YOKNEAM, Israel,
July 27,
2023 /PRNewswire/ -- InMode Ltd. (Nasdaq:
INMD) ("InMode"), a leading global provider of innovative
medical technologies, today announced its consolidated financial
results for the second quarter ended June 30, 2023.
Second Quarter 2023 Highlights:
- Record quarterly revenue of $136.1
million, an increase of 20% compared to the second quarter
of 2022. InMode's proprietary surgical technology platforms engaged
in minimally invasive and subdermal ablative treatments represented
81% of quarterly revenues, while 9% came from InMode's hands-free
platforms and 10% from InMode's traditional laser and non-invasive
RF platforms.
- Record GAAP net income of $55.7
million, compared to $44.0
million in the second quarter of 2022; *non-GAAP net income
of $62.2 million, compared to
$50.4 million in the second quarter
of 2022.
- Record GAAP diluted earnings per share of $0.65, compared to $0.52 in the second quarter of 2022; *non-GAAP
diluted earnings per share of $0.72,
compared to $0.59 in the second
quarter of 2022.
- Record quarterly revenues from consumables and service of
$21.6 million, an increase of 44%
compared to the second quarter of 2022.
- Total cash position of $629.4
million as of June 30, 2023,
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)
|
|
Q2 2023
|
Q2 2022
|
Revenues
|
$136,081
|
$113,547
|
Gross
Margins
|
84 %
|
83 %
|
Net Income
|
$55,729
|
$44,048
|
Earnings per Diluted
Share
|
$0.65
|
$0.52
|
*Non-GAAP
Results
(U.S. dollars in
thousands, except for per share data)
|
|
Q2
2023
|
Q2
2022
|
Gross
Margins
|
84 %
|
84 %
|
Net Income
|
$62,234
|
$50,401
|
Earnings per Diluted
Share
|
$0.72
|
$0.59
|
*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.
Management Comments
"We are pleased to report a record quarter with revenue of
$136.1 million, as sales from our
platforms and disposables were the strongest they've ever been,"
said Moshe Mizrahy, Chairman and
Chief Executive Officer. "Our commitment to innovation supports our
growth and leads to a solid brand recognition within the aesthetics
industry."
Shakil Lakhani, President
of InMode North America, commented, "Once again, we saw
an increase in consumable and platform sales in the second quarter.
Revenue from consumables and service for the second quarter grew
nearly 44% year-over-year and reached a record level."
"InMode's Envision platform, which offers a full periorbital
treatment, continued to perform well in Q2, as we gained market
traction stemming from the soft launch in Canada last year," said Dr. Spero Theodorou, Chief Medical Officer.
Second Quarter 2023 Financial Results
Total revenues for the second quarter of 2023 reached
$136.1 million, an increase of 20%
compared to the second quarter of 2022.
"We are happy to deliver another strong quarter, with record
revenue and EPS in Q2," said Yair
Malca, Chief Financial Officer. "Our significant
international sales growth reached a record level of $49.5 million, and along with the expanded use of
InMode's platforms, we were able to increase our full-year
guidance."
GAAP gross margin for the second quarter of 2023 was 84%
compared to a gross margin of 83% 2022. *Non-GAAP gross margin for
the second quarter of 2023 and 2022 was 84%.
GAAP operating margin for the second quarter of 2023 was 42%,
compared to an operating margin of 43% in the second quarter of
2022. *Non-GAAP operating margin for the second quarter of 2023 was
47% compared to 49% for the second quarter of 2022. This slight
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 $55.7 million, or $0.65 per diluted share, in the
second quarter of 2023, compared to $44.0 million, or $0.52 per diluted share, in the second quarter of
2022. On a *non-GAAP basis, InMode reported net income of
$62.2 million, or $0.72 per diluted share, in the second quarter of
2023, compared to $50.4 million, or
$0.59 per diluted share, in the
second quarter of 2022.
2023 Financial Outlook
Management provided an outlook for the full year of 2023 ending
December 31, 2023. Based on current
estimates, management expects:
- Revenue between $530 million and
$540 million
- *Non-GAAP gross margin between 83% and 85%
- *Non-GAAP income from operations between $238 million and $243
million
- *Non-GAAP earnings per diluted share between $2.62 and $2.66
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.
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, July 27, 2023, at 8:30 a.m. Eastern Time to
discuss the second quarter 2023 financial results.
The Company encourages participants to pre-register for the
conference call using the following link:
https://dpregister.com/sreg/10180180/f9c680d37c.
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=hAHIxqyf
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 July 27,
2023, at 12 p.m. Eastern Time to Aug 10,
2023, 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: 3384563
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 "2023
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, 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, 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 14, 2023, as well as 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
June 30,
|
Six months ended
June 30,
|
|
2023
|
2022
|
2023
|
2022
|
|
REVENUES
|
136,081
|
113,547
|
242,155
|
199,468
|
|
COST OF
REVENUES
|
22,054
|
18,946
|
40,308
|
33,718
|
|
GROSS
PROFIT
|
114,027
|
94,601
|
201,847
|
165,750
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
Research and
development
|
3,567
|
3,183
|
6,669
|
5,998
|
|
Sales and
marketing
|
51,059
|
39,653
|
92,772
|
70,502
|
|
General and
administrative
|
2,392
|
2,562
|
4,400
|
5,039
|
|
TOTAL OPERATING
EXPENSES
|
57,018
|
45,398
|
103,841
|
81,539
|
|
INCOME FROM
OPERATIONS
|
57,009
|
49,203
|
98,006
|
84,211
|
|
Finance income
(expense), net
|
4,445
|
(918)
|
7,734
|
(539)
|
|
INCOME BEFORE
TAXES
|
61,454
|
48,285
|
105,740
|
83,672
|
|
INCOME
TAXES
|
5,725
|
4,237
|
9,506
|
8,649
|
|
NET
INCOME
|
55,729
|
44,048
|
96,234
|
75,023
|
|
|
|
|
|
|
|
NET INCOME PER
SHARE:
|
|
|
|
|
|
Basic
|
0.67
|
0.54
|
1.16
|
0.91
|
|
Diluted
|
0.65
|
0.52
|
1.12
|
0.88
|
|
WEIGHTED AVERAGE
NUMBER OF SHARES OUTSTANDING USED IN
COMPUTATION OF NET INCOME PER SHARE (in
thousands)
|
|
|
|
|
|
Basic
|
83,405
|
82,216
|
83,280
|
82,590
|
|
Diluted
|
85,650
|
84,663
|
85,579
|
85,236
|
|
INMODE
LTD.
|
CONDENSED CONSOLIDATED
BALANCE SHEETS
|
(U.S. dollars in
thousands, except for per share data)
|
(Unaudited)
|
|
|
June 30,
2023
|
December
31,
2022
|
Assets
|
|
|
CURRENT
ASSETS:
|
|
|
Cash and cash
equivalents
|
159,855
|
97,540
|
Marketable
securities
|
400,464
|
374,589
|
Short-term bank
deposits
|
69,094
|
75,254
|
Accounts receivable,
net of allowance for doubtful accounts
|
32,568
|
26,997
|
Other
receivables
|
18,656
|
15,094
|
Inventories
|
38,568
|
39,897
|
TOTAL CURRENT
ASSETS
|
719,205
|
629,371
|
NON-CURRENT
ASSETS:
|
|
|
Accounts receivable,
net of allowance for doubtful accounts
|
3,871
|
3,973
|
Deferred income tax
asset, net
|
2,350
|
3,094
|
Operating lease
right-of-use assets
|
5,595
|
5,073
|
Property and
equipment, net
|
2,463
|
2,298
|
Other
investments
|
600
|
600
|
TOTAL NON-CURRENT
ASSETS
|
14,879
|
15,038
|
TOTAL
ASSETS
|
734,084
|
644,409
|
Liabilities and
shareholders' equity
|
|
|
CURRENT
LIABILITIES:
|
|
|
Accounts
payable
|
13,295
|
16,242
|
Contract
liabilities
|
11,098
|
13,798
|
Other
liabilities
|
36,340
|
51,980
|
TOTAL CURRENT
LIABILITIES
|
60,733
|
82,020
|
NON-CURRENT
LIABILITIES:
|
|
|
Contract
liabilities
|
3,038
|
3,959
|
Other
liabilities
|
533
|
303
|
Operating lease
liabilities
|
3,622
|
3,509
|
TOTAL NON-CURRENT
LIABILITIES
|
7,193
|
7,771
|
TOTAL
LIABILITIES
|
67,926
|
89,791
|
|
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
666,158
|
554,618
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
734,084
|
644,409
|
INMODE
LTD.
|
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(U.S. dollars in
thousands, except for per share data)
|
(Unaudited)
|
|
|
|
Three months
ended
June 30,
|
Six months ended
June 30,
|
|
2023
|
2022
|
2023
|
2022
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
55,729
|
44,048
|
96,234
|
75,023
|
|
Adjustments required
to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
184
|
155
|
372
|
293
|
|
Share-based
compensation expenses
|
6,505
|
6,353
|
10,714
|
9,447
|
|
Allowance for doubtful
accounts
|
261
|
142
|
239
|
352
|
|
Loss on marketable
securities, net
|
-
|
23
|
-
|
37
|
|
Finance expenses
(income), net
|
(1,197)
|
851
|
(2,709)
|
941
|
|
Deferred income taxes,
net
|
43
|
169
|
62
|
147
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Increase in accounts
receivable
|
(7,949)
|
(8,247)
|
(5,708)
|
(4,294)
|
|
Increase in other
receivables
|
(3,791)
|
(398)
|
(4,020)
|
(1,593)
|
|
Decrease (increase) in
inventories
|
2,243
|
(4,660)
|
1,329
|
(8,734)
|
|
Increase (decrease) in
accounts payable
|
1,308
|
2,292
|
(2,947)
|
3,054
|
|
Increase (decrease) in
other liabilities
|
7,211
|
4,105
|
(15,832)
|
(770)
|
|
Increase (decrease) in
contract liabilities
|
(7,547)
|
2,148
|
(3,621)
|
4,931
|
|
Net cash provided by
operating activities
|
53,000
|
46,981
|
74,113
|
78,834
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
Investment in
short-term deposits
|
(100,000)
|
(22,500)
|
(106,000)
|
(45,611)
|
|
Proceeds from
short-term deposits
|
106,500
|
23,000
|
112,500
|
43,000
|
|
Purchase of fixed
assets
|
(194)
|
(561)
|
(535)
|
(860)
|
|
Purchase of marketable
securities
|
(54,190)
|
(17,545)
|
(172,542)
|
(38,754)
|
|
Proceeds from sale of
marketable securities
|
-
|
1,008
|
-
|
2,002
|
|
Proceeds from maturity
of marketable securities
|
60,891
|
14,224
|
152,028
|
25,157
|
|
Net cash provided by
(used in) investing activities
|
13,007
|
(2,374)
|
(14,549)
|
(15,066)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Repurchase of ordinary
shares
|
-
|
-
|
-
|
(42,637)
|
|
Exercise of
options
|
827
|
204
|
2,500
|
365
|
|
Net cash provided by
(used in) financing activities
|
827
|
204
|
2,500
|
(42,272)
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH
|
60
|
(1,077)
|
251
|
(1,228)
|
|
NET INCREASE IN CASH
AND CASH EQUIVALENTS
|
66,894
|
43,734
|
62,315
|
20,268
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
92,961
|
44,670
|
97,540
|
68,136
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
159,855
|
88,404
|
159,855
|
88,404
|
|
INMODE
LTD.
|
CONDENSED CONSOLIDATED
FINANCIAL HIGHLIGHTS
|
(U.S. dollars in
thousands, except for per share data)
|
(Unaudited)
|
|
|
Three months ended
June 30,
|
Six months ended
June 30,
|
2023
|
2022
|
2023
|
2022
|
Revenues by
Category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Equipment
revenues - United States
|
73,828
|
54 %
|
62,960
|
56 %
|
123,579
|
51 %
|
107,720
|
54 %
|
Capital Equipment
revenues - International
|
40,635
|
30 %
|
35,560
|
31 %
|
77,008
|
32 %
|
62,743
|
31 %
|
Total Capital
Equipment revenues
|
114,463
|
84 %
|
98,520
|
87 %
|
200,587
|
83 %
|
170,463
|
85 %
|
Consumables and service
revenues
|
21,618
|
16 %
|
15,027
|
13 %
|
41,568
|
17 %
|
29,005
|
15 %
|
Total Net
Revenue
|
136,081
|
100 %
|
113,547
|
100 %
|
242,155
|
100 %
|
199,468
|
100 %
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
Six months ended June 30,
|
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
|
86
|
73
|
81
|
84
|
74
|
80
|
88
|
74
|
83
|
84
|
72
|
79
|
Hands-Free
|
11
|
6
|
9
|
14
|
5
|
11
|
10
|
6
|
8
|
13
|
6
|
11
|
Non-Invasive
|
3
|
21
|
10
|
2
|
21
|
9
|
2
|
20
|
9
|
3
|
22
|
10
|
|
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
June 30, 2023
|
Three months ended
June 30, 2022
|
|
|
|
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
|
|
|
|
REVENUES
|
136,081
|
-
|
136,081
|
113,547
|
-
|
113,547
|
|
|
|
|
COST OF
REVENUES
|
22,054
|
(547)
|
21,507
|
18,946
|
(496)
|
18,450
|
|
|
|
|
GROSS
PROFIT
|
114,027
|
547
|
114,574
|
94,601
|
496
|
95,097
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
3,567
|
(757)
|
2,810
|
3,183
|
(866)
|
2,317
|
|
|
|
|
Sales and
marketing
|
51,059
|
(4,731)
|
46,328
|
39,653
|
(4,459)
|
35,194
|
|
|
|
|
General and
administrative
|
2,392
|
(470)
|
1,922
|
2,562
|
(532)
|
2,030
|
|
|
|
|
TOTAL OPERATING
EXPENSES
|
57,018
|
(5,958)
|
51,060
|
45,398
|
(5,857)
|
39,541
|
|
|
|
|
INCOME FROM
OPERATIONS
|
57,009
|
6,505
|
63,514
|
49,203
|
6,353
|
55,556
|
|
|
|
|
Finance income
(expense), net
|
4,445
|
-
|
4,445
|
(918)
|
-
|
(918)
|
|
|
|
|
INCOME BEFORE
TAXES
|
61,454
|
6,505
|
67,959
|
48,285
|
6,353
|
54,638
|
|
|
|
|
INCOME
TAXES
|
5,725
|
-
|
5,725
|
4,237
|
-
|
4,237
|
|
|
|
|
NET
INCOME
|
55,729
|
6,505
|
62,234
|
44,048
|
6,353
|
50,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER
SHARE:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.67
|
|
0.75
|
0.54
|
|
0.61
|
|
|
|
|
Diluted
|
0.65
|
|
0.72
|
0.52
|
|
0.59
|
|
|
|
|
WEIGHTED AVERAGE
NUMBER OF SHARES OUTSTANDING USED IN
COMPUTATION OF NET INCOME PER SHARE (in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Basic
|
83,405
|
|
83,405
|
82,216
|
|
82,216
|
|
|
|
|
Diluted
|
85,650
|
|
86,243
|
84,663
|
|
85,366
|
|
|
|
|
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)
|
|
Six months
ended June 30,
2023
|
Six months
ended June 30,
2022
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
REVENUES
|
242,155
|
-
|
242,155
|
199,468
|
-
|
199,468
|
COST OF
REVENUES
|
40,308
|
(901)
|
39,407
|
33,718
|
(810)
|
32,908
|
GROSS
PROFIT
|
201,847
|
901
|
202,748
|
165,750
|
810
|
166,560
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
Research and
development
|
6,669
|
(1,258)
|
5,411
|
5,998
|
(1,391)
|
4,607
|
Sales and
marketing
|
92,772
|
(7,769)
|
85,003
|
70,502
|
(6,354)
|
64,148
|
General and
administrative
|
4,400
|
(786)
|
3,614
|
5,039
|
(892)
|
4,147
|
TOTAL OPERATING
EXPENSES
|
103,841
|
(9,813)
|
94,028
|
81,539
|
(8,637)
|
72,902
|
INCOME FROM
OPERATIONS
|
98,006
|
10,714
|
108,720
|
84,211
|
9,447
|
93,658
|
Finance income
(expense),net
|
7,734
|
-
|
7,734
|
(539)
|
-
|
(539)
|
INCOME BEFORE
TAXES
|
105,740
|
10,714
|
116,454
|
83,672
|
9,447
|
93,119
|
INCOME
TAXES
|
9,506
|
-
|
9,506
|
8,649
|
-
|
8,649
|
NET
INCOME
|
96,234
|
10,714
|
106,948
|
75,023
|
9,447
|
84,470
|
|
|
|
|
|
|
|
NET INCOME PER
SHARE:
|
|
|
|
|
|
|
Basic
|
1.16
|
|
1.28
|
0.91
|
|
1.02
|
Diluted
|
1.12
|
|
1.24
|
0.88
|
|
0.98
|
WEIGHTED AVERAGE
NUMBER OF SHARES OUTSTANDING USED IN
COMPUTATION OF NET INCOME PER SHARE (in
thousands)
|
|
|
|
|
|
|
Basic
|
83,280
|
|
83,280
|
82,590
|
|
82,590
|
Diluted
|
85,579
|
|
86,062
|
85,236
|
|
85,786
|
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SOURCE InMode LTD