Business
InMode Reports Record Third Quarter 2020 Financial Results; Quarterly Revenues of $59.7 Million Represent 49% Year over Year Growth, GAAP and *Non-GAAP Diluted Earnings per Share of $0.57 and $0.63
YOKNEAM, Israel, Nov. 12, 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, Nov. 12, 2020 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (\"InMode\"), a leading global provider of innovative medical technologies, today announced consolidated financial results for its third quarter ended September 30, 2020.\nThird Quarter 2020 Highlights:\nRecord quarterly revenues of $59.7 million, an increase of 49% compared to the third quarter of 2019; approximately 58% of quarterly revenues derived from InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments, approximately 35% of quarterly revenues derived from InMode's recently introduced hands-free platforms and approximately 7% derived from InMode's traditional laser and non-invasive RF platforms Record GAAP net income of $23.9 million, compared to $16.2 million in the third quarter of 2019; *non-GAAP net income of $26.6 million, compared to $16.5 million in the third quarter of 2019 Record GAAP diluted earnings per share of $0.57 compared to $0.42 in the third quarter of 2019; *non-GAAP diluted earnings per share of $0.63 compared to $0.42 in the third quarter of 2019 Total cash position of $234.3 million as of September 30, 2020, 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)\n Q3 2020\nQ3 2019\nRevenues\n$59,714\n$40,010\nGross Margins\n84%\n87%\nNet Income Attributable to InMode Ltd.\n$23,895\n$16,186\nEarnings per Diluted Share\n$0.57\n$0.42\n*Non-GAAP Results\n(U.S. dollars in thousands, except for per share data)\n Q3 2020\nQ3 2019\nGross Margins\n85%\n87%\nNet Income Attributable to InMode Ltd.\n$26,638\n$16,512\nEarnings per Diluted Share\n$0.63\n$0.42\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 and related tax adjustments.\nManagement Comments\n\"Our record third quarter revenues were driven by the success of our minimally invasive and hands-free solutions in the United States and internationally, strengthening the leading market position of our harnessed electro-surgical technologies. The ...