997
|
20,236
|
||||||
Other receivables
|
15,094
|
12,938
|
||||||
Inventories
|
39,897
|
21,026
|
||||||
TOTAL CURRENT ASSETS
|
629,371
|
470,114
|
||||||
NON-CURRENT ASSETS:
|
||||||||
Accounts receivable net of allowance for credit losses of $482 and $0 at December 31, 2022 and 2021,
respectively
|
3,973
|
768
|
||||||
Deferred income tax asset, net
|
3,094
|
1,334
|
||||||
Operating lease right-of-use assets
|
5,073
|
4,321
|
||||||
Property and equipment, net
|
2,298
|
1,404
|
||||||
Other investments
|
600
|
600
|
||||||
TOTAL NON-CURRENT ASSETS
|
15,038
|
8,427
|
||||||
TOTAL ASSETS
|
644,409
|
478,541
|
||||||
Liabilities and shareholders’ equity
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
16,242
|
8,779
|
||||||
Contract liabilities
|
13,798
|
13,805
|
||||||
Other liabilities
|
51,980
|
29,266
|
||||||
TOTAL CURRENT LIABILITIES
|
82,020
|
51,850
|
||||||
NON-CURRENT LIABILITIES:
|
||||||||
Contract liabilities
|
3,959
|
2,751
|
||||||
Other liabilities
|
303
|
4,831
|
||||||
Operating lease liabilities
|
3,509
|
3,307
|
||||||
TOTAL NON-CURRENT LIABILITIES
|
7,771
|
10,889
|
||||||
TOTAL LIABILITIES
|
89,791
|
62,739
|
||||||
TOTAL SHAREHOLDERS’ EQUITY
|
554,618
|
415,802
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
644,409
|
478,541
|
Three months ended
December 31, |
Year Ended
December 31, |
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||
Net income
|
37,708
|
52,685
|
161,520
|
165,074
|
||||||||||||
Adjustments required to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||
Depreciation and amortization
|
218
|
139
|
680
|
517
|
||||||||||||
Share-based compensation expenses
|
7,148
|
3,124
|
24,452
|
11,962
|
||||||||||||
Change in allowance for credit losses of trade receivable
|
47
|
141
|
449
|
516
|
||||||||||||
Loss on marketable securities, net
|
22
|
142
|
71
|
175
|
||||||||||||
Finance expenses (income), net
|
(2,737
|
)
|
(375
|
)
|
(1,210
|
)
|
1,223
|
|||||||||
Deferred income taxes, net
|
(72
|
)
|
(379
|
)
|
84
|
(770
|
)
|
|||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||
Decrease (increase) in accounts receivable
|
805
|
1,934
|
(10,415
|
)
|
(10,544
|
)
|
||||||||||
Increase in other receivables
|
(1,081
|
)
|
(1,982
|
)
|
(1,787
|
)
|
(6,400
|
)
|
||||||||
Increase in inventories
|
(4,087
|
)
|
(1,848
|
)
|
(18,871
|
)
|
(6,043
|
)
|
||||||||
Increase (decrease) in accounts payable
|
2,946
|
(105
|
)
|
7,463
|
2,369
|
|||||||||||
Increase (decrease) in other liabilities
|
14,575
|
(2,056
|
)
|
17,941
|
14,138
|
|||||||||||
Increase in contract liabilities
|
1,660
|
1,473
|
1,201
|
2,668
|
||||||||||||
Net cash provided by operating activities
|
57,152
|
52,893
|
181,578
|
174,885
|
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||
Investment in short-term deposits
|
-
|
(7,000
|
)
|
(93,701
|
)
|
(73,090
|
)
|
|||||||||
Proceeds from short-term deposits
|
-
|
7,000
|
73,090
|
69,180
|
||||||||||||
Purchase of fixed assets
|
(328
|
)
|
(182
|
)
|
(1,575
|
)
|
(939
|
)
|
||||||||
Purchase of marketable securities
|
(70,944
|
)
|
(70,560
|
)
|
(168,680
|
)
|
(273,834
|
)
|
||||||||
Proceeds from sale of marketable securities
|
-
|
33,785
|
2,303
|
93,652
|
||||||||||||
Proceeds from maturity of marketable securities
|
32,997
|
6,150
|
79,089
|
24,925
|
||||||||||||
Net cash used in investing activities
|
(38,275
|
)
|
(30,807
|
)
|
(109,474
|
)
|
(160,106
|
)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||
Repurchase of ordinary shares
|
-
|
(23,444
|
)
|
(42,637
|
)
|
(35,365
|
)
|
|||||||||
Exercise of options
|
637
|
540
|
1,552
|
20,343
|
||||||||||||
Net cash provided by (used in) financing activities
|
637
|
(22,904
|
)
|
(41,085
|
)
|
(15,022
|
)
|
|||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
978
|
26
|
(1,615
|
)
|
(559
|
)
|
||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
20,492
|
(792
|
)
|
29,404
|
(802
|
)
|
||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
77,048
|
68,928
|
68,136
|
68,938
|
||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
97,540
|
68,136
|
97,540
|
68,136
|
Three months ended December 31, |
Year Ended December 31, |
|||||||||||||||||||||||||||||||
2022 |
2021
|
2022
|
2021
|
|||||||||||||||||||||||||||||
Revenues by Category:
|
||||||||||||||||||||||||||||||||
Capital Equipment revenues - United States
|
80,352
|
60
|
%
|
66,810
|
60
|
%
|
260,992
|
58
|
%
|
211,424
|
59
|
%
|
||||||||||||||||||||
Capital Equipment revenues - International
|
36,094
|
27
|
%
|
31,785
|
29
|
%
|
133,220
|
29
|
%
|
107,815
|
30
|
%
|
||||||||||||||||||||
Total Capital Equipment revenues
|
116,446
|
87
|
%
|
98,595
|
89
|
%
|
394,212
|
87
|
%
|
319,239
|
89
|
%
|
||||||||||||||||||||
Consumables and service revenues
|
17,125
|
13
|
%
|
11,945
|
11
|
%
|
60,059
|
13
|
%
|
38,326
|
11
|
%
|
||||||||||||||||||||
Total Net Revenue
|
133,571
|
100
|
%
|
110,540
|
100
|
%
|
454,271
|
100
|
%
|
357,565
|
100
|
%
|
Three months ended
December 31, |
Year Ended
December 31, |
|||||||||||||||||||||||||||||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||||||||||||||||||||||||||||||||||
%
|
%
|
%
|
%
|
|||||||||||||||||||||||||||||||||||||||||||||
United States
|
International
|
Total
|
United States
|
International
|
Total
|
United States
|
International
|
Total
|
United States
|
International
|
Total
|
|||||||||||||||||||||||||||||||||||||
Revenues by Technology:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Minimally Invasive
|
86
|
76
|
83
|
74
|
70
|
73
|
85
|
74
|
81
|
71
|
73
|
72
|
||||||||||||||||||||||||||||||||||||
Hands-Free
|
11
|
4
|
9
|
23
|
6
|
17
|
12
|
6
|
10
|
27
|
7
|
20
|
||||||||||||||||||||||||||||||||||||
Non-Invasive
|
3
|
20
|
8
|
3
|
24
|
10
|
3
|
20
|
9
|
2
|
20
|
8
|
||||||||||||||||||||||||||||||||||||
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
Three months ended December
31, 2022
|
Three months ended December 31, 2021
|
|||||||||||||||||||||||||||||||
GAAP
|
Share Based
Compensation |
Undistributed Exempt Income
|
Non-GAAP
|
GAAP
|
Share Based
Compensation |
Other Income Related to IP Transactions
|
Non-GAAP
|
|||||||||||||||||||||||||
REVENUES
|
133,571
|
-
|
-
|
133,571
|
110,540
|
-
|
-
|
110,540
|
||||||||||||||||||||||||
COST OF REVENUES
|
21,002
|
(553
|
)
|
-
|
20,449
|
16,847
|
(304
|
)
|
-
|
16,543
|
||||||||||||||||||||||
GROSS PROFIT
|
112,569
|
553
|
-
|
113,122
|
93,693
|
304
|
-
|
93,997
|
||||||||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||||||||||
Research and development
|
3,261
|
(918
|
)
|
-
|
2,343
|
2,528
|
(442
|
)
|
-
|
2,086
|
||||||||||||||||||||||
Sales and marketing
|
47,012
|
(5,069
|
)
|
-
|
41,943
|
35,286
|
(2,120
|
)
|
-
|
33,166
|
||||||||||||||||||||||
General and administrative
|
2,398
|
(608
|
)
|
-
|
1,790
|
2,527
|
(258
|
)
|
-
|
2,269
|
||||||||||||||||||||||
Other Income
|
-
|
-
|
-
|
-
|
(800
|
)
|
-
|
800
|
-
|
|||||||||||||||||||||||
TOTAL OPERATING
EXPENSES |
52,671
|
(6,595
|
)
|
-
|
46,076
|
39,541
|
(2,820
|
)
|
800
|
37,521
|
||||||||||||||||||||||
INCOME FROM OPERATIONS
|
59,898
|
7,148
|
-
|
67,046
|
54,152
|
3,124
|
(800
|
)
|
56,476
|
|||||||||||||||||||||||
Finance income, net
|
3,962
|
-
|
-
|
3,962
|
118
|
-
|
118
|
|||||||||||||||||||||||||
INCOME BEFORE TAXES
|
63,860
|
7,148
|
-
|
71,008
|
54,270
|
3,124
|
(800
|
)
|
56,594
|
|||||||||||||||||||||||
INCOME TAXES
|
26,152
|
-
|
(21,514
|
)
|
4,638
|
1,585
|
(184
|
)
|
1,401
|
|||||||||||||||||||||||
NET INCOME
|
37,708
|
7,148
|
21,514
|
66,370
|
52,685
|
3,124
|
(616
|
)
|
55,193
|
|||||||||||||||||||||||
NET INCOME PER SHARE:
|
||||||||||||||||||||||||||||||||
Basic
|
0.46
|
0.80
|
0.63
|
0.66
|
||||||||||||||||||||||||||||
Diluted
|
0.44
|
0.78
|
0.61
|
0.64
|
||||||||||||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
|
||||||||||||||||||||||||||||||||
Basic
|
82,449
|
82,449
|
83,234
|
83,234
|
||||||||||||||||||||||||||||
Diluted
|
85,288
|
85,515
|
86,384
|
86,519
|
Year Ended December 31, 2022
|
Year Ended December 31, 2021
|
|||||||||||||||||||||||||||||||
GAAP
|
Share Based
Compensation |
Undistributed Exempt Income
|
Non-GAAP
|
GAAP
|
Share Based
Compensation |
Other Income Related to IP Transactions
|
Non-GAAP
|
|||||||||||||||||||||||||
REVENUES
|
454,271
|
-
|
-
|
454,271
|
357,565
|
-
|
-
|
357,565
|
||||||||||||||||||||||||
COST OF REVENUES
|
73,485
|
(1,917
|
)
|
-
|
71,568
|
53,592
|
(1,108
|
)
|
-
|
52,484
|
||||||||||||||||||||||
GROSS PROFIT
|
380,786
|
1,917
|
-
|
382,703
|
303,973
|
1,108
|
305,081
|
|||||||||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||||||||||
Research and development
|
12,425
|
(3,166
|
)
|
-
|
9,259
|
9,532
|
(1,554
|
)
|
-
|
7,978
|
||||||||||||||||||||||
Sales and marketing
|
160,576
|
(17,302
|
)
|
-
|
143,274
|
119,353
|
(8,274
|
)
|
-
|
111,079
|
||||||||||||||||||||||
General and administrative
|
9,931
|
(2,067
|
)
|
-
|
7,864
|
8,411
|
(1,026
|
)
|
-
|
7,385
|
||||||||||||||||||||||
Other Income
|
-
|
-
|
-
|
-
|
(800
|
)
|
-
|
800
|
-
|
|||||||||||||||||||||||
TOTAL OPERATING
EXPENSES |
182,932
|
(22,535
|
)
|
-
|
160,397
|
136,496
|
(10,854
|
)
|
800
|
126,442
|
||||||||||||||||||||||
INCOME FROM OPERATIONS
|
197,854
|
24,452
|
-
|
222,306
|
167,477
|
11,962
|
(800
|
)
|
178,639
|
|||||||||||||||||||||||
Finance income, net
|
3,612
|
-
|
-
|
3,612
|
525
|
-
|
-
|
525
|
||||||||||||||||||||||||
INCOME BEFORE TAXES
|
201,466
|
24,452
|
-
|
225,918
|
168,002
|
11,962
|
(800
|
)
|
179,164
|
|||||||||||||||||||||||
INCOME TAXES (TAX BENEFIT)
|
39,946
|
-
|
(21,514
|
)
|
18,432
|
2,928
|
-
|
(184
|
)
|
2,744
|
||||||||||||||||||||||
NET INCOME
|
161,520
|
24,452
|
21,514
|
207,486
|
165,074
|
11,962
|
(616
|
)
|
176,420
|
|||||||||||||||||||||||
Less: net income attributable to non-controlling interests
|
-
|
-
|
-
|
-
|
(103
|
)
|
-
|
-
|
(103
|
)
|
||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO INMODE LTD.
|
161,520
|
24,452
|
21,514
|
207,486
|
164,971
|
11,962
|
(616
|
)
|
176,317
|
|||||||||||||||||||||||
NET INCOME PER
SHARE: |
||||||||||||||||||||||||||||||||
Basic
|
1.96
|
2.52
|
2.03
|
2.16
|
||||||||||||||||||||||||||||
Diluted
|
1.89
|
2.42
|
1.92
|
2.05
|
||||||||||||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
|
||||||||||||||||||||||||||||||||
Basic
|
82,482
|
82,482
|
81,445
|
81,445
|
||||||||||||||||||||||||||||
Diluted
|
85,404
|
85,628
|
86,017
|
86,192
|