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InMode Reports Fourth Quarter and Full Year 2023 Financial Results; Quarterly Revenue of $126.8M and Record Full Year Revenue of $492M
YOKNEAM, Israel, Feb. 13, 2024 /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, Feb. 13, 2024 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (\"InMode\"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the fourth quarter and full year ended December 31, 2023.\n\nFourth Quarter 2023 Highlights:\nQuarterly revenue of $126.8 million, compared to $133.6 in the fourth quarter of 2022.Quarterly revenues from consumables and service of $20.5 million, an increase of 20% compared to the fourth quarter of 2022.Total cash position of $741.6 million as of December 31, 2023, including cash and cash equivalents, marketable securities, and short-term bank deposits.Full Year 2023 Highlights:\nRecord full year revenue of $492 million, a year-over-year increase of 8%.Record GAAP net income of $197.9 million, compared to $161.5 million in 2022; record *non-GAAP net income of $221.5 million, compared to $207.5 million in 2022.18% increase in international (non-U.S.) revenues as compared to 2022. \nU.S. GAAP Results\n(U.S. dollars in thousands, except for per share data)\nQ4 2023\nQ4 2022\nFY 2023\nFY 2022\nRevenues\n$126,781\n$133,571\n$492,048\n$454,271\nGross Margins\n84 %\n84 %\n84 %\n84 %\nNet Income\n$55,165\n$37,708\n$197,919\n$161,520\nEarnings per Diluted Share\n$0.64\n$0.44\n$2.30\n$1.89\n*Non-GAAP Results\n(U.S. dollars in thousands, except for per share data)\n Q4 2023\nQ4 2022\nFY 2023\nFY 2022\nGross Margins\n84 %\n85 %\n84 %\n84 %\nNet Income\n$61,487\n$66,370\n$221,519\n$207,486\nEarnings per Diluted Share\n$0.71\n$0.78\n$2.57\n$2.42\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 share-based compensation adjustments.in 2022 The Company applied the provisions of the amendment to the Investment Law to its exempt profits accrued prior to 2020 and made a one-time payment of $12.0 million to the Israeli Tax Authority. In addition, the Company reached agreement with the Israeli Tax Authority under which the Company paid during January 2023 approximately $14.3 million on its undistributed exempt income for the year ended December 31, 2021. As a result, approximately $313.2 million of the Co...