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Published: 2022-02-10 07:00:13 ET

EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1

Exhibit 99.1

InMode Reports Record Fourth Quarter and Full Year 2021 Financial Results:

Quarterly Revenue of $110.5M, 47% Year-Over-Year Growth

GAAP Net Income of $52.7M, 46% Increase Compared to Q4 2020

YOKNEAM, Israel, Feb. 10, 2022, 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 Dec. 31, 2021.

Fourth Quarter 2021 Highlights:

•

Record quarterly revenues of $110.5 million, an increase of 47% compared to the fourth quarter of 2020: InMode’s proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 73% of quarterly revenues, while 17% came from InMode’s hands-free platforms and 10% from InMode’s traditional laser and non-invasive RF platforms

•

Record GAAP net income of $52.7 million, compared to $36.1 million in the fourth quarter of 2020; *non-GAAP net income of $55.2 million, compared to $39.9 million in the fourth quarter of 2020

•

Record GAAP diluted earnings per share⁽¹⁾ of $0.61, compared to $0.43 in the fourth quarter of 2020; *non-GAAP diluted earnings per share⁽¹⁾ of $0.64, compared to $0.47 in the fourth quarter of 2020

•

Total cash position of $415.9 million as of Dec. 31, 2021, including cash and cash equivalents, marketable securities, and short-term bank deposits

Full Year 2021 Highlights:

•

Record full year revenues of $357.6 million, an increase of 73% as compared to 2020; 72% of revenues derived from our proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments, 20% from our recently introduced hands-free platforms and 8% from our traditional laser and non-invasive RF platforms

•

Record GAAP net income of $165.0 million, compared to $75.0 million in 2020; *non-GAAP net income of $176.3 million, compared to $89.1 million in 2020

•

Record GAAP diluted earnings per share⁽¹⁾ of $1.92, compared to $0.89 in 2020; *non-GAAP diluted earnings per share⁽¹⁾ of $2.05, compared to $1.06 in 2020

•

112% increase in international (non-U.S.) revenues as compared to 2020

U.S. GAAP Results (U.S. dollars in thousands, except for per share data)
	Q4 2021	Q4 2020	FY 2021	FY 2020
Revenues	$110,540	$75,187	$357,565	$206,107
Gross Margins	85%	86%	85%	85%
Net Income Attributable to InMode Ltd.	$52,685	$36,114	$164,971	$75,030
Earnings per Diluted Share⁽¹⁾	$0.61	$0.43	$1.92	$0.89
*Non-GAAP Results (U.S. dollars in thousands, except for per share data)
	Q4 2021	Q4 2020	FY 2021	FY 2020
Gross Margins	85%	86%	85%	85%
Net Income Attributable to InMode Ltd.	$55,193	$39,850	$176,317	$89,143
Earnings per Diluted Share⁽¹⁾	$0.64	$0.47	$2.05	$1.06

*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, other income related to IP transactions and related tax adjustments.

(1) The GAAP and non-GAAP earnings per diluted share have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares that occurred pursuant to a resolution of our board of directors dated September 14, 2021.

Management Comments

“We are proud to report not just another record quarter and year, but also a quarterly milestone as we significantly surpass the $100 million mark in revenue,” said Moshe Mizrahy, CEO of InMode. “Throughout the year, we continued to grow our global footprint by adding 17 new countries. As we expand outside of the U.S. and open new subsidiaries like the one, we recently launched in Italy, we continue to evaluate the Omicron effect on all of our territories and on the business in 2022.”

“This year has been an exciting journey and set new goals for the development team,” commented Dr. Michael Kreindel, CTO, and co-founder of InMode. “We have created an array of opportunities to innovate and expand our technologies into the women’s health market with the successful launch of EmpowerRF.”

Shakil Lakhani, President of InMode North America said: “The record number of consumable sales in the U.S. and globally is a testimony of the impressive growth in adoption and frequency use rates of our platforms. We estimate that this number will continue to grow as physicians and patients alike endorse our unique technology.”

“The launch of our latest platform, EmpowerRF, began a new direction for InMode into the women’s health space,” added Dr. Spero Theodorou, Chief Medical Officer of InMode. “We diligently invest resources in developing our clinical studies and are encouraged by the growing number of peer review publications supporting our strong scientific data and achievements.”

Fourth Quarter 2021 Financial Results

Total revenues for the fourth quarter of 2021 reached $110.5 million, an increase of 47% compared to the fourth quarter of 2020.

“The increase in revenues was driven by the continued success of our core, minimally invasive technology and elevated by the launch of new products in the U.S. in the second half of 2021,” said Yair Malca, Chief Financial Officer of InMode. “Additionally, we gained traction in international markets, with international revenues growing 69% year-over-year.”

“Patients seeking minimally invasive treatments at unprecedented levels resulted in revenue growth from consumables and services by 78% year-over-year. The last several quarters have exemplified InMode’s dedication to maintaining healthy gross margins, where we successfully maintained 85%, despite global supply challenges. We have integrated this as part of our company target model, ensuring that each additional new product will allow us to support this level of margin. As we continue to enter new markets and geographies, we’ll focus on expanding our marketing capabilities to support our growth trajectory,” concluded Yair Malca.

Revenues outside the U.S. represented 33%, with Asia, Europe and Latin America being major contributors to the Company’s growth.

GAAP gross margin for the fourth quarter of 2021 was 85% compared to a gross margin of 86% in the fourth quarter of 2020. *Non-GAAP gross margin for the fourth quarter of 2021 was 85% and 86% for the fourth quarter of 2020. This decrease was primarily attributable to the increase of sales in international markets, mainly in countries where we operate through distributors.

GAAP operating margin for the fourth quarter of 2021 was 49%, compared to 47% in the fourth quarter of 2020. *Non-GAAP operating margin for the fourth quarter of 2021 was 51%, compared to 51% in the fourth quarter of 2020. The increase in GAAP operating margin is primarily attributable to change in share-based compensation expenses.

InMode reported GAAP net income attributable to InMode Ltd. of $52.7 million, or $0.61 per diluted share, in the fourth quarter of 2021, compared to $36.1 million, or $0.43 per diluted share⁽¹⁾, in the fourth quarter of 2020. On a *non-GAAP basis, InMode reported net income attributable to InMode Ltd. of $55.2 million, or $0.64 per diluted share, in the fourth quarter of 2021, compared to $39.9 million, or $0.47 per diluted share⁽¹⁾, in the fourth quarter of 2020.

Full Year 2021 Financial Results

Total revenues for 2021 were $357.6 million, an increase of 73% as compared to 2020. This increase was primarily attributable to strong demand for our minimally invasive platforms. In addition, InMode gained traction in international markets, with international revenues growing 112% year-over-year.

GAAP gross margin for 2021 was 85%, like the gross margin in 2020. *Non-GAAP gross margin for 2021 was 85%, similar to the gross margin in 2020.

GAAP operating margin for 2021 was 47%, compared to the operating margin of 35% in 2020. *Non-GAAP operating margin for 2021 was 50%, compared to the operating margin of 42% in the full year of 2020. This increase is primarily attributable to the company’s accelerated growth during 2021.

InMode reported GAAP net income attributable to InMode Ltd. of $165.0 million, or $1.92 per diluted share, in 2021. This is compared with GAAP net income attributable to InMode Ltd of $75.0 million, or $0.89 per diluted share⁽¹⁾, in 2020. On a *non-GAAP basis, InMode reported net income attributable to InMode Ltd. of $176.3 million, or $2.05 per diluted share, in the full year of 2021, compared to net income attributable to InMode Ltd. of $89.1 million, or $1.06 per diluted share⁽¹⁾, in the full year of 2020.

As of Dec. 31, 2021, InMode had cash and cash equivalents, marketable securities, and short-term bank deposits of $415.9 million.

(1) The GAAP and non-GAAP earnings per diluted share have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated September 14, 2021.

2022 Financial Outlook

Management provided an outlook for the full year of 2022, the period ending Dec. 31, 2022. Based on current estimates, management expects:

●	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

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.

Use of Non-GAAP Financial Measures

In addition to InMode’s operating results presented in accordance with GAAP, this release includes 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 that they provide greater transparency to investors of management's 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 evaluate and compare the performance of InMode to that of its peers, although InMode’s presentation of its non-GAAP measures may not be comparable to other similarly titled measures of other companies more effectively. 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, Feb. 10, 2022, at 8:30 a.m. Eastern Time to discuss the fourth quarter and full year 2021 financial results.

The Company encourages participants to pre-register for the conference call using the following link:

https://dpregister.com/sreg/10162779/f0769e8c28

Callers will receive a unique dial-in 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 that 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://services.choruscall.com/mediaframe/webcast.html?webcastid=PO3NtmAD

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 Feb. 10, 2022, at 12 p.m. Eastern Time to Feb. 24, 2022, 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: 4618253

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 “2021 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, 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, 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 10, 2021, 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 December 31,					Year Ended December 31,
	2021			2020		2021			2020
REVENUES		110,540			75,187		357,565			206,107
COST OF REVENUES		16,847			10,575		53,592			30,849
GROSS PROFIT		93,693			64,612		303,973			175,258
OPERATING EXPENSES:
Research and development		2,528			2,260		9,532			9,467
Sales and marketing		35,286			25,239		119,353			86,532
General and administrative		2,527			1,673		8,411			6,418
Other Income		(800	)		-		(800	)		-
TOTAL OPERATING EXPENSES		39,541			29,172		136,496			102,417
INCOME FROM OPERATIONS		54,152			35,440		167,477			72,841
Finance income, net		118			1,228		525			3,291
INCOME BEFORE TAXES		54,270			36,668		168,002			76,132
INCOME TAXES		1,585			598		2,928			1,107
NET INCOME		52,685			36,070		165,074			75,025
Add: Loss (net income) attributable to non-controlling interests		-			44		(103	)		5
NET INCOME ATTRIBUTABLE TO INMODE LTD.		52,685			36,114		164,971			75,030

NET INCOME PER SHARE (1):
Basic		0.63			0.48		2.03			1.04
Diluted		0.61			0.43		1.92			0.89
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)
Basic		83,234			75,185		81,445			72,114
Diluted		86,384			84,778		86,017			84,185

(1) The number of shares have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated September 14, 2021.

INMODE LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except for per share data)

(Unaudited)

	December 31, 2021		December 31, 2020
Assets
CURRENT ASSETS:
Cash and cash equivalents		68,136		68,938
Marketable securities (amortized cost of $296,243 and $141,544, respectively)		294,530		142,007
Short-term bank deposits		53,248		49,589
Accounts receivable, net of allowance for doubtful accounts of $1,107 and $672, respectively		20,236		10,499
Other receivables		12,938		3,575
Inventories		21,026		14,983
TOTAL CURRENT ASSETS		470,114		289,591
NON-CURRENT ASSETS:
Accounts receivable		768		477
Other receivables		-		2,894
Deferred income taxes, net		1,334		64
Operating lease right-of-use assets		4,321		1,153
Property and equipment, net		1,404		982
Other investments		600		600
TOTAL NON-CURRENT ASSETS		8,427		6,170
TOTAL ASSETS		478,541		295,761

Liabilities and shareholders’ equity
CURRENT LIABILITIES:
Accounts payable		8,779		6,410
Contract liabilities		13,805		11,900
Other liabilities		29,266		16,720
TOTAL CURRENT LIABILITIES		51,850		35,030
NON-CURRENT LIABILITIES:
Contract liabilities		2,751		1,988
Other liabilities		4,831		2,910
Operating lease liabilities		3,307		358
TOTAL NON-CURRENT LIABILITIES		10,889		5,256
TOTAL LIABILITIES		62,739		40,286

TOTAL SHAREHOLDERS’ EQUITY		415,802		255,475
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		478,541		295,761

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,
	2021			2020			2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		52,685			36,070			165,074			75,025
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		139			109			517			416
Share-based compensation expenses		3,124			3,231			11,962			12,845
Allowance for doubtful accounts		141			(24	)		516			442
Loss on marketable securities, net		142			3			175			5
Finance expenses (income), net		(375	)		(614	)		1,223			(625	)
Deferred income taxes, net		(379	)		556			(770	)		1,729
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable		1,934			5,667			(10,544	)		(4,416	)
increase in other receivables		(1,982	)		(1,687	)		(6,400	)		(2,647	)
increase in inventories		(1,848	)		(112	)		(6,043	)		(5,575	)
Increase (decrease) in accounts payable		(105	)		2,127			2,369			2,708
Increase (decrease) in other liabilities		(2,056	)		113			14,138			4,830
Increase (decrease) in contract liabilities		1,473			(3,852	)		2,668			(5,512	)
Net cash provided by operating activities		52,893			41,587			174,885			79,225
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in short-term deposits		(7,000	)		(6,000	)		(73,090	)		(55,699	)
Proceeds from short-term deposits		7,000			-			69,180			34,810
Purchase of fixed assets		(182	)		(35	)		(939	)		(463	)
Purchase of marketable securities		(70,560	)		(50,295	)		(273,834	)		(169,689	)
Proceeds from sale of marketable securities		39,935			29,950			118,577			147,736
Net cash (used in) investing activities		(30,807	)		(26,380	)		(160,106	)		(43,305	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of ordinary shares		(23,444	)		(17,218	)		(35,365	)		(17,218	)
Exercise of options		540			1,528			20,343			4,776
Net cash (used in) financing activities		(22,904	)		(15,690	)		(15,022	)		(12,442	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		26			586			(559	)		733
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(792	)		103			(802	)		24,211

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		68,928			68,835			68,938			44,727
CASH AND CASH EQUIVALENTS AT END OF PERIOD		68,136			68,938			68,136			68,938

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,
	2021				2020				2021				2020
Revenues by Geography:
United States		74,215	67	%		53,725	71	%		237,263	66	%		149,488	73	%
International		36,325	33	%		21,462	29	%		120,302	34	%		56,619	27	%
Total Net Revenue		110,540	100	%		75,187	100	%		357,565	100	%		206,107	100	%

	Three months ended December 31,								Year ended December 31,
	2021				2020				2021				2020
Revenues by Category:
Capital equipment revenues		98,595	89	%		68,458	91	%		319,239	89	%		185,320	90	%
Consumables and service revenues		11,945	11	%		6,729	9	%		38,326	11	%		20,787	10	%
Total Net Revenue		110,540	100	%		75,187	100	%		357,565	100	%		206,107	100	%

	Three months ended December 31,												Year ended December 31,
	2021						2020						2021						2020
	%						%						%						%
	United States		International		Total		United States		International		Total		United States		International		Total		United States		International		Total
Revenues by Technology:
Minimally Invasive		74		70		73		64		68		65		71		73		72		59		71		62
Hands-Free		23		6		17		35		10		28		27		7		20		39		10		32
Non-Invasive		3		24		10		1		22		7		2		20		8		2		19		6
		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, 2021											Three months ended December 31, 2020
	GAAP			Share Based Compensation			Other Income Related to IP Transactions			Non-GAAP		GAAP		Share Based Compensation			Non-GAAP
REVENUES		110,540			-			-			110,540		75,187		-			75,187
COST OF REVENUES		16,847			(304	)		-			16,543		10,575		(140	)		10,435
GROSS PROFIT		93,693			304						93,997		64,612		140			64,752
OPERATING EXPENSES:
Research and development		2,528			(442	)		-			2,086		2,260		(132	)		2,128
Sales and marketing		35,286			(2,120	)		-			33,166		25,239		(2,829	)		22,410
General and administrative		2,527			(258	)		-			2,269		1,673		(130	)		1,543
Other Income		(800	)		-			800			-		-		-			-
TOTAL OPERATING EXPENSES		39,541			(2,820	)		800			37,521		29,172		(3,091	)		26,081
INCOME FROM OPERATIONS		54,152			3,124			(800	)		56,476		35,440		3,231			38,671
Finance income, net		118			-			-			118		1,228		-			1,228
INCOME BEFORE TAXES		54,270			3,124			(800	)		56,594		36,668		3,231			39,899
INCOME TAXES		1,585			-			(184	)		1,401		598		(505	)		93
NET INCOME		52,685			3,124			(616	)		55,193		36,070		3,736			39,806
Add: Loss attributable to non-controlling interests		-			-			-			-		44		-			44
NET INCOME ATTRIBUTABLE TO INMODE LTD.		52,685			3,124			(616	)		55,193		36,114		3,736			39,850

NET INCOME PER SHARE (1):
Basic		0.63									0.66		0.48					0.53
Diluted		0.61									0.64		0.43					0.47
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)
Basic		83,234									83,234		75,185					75,185
Diluted		86,384									86,519		84,778					84,980

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, 2021												Year Ended December 31, 2020
	GAAP			Share Based Compensation			Other Income Related to IP Transactions			Non-GAAP			GAAP		Share Based Compensation			Non-GAAP
REVENUES		357,565			-			-			357,565			206,107		-			206,107
COST OF REVENUES		53,592			(1,108	)		-			52,484			30,849		(520	)		30,329
GROSS PROFIT		303,973			1,108						305,081			175,258		520			175,778
OPERATING EXPENSES:
Research and development		9,532			(1,554	)		-			7,978			9,467		(2,264	)		7,203
Sales and marketing		119,353			(8,274	)		-			111,079			86,532		(9,398	)		77,134
General and administrative		8,411			(1,026	)		-			7,385			6,418		(663	)		5,755
Other Income		(800	)					800			-			-		-			-
TOTAL OPERATING EXPENSES		136,496			(10,854	)		800			126,442			102,417		(12,325	)		90,092
INCOME FROM OPERATIONS		167,477			11,962			(800	)		178,639			72,841		12,845			85,686
Finance income, net		525			-			-			525			3,291		-			3,291
INCOME BEFORE TAXES		168,002			11,962			(800	)		179,164			76,132		12,845			88,977
INCOME TAXES (TAX BENEFIT)		2,928			-			(184	)		2,744			1,107		(1,268	)		(161	)
NET INCOME		165,074			11,962			(616	)		176,420			75,025		14,113			89,138
Add: Loss (net Income) attributable to non-controlling interests		(103	)		-			-			(103	)		5		-			5
NET INCOME ATTRIBUTABLE TO INMODE LTD.		164,971			11,962			(616	)		176,317			75,030		14,113			89,143

NET INCOME PER SHARE (1):
Basic		2.03									2.16			1.04					1.24
Diluted		1.92									2.05			0.89					1.06
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)
Basic		81,445									81,445			72,114					72,114
Diluted		86,017									86,192			84,185					84,402

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.