Business
InMode Reports First Quarter 2024 Financial Results; Quarterly Revenue of $80.3M Represents 24% Year-Over-Year Decrease; Pro Forma Revenue (including new platform pre-orders not yet available) of $96M;
Company Announces Share Repurchase Program of Up to 8.37 Million Shares; and Appoints New Chairman of the Board of Directors YOKNEAM, Israel, May 2, 2024
About this update from Inmode Ltd.
[{"type":"text","content":"Company Announces Share Repurchase Program of Up to 8.37 Million Shares; and\nAppoints New Chairman of the Board of Directors\nYOKNEAM, Israel, May 2, 2024 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (\"InMode\"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the first quarter ended March 31, 2024.\n\nFirst Quarter 2024 Highlights:\nQuarterly GAAP revenue of $80.3 million, a decrease of 24% compared to the first quarter of 2023. InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 84% of its quarterly revenues, while 11% were derived from InMode's traditional laser and non-invasive RF platforms and 5% were derived from InMode's hands-free platforms. Pro-forma revenue (including pre-orders of new platforms not yet available) of $96 million.GAAP net income of $23.7 million, compared to $40.5 million in the first quarter of 2023; *non-GAAP net income of $27.7 million, compared to $44.7 million in the first quarter of 2023.**Pro-Forma Non-GAAP net income of $38.8 million.GAAP diluted earnings per share of $0.28, compared to $0.47 in the first quarter of 2023; *non-GAAP diluted earnings per share of $0.32, compared to $0.52 in the first quarter of 2023. **Pro-Forma Non-GAAP diluted earnings per share of $0.45.Record quarterly revenues from consumables and service of $22.5 million, an increase of 13% compared to the first quarter of 2023.Total cash position of $770.5 million as of March 31, 2024, including cash and cash equivalents, marketable securities, and short-term bank deposits. \n \nU.S. GAAP Results\n(U.S. dollars in thousands, except for per share data)\nQ1 2024\nQ1 2023\nRevenues\n$80,284\n$106,074\nGross Margins\n80 %\n83 %\nNet Income \n$23,696\n$40,505\nEarnings per Diluted Share\n$0.28\n$0.47\n*Non-GAAP Results\n(U.S. dollars in thousands, except for per share data)\nQ1 2024\nQ1 2023\nGross Margins\n80 %\n83 %\nNet Income \n$27,679\n$44,714\nEarnings per Diluted Share\n$0.32\n$0.52\n**Pro-Forma Non-GAAP Results\n(U.S. dollars in thousands, except for per share data)\nQ1 2024\nQ1 2023\nRevenue\n$96,007\n$106,074\nGross Margins\n82 %\n83 %\nNet Income \n$38,776\n$44,714\nEarnings per Diluted Share\n$0.45\n$0.52\n \n*Please refer to \"Use of Non-GAAP Financial Measures\" below for i...