InMode Expects Record Third Quarter Results, Revenues Between $59.2-$59.5M, Non-GAAP Earnings per Diluted Share Between $0.60-$0.62; Increasing Full Year 2020 Revenue Guidance to $192-$195M

Rhea-AI Summary

InMode Ltd. (INMD) announced it will release third-quarter 2020 financial results on November 12, 2020. Preliminary results indicate record revenues between $59.2 million and $59.5 million and non-GAAP earnings per diluted share between $0.60 and $0.62. For the full year, revenue guidance is updated to a range of $192 million to $195 million.

This highlights InMode's robust performance driven by its innovative medical technologies, which the CEO claims are becoming the gold standard in minimally invasive surgical procedures.

Positive

• Record Q3 2020 revenues between $59.2 million and $59.5 million.
• Non-GAAP earnings per diluted share expected between $0.60 and $0.62.
• Increased full-year 2020 revenue guidance to $192 million - $195 million.
• High non-GAAP gross margin guidance of 84% to 86%.

Negative

• Potential risks related to the ongoing impact of COVID-19 on business operations.

YOKNEAM, Israel, Oct. 13, 2020 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies, announced today that it will release its financial results for the third quarter 2020 before the Nasdaq market opens on Thursday, November 12, 2020.

InMode is currently finalizing its financial results for the three months ended September 30, 2020. While complete financial information and operating data are not yet available, set forth below are certain preliminary results of InMode's financial results for such period, subject to final adjustments and other developments that may arise between now and the time such financial results are finalized. Based on preliminary results, management expects:

• Record revenues for the third quarter of 2020 in the range of $59.2 million to $59.5 million.
• Non-GAAP^[1] earnings per diluted share for the third quarter of 2020 in the range of $0.60 to $0.62.
• Revenue for the full year of 2020 in the range of $192 million to $195 million.
• Non-GAAP gross margin for the full year of 2020 in the range of 84% to 86%.

^[1] Please refer to "Use of Non-GAAP Financial Measure" below for important information about non-GAAP financial measures. Non-GAAP financial results exclude stock-based compensation and related tax adjustments.

"InMode has proven once again that its two main electro-surgical proprietary and unique technologies; minimally invasive and hands-free, are becoming the gold standard of the minimally invasive surgical procedures for a variety of medical indications," commented Moshe Mizrahy, InMode's CEO. "We expect the underlying interest in our differentiated product suite will continue to drive sales into the fourth quarter of 2020. As a result, we decided to increase our full year 2020 revenue guidance to $192-$195 million."

Members of InMode's management team will host a conference call to discuss the third quarter 2020 financial results on November 12, 2020, at 8:30 a.m. Eastern Time. The presenters include 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.

The Company encourages participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10148536/da3e5e2fe8. Callers will receive a unique dial-in upon registration, which enables immediate access on the day of the call. Participants may pre-register at any time, including up to and after the call start time.

For callers that opt out of pre-registration, please dial one of the following teleconferencing numbers. Please begin by placing your call ten 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: 1-866-777-2509
Israel Toll- Free: 1-80-921-2373
International: 1-412-317-5413 
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 November 12, 2020 at 12:00 p.m. Eastern Time to November 26, 2020 at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers: 

Replay U.S. TOLL-FREE: 1-877-344-7529 
Replay Canada TOLL-FREE: 855-669-9658
Replay TOLL/INTERNATIONAL: 1-412-317-0088 
Replay Pin Number: 10148536 

A replay will also be available for 90 days on InMode's website at https://inmodemd.com/investors/events-presentations/

About InMode 

InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radiofrequency ("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.

Use of Non-GAAP Financial Measure

This release includes an estimate of InMode's expected non-GAAP earnings per diluted share for the third quarter 2020. Because this financial measure is used in InMode's internal analysis of financial and operating performance, management believes that it provides greater transparency to investors of management's view of InMode's economic performance. Management also believes the presentation of this measure allows investors to more effectively evaluate and compare the performance of InMode to that of its peers, although InMode's presentation of this non-GAAP measure may not be comparable to other similarly-titled measures of other companies. InMode has not provided a reconciliation of non-GAAP earnings per diluted share to the corresponding GAAP financial measure on a forward-looking basis due to the potential variability, limited visibility and unpredictability.  See "Forward-Looking Statements" for additional information.

Forward-Looking Statements

This press release contains certain forward-looking statements. Words such as "expects" and "strives" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of InMode, including, without limitation, risks relating to the impact of the COVID-19 outbreak and the risk factors and other matters set forth in its Annual Report on Form F-20 for the year ended December 31, 2019 filed with the Securities and Exchange Commission on February 18, 2020. The COVID-19 outbreak has caused significant volatility and disruption in the financial markets both globally and in the United States. If COVID-19 continues to spread or the response to contain it is unsuccessful, InMode could experience material adverse effects on its business, financial condition, liquidity and results of operations. InMode undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Investor Relations Contact:

Miri Segal-Scharia
MS-IR LLC
ir@inmodemd.com
917-607-8654 

 

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SOURCE InMode Ltd.

FAQ

What are InMode's projected revenues for Q3 2020?

InMode projects revenues for Q3 2020 to be between $59.2 million and $59.5 million.

What is the expected non-GAAP earnings per diluted share for InMode in Q3 2020?

The expected non-GAAP earnings per diluted share for Q3 2020 is between $0.60 and $0.62.

What is InMode's updated revenue guidance for 2020?

InMode has increased its full-year 2020 revenue guidance to a range of $192 million to $195 million.

When will InMode release its Q3 2020 financial results?

InMode will release its Q3 2020 financial results before the market opens on November 12, 2020.