Business
InMode Reports Second Quarter 2020 Financial Results; Quarterly Revenues of $30.8 Million, GAAP and *Non-GAAP Diluted Earnings per Share of $0.21 and $0.24
YOKNEAM, Israel, Aug. 5, 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, Aug. 5, 2020 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (\"InMode\"), a leading global provider of innovative medical technologies, today announced consolidated financial results for its second quarter ended June 30, 2020.\n \n \nSecond Quarter 2020 Highlights:\nQuarterly revenue of $30.8 million, a decrease of 21% compared to the second quarter of 2019; approximately 53% of U.S. quarterly revenues derived from our proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments, approximately 46% of U.S. quarterly revenues derived from our recently introduced hands-free platforms and approximately 1% derived from our traditional laser and non-invasive RF platforms GAAP net income of $8.6 million, compared to $15.8 million in the second quarter of 2019; *non-GAAP net income of $10.1 million, compared to $16.1 million in the second quarter of 2019 GAAP diluted earnings per share of $0.21 compared to $0.45 in the second quarter of 2019; *non-GAAP diluted earnings per share of $0.24 compared to $0.45 in the second quarter of 2019 Total cash position of $203.4 million as of June 30, 2020, including cash and cash equivalents, marketable securities and short-term bank deposits \nU.S. GAAP Results\n(U.S. dollars in thousands, except for per share data)\n Q2 2020\nQ2 2019\nRevenues\n$30,765\n$38,797\nGross Margins\n85%\n87%\nNet Income Attributable to InMode Ltd.\n$8,588\n$15,797\nEarnings per Diluted Share\n$0.21\n$0.45\n*Non-GAAP Results(U.S. dollars in thousands, except for per share data)\n Q2 2020\nQ2 2019\nNet Income Attributable to InMode Ltd.\n$10,096\n$16,081\nEarnings per Diluted Share\n$0.24\n$0.45\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 \nManagement Comments\n\"The second quarter of 2020 was both challenging and encouraging. In June, after three months of global shutdowns relating to the global COVID-19 pandemic, elective surgeries began to come back throughout the United States and internationally, and aesthetic surgeons re-opened their clinics, which allowe...