InMode Reports Second Quarter 2024 Financial Results; Quarterly Revenue of $86.4M Represents 36.5% Year-Over-Year Decrease; Pro Forma Revenue (including new platform pre-orders not yet delivered) of $102.6M

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[{"type":"text","content":"YOKNEAM, Israel, Aug. 1, 2024 /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, 2024.\n\nSecond Quarter 2024 Highlights:\nQuarterly GAAP revenue of $86.4 million, a decrease of 36.5% compared to the second quarter of 2023. InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 87% of its quarterly revenues, while 6% were derived from InMode's traditional laser and non-invasive RF platforms and 7% were derived from InMode's hands-free platforms. Pro-forma revenue (including pre-orders of new platforms not yet delivered) of $102.6 million.GAAP net income of $23.8 million, compared to $55.7 million in the second quarter of 2023; *non-GAAP net income of $29.0 million, compared to $62.2 million in the second quarter of 2023.**Pro-Forma non-GAAP net income of $39.8 million.GAAP diluted earnings per share of $0.28, compared to $0.65 in the second quarter of 2023; *non-GAAP diluted earnings per share of $0.34, compared to $0.72 in the second quarter of 2023.**Pro-Forma non-GAAP diluted earnings per share of $0.46.Quarterly revenues from consumables and service of $21.0 million, a decrease of 3% compared to the second quarter of 2023.Total cash position of $729.2 million as of June 30, 2024, 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 2024\nQ2 2023\nRevenues\n$86,449\n$136,081\nGross Margins\n80 %\n84 %\nNet Income \n$23,818\n$55,729\nEarnings per Diluted Share\n$0.28\n$0.65\n*Non-GAAP Results\n(U.S. dollars in thousands, except for per share data)\nQ2 2024\nQ2 2023\nGross Margins\n81 %\n84 %\nNet Income \n$28,976\n$62,234\nEarnings per Diluted Share\n$0.34\n$0.72\n**Pro-Forma Non-GAAP Results\n(U.S. dollars in thousands, except for per share data)\n Q2 2024\nQ2 2023\nRevenue\n$102,622\n$136,081\nGross Margins\n82 %\n84 %\nNet Income \n$39,764\n$62,234\nEarnings per Diluted Share\n$0.46\n$0.72\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 pr...

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