Business
InMode Reports Second Quarter 2023 Financial Results; Record Quarterly Revenue of $136.1M Represents 20% Year-Over-Year Growth
YOKNEAM, Israel, July 27, 2023 /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 27, 2023 /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, 2023.\nSecond Quarter 2023 Highlights:\nRecord quarterly revenue of $136.1 million, an increase of 20% compared to the second quarter of 2022. InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 81% of quarterly revenues, while 9% came from InMode's hands-free platforms and 10% from InMode's traditional laser and non-invasive RF platforms.Record GAAP net income of $55.7 million, compared to $44.0 million in the second quarter of 2022; *non-GAAP net income of $62.2 million, compared to $50.4 million in the second quarter of 2022.Record GAAP diluted earnings per share of $0.65, compared to $0.52 in the second quarter of 2022; *non-GAAP diluted earnings per share of $0.72, compared to $0.59 in the second quarter of 2022.Record quarterly revenues from consumables and service of $21.6 million, an increase of 44% compared to the second quarter of 2022.Total cash position of $629.4 million as of June 30, 2023, including cash and cash equivalents, marketable securities, and short-term bank deposits.U.S. GAAP Results\n(U.S. dollars in thousands, except for per share data)\nQ2 2023\nQ2 2022\nRevenues\n$136,081\n$113,547\nGross Margins\n84 %\n83 %\nNet Income \n$55,729\n$44,048\nEarnings per Diluted Share\n$0.65\n$0.52\n*Non-GAAP Results\n(U.S. dollars in thousands, except for per share data)\nQ2 2023\nQ2 2022\nGross Margins\n84 %\n84 %\nNet Income \n$62,234\n$50,401\nEarnings per Diluted Share\n$0.72\n$0.59\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 adjustments.\nManagement Comments\n\"We are pleased to report a record quarter with revenue of $136.1 million, as sales from our platforms and disposables were the strongest they've ever been,\" said Moshe Mizrahy, Chairman and Chief Executive Officer. \"Our commitment to innovation supports our growth and lea...