Business
InMode Reports First Quarter 2020 Financial Results; Quarterly Revenues of $40.4 Million Represent 32% Year over Year Growth
YOKNEAM, Israel, May 6, 2020 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today
About this update from Inmode Ltd.
[{"type":"text","content":"YOKNEAM, Israel, May 6, 2020 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (\"InMode\"), a leading global provider of innovative medical technologies, today announced financial results for its first quarter ended March 31, 2020.\nFirst Quarter 2020 Highlights:\nQuarterly revenue of $40.4 million, an increase of 32% compared to the first quarter in 2019. In the first quarter of 2020, we derived approximately 61% of our U.S. revenues from our proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments, 37% of our U.S. revenues from our recently introduced Hands-Free platforms and only 2% of our U.S. revenues from traditional laser and non-invasive RF platforms. GAAP net income of $6.4 million, compared to $10.1 million in the first quarter in 2019; *non-GAAP net income of $12.6 million, compared to $10.5 million in the first quarter in 2019 GAAP diluted earnings per share of $0.15 and *non-GAAP diluted earnings per share of $0.30 Total cash position of $201.7 million as of March 31, 2020, including cash and cash equivalents, marketable securities and short-term bank deposits \nU.S. GAAP Results\n(U.S. dollars in thousands, except for per share data)\n Q1 2020\nQ1 2019\nRevenues\n$40,441\n$30,552\nGross Margins\n85%\n86%\nNet Income \nAttributable to InMode Ltd.\n$6,433\n$10,124\nEarnings per Diluted Share\n$0.15\n$0.28\nNon-GAAP Results(U.S. dollars in thousands, except for per share data)\n Q1 2020\nQ1 2019\nNet Income Attributable to InMode Ltd.\n$12,559\n$10,486\nEarnings per Diluted Share\n$0.30\n$0.29\n*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 stock-based compensation and related tax adjustments.\nManagement Comments\n\"The first quarter of 2020 started on a positive note as we gained momentum following the launches of our unique hands-free devices, Evolve and Evoke, along with continued demand across our product portfolio,\" commented Moshe Mizrahy, CEO of InMode. \"However, in the beginning of March, global restrictions caused by the COVID-19 pandemic led to a standstill in sales in our industry. Despite this global economic lull,...