• |
Record first quarter revenues of $85.9 million, an increase of 31% compared to the first quarter of 2021: InMode’s proprietary
surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 80% of quarterly revenues, while 10% came from InMode’s hands-free platforms and 10% from InMode’s traditional laser and non-invasive
RF platforms
|
• |
GAAP net income of $31 million, compared to $26.6 million in the first quarter of 2021;
*non-GAAP net income of $34.1 million, compared to $29.3 million in the first quarter of 2021
|
• |
GAAP diluted earnings per share(1) of $0.36, compared to $0.31 in the first quarter
of 2021; *non-GAAP diluted earnings per share(1) of $0.40, compared to $0.34 in the first quarter of 2021
|
• |
Record quarterly revenues from consumables and service of $14.0 million, an increase of 79%
compared to the first quarter of 2021.
|
• |
Total cash position of $399.5 million as of March 31, 2022, 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)
|
||
Q1 2022
|
Q1 2021
|
|
Revenues
|
$85,921
|
$65,524
|
Gross Margins
|
83%
|
85%
|
Net Income Attributable to InMode Ltd.
|
$30,975
|
$26,643
|
Earnings per Diluted Share(1)
|
$0.36
|
$0.31
|
*Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
|
||
Q1 2022
|
Q1 2021
|
|
Gross Margins
|
83%
|
85%
|
Net Income Attributable to InMode Ltd.
|
$34,069
|
$29,341
|
Earnings per Diluted Share(1)
|
$0.40
|
$0.34
|
● |
Revenues between $415 million and $425 million
|
● |
*Non-GAAP gross margin between 84% and 86%
|
● |
*Non-GAAP income from operations between $199 million and $204 million
|
● |
*Non-GAAP earnings per diluted share between $2.06 and $2.11
|
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
March 31, |
||||||||
2022
|
2021
|
|||||||
REVENUES
|
85,921
|
65,524
|
||||||
COST OF REVENUES
|
14,772
|
10,079
|
||||||
GROSS PROFIT
|
71,149
|
55,445
|
||||||
OPERATING EXPENSES:
|
||||||||
Research and development
|
2,815
|
2,301
|
||||||
Sales and marketing
|
30,849
|
24,562
|
||||||
General and administrative
|
2,477
|
1,811
|
||||||
TOTAL OPERATING EXPENSES
|
36,141
|
28,674
|
||||||
INCOME FROM OPERATIONS
|
35,008
|
26,771
|
||||||
Finance income, net
|
379
|
44
|
||||||
INCOME BEFORE TAXES
|
35,387
|
26,815
|
||||||
INCOME TAXES
|
4,412
|
69
|
||||||
NET INCOME
|
30,975
|
26,746
|
||||||
Add: Net income attributable to non-controlling interests
|
-
|
(103
|
)
|
|||||
NET INCOME ATTRIBUTABLE TO INMODE LTD.
|
30,975
|
26,643
|
||||||
NET INCOME PER SHARE (1):
|
||||||||
Basic
|
0.37
|
0.34
|
||||||
Diluted
|
0.36
|
0.31
|
||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)
|
||||||||
Basic
|
82,973
|
78,058
|
||||||
Diluted
|
85,696
|
85,034
|
March 31,
2022
|
December 31,
2021
|
|||||||
Assets
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
44,670
|
68,136
|
||||||
Marketable securities
|
298,400
|
294,530
|
||||||
Short-term bank deposits
|
56,392
|
53,248
|
||||||
Accounts receivable, net of allowance for doubtful accounts
|
16,104
|
20,236
|
||||||
Other receivables
|
14,182
|
12,938
|
||||||
Inventories
|
25,100
|
21,026
|
||||||
TOTAL CURRENT ASSETS
|
454,848
|
470,114
|
||||||
NON-CURRENT ASSETS:
|
||||||||
Accounts receivable
|
737
|
768
|
||||||
Deferred income taxes, net
|
2,586
|
1,334
|
||||||
Operating lease right-of-use assets
|
4,130
|
4,321
|
||||||
Property and equipment, net
|
1,565
|
1,404
|
||||||
Other investments
|
600
|
600
|
||||||
TOTAL NON-CURRENT ASSETS
|
9,618
|
8,427
|
||||||
TOTAL ASSETS
|
464,466
|
478,541
|
||||||
Liabilities and shareholders’ equity
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
9,541
|
8,779
|
||||||
Contract liabilities
|
16,330
|
13,805
|
||||||
Other liabilities
|
23,947
|
29,266
|
||||||
TOTAL CURRENT LIABILITIES
|
49,818
|
51,850
|
||||||
NON-CURRENT LIABILITIES:
|
||||||||
Contract liabilities
|
3,009
|
2,751
|
||||||
Other liabilities
|
5,242
|
4,831
|
||||||
Operating lease liabilities
|
3,079
|
3,307
|
||||||
TOTAL NON-CURRENT LIABILITIES
|
11,330
|
10,889
|
||||||
TOTAL LIABILITIES
|
61,148
|
62,739
|
||||||
TOTAL SHAREHOLDERS’ EQUITY
|
403,318
|
415,802
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
464,466
|
478,541
|
Three months ended
March 31, |
||||||||
2022
|
2021
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
30,975
|
26,746
|
||||||
Adjustments required to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
138
|
114
|
||||||
Share-based compensation expenses
|
3,094
|
2,698
|
||||||
Allowance for doubtful accounts
|
210
|
40
|
||||||
Loss on marketable securities, net
|
14
|
4
|
||||||
Finance expenses, net
|
90
|
405
|
||||||
Deferred income taxes, net
|
(22
|
)
|
(101
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Decrease (increase) in accounts receivable
|
3,953
|
(4,569
|
)
|
|||||
Increase in other receivables
|
(1,195
|
)
|
(1,380
|
)
|
||||
Increase in inventories
|
(4,074
|
)
|
(717
|
)
|
||||
Increase in accounts payable
|
762
|
1,000
|
||||||
Decrease in other liabilities
|
(4,875
|
)
|
(795
|
)
|
||||
Increase in contract liabilities
|
2,783
|
1,321
|
||||||
Net cash provided by operating activities
|
31,853
|
24,766
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Investment in short-term deposits
|
(23,111
|
)
|
(21,000
|
)
|
||||
Proceeds from short-term deposits
|
20,000
|
19,000
|
||||||
Purchase of fixed assets
|
(299
|
)
|
(165
|
)
|
||||
Purchase of marketable securities
|
(21,209
|
)
|
(62,245
|
)
|
||||
Proceeds from sale of marketable securities
|
11,927
|
26,802
|
||||||
Net cash (used in) investing activities
|
(12,692
|
)
|
(37,608
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Repurchase of ordinary shares
|
(42,637
|
)
|
(864
|
)
|
||||
Exercise of options
|
161
|
9,892
|
||||||
Net cash provided by (used in) financing activities
|
(42,476
|
)
|
9,028
|
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(151
|
)
|
(223
|
)
|
||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(23,466
|
)
|
(4,037
|
)
|
||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
68,136
|
68,938
|
||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
44,670
|
64,901
|
Three months ended March 31,
|
||||||||||||||||
2022
|
2021
|
|||||||||||||||
Revenues by Geography:
|
||||||||||||||||
United States
|
53,606
|
62
|
%
|
44,065
|
67
|
%
|
||||||||||
International
|
32,315
|
38
|
%
|
21,459
|
33
|
%
|
||||||||||
Total Net Revenue
|
85,921
|
100
|
%
|
65,524
|
100
|
%
|
Three months ended March 31,
|
||||||||||||||||
2022
|
2021
|
|||||||||||||||
Revenues by Category:
|
||||||||||||||||
Capital equipment revenues
|
71,943
|
84
|
%
|
57,731
|
88
|
%
|
||||||||||
Consumables and service revenues
|
13,978
|
16
|
%
|
7,793
|
12
|
%
|
||||||||||
Total Net Revenue
|
85,921
|
100
|
%
|
65,524
|
100
|
%
|
Three months ended March 31,
|
||||||||||||||||||||||||
2022
|
2021
|
|||||||||||||||||||||||
%
|
%
|
|||||||||||||||||||||||
United States
|
International
|
Total
|
United States
|
International
|
Total
|
|||||||||||||||||||
Revenues by Technology:
|
||||||||||||||||||||||||
Minimally Invasive
|
84
|
71
|
80
|
65
|
77
|
69
|
||||||||||||||||||
Hands-Free
|
13
|
6
|
10
|
33
|
6
|
24
|
||||||||||||||||||
Non-Invasive
|
3
|
23
|
10
|
2
|
17
|
7
|
||||||||||||||||||
100
|
100
|
100
|
100
|
100
|
100
|
Three months ended March 31, 2022
|
Three months ended March 31, 2021
|
|||||||||||||||||||||||
GAAP
|
Share Based
Compensation |
Non-GAAP
|
GAAP
|
Share Based
Compensation |
Non-GAAP
|
|||||||||||||||||||
REVENUES
|
85,921
|
-
|
85,921
|
65,524
|
-
|
65,524
|
||||||||||||||||||
COST OF REVENUES
|
14,772
|
(314
|
)
|
14,458
|
10,079
|
(229
|
)
|
9,850
|
||||||||||||||||
GROSS PROFIT
|
71,149
|
314
|
71,463
|
55,445
|
229
|
55,674
|
||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Research and development
|
2,815
|
(525
|
)
|
2,290
|
2,301
|
(301
|
)
|
2,000
|
||||||||||||||||
Sales and marketing
|
30,849
|
(1,895
|
)
|
28,954
|
24,562
|
(1,932
|
)
|
22,630
|
||||||||||||||||
General and administrative
|
2,477
|
(360
|
)
|
2,117
|
1,811
|
(236
|
)
|
1,575
|
||||||||||||||||
TOTAL OPERATING
EXPENSES |
36,141
|
(2,780
|
)
|
33,361
|
28,674
|
(2,469
|
)
|
26,205
|
||||||||||||||||
INCOME FROM OPERATIONS
|
35,008
|
3,094
|
38,102
|
26,771
|
2,698
|
29,469
|
||||||||||||||||||
Finance income, net
|
379
|
-
|
379
|
44
|
-
|
44
|
||||||||||||||||||
INCOME BEFORE TAXES
|
35,387
|
3,094
|
38,481
|
26,815
|
2,698
|
29,513
|
||||||||||||||||||
INCOME TAXES
|
4,412
|
-
|
4,412
|
69
|
-
|
69
|
||||||||||||||||||
NET INCOME
|
30,975
|
3,094
|
34,069
|
26,746
|
2,698
|
29,444
|
||||||||||||||||||
Add: Net income attributable to non-controlling interests
|
-
|
-
|
-
|
(103
|
)
|
-
|
(103
|
)
|
||||||||||||||||
NET INCOME ATTRIBUTABLE TO INMODE LTD.
|
30,975
|
3,094
|
34,069
|
26,643
|
2,698
|
29,341
|
||||||||||||||||||
NET INCOME PER
SHARE (1): |
||||||||||||||||||||||||
Basic
|
0.37
|
0.41
|
0.34
|
0.38
|
||||||||||||||||||||
Diluted
|
0.36
|
0.40
|
0.31
|
0.34
|
||||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)
|
||||||||||||||||||||||||
Basic
|
82,973
|
82,973
|
78,058
|
78,058
|
||||||||||||||||||||
Diluted
|
85,696
|
86,132
|
85,034
|
85,415
|