InMode Reports Fourth Quarter and Full Year 2024 Financial Results; Board of Directors Has Approved a New Share Repurchase Program
InMode (NASDAQ: INMD) reported Q4 2024 revenues of $97.9 million, down 23% from Q4 2023, and full-year 2024 revenues of $394.8 million, representing a 20% year-over-year decrease. The company's Q4 GAAP net income was $82.8 million ($1.14 per share), while non-GAAP net income was $31.1 million ($0.42 per share).
The company returned $285.4 million to shareholders through share repurchases in 2024, representing approximately 19% of share capital. The Board approved a new 10% share repurchase program, which combined with 2024 buybacks, represents about 27% of shares outstanding within a 15-month timeframe.
For 2025, InMode projects revenues between $395-405 million, with non-GAAP earnings per diluted share expected between $1.95-1.99. The company maintains a strong cash position of $596.5 million as of December 31, 2024.
InMode (NASDAQ: INMD) ha riportato ricavi nel quarto trimestre del 2024 pari a 97,9 milioni di dollari, con un calo del 23% rispetto al quarto trimestre del 2023. I ricavi totali per l'intero anno 2024 ammontano a 394,8 milioni di dollari, segnando una diminuzione del 20% rispetto all'anno precedente. Il reddito netto GAAP del quarto trimestre dell'azienda è stato di 82,8 milioni di dollari (1,14 dollari per azione), mentre il reddito netto non GAAP è stato di 31,1 milioni di dollari (0,42 dollari per azione).
L'azienda ha restituito 285,4 milioni di dollari agli azionisti attraverso riacquisti di azioni nel 2024, rappresentando circa il 19% del capitale azionario. Il Consiglio ha approvato un nuovo programma di riacquisto di azioni del 10%, che, combinato con i riacquisti del 2024, rappresenta circa il 27% delle azioni in circolazione nell'arco di 15 mesi.
Per il 2025, InMode prevede ricavi compresi tra 395 e 405 milioni di dollari, con utili non GAAP per azione diluita attesi tra 1,95 e 1,99 dollari. L'azienda mantiene una solida posizione di liquidità di 596,5 milioni di dollari al 31 dicembre 2024.
InMode (NASDAQ: INMD) reportó ingresos del cuarto trimestre de 2024 de 97,9 millones de dólares, una disminución del 23% en comparación con el cuarto trimestre de 2023. Los ingresos totales para el año completo 2024 fueron de 394,8 millones de dólares, lo que representa una disminución del 20% en comparación con el año anterior. El ingreso neto GAAP del cuarto trimestre de la compañía fue de 82,8 millones de dólares (1,14 dólares por acción), mientras que el ingreso neto no GAAP fue de 31,1 millones de dólares (0,42 dólares por acción).
La empresa devolvió 285,4 millones de dólares a los accionistas a través de recompras de acciones en 2024, lo que representa aproximadamente el 19% del capital accionario. La Junta aprobó un nuevo programa de recompra de acciones del 10%, que combinado con las compras de 2024, representa alrededor del 27% de las acciones en circulación en un plazo de 15 meses.
Para 2025, InMode proyecta ingresos entre 395 y 405 millones de dólares, con ganancias no GAAP por acción diluida esperadas entre 1,95 y 1,99 dólares. La compañía mantiene una sólida posición de liquidez de 596,5 millones de dólares al 31 de diciembre de 2024.
InMode (NASDAQ: INMD)는 2024년 4분기 매출이 9,790만 달러로 2023년 4분기 대비 23% 감소했다고 보고했습니다. 2024년 전체 연도 매출은 3억 9,480만 달러로 전년 대비 20% 감소하였습니다. 회사의 4분기 GAAP 순이익은 8,280만 달러(주당 1.14달러)였으며, 비-GAAP 순이익은 3,110만 달러(주당 0.42달러)였습니다.
회사는 2024년 주식 재매입을 통해 주주에게 2억 8,540만 달러를 반환했으며, 이는 약 19%의 주식 자본을 나타냅니다. 이사회는 10% 주식 재매입 프로그램을 승인하였으며, 이는 2024년 재매입분과 합쳐서 15개월 이내에 약 27%의 유통 주식을 차지합니다.
2025년을 위해 InMode는 3억 9,500만에서 4억 500만 달러 사이의 매출을 예상하며, 희석 주당 비-GAAP 수익은 1.95달러에서 1.99달러 사이로 예상하고 있습니다. 회사는 2024년 12월 31일 현재 5억 9,650만 달러의 강력한 현금 위치를 유지하고 있습니다.
InMode (NASDAQ: INMD) a rapporté des revenus de 97,9 millions de dollars pour le quatrième trimestre 2024, en baisse de 23 % par rapport au quatrième trimestre 2023. Les revenus annuels pour 2024 s'élèvent à 394,8 millions de dollars, représentant une diminution de 20 % par rapport à l'année précédente. Le résultat net GAAP du quatrième trimestre de la société s'élevait à 82,8 millions de dollars (1,14 dollar par action), tandis que le résultat net non-GAAP était de 31,1 millions de dollars (0,42 dollar par action).
La société a restitué 285,4 millions de dollars aux actionnaires par le biais de rachats d'actions en 2024, représentant environ 19 % du capital social. Le Conseil a approuvé un nouveau programme de rachat d'actions de 10 %, qui, combiné avec les rachats de 2024, représente environ 27 % des actions en circulation sur une période de 15 mois.
Pour 2025, InMode prévoit des revenus compris entre 395 et 405 millions de dollars, avec des bénéfices non-GAAP par action diluée attendus entre 1,95 et 1,99 dollar. L'entreprise maintient une solide position de liquidités de 596,5 millions de dollars au 31 décembre 2024.
InMode (NASDAQ: INMD) hat für das vierte Quartal 2024 einen Umsatz von 97,9 Millionen Dollar gemeldet, was einem Rückgang von 23 % im Vergleich zum vierten Quartal 2023 entspricht. Der Umsatz für das gesamte Jahr 2024 betrug 394,8 Millionen Dollar, was einem Rückgang von 20 % im Jahresvergleich entspricht. Der GAAP-Nettoeinkommen des Unternehmens im vierten Quartal betrug 82,8 Millionen Dollar (1,14 Dollar pro Aktie), während das non-GAAP-Nettoeinkommen bei 31,1 Millionen Dollar (0,42 Dollar pro Aktie) lag.
Das Unternehmen gab 285,4 Millionen Dollar an die Aktionäre durch Aktienrückkäufe im Jahr 2024 zurück, was ungefähr 19 % des Aktienkapitals entspricht. Der Vorstand genehmigte ein neues Aktienrückkaufprogramm von 10 %, das zusammen mit den Rückkäufen im Jahr 2024 etwa 27 % der ausgegebenen Aktien innerhalb eines Zeitrahmens von 15 Monaten darstellt.
Für 2025 prognostiziert InMode Einnahmen zwischen 395 und 405 Millionen Dollar, wobei die non-GAAP-Ergebnisse pro verwässerter Aktie zwischen 1,95 und 1,99 Dollar liegen sollen. Das Unternehmen hat zum 31. Dezember 2024 eine starke Liquiditätsposition von 596,5 Millionen Dollar.
- Strong cash position of $596.5 million
- Significant capital return to shareholders through $285.4 million in share repurchases
- New 10% share repurchase program approved
- High gross margins maintained at 79-80%
- Q4 2024 revenue declined 23% to $97.9 million
- Full-year 2024 revenue decreased 20% to $394.8 million
- Q4 non-GAAP operating margin dropped to 32% from 45% in Q4 2023
- Consumables and service revenue decreased 3% in Q4 2024
- Non-GAAP EPS declined to $1.76 in 2024 from $2.57 in 2023
Insights
InMode's Q4 and FY2024 results paint a complex picture of a company navigating significant industry headwinds while maintaining an aggressive capital return strategy. The 23% YoY revenue decline to
The company's capital allocation strategy is particularly noteworthy. The combination of completed and newly announced share repurchases would reduce outstanding shares by
Several key financial metrics warrant attention:
- Gross margin compression from
84% to79% indicates pricing pressures and potential market saturation - Operating margin decline to
28% reflects higher sales and marketing investments needed to maintain market position - The substantial
$203 million federal tax loss carryforward, primarily from stock option exercises, provides significant future tax benefits
The 2025 guidance of
The release of the valuation allowance resulting in a
Quarterly GAAP revenues of $97.9 million and full year revenue of
Returned
Together with new
YOKNEAM,
Fourth Quarter 2024 Highlights:
- Quarterly GAAP revenues of
$97.9 million $126.8 million - Quarterly revenues from consumables and service of
$19.9 million 3% compared to the fourth quarter of 2023. - GAAP operation income of
$27.9 million $31.3 million - Returned
$119.8 million - Total cash position of
$596.5 million
Full Year 2024 Highlights:
- Full year revenues of
$394.8 million 20% . - Full year revenues from consumables and service of
$79.3 million 1% compared to 2023. - GAAP operation income of
$112.5 million $195.7 million $129.1 million $219.3 million - Returned
$285.4 million
( | ||||
Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | |
Revenues | 394,818 | |||
Gross Margins | 79 % | 84 % | 80 % | 84 % |
Net Income | ||||
Earnings per Diluted Share | ||||
*Non-GAAP Results ( | ||||
Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | |
Gross Margins | 80 % | 84 % | 81 % | 84 % |
Net Income | ||||
Earnings per Diluted Share | ||||
*Please refer to "Use of non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between
Management Comments
"While we have a solid market position, our fourth quarter results were impacted by stronger than expected headwinds in the aesthetics industry that were intensified by broader macroeconomic challenges," said Moshe Mizrahy, Chief Executive Officer of InMode. "We have taken decisive actions to navigate this environment, and also ensure we're well positioned to benefit when market conditions recover. To that end, we remain committed to leading through innovation. Our recently launched Ignite and OptimasMAX platforms are in the early stages of generating revenue, and we expect to see greater traction from customers as the year progresses. In 2025, we also plan to launch two new platforms targeting the medical aesthetic and wellness markets, where we see opportunity. Thanks to the efforts of our global team, we remain steadfast in delivering excellent support and innovative technologies to our customers."
Yair Malca, Chief Financial Officer of InMode, added, "The strength of our balance sheet provides us the financial flexibility to evaluate the optimal path to allocate capital to drive enhanced shareholder value. We are pleased to report that during the fourth quarter of 2024, we completed our fourth share repurchase program that was originally announced in September 2024, repurchasing 7.68 million shares for
On February 3rd, our Board of Directors approved another tax-efficient share repurchase program of up to
Given the strength of our free cash flow and confidence in our business, we are also exploring, in consultation with financial, legal and tax advisors, returning significant additional capital by the end of the year to create further shareholder value. We will continue to carefully review and evaluate our approach to capital allocation, with a focus on ensuring we deliver enhanced value for all shareholders and will continue our dialogue with shareholders on this important process."
Fourth Quarter and Full Year 2024 Financial Results
Total GAAP revenues for the fourth quarter of 2024 were
GAAP gross margin for the fourth quarter of 2024 was
GAAP operating margin for the fourth quarter of 2024 was
InMode reported GAAP net income of
As of December 31, 2024, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of
As of December 31, 2024, the Company's
2025 Financial Outlook
Management provided an outlook for the full year of 2025 ending December 31, 2025. Based on our current estimates, management expects:
- Revenues between
$395 $405 million - *Non-GAAP gross margin between
80% and82% - *Non-GAAP income from operations to be between
$130 million $135 million - *Non-GAAP earnings per diluted share between
$1.95 $1.99
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
However, these estimates are based on management's current estimates, which may be updated.
The Current Situation in
Regarding the current situation in
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, 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, Chief Executive Officer, Dr. Michael Kreindel, Co-Founder and Chief Technology Officer and Mr. Yair Malca, Chief Financial Officer, will host a conference call today, February 4, 2025, at 8:30 a.m. Eastern Time to discuss the fourth quarter and full year 2024 financial results.
The Company encourages participants to pre-register for the conference call using the following link:
https://dpregister.com/sreg/10195703/fe3de01ec4.
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.
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=4AkhyaPz
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific 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 February 4, 2025, at 12 p.m. Eastern Time to February 13, 2025, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:
Replay Dial-in
Replay Dial-in Canada TOLL-FREE: 855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 4023671
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 2025 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 04, 2025, 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 Email: ir@inmodemd.com
|
INMODE LTD. | |||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||
( | |||||
(Unaudited) | |||||
Three months ended | Year Ended December 31, | ||||
2024 | 2023 | 2024 | 2023 | ||
REVENUES | 97,853 | 126,781 | 394,818 | 492,048 | |
COST OF REVENUES | 20,216 | 20,264 | 77,752 | 80,708 | |
GROSS PROFIT | 77,637 | 106,517 | 317,066 | 411,340 | |
OPERATING EXPENSES: | |||||
Research and development | 2,667 | 3,473 | 13,137 | 13,410 | |
Sales and marketing | 44,653 | 49,451 | 181,366 | 193,042 | |
General and administrative | 2,453 | 2,349 | 10,032 | 9,228 | |
TOTAL OPERATING EXPENSES | 49,773 | 55,273 | 204,535 | 215,680 | |
OPERATIONS INCOME | 27,864 | 51,244 | 112,531 | 195,660 | |
Finance income, net | 4,346 | 8,920 | 30,938 | 21,607 | |
INCOME BEFORE INCOME TAXES | 32,210 | 60,164 | 143,469 | 217,267 | |
INCOME TAXES BENEFIT (EXPENSES) | 50,561 | (4,999) | 37,806 | (19,348) | |
NET INCOME | 82,771 | 55,165 | 181,275 | 197,919 | |
EARNINGS PER SHARE: | |||||
Basic | 1.15 | 0.66 | 2.29 | 2.37 | |
Diluted | 1.14 | 0.64 | 2.25 | 2.30 | |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands) | |||||
Basic | 71,874 | 83,862 | 79,306 | 83,534 | |
Diluted | 72,787 | 85,835 | 80,597 | 85,954 | |
INMODE LTD. | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
( | ||
(Unaudited) | ||
December 31, 2024 | December 31, 2023 | |
Assets | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 155,329 | 144,411 |
Marketable securities (amortized cost of | 267,688 | 373,647 |
Short-term bank deposits | 173,455 | 223,547 |
Accounts receivable, net of allowance for credit losses of | 36,335 | 42,362 |
Prepaid expense and other receivables | 22,097 | 16,268 |
Inventories | 59,548 | 45,095 |
TOTAL CURRENT ASSETS | 714,452 | 845,330 |
NON-CURRENT ASSETS: | ||
Accounts receivable, net of allowance for credit losses of | 3,176 | 3,670 |
Deferred income tax asset | 56,285 | 1,506 |
Operating lease right-of-use assets | 8,732 | 9,698 |
Property and equipment, net | 2,322 | 2,382 |
Other investments | 700 | 700 |
TOTAL NON-CURRENT ASSETS | 71,215 | 17,956 |
TOTAL ASSETS | 785,667 | 863,286 |
Liabilities and shareholders' equity | ||
CURRENT LIABILITIES: | ||
Accounts payable | 13,782 | 13,966 |
Contract liabilities | 16,755 | 10,923 |
Other liabilities | 39,314 | 39,247 |
TOTAL CURRENT LIABILITIES | 69,851 | 64,136 |
NON-CURRENT LIABILITIES: | ||
Contract liabilities | 3,336 | 3,766 |
Other liabilities | 3,356 | 1,399 |
Operating lease liabilities | 5,311 | 6,613 |
TOTAL NON-CURRENT LIABILITIES | 12,003 | 11,778 |
TOTAL LIABILITIES | 81,854 | 75,914 |
TOTAL SHAREHOLDERS' EQUITY | 703,813 | 787,372 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 785,667 | 863,286 |
INMODE LTD. | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
( | ||||||
(Unaudited) | ||||||
Three months ended | Year Ended | |||||
2024 | 2023 | 2024 | 2023 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net income | 82,771 | 55,165 | 181,275 | 197,919 | ||
Adjustments required to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 248 | 122 | 728 | 623 | ||
Share-based compensation expenses | 3,447 | 6,322 | 16,569 | 23,600 | ||
Change in allowance for credit losses of trade receivable | 158 | 355 | 572 | 1,020 | ||
Loss (Gain) on marketable securities, net | (3) | - | 167 | - | ||
Finance expenses (income), net | 1,533 | (1,581) | (4,401) | (4,714) | ||
Deferred income tax assets, net | (55,121) | (30) | (55,179) | (184) | ||
Changes in operating assets and liabilities: | ||||||
Decrease (increase) in accounts receivable (current and non-current) | 4,025 | 377 | 5,949 | (16,084) | ||
Decrease (increase) in other receivables | 1,879 | 3,143 | (5,698) | (2,224) | ||
Increase in inventories | (1,264) | (5,106) | (14,453) | (5,198) | ||
Increase (decrease) in accounts payable | (531) | 1,633 | (184) | (2,276) | ||
Increase (decrease) in other liabilities | (4,243) | 204 | 1,917 | (12,588) | ||
Increase (decrease) in contract liabilities (current and non-current) | (457) | 562 | 5,402 | (3,068) | ||
Net cash provided by operating activities | 32,442 | 61,166 | 132,664 | 176,826 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Investment in short-term deposits | (3,500) | (67,101) | (168,187) | (233,241) | ||
Proceeds from short-term deposits | 67,100 | - | 218,740 | 85,090 | ||
Purchase of fixed assets | (234) | (21) | (669) | (705) | ||
Other investments | - | (100) | - | (100) | ||
Purchase of marketable securities | (59,708) | (52,527) | (336,221) | (245,337) | ||
Proceeds from sale of marketable securities | 21,146 | 5,000 | 90,754 | 5,000 | ||
Proceeds from maturity of marketable securities | 53,012 | 63,159 | 357,789 | 253,229 | ||
Net cash provided by (used in) investing activities | 77,816 | (51,590) | 162,206 | (136,064) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Repurchase of ordinary shares | (119,849) | - | (285,385) | - | ||
Exercise of options | 1,420 | 275 | 2,614 | 5,504 | ||
Net cash provided by (used in) financing activities | (118,429) | 275 | (282,771) | 5,504 | ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (1,338) | 827 | (1,181) | 605 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (9,509) | 10,678 | 10,918 | 46,871 | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 164,838 | 133,733 | 144,411 | 97,540 | ||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 155,329 | 144,411 | 155,329 | 144,411 | ||
INMODE LTD. | |||||||||||
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||||||||
( | |||||||||||
(Unaudited) | |||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Revenues by Category: | |||||||||||
Capital Equipment revenues - | 53,128 | 55 % | 69,253 | 55 % | 204,520 | 52 % | 260,801 | 53 % | |||
Capital Equipment revenues - International | 24,836 | 25 % | 37,004 | 29 % | 111,027 | 28 % | 151,288 | 31 % | |||
Total Capital Equipment revenues | 77,964 | 80 % | 106,257 | 84 % | 315,547 | 80 % | 412,089 | 84 % | |||
Consumables and service revenues | 19,889 | 20 % | 20,524 | 16 % | 79,271 | 20 % | 79,959 | 16 % | |||
Total Revenue | 97,853 | 100 % | 126,781 | 100 % | 394,818 | 100 % | 492,048 | 100 % | |||
Three months ended December 31, | Year ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
% | % | % | % | |||||||||
International | Total | International | Total | International | Total | International | Total | |||||
Revenues by Technology: | ||||||||||||
Minimal-Invasive | 93 | 76 | 86 | 84 | 80 | 83 | 92 | 80 | 87 | 86 | 77 | 83 |
Hands-Free | 5 | 3 | 5 | 12 | 4 | 9 | 6 | 3 | 5 | 11 | 5 | 8 |
Non-Invasive | 2 | 21 | 9 | 4 | 16 | 8 | 2 | 17 | 8 | 3 | 18 | 9 |
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 | |||||||
( | |||||||
(Unaudited) | |||||||
Three months ended December 31, 2024 |
Three months ended December 31, 2023 | ||||||
GAAP |
Share Based |
Tax benefit (1) |
Non-GAAP |
GAAP |
Share Based |
Non-GAAP | |
REVENUES | 97,853 | - | - | 97,853 | 126,781 | - | 126,781 |
COST OF REVENUES | 20,216 | (472) | - | 19,744 | 20,264 | (573) | 19,691 |
GROSS PROFIT | 77,637 | 472 | - | 78,109 | 106,517 | 573 | 107,090 |
OPERATING EXPENSES: | |||||||
Research and development | 2,667 | (300) | - | 2,367 | 3,473 | (665) | 2,808 |
Sales and marketing | 44,653 | (2,360) | - | 42,293 | 49,451 | (4,611) | 44,840 |
General and administrative | 2,453 | (315) | - | 2,138 | 2,349 | (473) | 1,876 |
TOTAL OPERATING |
49,773 |
(2,975) |
- |
46,798 |
55,273 | (5,749) | 49,524 |
OPERATIONS INCOME | 27,864 | 3,447 | - | 31,311 | 51,244 | 6,322 | 57,566 |
Finance income, net | 4,346 | - | - | 4,346 | 8,920 | - | 8,920 |
INCOME BEFORE INCOME TAXES | 32,210 | 3,447 | - | 35,657 | 60,164 | 6,322 | 66,486 |
INCOME TAXES BENEFIT (EXPENSES) |
50,561 |
- |
(55,137) |
(4,576) |
(4,999) | - | (4,999) |
NET INCOME | 82,771 | 3,447 | (55,137) | 31,081 | 55,165 | 6,322 | 61,487 |
EARNINGS PER SHARE: | |||||||
Basic |
1.15 |
0.43 |
0.66 | 0.73 | |||
Diluted | 1.14 | 0.42 | 0.64 | 0.71 | |||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands) | |||||||
Basic | 71,874 | 71,874 | 83,862 | 83,862 | |||
Diluted | 72,787 | 73,139 | 85,835 | 86,196 | |||
(1) Tax benefit recorded during the year ended December 31, 2024, as a result of a release of valuation allowance on our deferred tax assets in
Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||
GAAP | Share Based |
Tax benefit (1) | Non-GAAP | GAAP | Share Based | Non-GAAP | |
REVENUES | 394,818 | - | - | 394,818 | 492,048 | - | 492,048 |
COST OF REVENUES | 77,752 | (1,833) | - | 75,919 | 80,708 | (2,046) | 78,662 |
GROSS PROFIT | 317,066 | 1,833 | - | 318,899 | 411,340 | 2,046 | 413,386 |
OPERATING EXPENSES: | |||||||
Research and development | 13,137 | (2,177) | - | 10,960 | 13,410 | (2,652) | 10,758 |
Sales and marketing | 181,366 | (11,367) | 169,999 | 193,042 | (17,167) | 175,875 | |
General and administrative | 10,032 | (1,192) | - | 8,840 | 9,228 | (1,735) | 7,493 |
TOTAL OPERATING | 204,535 | (14,736) |
- | 189,799 | 215,680 | (21,554) |
194,126 |
OPERATIONS INCOME | 112,531 | 16,569 | - | 129,100 | 195,660 | 23,600 |
219,260 |
Finance income, net | 30,938 | - | - | 30,938 | 21,607 | - | 21,607 |
INCOME BEFORE INCOME TAXES | 143,469 | 16,569 | - | 160,038 | 217,267 | 23,600 | 240,867 |
INCOME TAXES BENEFIT (EXPENSES) | 37,806 | - |
(55,137) | (17,331) | (19,348) | - | (19,348) |
NET INCOME | 181,275 | 16,569 | (55,137) | 142,707 | 197,919 | 23,600 | 221,519 |
EARNINGS PER | |||||||
Basic | 2.29 | 1.80 | 2.37 | 2.65 | |||
Diluted | 2.25 | 1.76 | 2.30 | 2.57 | |||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands) | |||||||
Basic | 79,306 | 79,306 | 83,534 | 83,534 | |||
Diluted | 80,597 | 80,943 | 85,954 | 86,177 | |||
(1) Tax benefit recorded during the year ended December 31, 2024, as a result of a release of valuation allowance on our deferred tax assets in
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SOURCE InMode LTD.
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