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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/28/22 InMode Ltd. 6-K 7/28/22 2:525K Z-K Global Ltd./FA |
Document/Exhibit Description Pages Size 1: 6-K Current, Quarterly or Annual Report by a Foreign HTML 9K Issuer 2: EX-99.1 Miscellaneous Exhibit -- exhibit_99-1 HTML 516K
• |
Record quarterly revenues of $113.5 million, an increase of 30% compared to the second quarter of 2021: InMode’s
proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 80% of quarterly revenues, while 11% came from InMode’s hands-free platforms and 9% from InMode’s traditional laser and
non-invasive RF platforms.
|
|
• |
GAAP net income of $44.0 million, compared to $40.9 million in the second quarter of 2021; *non-GAAP net income of $50.4 million, compared to $43.9 million in the second quarter of 2021.
|
|
• |
GAAP diluted earnings per share(1) of $0.52, compared to $0.48 in the second quarter of 2021; *non-GAAP diluted earnings per share(1) of $0.59, compared to $0.51 in
the second quarter of 2021.
|
|
• |
Record quarterly revenues from consumables and service of $15.0 million, an increase of 59% compared to the second quarter of 2021.
|
|
• |
Total cash position of $443.6 million as of June 30, 2022, 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)
|
||
Q2 2022
|
Q2 2021
|
|
Revenues
|
$113,547
|
$87,325
|
Gross Margins
|
83%
|
85%
|
Net Income
|
$44,048
|
$40,925
|
Earnings per Diluted Share(1)
|
$0.52
|
$0.48
|
*Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
|
||
Q2 2022
|
Q2 2021
|
|
Gross Margins
|
84%
|
86%
|
Net Income
|
$50,401
|
$43,873
|
Earnings per Diluted Share(1)
|
$0.59
|
$0.51
|
● |
Revenues between $425 million and $435 million
|
● |
*Non-GAAP gross margin between 83% and 85%
|
● |
*Non-GAAP income from operations between $204 million and $209 million
|
● |
*Non-GAAP earnings per diluted share between $2.11 and $2.16
|
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
|
Three months ended
June 30, |
Six months ended
June 30, |
|||||||||||||||
2021
|
2022
|
2021
|
||||||||||||||
REVENUES
|
113,547
|
87,325
|
199,468
|
152,849
|
||||||||||||
COST OF REVENUES
|
18,946
|
12,723
|
33,718
|
22,802
|
||||||||||||
GROSS PROFIT
|
94,601
|
74,602
|
165,750
|
130,047
|
||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Research and development
|
3,183
|
2,455
|
5,998
|
4,756
|
||||||||||||
Sales and marketing
|
39,653
|
28,670
|
70,502
|
53,232
|
||||||||||||
General and administrative
|
2,562
|
1,941
|
5,039
|
3,752
|
||||||||||||
TOTAL OPERATING EXPENSES
|
45,398
|
33,066
|
81,539
|
61,740
|
||||||||||||
INCOME FROM OPERATIONS
|
49,203
|
41,536
|
84,211
|
68,307
|
||||||||||||
Finance income (expense), net
|
(918
|
)
|
428
|
(539
|
)
|
472
|
||||||||||
INCOME BEFORE TAXES
|
48,285
|
41,964
|
83,672
|
68,779
|
||||||||||||
INCOME TAXES
|
4,237
|
1,039
|
8,649
|
1,108
|
||||||||||||
NET INCOME
|
44,048
|
40,925
|
75,023
|
67,671
|
||||||||||||
Add: Net income attributable to non-controlling interests
|
-
|
-
|
-
|
(103
|
)
|
|||||||||||
NET INCOME ATTRIBUTABLE TO INMODE LTD.
|
44,048
|
40,925
|
75,023
|
67,568
|
||||||||||||
NET INCOME PER SHARE (1):
|
||||||||||||||||
Basic
|
0.54
|
0.50
|
0.91
|
0.85
|
||||||||||||
Diluted
|
0.52
|
0.48
|
0.88
|
0.79
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)
|
||||||||||||||||
Basic
|
82,216
|
81,700
|
82,590
|
79,894
|
||||||||||||
Diluted
|
84,663
|
85,762
|
85,236
|
85,451
|
Assets
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
88,404
|
68,136
|
||||||
Marketable securities
|
299,322
|
294,530
|
||||||
Short-term bank deposits
|
55,913
|
53,248
|
||||||
Accounts receivable, net of allowance for doubtful accounts
|
21,261
|
20,236
|
||||||
Other receivables
|
14,548
|
12,938
|
||||||
Inventories
|
29,760
|
21,026
|
||||||
TOTAL CURRENT ASSETS
|
509,208
|
470,114
|
||||||
NON-CURRENT ASSETS:
|
||||||||
Accounts receivable
|
3,685
|
768
|
||||||
Deferred income taxes, net
|
2,737
|
1,334
|
||||||
Operating lease right-of-use assets
|
5,004
|
4,321
|
||||||
Property and equipment, net
|
1,971
|
1,404
|
||||||
Other investments
|
600
|
600
|
||||||
TOTAL NON-CURRENT ASSETS
|
13,997
|
8,427
|
||||||
TOTAL ASSETS
|
523,205
|
478,541
|
||||||
Liabilities and shareholders’ equity
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
11,833
|
8,779
|
||||||
Contract liabilities
|
18,102
|
13,805
|
||||||
Other liabilities
|
28,054
|
29,266
|
||||||
TOTAL CURRENT LIABILITIES
|
57,989
|
51,850
|
||||||
NON-CURRENT LIABILITIES:
|
||||||||
Contract liabilities
|
3,385
|
2,751
|
||||||
Other liabilities
|
5,339
|
4,831
|
||||||
Operating lease liabilities
|
3,678
|
3,307
|
||||||
TOTAL NON-CURRENT LIABILITIES
|
12,402
|
10,889
|
||||||
TOTAL LIABILITIES
|
70,391
|
62,739
|
||||||
TOTAL SHAREHOLDERS’ EQUITY
|
452,814
|
415,802
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
523,205
|
478,541
|
Three months ended
June 30, |
Six months ended
June 30, |
|||||||||||||||
2021
|
2022
|
2021
|
||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||
Net income
|
44,048
|
40,925
|
75,023
|
67,671
|
||||||||||||
Adjustments required to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||
Depreciation and amortization
|
155
|
128
|
293
|
242
|
||||||||||||
Share-based compensation expenses
|
6,353
|
2,948
|
9,447
|
5,646
|
||||||||||||
Allowance for doubtful accounts
|
142
|
287
|
352
|
327
|
||||||||||||
Loss on marketable securities, net
|
23
|
3
|
37
|
7
|
||||||||||||
Finance expenses, net
|
851
|
404
|
941
|
809
|
||||||||||||
Deferred income taxes, net
|
169
|
(101
|
)
|
147
|
(202
|
)
|
||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||
Increase in accounts receivable
|
(8,247
|
)
|
(3,506
|
)
|
(4,294
|
)
|
(8,075
|
)
|
||||||||
Decrease (increase) in other receivables
|
(398
|
)
|
1,063
|
(1,593
|
)
|
(317
|
)
|
|||||||||
Increase in inventories
|
(4,660
|
)
|
(1,694
|
)
|
(8,734
|
)
|
(2,411
|
)
|
||||||||
Increase in accounts payable
|
2,292
|
313
|
3,054
|
1,313
|
||||||||||||
Increase (decrease) in other liabilities
|
4,105
|
5,832
|
(770
|
)
|
5,037
|
|||||||||||
Increase in contract liabilities
|
2,148
|
151
|
4,931
|
1,472
|
||||||||||||
Net cash provided by operating activities
|
46,981
|
46,753
|
78,834
|
71,519
|
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||
Investment in short-term deposits
|
(22,500
|
)
|
(20,000
|
)
|
(45,611
|
)
|
(41,000
|
)
|
||||||||
Proceeds from short-term deposits
|
23,000
|
19,090
|
43,000
|
38,090
|
||||||||||||
Purchase of fixed assets
|
(561
|
)
|
(338
|
)
|
(860
|
)
|
(503
|
)
|
||||||||
Purchase of marketable securities
|
(17,545
|
)
|
(63,482
|
)
|
(38,754
|
)
|
(125,727
|
)
|
||||||||
Proceeds from sale of marketable securities
|
15,232
|
21,180
|
27,159
|
47,982
|
||||||||||||
Net cash used in investing activities
|
(2,374
|
)
|
(43,550
|
)
|
(15,066
|
)
|
(81,158
|
)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||
Repurchase of ordinary shares
|
-
|
(11,057
|
)
|
(42,637
|
)
|
(11,921
|
)
|
|||||||||
Exercise of options
|
204
|
4,711
|
365
|
14,603
|
||||||||||||
Net cash provided by (used in) financing activities
|
204
|
(6,346
|
)
|
(42,272
|
)
|
2,682
|
||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(1,077
|
)
|
14
|
(1,228
|
)
|
(209
|
)
|
|||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
43,734
|
(3,129
|
)
|
20,268
|
(7,166
|
)
|
||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
44,670
|
64,901
|
68,136
|
68,938
|
||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
88,404
|
61,772
|
88,404
|
61,772
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||||||||||||||||||
2021
|
2022
|
2021
|
||||||||||||||||||||||||||||||
Revenues by Category:
|
||||||||||||||||||||||||||||||||
Capital Equipment revenues - United States
|
62,960
|
56
|
%
|
49,812
|
57
|
%
|
107,720
|
54
|
%
|
88,330
|
58
|
%
|
||||||||||||||||||||
Capital Equipment revenues - International
|
35,560
|
31
|
%
|
28,034
|
32
|
%
|
62,743
|
31
|
%
|
47,247
|
31
|
%
|
||||||||||||||||||||
Total Capital Equipment revenues
|
98,520
|
87
|
%
|
77,846
|
89
|
%
|
170,463
|
85
|
%
|
135,577
|
89
|
%
|
||||||||||||||||||||
Consumables and service revenues
|
15,027
|
13
|
%
|
9,479
|
11
|
%
|
29,005
|
15
|
%
|
17,272
|
11
|
%
|
||||||||||||||||||||
Total Net Revenue
|
113,547
|
100
|
%
|
87,325
|
100
|
%
|
199,468
|
100
|
%
|
152,849
|
100
|
%
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||||||||||||||||||||||||||||||||||
2021
|
2022
|
2021
|
||||||||||||||||||||||||||||||||||||||||||||||
%
|
%
|
%
|
%
|
|||||||||||||||||||||||||||||||||||||||||||||
United States
|
International
|
Total
|
United States
|
International
|
Total
|
United States
|
International
|
Total
|
United States
|
International
|
Total
|
|||||||||||||||||||||||||||||||||||||
Revenues by Technology:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Minimal-Invasive
|
84
|
74
|
80
|
69
|
73
|
71
|
84
|
72
|
79
|
67
|
75
|
70
|
||||||||||||||||||||||||||||||||||||
Hands-Free
|
14
|
5
|
11
|
29
|
10
|
22
|
13
|
6
|
11
|
31
|
8
|
23
|
||||||||||||||||||||||||||||||||||||
Non-Invasive
|
2
|
21
|
9
|
2
|
17
|
7
|
3
|
22
|
10
|
2
|
17
|
7
|
||||||||||||||||||||||||||||||||||||
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
Three months ended June 30, 2021
|
||||||||||||||||||||||||
GAAP
|
Share Based
Compensation |
Non-GAAP
|
GAAP
|
Share Based
Compensation |
Non-GAAP
|
|||||||||||||||||||
REVENUES
|
113,547
|
-
|
113,547
|
87,325
|
-
|
87,325
|
||||||||||||||||||
COST OF REVENUES
|
18,946
|
(496
|
)
|
18,450
|
12,723
|
(274
|
)
|
12,449
|
||||||||||||||||
GROSS PROFIT
|
94,601
|
496
|
95,097
|
74,602
|
274
|
74,876
|
||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Research and development
|
3,183
|
(866
|
)
|
2,317
|
2,455
|
(386
|
)
|
2,069
|
||||||||||||||||
Sales and marketing
|
39,653
|
(4,459
|
)
|
35,194
|
28,670
|
(2,014
|
)
|
26,656
|
||||||||||||||||
General and administrative
|
2,562
|
(532
|
)
|
2,030
|
1,941
|
(274
|
)
|
1,667
|
||||||||||||||||
TOTAL OPERATING
EXPENSES |
45,398
|
(5,857
|
)
|
39,541
|
33,066
|
(2,674
|
)
|
30,392
|
||||||||||||||||
INCOME FROM OPERATIONS
|
49,203
|
6,353
|
55,556
|
41,536
|
2,948
|
44,484
|
||||||||||||||||||
Finance income (expense), net
|
(918
|
)
|
-
|
(918
|
)
|
428
|
-
|
428
|
||||||||||||||||
INCOME BEFORE TAXES
|
48,285
|
6,353
|
54,638
|
41,964
|
2,948
|
44,912
|
||||||||||||||||||
INCOME TAXES
|
4,237
|
-
|
4,237
|
1,039
|
-
|
1,039
|
||||||||||||||||||
NET INCOME
|
44,048
|
6,353
|
50,401
|
40,925
|
2,948
|
43,873
|
||||||||||||||||||
NET INCOME PER
SHARE (1): |
||||||||||||||||||||||||
Basic
|
0.54
|
0.61
|
0.50
|
0.54
|
||||||||||||||||||||
Diluted
|
0.52
|
0.59
|
0.48
|
0.51
|
||||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)
|
||||||||||||||||||||||||
Basic
|
82,216
|
82,216
|
81,700
|
81,700
|
||||||||||||||||||||
Diluted
|
84,663
|
85,366
|
85,762
|
86,160
|
Six months ended June 30, 2021
|
||||||||||||||||||||||||
GAAP
|
Share Based
Compensation |
Non-GAAP
|
GAAP
|
Share Based
Compensation |
Non-GAAP
|
|||||||||||||||||||
REVENUES
|
199,468
|
-
|
199,468
|
152,849
|
-
|
152,849
|
||||||||||||||||||
COST OF REVENUES
|
33,718
|
(810
|
)
|
32,908
|
22,802
|
(503
|
)
|
22,299
|
||||||||||||||||
GROSS PROFIT
|
165,750
|
810
|
166,560
|
130,047
|
503
|
130,550
|
||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Research and development
|
5,998
|
(1,391
|
)
|
4,607
|
4,756
|
(687
|
)
|
4,069
|
||||||||||||||||
Sales and marketing
|
70,502
|
(6,354
|
)
|
64,148
|
53,232
|
(3,946
|
)
|
49,286
|
||||||||||||||||
General and administrative
|
5,039
|
(892
|
)
|
4,147
|
3,752
|
(510
|
)
|
3,242
|
||||||||||||||||
TOTAL OPERATING
EXPENSES |
81,539
|
(8,637
|
)
|
72,902
|
61,740
|
(5,143
|
)
|
56,597
|
||||||||||||||||
INCOME FROM OPERATIONS
|
84,211
|
9,447
|
93,658
|
68,307
|
5,646
|
73,953
|
||||||||||||||||||
Finance income (expense), net
|
(539
|
)
|
-
|
(539
|
)
|
472
|
-
|
472
|
||||||||||||||||
INCOME BEFORE TAXES
|
83,672
|
9,447
|
93,119
|
68,779
|
5,646
|
74,425
|
||||||||||||||||||
INCOME TAXES
|
8,649
|
-
|
8,649
|
1,108
|
-
|
1,108
|
||||||||||||||||||
NET INCOME
|
75,023
|
9,447
|
84,470
|
67,671
|
5,646
|
73,317
|
||||||||||||||||||
Add: Net Income attributable to non-controlling interests
|
-
|
-
|
-
|
(103
|
)
|
-
|
(103
|
)
|
||||||||||||||||
NET INCOME ATTRIBUTABLE TO INMODE LTD.
|
75,023
|
9,447
|
84,470
|
67,568
|
5,646
|
73,214
|
||||||||||||||||||
NET INCOME PER
SHARE: |
||||||||||||||||||||||||
Basic
|
0.91
|
1.02
|
0.85
|
0.92
|
||||||||||||||||||||
Diluted
|
0.88
|
0.98
|
0.79
|
0.85
|
||||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
|
||||||||||||||||||||||||
Basic
|
82,590
|
82,590
|
79,894
|
79,894
|
||||||||||||||||||||
Diluted
|
85,236
|
85,786
|
85,451
|
85,803
|
This ‘6-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/22 | ||||
8/11/22 | ||||
Filed on / For Period end: | 7/28/22 | |||
6/30/22 | ||||
2/10/22 | 20-F, 6-K, S-8 | |||
12/31/21 | 20-F | |||
9/14/21 | ||||
6/30/21 | ||||
List all Filings |