YOKNEAM, Israel, Feb. 10, 2021
/PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading
global provider of innovative medical technologies, today announced
consolidated financial results for its fourth quarter and full year
ended December 31, 2020.
Fourth Quarter 2020 Highlights:
- Record quarterly revenues of $75.2
million, an increase of 60% compared to the fourth quarter
of 2019; 65% of quarterly revenues derived from our proprietary
surgical technology platforms engaged in minimally invasive and
subdermal ablative treatments, 28% from our recently introduced
hands-free platforms and 7% from our traditional laser and
non-invasive RF platforms
- Record GAAP net income of $36.1
million, compared to $19.0
million in the fourth quarter of 2019; *non-GAAP net income
of $39.9 million, compared to
$19.3 million in the fourth quarter
of 2019
- Record GAAP diluted earnings per share of $0.85, compared to $0.46 in the fourth quarter of 2019; *non-GAAP
diluted earnings per share of $0.94,
compared to $0.46 in the fourth
quarter of 2019
- Total cash position of $260.5
million as of December 31,
2020, including cash and cash equivalents, marketable
securities and short-term bank deposits
Full Year 2020 Highlights:
- Record full year revenues of $206.1 million, an increase of 32% as compared to
2019; 62% of revenues derived from our proprietary surgical
technology platforms engaged in minimally invasive and subdermal
ablative treatments, 32% from our recently introduced hands-free
platforms and 6% from our traditional laser and non-invasive RF
platforms
- Record GAAP net income of $75.0
million, compared to $61.1
million in 2019; *non-GAAP net income of $89.1 million, compared to $62.4 million in 2019
- Record GAAP diluted earnings per share of $1.78, compared to $1.60 in 2019; *non-GAAP diluted earnings per
share of $2.11, compared to
$1.63 in 2019
- 76% increase in international (non-U.S.) revenues as
compared to 2019
U.S. GAAP
Results
(U.S. dollars in
thousands, except for per share data)
|
|
Q4 2020
|
Q4
2019
|
FY
2020
|
FY
2019
|
Revenues
|
$75,187
|
$47,002
|
$206,107
|
$156,361
|
Gross
Margins
|
86%
|
87%
|
85%
|
87%
|
Net Income
Attributable to InMode Ltd.
|
$36,114
|
$19,038
|
$75,030
|
$61,145
|
Earnings per Diluted
Share
|
$0.85
|
$0.46
|
$1.78
|
$1.60
|
*Non-GAAP
Results
(U.S. dollars in
thousands, except for per share data)
|
|
Q4 2020
|
Q4
2019
|
FY
2020
|
FY
2019
|
Gross
Margins
|
86%
|
87%
|
85%
|
87%
|
Net Income
Attributable to InMode Ltd.
|
$39,850
|
$19,311
|
$89,143
|
$62,390
|
Earnings per Diluted
Share
|
$0.94
|
$0.46
|
$2.11
|
$1.63
|
*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.
Management Comments
"We reported outstanding 2020 results with record fourth quarter
and full year financial performance, despite the disruptions caused
by the COVID-19 pandemic. We took bold strategic steps this year to
solidify our leading market position, expanding our sales &
marketing efforts and increasing our headcount with the industry's
top professionals," commented Moshe
Mizrahy, InMode's CEO.
"Our innovative hands-free and minimally invasive technology
gained significant traction this year, driven by new product
launches such as Evolve, Evoke and Morpheus8," commented Dr.
Michael Kreindel, InMode's CTO and
co-founder. "These unique platforms offer effective full-body and
facial aesthetic solutions for patients who want to avoid
hospitalization and invasive procedures, which are required for
traditional plastic surgery. We are being recognized across the
market as a true innovator and plan to introduce our
electro-surgical technologies into new medical categories such as
gynecology and ophthalmology in 2021."
"We are extremely pleased with the progress achieved in 2020.
The focus our sales and marketing team maintained throughout one of
the most difficult times in history is a testament to the quality
and dedication of our team," commented Shakil Lakhani, President of North America. "Through the investments we
made this year, we developed a successful formula to create demand
for our new technologies, engage physicians, and convert growing
interest into sales."
Fourth Quarter 2020 Financial Results
"Total revenues for the fourth quarter of 2020 were $75.2 million, an increase of 60% as compared to
the fourth quarter of 2019. The increase in revenues was primarily
attributable to the expansion of our direct sales organization in
the United States and the
continued momentum of our hands-free technology, as well as the
recently introduced Morpheus8 Body fractional technology. Moreover,
we continued to gain traction in international markets, mainly in
Asia-Pacific regions, with
international revenues growing 102% year-over-year," commented
Yair Malca, CFO.
GAAP gross margin for the fourth quarter of 2020 was 86%,
compared to a gross margin of 87% in the fourth quarter of 2019.
*Non-GAAP gross margin for the fourth quarter of 2020 was 86%,
compared to a gross margin of 87% in the fourth quarter of 2019.
This decrease was primarily attributable to the increase of sales
in international markets, mainly in countries where we operate
through distributors.
GAAP operating margin for the fourth quarter of 2020 was 47%,
compared to 38% in the fourth quarter of 2019. *Non-GAAP operating
margin for the fourth quarter of 2020 was 51%, compared to 39% in
the fourth quarter of 2019. This increase in operating margin was
primarily attributable to economies of scale derived from the
Company's accelerated growth, as well as a decrease in marketing
activities in the United States
such as event and conference participation, due to restrictions
caused by the COVID-19 pandemic.
InMode reported GAAP net income attributable to InMode Ltd of
$36.1 million, or $0.85 per diluted share, in the fourth quarter of
2020 compared to $19.0 million, or
$0.46 per diluted share, in the
fourth quarter of 2019. On a *non-GAAP basis, InMode reported net
income attributable to InMode Ltd of $39.9
million, or $0.94 per diluted
share, in the fourth quarter of 2020, compared to $19.3 million, or $0.46 per diluted share, in the fourth quarter of
2019.
Full Year 2020 Financial Results
Total revenues for 2020 were $206.1
million, an increase of 32% as compared to 2019. This
increase was primarily attributable to strong demand for our
hands-free platforms, which contributed $65.3 million to total 2020 revenues. In
addition, InMode gained traction in international markets, with
international revenues growing 76% year-over-year.
GAAP gross margin for 2020 was 85%, compared to a
gross margin of 87% in 2019. *Non-GAAP gross margin for 2020 was
85%, compared to a gross margin of 87% in 2019. This
decrease was primarily attributable to the increase of sales in
international markets, mainly in countries where we operate through
distributors.
GAAP operating margin for 2020 was 35%, compared to the
operating margin of 38% in 2019. *Non-GAAP operating margin for
2020 was 42%, compared to the operating margin of 39% in the full
year of 2019. This increase in *non-GAAP operating margin was
primarily attributable to decreased marketing activities in
the United States such as event
and conference participation, due to restrictions caused by the
COVID-19 pandemic.
InMode reported GAAP net income attributable to InMode Ltd. of
$75.0 million, or $1.78
per diluted share, in 2020. This is compared with GAAP net
income attributable to InMode Ltd of $61.1 million, or $1.60 per diluted share, in 2019. On a *non-GAAP
basis, InMode reported net income attributable to InMode Ltd. of
$89.1 million, or $2.11 per diluted share, in the full year of
2020, compared to net income attributable to InMode Ltd. of
$62.4 million, or $1.63 per diluted share, in the full year of
2019.
As of December 31, 2020, InMode
had cash and cash equivalents, marketable securities and short-term
bank deposits of $260.5 million.
2021 Financial Outlook
Management provided an outlook for the full year of 2021, the
period ending December 31, 2021.
Based on current estimates, management expects:
- Revenues between $250 million to
$260 million
- *Non-GAAP gross margin between 84% to 86%
- *Non-GAAP income from operations between $100 million to $104
million
- *Non-GAAP earnings per diluted share between $2.34 to $2.45
This outlook is not a guarantee of future performance and
stockholders should not rely on such forward-looking statements.
See "Forward-Looking Statements" for additional
information.
*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.
Use of Non-GAAP Financial Measures
In addition to InMode's operating results presented in
accordance with GAAP, this release includes certain non-GAAP
financial measures including non-GAAP net income, non-GAAP diluted
earnings per share and non-GAAP operating margin. Because these
measures are used in InMode's internal analysis of financial and
operating performance, management believes that they provide
greater transparency to investors of management's view of InMode's
economic performance. Management also believes the presentation of
these measures, when analyzed in conjunction with InMode's GAAP
operating results, allows investors to more effectively evaluate
and compare the performance of InMode to that of its peers,
although InMode's presentation of its non-GAAP measures may not be
comparable to other similarly titled measures of other companies.
Schedules reconciling each of these non-GAAP financial measures are
provided as a supplement to this release.
Conference Call Information
Mr. Moshe Mizrahy, Chairman and Chief Executive
Officer, Dr. Michael Kreindel,
co-founder and Chief Technology Officer, Mr. Yair Malca, Chief
Financial Officer, Mr. Shakil
Lakhani, President of North
America, and Dr. Spero
Theodorou, Chief Medical Officer, will host a conference
call today, February 10, 2021, at 8:30 a.m. Eastern Time
to discuss the fourth quarter and full year 2020 financial
results.
The Company encourages participants to pre-register for the
conference call using the following link:
https://dpregister.com/sreg/10151158/e064a3345e. Callers will
receive a unique dial-in upon registration, which enables immediate
access to the call. Participants may pre-register at any time,
including up to and after the call start time.
For callers that opt out of pre-registration, please dial one of
the following teleconferencing numbers. Please begin by placing
your call 10 minutes before the conference call commences. If you
are unable to connect using the toll-free number, please try the
international dial-in number.
U.S. Toll-Free Dial-in Number:
1-833-316-0562
Israel Toll- Free Dial-in
Number: 1-80-921-2373
International Dial-in Number: 1-412-317-5736
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israel Time
The conference call will also be webcast live from a link on
InMode's website
at https://inmodemd.com/investors/events-presentations/. A
replay of the conference call will be available from February
10, 2021 at 12 p.m. Eastern Time to February
24, 2021 at 11:59 p.m. Eastern Time. To access the
replay, please dial one of the following numbers:
Replay Dial-in U.S
TOLL-FREE: 1-877-344-7529
Replay Dial-in Canada TOLL-FREE: 855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 10151158
A replay will also be available for 90 days on InMode's website
at https://inmodemd.com/investors/.
About InMode
InMode is a leading global provider of
innovative medical technologies. InMode develops, manufactures, and
markets devices harnessing novel radio-frequency ("RF") technology.
InMode strives to enable new emerging surgical procedures as well
as improve existing treatments. InMode has leveraged its
medically-accepted minimally invasive RF technologies to offer a
comprehensive line of products across several categories for
plastic surgery, gynecology, dermatology, otolaryngology, and
ophthalmology. For more information about InMode, please visit
www.inmodemd.com.
Forward-Looking Statements
The information in this
press release includes forward-looking statements within the
meaning of the federal securities laws. These statements generally
relate to future events or InMode's future financial or operating
performance, including the future performance described above under
the heading titled "2021 Financial Outlook." Actual outcomes and
results may differ materially from what is expressed or forecast in
such forward-looking statements. In some cases, you can identify
these statements because they contain words such as "anticipate,"
"believe," "estimate," "expect," "intend," "may," "plan,"
"predict," "project," "will," "would" and similar expressions that
concern our expectations, strategy plans or intentions.
Forward-looking statements are based on management's current
expectations and assumptions, and are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict, including with respect to the impact of the
COVID-19 global outbreak. As a result, actual results could differ
materially from those indicated in these forward-looking
statements. When considering these forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements included in InMode's Annual Report on Form 20-F filed
with the Securities and Exchange Commission on February 18, 2020, risk factors relating to the
COVID-19 global outbreak and our future public filings. InMode
undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances
occurring after this press release. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release.
Company
Contact:
Yair Malca
Chief Financial
Officer
Phone: (949)
305-0108
Email:
Yair.Malca@inmodemd.com
|
Investor Relations
Contact:
Miri Segal
MS-IR LLC
Phone: (917)
607-8654
Email:
ir@inmodemd.com
|
INMODE LTD.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)
|
Three months
ended
December 31,
|
Year Ended
December 31,
|
|
2020
|
2019
|
2020
|
2019
|
REVENUES
|
75,187
|
47,002
|
206,107
|
156,361
|
COST OF
REVENUES
|
10,575
|
6,045
|
30,849
|
20,238
|
GROSS
PROFIT
|
64,612
|
40,957
|
175,258
|
136,123
|
OPERATING
EXPENSES:
|
|
|
|
|
Research and
development
|
2,260
|
1,587
|
9,467
|
5,699
|
Sales and
marketing
|
25,239
|
20,127
|
86,532
|
66,848
|
General and
administrative
|
1,673
|
1,265
|
6,418
|
3,958
|
TOTAL OPERATING
EXPENSES
|
29,172
|
22,979
|
102,417
|
76,505
|
INCOME FROM
OPERATIONS
|
35,440
|
17,978
|
72,841
|
59,618
|
Finance income,
net
|
1,228
|
1,159
|
3,291
|
2,423
|
INCOME BEFORE
TAXES
|
36,668
|
19,137
|
76,132
|
62,041
|
INCOME
TAXES
|
598
|
165
|
1,107
|
883
|
NET
INCOME
|
36,070
|
18,972
|
75,025
|
61,158
|
Add: Loss (net income)
attributable to non-controlling interests
|
44
|
66
|
5
|
(13)
|
NET INCOME
ATTRIBUTABLE TO INMODE LTD.
|
36,114
|
19,038
|
75,030
|
61,145
|
|
|
|
|
|
NET INCOME PER
SHARE:
|
|
|
|
|
Basic
|
0.96
|
0.58
|
2.08
|
2.09
|
Diluted
|
0.85
|
0.46
|
1.78
|
1.60
|
WEIGHTED AVERAGE
NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER
SHARE (in thousands)
|
|
|
|
|
Basic
|
37,593
|
32,781
|
36,057
|
29,232
|
Diluted
|
42,389
|
41,639
|
42,092
|
38,059
|
INMODE LTD.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
|
December
31, 2020
|
December
31, 2019
|
Assets
|
|
|
CURRENT
ASSETS:
|
|
|
Cash and cash
equivalents
|
68,938
|
44,727
|
Marketable securities)
amortized cost of $141,544 and $119,983, respectively)
|
142,007
|
120,144
|
Short-term bank
deposits
|
49,589
|
28,491
|
Accounts receivable,
net of allowance for doubtful accounts of $672 and $432,
respectively
|
10,499
|
6,628
|
Other
receivables
|
3,575
|
3,810
|
Inventories
|
14,983
|
9,408
|
TOTAL CURRENT
ASSETS
|
289,591
|
213,208
|
NON-CURRENT
ASSETS:
|
|
|
Accounts
receivable
|
477
|
374
|
Other
receivables
|
2,894
|
-
|
Deferred income taxes,
net
|
64
|
1,899
|
Operating lease
right-of-use assets
|
1,153
|
1,369
|
Property and
equipment, net
|
982
|
935
|
Other
investments
|
600
|
600
|
TOTAL NON-CURRENT
ASSETS
|
6,170
|
5,177
|
TOTAL
ASSETS
|
295,761
|
218,385
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
CURRENT
LIABILITIES:
|
|
|
Accounts
payable
|
6,410
|
3,702
|
Contract
liabilities
|
11,900
|
15,587
|
Other
liabilities
|
16,720
|
13,205
|
TOTAL CURRENT
LIABILITIES
|
35,030
|
32,494
|
NON-CURRENT
LIABILITIES:
|
|
|
Contract
liabilities
|
1,988
|
3,813
|
Other
liabilities
|
2,910
|
1,494
|
Operating lease
liabilities
|
358
|
744
|
Deferred income taxes,
net
|
-
|
37
|
TOTAL NON-CURRENT
LIABILITIES
|
5,256
|
6,088
|
TOTAL
LIABILITIES
|
40,286
|
38,582
|
|
|
|
TOTAL
SHAREHOLDERS' EQUITY
|
255,475
|
179,803
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
295,761
|
218,385
|
INMODE LTD.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
|
|
Three months
ended
December 31,
|
Year Ended
December 31,
|
|
2020
|
2019
|
2020
|
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net income
|
36,070
|
18,972
|
75,025
|
61,158
|
Adjustments required
to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
109
|
88
|
416
|
302
|
Share-based
compensation expenses
|
3,231
|
358
|
12,845
|
1,557
|
Allowance for doubtful
accounts
|
(24)
|
(55)
|
442
|
78
|
Loss on marketable
securities, net
|
3
|
3
|
5
|
3
|
Finance income,
net
|
(614)
|
(440)
|
(625)
|
(835)
|
Deferred income taxes,
net
|
556
|
(383)
|
1,729
|
(594)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Decrease (increase) in
accounts receivable
|
5,667
|
1,046
|
(4,416)
|
449
|
Increase in other
receivables
|
(1,687)
|
(666)
|
(2,647)
|
(1,316)
|
Increase in
inventories
|
(112)
|
(913)
|
(5,575)
|
(2,445)
|
Increase (decrease) in
accounts payable
|
2,127
|
(667)
|
2,708
|
92
|
Increase in other
liabilities
|
113
|
1,676
|
4,830
|
4,094
|
Increase (decrease) in
contract liabilities
|
(3,852)
|
8,400
|
(5,512)
|
9,663
|
Decrease in accrued
contingencies
|
-
|
-
|
-
|
(10,000)
|
Net cash provided by
operating activities
|
41,587
|
27,419
|
79,225
|
62,206
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Investment in
short-term deposit
|
(6,000)
|
(13,500)
|
(55,699)
|
(47,810)
|
Proceeds from
short-term deposit
|
-
|
11,000
|
34,810
|
29,500
|
Purchase of fixed
assets
|
(35)
|
(175)
|
(463)
|
(693)
|
Other
investments
|
-
|
(600)
|
-
|
(600)
|
Purchase of marketable
securities
|
(50,295)
|
(82,802)
|
(169,689)
|
(165,423)
|
Proceeds from sale of
marketable securities
|
29,950
|
54,471
|
147,736
|
72,574
|
Net cash (used in)
investing activities
|
(26,380)
|
(31,606)
|
(43,305)
|
(112,452)
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from initial
public offering of ordinary shares, net of offering
costs
|
-
|
-
|
-
|
69,784
|
Repurchase of ordinary
shares
|
(17,218)
|
-
|
(17,218)
|
-
|
Exercise of
options
|
1,528
|
74
|
4,776
|
389
|
Net cash provided by
(used in) financing activities
|
(15,690)
|
74
|
(12,442)
|
70,173
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH
|
586
|
135
|
733
|
79
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS
|
103
|
(3,978)
|
24,211
|
20,006
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
68,835
|
48,705
|
44,727
|
24,721
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
68,938
|
44,727
|
68,938
|
44,727
|
INMODE LTD.
CONDENSED CONSOLIDATED
FINANCIAL HIGHLIGHTS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
|
Three months
ended
December 31,
|
Year Ended
December 31,
|
2020
|
2019
|
2020
|
2019
|
Revenues by
Geography:
|
|
|
|
|
United
States
|
53,725
|
36,386
|
149,488
|
124,199
|
International
|
21,462
|
10,616
|
56,619
|
32,162
|
Total Net
Revenue
|
75,187
|
47,002
|
206,107
|
156,361
|
U.S. as percentage of
total revenue
|
71%
|
77%
|
73%
|
79%
|
INMODE LTD.
RECONCILIATION OF GAAP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME TO NON-GAAP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)
|
Three months ended
December 31, 2020
|
Three months ended
December 31, 2019
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
REVENUES
|
75,187
|
-
|
75,187
|
47,002
|
-
|
47,002
|
COST OF
REVENUES
|
10,575
|
(140)
|
10,435
|
6,045
|
(32)
|
6,013
|
GROSS
PROFIT
|
64,612
|
140
|
64,752
|
40,957
|
32
|
40,989
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
Research and
development
|
2,260
|
(132)
|
2,128
|
1,587
|
(13)
|
1,574
|
Sales and
marketing
|
25,239
|
(2,829)
|
22,410
|
20,127
|
(271)
|
19,856
|
General and
administrative
|
1,673
|
(130)
|
1,543
|
1,265
|
(42)
|
1,223
|
TOTAL
OPERATING
EXPENSES
|
29,172
|
(3,091)
|
26,081
|
22,979
|
(326)
|
22,653
|
INCOME FROM
OPERATIONS
|
35,440
|
3,231
|
38,671
|
17,978
|
358
|
18,336
|
Finance income,
net
|
1,228
|
-
|
1,228
|
1,159
|
-
|
1,159
|
INCOME BEFORE
TAXES
|
36,668
|
3,231
|
39,899
|
19,137
|
358
|
19,495
|
INCOME TAXES (TAX
BENEFIT)
|
598
|
(505)
|
93
|
165
|
85
|
250
|
NET
INCOME
|
36,070
|
3,736
|
39,806
|
18,972
|
273
|
19,245
|
Add: Loss attributable
to non-controlling interests
|
44
|
-
|
44
|
66
|
-
|
66
|
NET INCOME
ATTRIBUTABLE TO INMODE LTD.
|
36,114
|
3,736
|
39,850
|
19,038
|
273
|
19,311
|
|
|
|
|
|
|
|
NET INCOME PER
SHARE:
|
|
|
|
|
|
|
Basic
|
0.96
|
|
1.06
|
0.58
|
|
0.59
|
Diluted
|
0.85
|
|
0.94
|
0.46
|
|
0.46
|
WEIGHTED AVERAGE
NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER
SHARE (in thousands)
|
|
|
|
|
|
|
Basic
|
37,593
|
|
37,593
|
32,781
|
|
32,781
|
Diluted
|
42,389
|
|
42,490
|
41,639
|
|
41,657
|
INMODE LTD.
RECONCILIATION OF
GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME TO NON-GAAP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)
|
Year Ended
December 31, 2020
|
Year Ended
December 31, 2019
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
GAAP
|
Share Based
Compensation
|
Non-GAAP
|
REVENUES
|
206,107
|
-
|
206,107
|
156,361
|
-
|
156,361
|
COST OF
REVENUES
|
30,849
|
(520)
|
30,329
|
20,238
|
(94)
|
20,144
|
GROSS
PROFIT
|
175,258
|
520
|
175,778
|
136,123
|
94
|
136,217
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
Research and
development
|
9,467
|
(2,264)
|
7,203
|
5,699
|
(179)
|
5,520
|
Sales and
marketing
|
86,532
|
(9,398)
|
77,134
|
66,848
|
(1,158)
|
65,690
|
General and
administrative
|
6,418
|
(663)
|
5,755
|
3,958
|
(126)
|
3,832
|
TOTAL
OPERATING
EXPENSES
|
102,417
|
(12,325)
|
90,092
|
76,505
|
(1,463)
|
75,042
|
INCOME FROM
OPERATIONS
|
72,841
|
12,845
|
85,686
|
59,618
|
1,557
|
61,175
|
Finance income,
net
|
3,291
|
-
|
3,291
|
2,423
|
-
|
2,423
|
INCOME BEFORE
TAXES
|
76,132
|
12,845
|
88,977
|
62,041
|
1,557
|
63,598
|
INCOME TAXES (TAX
BENEFIT)
|
1,107
|
(1,268)
|
(161)
|
883
|
312
|
1,195
|
NET
INCOME
|
75,025
|
14,113
|
89,138
|
61,158
|
1,245
|
62,403
|
Add: Loss (net income)
attributable to non-controlling interests
|
5
|
-
|
5
|
(13)
|
-
|
(13)
|
NET INCOME
ATTRIBUTABLE TO INMODE LTD.
|
75,030
|
14,113
|
89,143
|
61,145
|
1,245
|
62,390
|
|
|
|
|
|
|
|
NET INCOME PER
SHARE:
|
|
|
|
|
|
|
Basic
|
2.08
|
|
2.47
|
2.09
|
|
2.13
|
Diluted
|
1.78
|
|
2.11
|
1.60
|
|
1.63
|
WEIGHTED AVERAGE
NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER
SHARE (in thousands)
|
|
|
|
|
|
|
Basic
|
36,057
|
|
36,057
|
29,232
|
|
29,232
|
Diluted
|
42,092
|
|
42,201
|
38,059
|
|
38,085
|
View original
content:http://www.prnewswire.com/news-releases/inmode-reports-record-fourth-quarter-and-full-year-2020-financial-results-quarterly-revenues-of-75-2-million-represent-60-year-over-year-growth-301225470.html
SOURCE InMode Ltd.