Ad hoc-Mitteilungen

InMode Reports First Quarter 2022 Financial Results:

von PR Newswire | Aufrufe: 118

PR Newswire

Quarterly Revenue of $85.9M, GAAP Net Income of $31M Represent 31% and 16% Year-Over-Year Growth, Respectively

YOKNEAM, Israel, May 2, 2022 /PRNewswire/ -- InMode Ltd. (NASDAQ: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the first quarter ended March 31, 2022.

"InMode
First Quarter 2022 Highlights:

  • 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


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

*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.

  • 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.

Company Contact:

Investor Relations Contact:

INMODE LTD.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

(Unaudited)



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

(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)



March 31,

December 31,

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

INMODE LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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

(Unaudited)




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

INMODE LTD.

CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS

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

(Unaudited)




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

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 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


(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.

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