InMode Expects Third Quarter 2023 Revenue Between $122.8M-$123.0M, Lowering Full-Year 2023 Revenue Guidance to $500M-$510M vs. Original Estimates of $530M-$540M
- InMode expects revenue for Q3 2023 to be in the range of $122.8 million to $123.0 million, with a non-GAAP gross margin of 83% to 85%.
- Economic slowdown and financing constraints have impacted InMode's platform sales this year, leading to a downtick in sales activity worldwide.
Conference call to be held on Thursday, Nov. 2, 2023, at 8:30 a.m. Eastern Time
YOKNEAM,
InMode is currently finalizing its financial results for the three months ended Sept. 30, 2023. While complete financial information and operating data are not yet available, set forth below are certain preliminary financial results for such period, subject to final adjustments and further review as well as other developments that may arise between now and the time such financial results are finalized.
According to management, factors stemming from economic slowdown may impact InMode's platform sales this year. In part, this downtick constitutes a return to "normal" third-quarter seasonality, slower purchase decisions due to lower aesthetic activity during the summer. Moreover, constraints in financing of medical equipment, marked by higher interest rates, tighter leasing approval standards, and bottlenecks in loan processing, have also dampened InMode platform sales activity worldwide.
Based on these preliminary results, management expects:
- Revenue for the third quarter of 2023 to be in the range of
$122.8 million to$123.0 million - Non-GAAP earnings1 per diluted share for the third quarter of 2023 to be in the range of
$0.59 t o$0.60 - Revenue for the full year of 2023 to be in the range of
$500 million $510 million $530 million and$540 million - 1Non-GAAP gross margin for the third quarter of 2023 in the range of
83% to85%
1Please refer to "Use of Non-GAAP Financial Measures" below for important information about non-GAAP financial measures. Non-GAAP results exclude share-based compensation.
Members of InMode's management team will host a conference call to discuss the third quarter 2023 financial results on Thursday, Nov. 2, at 8:30 a.m. Eastern Time. Participants will include Moshe Mizrahy, Chairman and Chief Executive Officer; Dr. Michael Kreindel, co-founder, and Chief Technology Officer; Yair Malca, Chief Financial Officer; 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/10183086/fa97575b36
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 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.
Israel Toll-Free: 1-80-921-2373
International: 1-412-317-5736
Webcast URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=5EQBwtdf
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 Nov. 2, 2023, at 12:00 p.m. Eastern Time to Nov. 16, 2023, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:
Replay
Replay TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 2198302
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 and its wide array of medical technologies, 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.
Use of Non-GAAP Financial Measures
In addition to InMode's operating results presented in accordance with GAAP, this release includes 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 that they provide greater transparency to investors of management's 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 evaluate and compare the performance of InMode to that of its peers, although InMode's presentation of its non-GAAP measures may not be comparable to other similarly titled measures of other companies.
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
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