InMode Reports Record Third Quarter 2021 Financial Results: Quarterly Revenue of $94.2M, 58% Year-Over-Year Growth; GAAP Net Income of $44.7M, 87% increase compared to Q3 2020
InMode Ltd. (Nasdaq: INMD) reported record revenues of $94.2 million for Q3 2021, a 58% increase from Q3 2020. The company's GAAP net income reached $44.7 million, resulting in a GAAP diluted EPS of $0.52, up from $0.28 a year prior. Non-GAAP net income was $47.9 million, with an EPS of $0.55. The company has a total cash position of $387.4 million as of September 30, 2021. Looking ahead, InMode projects 2021 revenues between $343 million and $347 million.
- Record Q3 2021 revenues of $94.2 million, a 58% year-over-year increase.
- GAAP net income reached $44.7 million, a significant increase from Q3 2020.
- Non-GAAP diluted EPS rose to $0.55, compared to $0.31 in the previous year.
- Total cash position of $387.4 million as of September 30, 2021.
- International revenues grew 68% year-over-year.
- Management expects 2021 revenue guidance of $343 million to $347 million.
- None.
YOKNEAM, Israel, Oct. 26, 2021 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the third quarter ended September 30, 2021.
Third Quarter 2021 Highlights:
- Record quarterly revenues of
$94.2 million , an increase of58% compared to the third quarter of 2020: InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented73% of quarterly revenues, while18% came from InMode's hands-free platforms and9% from InMode's traditional laser and non-invasive RF platforms - Record GAAP net income of
$44.7 million , compared to$23.9 million in the third quarter of 2020; *non-GAAP net income of$47.9 million , compared to$26.6 million in the third quarter of 2020 - Record GAAP diluted earnings per share(1) of
$0.52 , compared to$0.28 in the third quarter of 2020; *non-GAAP diluted earnings per share(1) of$0.55 , compared to$0.31 in the third quarter of 2020 - Total cash position of
$387.4 million as of September 30, 2021, 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) | ||
Q3 2021 | Q3 2020 | |
Revenues | ||
Gross Margins | ||
Net Income Attributable to InMode Ltd. | ||
Earnings per Diluted Share(1) | ||
*Non-GAAP Results (U.S. dollars in thousands, except for per share data) | ||
Q3 2021 | Q3 2020 | |
Gross Margins | ||
Net Income Attributable to InMode Ltd. | ||
Earnings per Diluted Share(1) | ||
*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 and related tax adjustments.
(1) The GAAP and non-GAAP earnings per diluted share have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares that occurred pursuant to a resolution of our board of directors dated September 14, 2021.
Management Comments
"We are very pleased to announce another quarter of record results, solid growth and success with our latest product launches," said Moshe Mizrahy, CEO of InMode. "InMode is continuing its global expansion and is examining establishing a new subsidiary in another major European country. During what is normally a slower summer quarter, sales of hands-free devices very nearly matched the prior quarter. And our advancement into the women's health space was off to a promising start with its inaugural roll-out in the U.S."
"Early in the third quarter, we delivered two new platforms to the market, EmpowerRF and EvolveX. As we have done so far, we will continue to deliver two new platforms every year to maintain our position in the aesthetic market and expand our business by delivering innovative technologies in new medical applications," commented Dr. Michael Kreindel, CTO and co-founder of InMode.
"Following the launch of EmpowerRF in the U.S. focused on early adopters, urogynecologists, we are encouraged by the positive feedback that we received so far, and we plan to progress gradually as more and more gynecologists will adopt our unique technology," said Dr. Spero Theodorou, InMode's Chief Medical Officer.
"This was another record revenue quarter in the U.S, supported by our renowned education initiatives and continued expansion. Our workshop attendance reached an all-time high, a solid indication of market demand, physicians' interest, and the trust in our technologies," stated Shakil Lakhani, President of InMode North America.
Third Quarter 2021 Financial Results
Total revenues for the third quarter of 2021 reached
GAAP gross margin for the third quarter of 2021 was
GAAP operating margin for the third quarter of 2021 was
InMode reported GAAP net income attributable to InMode Ltd. of
2021 Financial Outlook
Management provided an outlook for the full year of 2021, the period ending December 31, 2021. Based on current estimates, management expects:
- Revenues between
$343 million and$347 million - *Non-GAAP gross margin between
84% and86% - *Non-GAAP income from operations between
$165 million and$167 million - *Non-GAAP earnings per diluted share(1) between
$1.91 and$1.93
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 and related tax adjustments.
(1) The GAAP and non-GAAP earnings per diluted share have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated September 14, 2021.
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 more effectively 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. 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, October 26, 2021, at 8:30 a.m. Eastern Time to discuss the third quarter 2021 financial results.
The Company encourages participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10157922/ea04627326
Callers will receive a unique dial-in 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 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.
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
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 October 26, 2021, at 12 p.m. Eastern Time to November 9, 2021, 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: 10157922
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 "2021 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, strategy 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 10, 2021, 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 | Nine months ended | |||
2021 | 2020 | 2021 | 2020 | |
REVENUES | 94,176 | 59,714 | 247,025 | 130,920 |
COST OF REVENUES | 13,943 | 9,395 | 36,745 | 20,274 |
GROSS PROFIT | 80,233 | 50,319 | 210,280 | 110,646 |
OPERATING EXPENSES: | ||||
Research and development | 2,248 | 1,959 | 7,004 | 7,207 |
Sales and marketing | 30,835 | 23,758 | 84,067 | 61,293 |
General and administrative | 2,132 | 1,309 | 5,884 | 4,745 |
TOTAL OPERATING EXPENSES | 35,215 | 27,026 | 96,955 | 73,245 |
INCOME FROM OPERATIONS | 45,018 | 23,293 | 113,325 | 37,401 |
Finance income (expenses), net | (65) | 798 | 407 | 2,063 |
INCOME BEFORE TAXES | 44,953 | 24,091 | 113,732 | 39,464 |
INCOME TAXES | 235 | 207 | 1,343 | 509 |
NET INCOME | 44,718 | 23,884 | 112,389 | 38,955 |
Add: Loss (net income) attributable to non-controlling interests | - | 11 | (103) | (39) |
NET INCOME ATTRIBUTABLE TO INMODE LTD. | 44,718 | 23,895 | 112,286 | 38,916 |
NET INCOME PER SHARE (1): | ||||
Basic | 0.54 | 0.33 | 1.39 | 0.55 |
Diluted | 0.52 | 0.28 | 1.31 | 0.46 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1) | ||||
Basic | 82,705 | 73,395 | 80,843 | 71,084 |
Diluted | 86,264 | 84,165 | 85,802 | 83,788 |
(1) The number of shares have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated September 14, 2021.
INMODE LTD. | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(U.S. dollars in thousands, except for per share data) | ||
(Unaudited) | ||
September 30, 2021 | December 31, 2020 | |
Assets | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 68,928 | 68,938 |
Marketable securities | 265,262 | 142,007 |
Short-term bank deposits | 53,221 | 49,589 |
Accounts receivable, net of allowance for doubtful accounts | 22,629 | 10,499 |
Other receivables | 10,770 | 3,575 |
Inventories | 19,178 | 14,983 |
TOTAL CURRENT ASSETS | 439,988 | 289,591 |
NON-CURRENT ASSETS: | ||
Accounts receivable | 450 | 477 |
Other receivables | - | 2,894 |
Deferred income taxes, net | 607 | 64 |
Operating lease right-of-use assets | 4,652 | 1,153 |
Property and equipment, net | 1,361 | 982 |
Other investments | 600 | 600 |
TOTAL NON-CURRENT ASSETS | 7,670 | 6,170 |
TOTAL ASSETS | 447,658 | 295,761 |
Liabilities and shareholders' equity | ||
CURRENT LIABILITIES: | ||
Accounts payable | 8,884 | 6,410 |
Contract liabilities | 12,804 | 11,900 |
Other liabilities | 32,183 | 16,720 |
TOTAL CURRENT LIABILITIES | 53,871 | 35,030 |
NON-CURRENT LIABILITIES: | ||
Contract liabilities | 2,279 | 1,988 |
Other liabilities | 3,936 | 2,910 |
Operating lease liabilities | 3,546 | 358 |
TOTAL NON-CURRENT LIABILITIES | 9,761 | 5,256 |
TOTAL LIABILITIES | 63,632 | 40,286 |
TOTAL SHAREHOLDERS' EQUITY | 384,026 | 255,475 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 447,658 | 295,761 |
INMODE LTD. | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(U.S. dollars in thousands, except for per share data) | |||||
(Unaudited) | |||||
Three months ended | Nine months ended | ||||
2021 | 2020 | 2021 | 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income | 44,718 | 23,884 | 112,389 | 38,955 | |
Adjustments required to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 136 | 108 | 378 | 307 | |
Share-based compensation expenses | 3,192 | 2,404 | 8,838 | 9,614 | |
Allowance for doubtful accounts | 48 | - | 375 | 466 | |
Loss on marketable securities, net | 26 | 11 | 33 | 2 | |
Finance expenses (income), net | 789 | (279) | 1,598 | (11) | |
Deferred income taxes, net | (189) | 347 | (391) | 1,173 | |
Changes in operating assets and liabilities: | |||||
Increase in accounts receivable | (4,403) | (7,628) | (12,478) | (10,083) | |
Decrease (increase) in other receivables | (4,101) | 537 | (4,418) | (960) | |
Decrease (increase) in inventories | (1,784) | 1,356 | (4,195) | (5,463) | |
Increase in accounts payable | 1,161 | 257 | 2,474 | 581 | |
Increase in other liabilities | 11,157 | 4,187 | 16,194 | 4,717 | |
Increase (decrease) in contract liabilities | (277) | 5,010 | 1,195 | (1,660) | |
Net cash provided by operating activities | 50,473 | 30,194 | 121,992 | 37,638 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Investment in short-term deposits | (25,090) | (18,090) | (66,090) | (49,699) | |
Proceeds from short-term deposits | 24,090 | 6,720 | 62,180 | 34,810 | |
Purchase of fixed assets | (254) | (103) | (757) | (428) | |
Purchase of marketable securities | (77,547) | (41,085) | (203,274) | (119,394) | |
Proceeds from sale of marketable securities | 30,660 | 25,500 | 78,642 | 117,786 | |
Net cash (used in) investing activities | (48,141) | (27,058) | (129,299) | (16,925) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Repurchase of ordinary shares | - | - | (11,921) | - | |
Exercise of options | 5,200 | 698 | 19,803 | 3,248 | |
Net cash provided by financing activities | 5,200 | 698 | 7,882 | 3,248 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (376) | 234 | (585) | 147 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 7,156 | 4,068 | (10) | 24,108 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 61,772 | 64,767 | 68,938 | 44,727 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 68,928 | 68,835 | 68,928 | 68,835 | |
INMODE LTD. | ||||||||||
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS | ||||||||||
(U.S. dollars in thousands, except for per share data) | ||||||||||
(Unaudited) | ||||||||||
Three months ended September 30, | Nine months ended September 30, | Year ended December 31, | ||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||
Revenues by Geography: | ||||||||||
United States | 62,613 | 40,880 | 163,048 | 95,763 | 149,488 | |||||
International | 31,563 | 18,834 | 83,977 | 35,157 | 56,619 | |||||
Total Net Revenue | 94,176 | 59,714 | 247,025 | 130,920 | 206,107 | |||||
Three months ended September 30, | Nine months ended September 30, | Year ended December 31, | ||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||
Revenues by Category: | ||||||||||
Capital equipment revenues | 85,067 | 54,305 | 220,644 | 116,862 | 185,320 | |||||
Consumables and service revenues | 9,109 | 5,409 | 26,381 | 14,058 | 20,787 | |||||
Total Net Revenue | 94,176 | 59,714 | 247,025 | 130,920 | 206,107 | |||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
% | % | % | % | |||||||||
United States | International | Total | United States | International | Total | United States | International | Total | United States | International | Total | |
Revenues by | ||||||||||||
Minimally Invasive | 73 | 73 | 73 | 54 | 70 | 59 | 70 | 74 | 71 | 56 | 72 | 60 |
Hands-Free | 25 | 5 | 18 | 43 | 13 | 34 | 28 | 7 | 21 | 42 | 10 | 34 |
Non-Invasive | 2 | 22 | 9 | 3 | 17 | 7 | 2 | 19 | 8 | 2 | 18 | 6 |
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 September 30, 2021 | Three months ended September 30, 2020 | |||||
GAAP | Share Based | Non-GAAP | GAAP | Share Based | Non-GAAP | |
REVENUES | 94,176 | - | 94,176 | 59,714 | - | 59,714 |
COST OF REVENUES | 13,943 | (301) | 13,642 | 9,395 | (155) | 9,240 |
GROSS PROFIT | 80,233 | 301 | 80,534 | 50,319 | 155 | 50,474 |
OPERATING EXPENSES: | ||||||
Research and development | 2,248 | (425) | 1,823 | 1,959 | (124) | 1,835 |
Sales and marketing | 30,835 | (2,208) | 28,627 | 23,758 | (1,974) | 21,784 |
General and administrative | 2,132 | (258) | 1,874 | 1,309 | (151) | 1,158 |
TOTAL OPERATING | 35,215 | (2,891) | 32,324 | 27,026 | (2,249) | 24,777 |
INCOME FROM OPERATIONS | 45,018 | 3,192 | 48,210 | 23,293 | 2,404 | 25,697 |
Finance income (expenses), net | (65) | - | (65) | 798 | - | 798 |
INCOME BEFORE TAXES | 44,953 | 3,192 | 48,145 | 24,091 | 2,404 | 26,495 |
INCOME TAXES (TAX BENEFIT) | 235 | - | 235 | 207 | (339) | (132) |
NET INCOME | 44,718 | 3,192 | 47,910 | 23,884 | 2,743 | 26,627 |
Add: Loss attributable to non-controlling interests | - | - | - | 11 | - | 11 |
NET INCOME ATTRIBUTABLE TO INMODE LTD. | 44,718 | 3,192 | 47,910 | 23,895 | 2,743 | 26,638 |
NET INCOME PER | ||||||
Basic | 0.54 | 0.58 | 0.33 | 0.36 | ||
Diluted | 0.52 | 0.55 | 0.28 | 0.31 | ||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1) | ||||||
Basic | 82,705 | 82,705 | 73,395 | 73,395 | ||
Diluted | 86,264 | 86,494 | 84,165 | 84,577 | ||
(1) The number of shares have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated September 14, 2021.
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) | ||||||
Nine months ended September 30, 2021 | Nine months ended September 30, 2020 | |||||
GAAP | Share Based | Non-GAAP | GAAP | Share Based | Non-GAAP | |
REVENUES | 247,025 | - | 247,025 | 130,920 | - | 130,920 |
COST OF REVENUES | 36,745 | (804) | 35,941 | 20,274 | (380) | 19,894 |
GROSS PROFIT | 210,280 | 804 | 211,084 | 110,646 | 380 | 111,026 |
OPERATING EXPENSES: | ||||||
Research and development | 7,004 | (1,112) | 5,892 | 7,207 | (2,132) | 5,075 |
Sales and marketing | 84,067 | (6,154) | 77,913 | 61,293 | (6,569) | 54,724 |
General and administrative | 5,884 | (768) | 5,116 | 4,745 | (533) | 4,212 |
TOTAL OPERATING | 96,955 | (8,034) | 88,921 | 73,245 | (9,234) | 64,011 |
INCOME FROM OPERATIONS | 113,325 | 8,838 | 122,163 | 37,401 | 9,614 | 47,015 |
Finance income, net | 407 | - | 407 | 2,063 | - | 2,063 |
INCOME BEFORE TAXES | 113,732 | 8,838 | 122,570 | 39,464 | 9,614 | 49,078 |
INCOME TAXES (TAX BENEFIT) | 1,343 | - | 1,343 | 509 | (763) | (254) |
NET INCOME | 112,389 | 8,838 | 121,227 | 38,955 | 10,377 | 49,332 |
Add: Net Income attributable | (103) | - | (103) | (39) | - | (39) |
NET INCOME ATTRIBUTABLE TO INMODE LTD. | 112,286 | 8,838 | 121,124 | 38,916 | 10,377 | 49,293 |
NET INCOME PER | ||||||
Basic | 1.39 | 1.50 | 0.55 | 0.69 | ||
Diluted | 1.31 | 1.41 | 0.46 | 0.59 | ||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1) | ||||||
Basic | 80,843 | 80,843 | 71,084 | 71,084 | ||
Diluted | 85,802 | 86,059 | 83,788 | 84,122 | ||
(1) The number of shares have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated September 14, 2021.
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