InMode Revises Full-Year 2023 Guidance

Rhea-AI Summary

InMode Ltd. (INMD) revises its full-year 2023 guidance due to stronger-than-expected headwinds from the current macroeconomic environment, resulting in a slowdown in platform sales, mainly in North America. Revenue for the full year 2023 is expected to be in the range of $485-495 million, with non-GAAP gross margin remaining at 83-85% and non-GAAP income from operations in the range of $214-218 million. Non-GAAP earnings per diluted share for the full year 2023 are expected to be in the range of $2.47-2.50.

YOKNEAM, Israel, Dec. 6, 2023 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies, announced today that it is revising its full-year 2023 guidance.

According to management, this revision is primarily due to stronger-than-expected headwinds from the current macroeconomic environment, resulting in a slowdown in platform sales, mainly in North America.

Based on current estimates, management expects:

• Revenue for the full year 2023 to be in the range of $485 million to $495 million, as compared to the prior estimated range of $500 million to $510 million.
• Non-GAAP gross margin^[1] for the third quarter of 2023 to remain in the range of 83% to 85%.
• Non-GAAP income^[1] from operations to be in the range of $214 million to $218 million, as compared to the prior estimated range of $220 million to $225 million.
• Non-GAAP earnings^[1] per diluted share for the full year 2023 to be in the range of $2.47 to $2.50, as compared to the prior estimated range of $2.53 to $2.57.

^1. Please refer to "Use of Non-GAAP Financial Measures" below for important information about non-GAAP financial measures. Non-GAAP results exclude share-based compensation.

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. 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 14, 2023, as well as risk factors in 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.

Logo: https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg

Company contact:
Yair Malca
Chief Financial Officer
(949) 305-0108
yair.malca@inmodemd.com

Investor relations contact:
Miri Segal
MS-IR LLC
(917) 607-8654
ir@inmodemd.com

View original content:https://www.prnewswire.com/news-releases/inmode-revises-full-year-2023-guidance-302007246.html

SOURCE InMode LTD

FAQ

What is the reason for InMode Ltd.'s (INMD) revision of its full-year 2023 guidance?

InMode Ltd. is revising its full-year 2023 guidance due to stronger-than-expected headwinds from the current macroeconomic environment, resulting in a slowdown in platform sales, mainly in North America.

What is the expected revenue range for InMode Ltd. for the full year 2023?

InMode Ltd. expects the revenue for the full year 2023 to be in the range of $485-495 million.

What is the projected non-GAAP gross margin range for InMode Ltd. for the third quarter of 2023?

The projected non-GAAP gross margin for the third quarter of 2023 is expected to remain in the range of 83-85%.

What is the expected non-GAAP income from operations range for InMode Ltd. for the full year 2023?

InMode Ltd. expects the non-GAAP income from operations to be in the range of $214-218 million for the full year 2023.

What is the projected non-GAAP earnings per diluted share range for InMode Ltd. for the full year 2023?

The projected non-GAAP earnings per diluted share for the full year 2023 are expected to be in the range of $2.47-2.50.