Business
InMode Reports Record Third Quarter 2021 Financial Results: Quarterly Revenue of $94.2M, 58% Year-Over-Year Growth; GAAP Net Income of $44.7M, 87% increase compared to Q3 2020
YOKNEAM, Israel, Oct. 26, 2021 /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, Oct. 26, 2021 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (\"InMode\"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the third quarter ended September 30, 2021.\nThird Quarter 2021 Highlights:\nRecord quarterly revenues of $94.2 million, an increase of 58% compared to the third quarter of 2020: InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 73% of quarterly revenues, while 18% came from InMode's hands-free platforms and 9% from InMode's traditional laser and non-invasive RF platforms Record GAAP net income of $44.7 million, compared to $23.9 million in the third quarter of 2020; *non-GAAP net income of $47.9 million, compared to $26.6 million in the third quarter of 2020 Record GAAP diluted earnings per share(1) of $0.52, compared to $0.28 in the third quarter of 2020; *non-GAAP diluted earnings per share(1) of $0.55, compared to $0.31 in the third quarter of 2020 Total cash position of $387.4 million as of September 30, 2021, 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 2021\nQ3 2020\nRevenues\n$94,176\n$59,714\nGross Margins\n85%\n84%\nNet Income Attributable to InMode Ltd.\n$44,718\n$23,895\nEarnings per Diluted Share(1)\n$0.52\n$0.28\n*Non-GAAP Results\n(U.S. dollars in thousands, except for per share data)\n Q3 2021\nQ3 2020\nGross Margins\n86%\n85%\nNet Income Attributable to InMode Ltd.\n$47,910\n$26,638\nEarnings per Diluted Share(1)\n$0.55\n$0.31\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. \n(1) The GAAP and non-GAAP earnings per diluted share have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares that occurred pursuant to a resolution of our board of directors dated September 14, 2021. \nManagement Comments\n\"We are very pleased to announce another quarter of record r...