Business
InMode Reports Second Quarter 2019 Financial Results; Record Quarterly Revenue of $38.8 Million Reflects Growth of 55% Over Prior Year
LAKE FOREST, Calif., Aug. 13, 2019 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today
About this update from Inmode Ltd.
[{"type":"text","content":"LAKE FOREST, Calif., Aug. 13, 2019 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (\"InMode\"), a leading global provider of innovative medical technologies, today announced financial results for the second quarter ended June 30, 2019.\n\n \nSecond Quarter 2019 Highlights:\nQuarterly revenue of $38.8 million, a 55% increase year-over-year Gross margins of 87%, compared to 84% year-over-year Net income of $15.8 million, a 109% increase year-over-year Total cash position of $82.8 million, including cash and cash equivalents, marketable securities and deposits. This excludes proceeds raised in InMode's initial public offering Management Comments\n\"We are pleased with our second quarter results, which are consistent with both our reported expectations and the positive trends we are continuing to see in our business,\" commented Moshe Mizrahy, Chief Executive Officer and Chairman of the Board. \n2019 Second Quarter Results\nTotal revenues for the second quarter of 2019 were $38.8 million, an increase of 55% compared to the second quarter of 2018. This was primarily driven by higher revenues in the U.S. resulting from an expansion of our direct sales organization, and an increase in the number of clinical workshops for customers and prospects and an increase in the average sale price of platforms. \nGross margin for the second quarter of 2019 was 87%, compared to the gross margin of 84% in the second quarter of 2018. This increase is primarily attributable to an increase in average sale price of our platforms in the U.S.\nOperating margin for the second quarter of 2019 was 41%, compared to the operating margin of 31% in the second quarter of 2018. This increase is primarily attributable to an estimated increase in our gross profit exceeding the increase in our operating expenses. \nThe company reported net income of $15.8 million, or $0.45 per diluted share, in the second quarter of 2019. This is compared with net income of $7.6 million, or $0.21 per diluted share, in the second quarter of 2018.\nTotal cash position, including cash and cash equivalents, marketable securities and deposits, was $82.8 million as of June 30, 2019. This excludes proceeds raised in InMode's initial public offering.\nAbout InMode\nInMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessin...