Business
InMode Reports Second Quarter 2022 Financial Results; Record Quarterly Revenue of $113.5M, Represents 30% Year-Over-Year Growth
YOKNEAM, Israel, July 28, 2022 /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, July 28, 2022 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (\"InMode\"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the second quarter ended June 30, 2022.\nSecond Quarter 2022 Highlights:\nRecord quarterly revenues of $113.5 million, an increase of 30% compared to the second quarter of 2021: InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 80% of quarterly revenues, while 11% came from InMode's hands-free platforms and 9% from InMode's traditional laser and non-invasive RF platforms.GAAP net income of $44.0 million, compared to $40.9 million in the second quarter of 2021; *non-GAAP net income of $50.4 million, compared to $43.9 million in the second quarter of 2021.GAAP diluted earnings per share(1) of $0.52, compared to $0.48 in the second quarter of 2021; *non-GAAP diluted earnings per share(1) of $0.59, compared to $0.51 in the second quarter of 2021.Record quarterly revenues from consumables and service of $15.0 million, an increase of 59% compared to the second quarter of 2021.Total cash position of $443.6 million as of June 30, 2022, 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)\nQ2 2022\nQ2 2021\nRevenues\n$113,547\n$87,325\nGross Margins\n83 %\n85 %\nNet Income \n$44,048\n$40,925\nEarnings per Diluted Share(1)\n$0.52\n$0.48\n*Non-GAAP Results\n(U.S. dollars in thousands, except for per share data)\n Q2 2022\nQ2 2021\nGross Margins\n84 %\n86 %\nNet Income \n$50,401\n$43,873\nEarnings per Diluted Share(1)\n$0.59\n$0.51\n \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 financial results exclude share-based compensation 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\...