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 /PRNewswire/ -- 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 | ||||
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: [email protected] | Investor Relations Contact: Miri Segal MS-IR LLC Phone: (917) 607-8654 Email: [email protected] |
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 | |||||
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 | 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, | 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 | 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 | 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 | Non-GAAP | GAAP | Share Based | 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 | 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 | |||||||||
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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SOURCE InMode LTD