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MarketScreener Homepage  >  Equities  >  Nasdaq  >  InMode Ltd.    INMD   IL0011595993

INMODE LTD.

(INMD)
  Report
Delayed Quote. Delayed Nasdaq - 02/25 04:00:00 pm
33.64 USD   -6.40%
02/24INMODE : Receives Health Canada Certification for Evoke
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02/18INMODE : 4Q Earnings Snapshot
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02/18INMODE : Reports Record Fourth Quarter and Full Year 2019 Financial Results
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InMode : Reports Third Quarter 2019 Record Revenue of $40 Million; Reflects Growth of 57% Year-Over-Year; Net Income Increased 87% to $16.2 Million

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11/05/2019 | 08:01am EST

YOKNEAM, Israel, Nov. 5, 2019 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced financial results for the third quarter ended September 30, 2019.

InMode logo (PRNewsfoto/InMode)

Third Quarter 2019 Highlights:

  • Record quarterly revenue of $40 million, an increase of 57% as compared to the third quarter in 2018
  • Net income of $16.2 million, 87% increase year-over-year
  • Fully diluted earnings per share of $0.42, an increase of 62% as compared to the third quarter in 2018
  • 88% increase in international revenue as compared to the third quarter in 2018, driven primarily by European and Asian sales
  • Total cash position of $166.3 million as of September 30, 2019, including cash and cash equivalents, marketable securities and deposits

 

GAAP Results

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


Q3 2019

Q3 2018

Revenues

$40,010

$25,418

Gross Margins

87%

86%

Net Income

$16,193

$8,638

Earnings per Diluted Share

$0.42

$0.26

Management Comments

"We went public during the third quarter and we are happy to report continuous solid growth in revenues and profitability," commented Moshe Mizrahy, Chief Executive Officer and Chairman of the Board. "The demand for our unique, minimally invasive technology in the United States and abroad is increasing and we plan to penetrate new international markets while maintaining profitable growth. InMode's proprietary bipolar RF technologies fill the treatment gap in face and body aesthetic surgery by offering outpatient alternatives that address the shortcomings of traditional surgery with less downtime, lower costs and comparable results. We believe our strong cash position will enable us to maintain our growth efforts and will support the ongoing launch of new and innovative platforms," Mizrahy added.

Third Quarter 2019 Financial Results

Total revenues for the third quarter of 2019 were $40.0 million, an increase of 57% as compared to the third quarter in 2018. This growth was driven primarily by the continued expansion of InMode's direct sales organization in the U.S. In addition, InMode is gaining traction in the international markets, with international revenue growing 88% year-over-year.

Gross margin for the third quarter of 2019 was 87% compared to a gross margin of 86% in the third quarter of 2018.

Operating margin for the third quarter of 2019 was 40%, compared to the operating margin of 33% in the third quarter of 2018.

InMode reported net income of $16.2 million, or $0.42 per diluted share in the third quarter of 2019. This is compared with net income of $8.6 million, or $0.26 per diluted share, in the third quarter of 2018.

As of September 30, 2019, InMode had cash and cash equivalents, marketable securities and deposits of $166.3 million, out of which, approximately $70 million in net proceeds were raised in our initial public offering.

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. 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. As a result, 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 contained in our prospectus (included in the Registration Statement on Form F-1, filed with the Securities and Exchange Commission (File No. 333-232615), as amended). 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 speak 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



Nine months ended


September 30

September 30



2019



2018



2019



2018


REVENUES



40,010




25,418




109,359




71,379



COST OF REVENUES



5,047




3,669




14,193




11,118



GROSS PROFIT



34,963




21,749




95,166




60,261



OPERATING EXPENSES:


















Research and development



1,329




1,005




4,112




2,826



Sales and marketing



16,726




11,106




46,721




32,101



General and administrative



927




1,244




2,693




3,158



TOTAL OPERATING EXPENSES



18,982




13,355




53,526




38,085



INCOME FROM OPERATIONS



15,981




8,394




41,640




22,176



Finance income, net



479




415




1,264




623



INCOME BEFORE TAXES



16,460




8,809




42,904




22,799



INCOME TAX



267




171




718




215



NET INCOME



16,193




8,638




42,186




22,584



Less: Net income attributable to non-controlling interests



7




-




79




-



NET INCOME ATTRIBUTABLE TO INMODE LTD. SHAREHOLDERS'



16,186




8,638




42,107




22,584





















NET INCOME PER SHARE (1):


















Basic



0.53




0.34




1.50




0.83



Diluted



0.42




0.26




1.15




0.63





















WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (1)


















Basic



30,297




26,647




28,031




26,591



Diluted



39,004




35,030




36,654




34,982





(1) The number of shares have been adjusted retroactively for a 1-for-1.789 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of InMode's board of directors dated July 24, 2019.

 

INMODE LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(Unaudited)














September 30,



December 31,





2019



2018


Assets










CURRENT ASSETS:










Cash and cash equivalents




48,705




24,721


Marketable securities




91,613




26,532


Short-term bank deposits




25,935




10,045


Accounts receivable, net of allowance for doubtful accounts




7,615




7,008


Other receivables




3,142




2,495


Inventories




8,495




6,963


TOTAL CURRENT ASSETS




185,505




77,764


NON-CURRENT ASSETS:










Accounts receivable




378




544


Deferred offering costs




-




895


Deferred income taxes, net




1,516




1,309


Property and equipment, net




848




544


Operating lease right-of-use assets




1,518




-


TOTAL NON-CURRENT ASSETS




4,260




3,292


TOTAL ASSETS




189,765




81,056












Liabilities and shareholders' equity










CURRENT LIABILITIES:










Accounts payable




5,660




4,509


Contract liabilities




7,260




5,755


Other liabilities




10,783




9,165


Accrued contingencies




-




10,000


TOTAL CURRENT LIABILITIES




23,703




29,429


NON-CURRENT LIABILITIES:










Contract liabilities




3,740




3,982


Other liabilities




918




771


Operating lease liabilities




922




-


Deferred income taxes




47




11


TOTAL NON-CURRENT LIABILITIES




5,627




4,764


TOTAL LIABILITIES




29,330




34,193












REDEEMABLE NON-CONTROLLING INTEREST




-




2,187












TOTAL SHAREHOLDERS' EQUITY




160,435




44,676


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY




189,765




81,056


 

INMODE LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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

(Unaudited)




Three months ended



Nine months ended



September 30



September 30



2019



2018



2019



2018

CASH FLOWS FROM OPERATING ACTIVITIES:
















Net income



16,193




8,638




42,186




22,584

Adjustments required to reconcile net income to net cash provided by operating activities:
















Depreciation and amortization



77




53




214




131

Stock-based compensation expense



385




42




1,199




1,766

Allowance for doubtful accounts



55




(14)




133




(43)

Gains on marketable securities, net



-




(68)




-




(122)

Changes in fair value of marketable securities, net



-




(177)




-




(213)

Finance income, net



(86)




-




(395)




-

Provision for deferred income taxes, net



(68)




(41)




(211)




(168)

Changes in operating assets and liabilities:
















Increase in accounts receivable



(2,324)




(2,124)




(597)




(380)

Increase in other receivables



(1,814)




(526)




(650)




(71)

Decrease (increase) in inventories



(879)




213




(1,532)




(539)

Increase in accounts payable



689




755




759




520

Increase (decrease) in other liabilities



2,402




1,390




2,418




(267)

Increase (decrease) in contract liabilities



(1,115)




(915)




1,263




4,227

Decrease in accrued contingencies



-




-




(10,000)




-

Net cash provided by operating activities



13,515




7,226




34,787




27,425

CASH FLOWS FROM INVESTING ACTIVITIES:
















Investment in short-term deposits



(17,220)




(5,000)




(34,310)




(5,000)

Proceeds from short-term deposits



8,500




-




18,500




-

Purchase of fixed assets



(54)




(82)




(518)




(293)

Purchase of marketable securities



(68,282)




(15,369)




(82,621)




(22,546)

Proceeds from sale of marketable securities



13,500




857




18,103




3,412

Net cash (used in) investing activities



(63,556)




(19,594)




(80,846)




(24,427)

CASH FLOWS FROM FINANCING ACTIVITIES:
















Proceeds from initial public offering of ordinary shares, net of issuance costs



69,784




-




69,784




-

Exercise of options



178




19




315




176

Net cash provided by financing activities



69,962




19




70,099




176

EFFECT OF EXCHANGE RATE CHANGES ON CASH



(93)




(23)




(56)




(141)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS



19,828




(12,372)




23,984




3,033

















CASH AND CASH EQUIVALENTS AT



28,877




32,998




24,721




17,593

BEGINNING OF PERIOD
















CASH AND CASH EQUIVALENTS AT END OF PERIOD



48,705




20,626




48,705




20,626

 

INMODE LTD.

CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS

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

(Unaudited)




Three months ended



Nine months ended

September 30

September 30



2019



2018



2019



2018

Revenues by Geography:
















United States



31,007




20,633




87,813




58,498

International (OUS)



9,003




4,785




21,546




12,881

Total Net Revenue



40,010




25,418




109,359




71,379

United States as percentage of total revenue



77%




81%




80%




82%

 

Cision
View original content to download multimedia:http://www.prnewswire.com/news-releases/inmode-reports-third-quarter-2019-record-revenue-of-40-million-reflects-growth-of-57-year-over-year-net-income-increased-87-to-16-2-million-300951184.html

SOURCE InMode


© PRNewswire 2019
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