InMode Reports First Quarter 2024 Financial Results; Quarterly Revenue of $80.3M Represents 24% Year-Over-Year Decrease; Pro Forma Revenue (including new platform pre-orders not yet available) of $96M;

PR Newswire05-02

Company Announces Share Repurchase Program of Up to 8.37 Million Shares; and Appoints New Chairman of the Board of Directors YOKNEAM, Israel, May 2, 2024 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("...

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(Nasdaq: INMD) (\"...</p>\n\n<a href=\"https://finance.yahoo.com/news/inmode-reports-first-quarter-2024-110000321.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>InMode Reports First Quarter 2024 Financial Results; Quarterly Revenue of $80.3M Represents 24% Year-Over-Year Decrease; Pro Forma Revenue (including new platform pre-orders not yet available) of $96M;</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInMode Reports First Quarter 2024 Financial Results; Quarterly Revenue of $80.3M Represents 24% Year-Over-Year Decrease; Pro Forma Revenue (including new platform pre-orders not yet available) of $96M;\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-02 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/inmode-reports-first-quarter-2024-110000321.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Company Announces Share Repurchase Program of Up to 8.37 Million Shares; and\nAppoints New Chairman of the Board of Directors\nYOKNEAM, Israel, May 2, 2024 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (\"...</p>\n\n<a href=\"https://finance.yahoo.com/news/inmode-reports-first-quarter-2024-110000321.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"INMD","symbol_name":"InMode Ltd.","start_time":0,"source_url":"https://finance.yahoo.com/news/inmode-reports-first-quarter-2024-110000321.html","article_id":"2432676238","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/M2BIZlX1OFjELigRPn.hFg--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/prnewswire.com/17ff7d9be06fd4e26341ab1fffd77ad4"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/inmode-reports-first-quarter-2024-110000321.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2432676238","pubTimestamp":1714647600,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Company Announces Share Repurchase Program of Up to 8.37 Million Shares; and. YOKNEAM, Israel, May 2, 2024 /PRNewswire/ -- InMode Ltd.  , a leading global provider of innovative medical technologies, today announced its consolidated financial results for the firstquarter ended March31, 2024.Quarterly GAAP revenue of $80.3 million, a decrease of 24% compared to the first quarter of 2023. InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 84% of its quarterly revenues, while 11% were derived from InMode's traditional laser and non-invasive RF platforms and 5% were derived from InMode's hands-free platforms. Pro-forma revenue  of $96 million.GAAP net income of $23.7 million, compared to $40.5 million in the first quarter of 2023; *non-GAAP net income of $27.7 million, compared to $44.7 million in the first quarter of 2023.**Pro-Forma Non-GAAP net income of $38.8 million.GAAP diluted earnings per share of $0.28, co","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"INMD":"InMode Ltd."},"translate_title":"InMode报告2024年第一季度财务业绩；季度收入为8030万美元，同比下降24%；预计收入（包括尚未提供的新平台预购）为9600万美元；","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"INMD":0.9},"content_text":"Company Announces Share Repurchase Program of Up to 8.37 Million Shares; and\nAppoints New Chairman of the Board of Directors\nYOKNEAM, Israel, May 2, 2024 /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, 2024.\n\n\n\nFirst Quarter 2024 Highlights:\n\nQuarterly GAAP revenue of $80.3 million, a decrease of 24% compared to the first quarter of 2023. InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 84% of its quarterly revenues, while 11% were derived from InMode's traditional laser and non-invasive RF platforms and 5% were derived from InMode's hands-free platforms. Pro-forma revenue (including pre-orders of new platforms not yet available) of $96 million.\nGAAP net income of $23.7 million, compared to $40.5 million in the first quarter of 2023; *non-GAAP net income of $27.7 million, compared to $44.7 million in the first quarter of 2023.**Pro-Forma Non-GAAP net income of $38.8 million.\nGAAP diluted earnings per share of $0.28, compared to $0.47 in the first quarter of 2023; *non-GAAP diluted earnings per share of $0.32, compared to $0.52 in the first quarter of 2023.  **Pro-Forma Non-GAAP diluted earnings per share of $0.45.\nRecord quarterly revenues from consumables and service of $22.5 million, an increase of 13% compared to the first quarter of 2023.\nTotal cash position of $770.5 million as of March 31, 2024, including cash and cash equivalents, marketable securities, and short-term bank deposits.\n\n\n\n\n\nU.S. GAAP Results (U.S. dollars in thousands, except for per share data) \n\n\n\nQ1 2024 \nQ1 2023 \n\n\nRevenues \n$80,284 \n$106,074 \n\n\nGross Margins \n80 % \n83 % \n\n\nNet Income  \n$23,696 \n$40,505 \n\n\nEarnings per Diluted Share \n$0.28 \n$0.47 \n\n\n*Non-GAAP Results (U.S. dollars in thousands, except for per share data) \n\n\n\nQ1 2024 \nQ1 2023 \n\n\nGross Margins \n80 % \n83 % \n\n\nNet Income  \n$27,679 \n$44,714 \n\n\nEarnings per Diluted Share \n$0.32 \n$0.52 \n\n\n**Pro-Forma Non-GAAP Results (U.S. dollars in thousands, except for per share data) \n\n\n\nQ1 2024 \nQ1 2023 \n\n\nRevenue \n$96,007 \n$106,074 \n\n\nGross Margins \n82 % \n83 % \n\n\nNet Income  \n$38,776 \n$44,714 \n\n\nEarnings per Diluted Share \n$0.45 \n$0.52 \n\n\n\n\n\n\n\n\n\n*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. \n\n\n\n** Pro-forma Non-GAAP results includes pre-orders of new platforms not yet available and excludes share-based compensation. \n\n\n\n\nManagement Comments\n\"This year started with pre-orders in the United States for our two new and advanced platforms: IgniteRF and Optimus Max, and we believe these platforms will play a significant role as growth catalysts for our company in the future,\" said Moshe Mizrahy, Chief Executive Officer. \"Although we were unable to set up manufacturing lines and build inventory for the new platforms fast enough to start delivery in the first quarter, we are working hard to promptly fulfill these orders. We anticipate delivery of open orders and building sufficient level of inventory by the second half of this year.\n\"We are happy to announce that our Board of Directors has approved another share repurchase program, authorizing the buyback of up to 8.37 million shares. This marks the third such program in just four years, underscoring our confidence in the Company's future success and our commitment to enhancing shareholders' value.\n\"I would like to welcome Dr. Michael Anghel as our new Chairman of the Board, beginning July 25, 2024. Dr. Anghel has been a board member since 2019, and we look forward to benefitting from his financial and strategical expertise,\" Mizrahy concluded.\nFirst Quarter 2024 Financial Results\nTotal GAAP revenues for the first quarter of 2024 reached $80.3 million, a decrease of 24% compared to $106.1 million in first quarter of 2023. Pro-forma revenue reached $96 million.\n\"During the first quarter, we began taking orders for some of our new platforms, though we are not able to recognize those sales as revenue until the pre-orders are delivered,\" said Yair Malca, Chief Financial Officer. \"We expect to report revenue from those orders over the next couple of quarters upon the delivery of the new platforms. We are encouraged by sales outside of North America in the first quarter, especially in Europe, where revenues reached a record number.\"\nGAAP and *Non-GAAP gross margin for the first quarter of 2024 was 80% compared to a gross margin of 83% for the first quarter of 2023. **Pro-forma Non-GAAP gross margin for the first quarter of 2024 was 82%.\nGAAP operating margin for the first quarter of 2024 was 23%, compared to an operating margin of 39% in the first quarter of 2023. *Non-GAAP operating margin for the first quarter of 2024 was 27% compared to 43% for the first quarter of 2023. **Pro-forma Non-GAAP operating margin for the first quarter of 2024 was 35%. This decrease was primarily attributable to the decrease in systems sales in North America.\nInMode reported GAAP net income of $23.7 million, or $0.28 per diluted share, in the first quarter of 2024, compared to $40.5 million, or $0.47 per diluted share, in the first quarter of 2023. On a *Non-GAAP basis, InMode reported net income of $27.7 million, or $0.32 per diluted share, in the first quarter of 2024, compared to $44.7 million, or $0.52 per diluted share, in the first quarter of 2023. **Pro-forma Non-GAAP net income of $38.8 million, or $0.45 per diluted share, in the first quarter of 2024.\n2024 Financial Outlook\nManagement provided an outlook for the full year of 2024 ending December 31, 2024. Based on current estimates, management expects:\n\nFull Year 2024 revenue to be $485 to $495 million compared to previous guidance of $495 million to $505 million\n*Non-GAAP gross margin between 82% and 84% compared to previous guidance of 83% to 85%\n*Non-GAAP income from operations between $169 million and $174 million compared to previous guidance of $217 million to $222 million\n*Non-GAAP earnings per diluted share between $2.01 and $2.05 compared to previous guidance of $2.53 to $2.57\n\n\n\n\n\n\nThis 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. \n\n\n\n*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. \n\n\n\n** Pro-forma Non-GAAP results includes pre-orders of new platforms not yet available and excludes share-based compensation. \n\n\n\n\nThe Current Situation in Israel\nRegarding 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. However, an inability to promptly receive needed supplies and materials due to the ongoing and unpredictable nature of the conflict in Israel and the surrounding region may adversely impact our ability to commercialize and manufacture our product candidates and products in a timely manner. This could cause several delays and/or issues for our operations, which in turn would have a material adverse impact on our ability to commercialize our product candidates and our financial condition.\nUse of Non-GAAP Financial Measures\nIn 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, non-GAAP operating margin as well as Pro-forma Non-GAAP revenue, pro-forma Non-GAAP net income, pro-forma non-GAAP earnings per diluted share and pro-forma 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.\nConference Call Information\nMr. Moshe Mizrahy, 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, May 02, 2024, at 8:30 a.m. Eastern Time to discuss the first quarter 2024 financial results.\nThe Company encourages participants to pre-register for the conference call using the following link: \nhttps://dpregister.com/sreg/10187938/fc1d661e7a.\nCallers 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.\nFor 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.\nU.S. Toll-Free Dial-in Number: 1-833-316-0562Israel Toll- Free Dial-in Number: 1-80-921-2373International Dial-in Number: 1-412-317-5736Webcast URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Q0VCLo65At:8:30 a.m. Eastern Time5:30 a.m. Pacific Time\nThe 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 May 02, 2024, at 12 p.m. Eastern Time to May 16, 2024, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers: \nReplay Dial-in U.S TOLL-FREE: 1-877-344-7529Replay Dial-in Canada TOLL-FREE: 855-669-9658Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088Replay Pin Number: 9531570\nTo access the replay using an international dial-in number, please select the link below:\nhttps://services.choruscall.com/ccforms/replay.html\nA replay of the conference call will also be available for 90 days on InMode's website at https://inmodemd.com/investors/.\nAbout InMode\nInMode 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.\nForward-Looking Statements \nThe 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 13, 2024, 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.\n\n\n\n\nCompany Contact: Yair Malca Chief Financial Officer Phone: (949) 305-0108 Email: Yair.Malca@inmodemd.com  \nInvestor Relations Contact: Miri Segal MS-IR LLC Email: ir@inmodemd.com \n\n\n\n\n\n\n\n\nINMODE LTD. \n\n\nCONDENSED CONSOLIDATED STATEMENTS OF INCOME \n\n\n(U.S. dollars in thousands, except for per share data) \n\n\n(Unaudited) \n\n\n\n\n\n\nThree months ended March 31, \n\n\n\n2024 \n2023 \n\n\nREVENUES \n80,284 \n106,074 \n\n\nCOST OF REVENUES \n16,365 \n18,254 \n\n\nGROSS PROFIT \n63,919 \n87,820 \n\n\nOPERATING EXPENSES: \n\n\n\n\nResearch and development \n3,518 \n3,102 \n\n\nSales and marketing \n39,795 \n41,713 \n\n\nGeneral and administrative \n2,514 \n2,008 \n\n\nTOTAL OPERATING EXPENSES \n45,827 \n46,823 \n\n\nOPERATIONS INCOME \n18,092 \n40,997 \n\n\nFinance income, net \n7,984 \n3,289 \n\n\nINCOME BEFORE INCOME TAXES \n26,076 \n44,286 \n\n\nINCOME TAXES  \n2,380 \n3,781 \n\n\nNET INCOME  \n23,696 \n40,505 \n\n\n\n\n\n\n\n EARNINGS PER SHARE: \n\n\n\n\nBasic \n0.28 \n0.49 \n\n\nDiluted \n0.28 \n0.47 \n\n\nWEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands) \n\n\n\n\nBasic \n84,523 \n83,154 \n\n\nDiluted \n85,965 \n85,387 \n\n\n\n\n\n\n\n\nINMODE LTD. \n\n\nCONDENSED CONSOLIDATED BALANCE SHEETS \n\n\n(U.S. dollars in thousands, except for per share data) \n\n\n(Unaudited) \n\n\n\n\n\n\nMarch 31, 2024 \nDecember 31, 2023 \n\n\nAssets \n\n\n\n\nCURRENT ASSETS: \n\n\n\n\nCash and cash equivalents \n120,930 \n144,411 \n\n\nMarketable securities  \n390,782 \n373,647 \n\n\nShort-term bank deposits \n258,829 \n223,547 \n\n\nAccounts receivable, net of allowance for credit losses \n33,102 \n42,362 \n\n\nPrepaid expense and other receivables \n18,939 \n16,268 \n\n\nInventories \n51,602 \n45,095 \n\n\n         TOTAL CURRENT ASSETS \n874,184 \n845,330 \n\n\n    NON-CURRENT ASSETS: \n\n\n\n\nAccounts receivable, net of allowance for credit losses \n3,435 \n3,670 \n\n\nDeferred income tax asset \n1,494 \n1,506 \n\n\nOperating lease right-of-use assets  \n9,593 \n9,698 \n\n\nProperty and equipment, net \n2,329 \n2,382 \n\n\nOther investments \n700 \n700 \n\n\nTOTAL NON-CURRENT ASSETS \n17,551 \n17,956 \n\n\nTOTAL ASSETS \n891,735 \n863,286 \n\n\nLiabilities and shareholders' equity \n\n\n\n\nCURRENT LIABILITIES: \n\n\n\n\nAccounts payable \n13,223 \n13,966 \n\n\nContract liabilities \n20,516 \n10,923 \n\n\nOther liabilities \n31,256 \n39,247 \n\n\nTOTAL CURRENT LIABILITIES \n64,995 \n64,136 \n\n\n    NON-CURRENT LIABILITIES: \n\n\n\n\nContract liabilities \n3,435 \n3,766 \n\n\nOther liabilities \n1,657 \n1,399 \n\n\nOperating lease liabilities \n6,213 \n6,613 \n\n\nTOTAL NON-CURRENT LIABILITIES \n11,305 \n11,778 \n\n\nTOTAL LIABILITIES \n76,300 \n75,914 \n\n\n\n\n\n\n\nTOTAL SHAREHOLDERS' EQUITY \n815,435 \n787,372 \n\n\nTOTAL LIABILITIES AND SHAREHOLDERS' EQUITY \n891,735 \n863,286 \n\n\n\n\n\n\n\n\nINMODE LTD. \n\n\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS \n\n\n(U.S. dollars in thousands, except for per share data) \n\n\n(Unaudited) \n\n\n\n\n\n\n\nThree months ended March 31, \n\n\n\n2024 \n2023 \n\n\nCASH FLOWS FROM OPERATING ACTIVITIES: \n\n\n\n\nNet income \n23,696 \n40,505 \n\n\nAdjustments required to reconcile net income to net cash provided by operating activities: \n\n\n\n\nDepreciation and amortization \n165 \n188 \n\n\nShare-based compensation expenses \n3,983 \n4,209 \n\n\nChange in allowance for credit losses of trade receivable \n187 \n(22) \n\n\nLoss on marketable securities, net \n29 \n- \n\n\nFinance income, net \n(4,757) \n(1,512) \n\n\nDeferred income taxes \n(37) \n19 \n\n\nChanges in operating assets and liabilities: \n\n\n\n\nDecrease in accounts receivable \n9,308 \n2,241 \n\n\nIncrease in other receivables \n(2,669) \n(229) \n\n\nIncrease in inventories \n(6,507) \n(914) \n\n\nDecrease in accounts payable \n(743) \n(4,255) \n\n\nDecrease in other liabilities \n(7,803) \n(23,043) \n\n\nIncrease in contract liabilities (current and non-current) \n9,262 \n3,926 \n\n\nNet cash provided by operating activities \n24,114 \n21,113 \n\n\nCASH FLOWS FROM INVESTING ACTIVITIES: \n\n\n\n\nInvestment in short-term deposits \n(31,297) \n(3,000) \n\n\nProceeds from short-term deposits \n- \n3,000 \n\n\nPurchase of fixed assets \n(112) \n(341) \n\n\nPurchase of marketable securities \n(121,564) \n(77,929) \n\n\nProceeds from sale of marketable securities \n13,465 \n- \n\n\nProceeds from maturity of marketable securities \n92,118 \n50,714 \n\n\nNet cash used in investing activities \n(47,390) \n(27,556) \n\n\nCASH FLOWS FROM FINANCING ACTIVITIES: \n\n\n\n\nExercise of options \n234 \n1,673 \n\n\nNet cash provided by financing activities \n234 \n1,673 \n\n\nEFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS \n(439) \n191 \n\n\nNET DECREASE IN CASH AND CASH EQUIVALENTS \n(23,481) \n(4,579) \n\n\nCASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD \n144,411 \n97,540 \n\n\nCASH AND CASH EQUIVALENTS AT END OF PERIOD \n120,930 \n92,961 \n\n\n\n\nRevision of prior period financial information\nThe Company revised certain items within the investing activities with no impact on the net cash used in investing activities. The items impacted were \"Investment in short-term deposits\" and \"Proceeds from short-term deposits\" which were decreased by $3,000 and \"Purchase of marketable securities\" and \"Proceeds from maturity of marketable securities\" which were decreased by $40,423.\nThese changes have no impact on our previously reported consolidated total cash flows from operating activities, financing activities and investing activities in the periods stated above as well as net income and net change in cash and cash equivalents.\nThe Company evaluated the materiality of the adjustments, individually and in the aggregate, considering both qualitative and quantitative factors, and concluded that it was immaterial to the Company's prior periods' consolidated financial information. Since the revision was not material to any prior interim period or annual consolidated financial statements, no amendments to previously filed interim or annual periodic financial information was required. Consequently, the Company has revised the historical consolidated financial information presented herein for the impact of the above.\n\n\n\n\nINMODE LTD. \n\n\nCONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS \n\n\n(U.S. dollars in thousands, except for per share data) \n\n\n(Unaudited) \n\n\n\n\n\n\nThree months ended March 31, \n\n\n2024 \n2023 \n\n\nRevenues by Category: \n\n\n\n\n\n\n\n\n\n\n\n\n\nCapital Equipment revenues - United States \n30,859 \n38 % \n49,751 \n47 % \n\n\nCapital Equipment revenues - International \n26,923 \n34 % \n36,373 \n34 % \n\n\nTotal Capital Equipment revenues \n57,782 \n72 % \n86,124 \n81 % \n\n\nConsumables and service revenues \n22,502 \n28 % \n19,950 \n19 % \n\n\nTotal Revenue \n80,284 \n100 % \n106,074 \n100 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree months ended March 31, \n\n\n2024 \n2023 \n\n\n\n% \n% \n\n\n\nUnited States \nInternational \nTotal \nUnited States \nInternational \nTotal \n\n\nRevenues by Technology: \n\n\n\n\n\n\n\n\nMinimally Invasive \n87 \n80 \n84 \n90 \n75 \n83 \n\n\nHands-Free  \n8 \n3 \n5 \n8 \n6 \n8 \n\n\nNon-Invasive \n5 \n17 \n11 \n2 \n19 \n9 \n\n\n\n100 \n100 \n100 \n100 \n100 \n100 \n\n\n\n\n\n\n\n\nINMODE LTD. \n\n\n\nRECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF \n\n\n\n INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME  \n\n\n\n(U.S. dollars in thousands, except for per share data) \n\n\n\n(Unaudited) \n\n\n\n\n\n\n\n\n\n\n\n\n Three months ended March 31, 2024 \n Three months ended March 31, 2023 \n\n\n\n GAAP \n Share Based Compensation \n Non-GAAP \n GAAP \n Share Based Compensation \n Non-GAAP \n\n\n\nREVENUES \n80,284 \n- \n80,284 \n106,074 \n- \n106,074 \n\n\n\nCOST OF REVENUES \n16,365 \n(409) \n15,956 \n18,254 \n(354) \n17,900 \n\n\n\nGROSS PROFIT \n63,919 \n409 \n64,328 \n87,820 \n354 \n88,174 \n\n\n\nOPERATING EXPENSES: \n\n\n\n\n\n\n\n\n\nResearch and development \n3,518 \n(428) \n3,090 \n3,102 \n(501) \n2,601 \n\n\n\nSales and marketing \n39,795 \n(2,883) \n36,912 \n41,713 \n(3,038) \n38,675 \n\n\n\nGeneral and administrative \n2,514 \n(263) \n2,251 \n2,008 \n(316) \n1,692 \n\n\n\nTOTAL OPERATING EXPENSES \n 45,827 \n (3,574) \n 42,253 \n 46,823 \n (3,855) \n 42,968 \n\n\n\nOPERATIONS INCOME \n18,092 \n3,983 \n22,075 \n40,997 \n4,209 \n45,206 \n\n\n\nFinance income, net \n7,984 \n- \n7,984 \n3,289 \n- \n3,289 \n\n\n\nINCOME BEFORE INCOME TAXES \n26,076 \n3,983 \n30,059 \n44,286 \n4,209 \n48,495 \n\n\n\nINCOME TAXES \n2,380 \n- \n2,380 \n3,781 \n- \n3,781 \n\n\n\nNET INCOME \n23,696 \n3,983 \n27,679 \n40,505 \n4,209 \n44,714 \n\n\n\n\n\n\n\n\n\n\n\n\n\nEARNINGS PER SHARE: \n\n\n\n\n\n\n\n\n\nBasic \n0.28 \n\n0.33 \n0.49 \n\n0.54 \n\n\n\nDiluted \n0.28 \n\n0.32 \n0.47 \n\n0.52 \n\n\n\nWEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands) \n\n\n\n\n\n\n\n\n\nBasic \n84,523 \n\n84,523 \n83,154 \n\n83,154 \n\n\n\nDiluted \n85,965 \n\n86,563 \n85,387 \n\n85,878 \n\n\n\n\n\nLogo - https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg\n View original content:https://www.prnewswire.com/news-releases/inmode-reports-first-quarter-2024-financial-results-quarterly-revenue-of-80-3m-represents-24-year-over-year-decrease-pro-forma-revenue-including-new-platform-pre-orders-not-yet-available-of-96m-302133673.html\nSOURCE InMode LTD","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432676238"}