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InMode Reports Record Fourth Quarter and Full Year 2021 Financial Results:

Quarterly Revenue of $110.5M, 47% Year-Over-Year Growth

GAAP Net Income of $52.7M, 46% Increase Compared to Q4 2020

YOKNEAM, Israel, Feb. 10, 2022 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the fourth quarter and full year ended Dec. 31, 2021.

InMode Logo (PRNewsfoto/InMode)
InMode Logo (PRNewsfoto/InMode)

Fourth Quarter 2021 Highlights:

  • Record quarterly revenues of $110.5 million, an increase of 47% compared to the fourth quarter of 2020: InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 73% of quarterly revenues, while 17% came from InMode's hands-free platforms and 10% from InMode's traditional laser and non-invasive RF platforms

  • Record GAAP net income of $52.7 million, compared to $36.1 million in the fourth quarter of 2020; *non-GAAP net income of $55.2 million, compared to $39.9 million in the fourth quarter of 2020

  • Record GAAP diluted earnings per share(1) of $0.61, compared to $0.43 in the fourth quarter of 2020; *non-GAAP diluted earnings per share(1) of $0.64, compared to $0.47 in the fourth quarter of 2020

  • Total cash position of $415.9 million as of Dec. 31, 2021, including cash and cash equivalents, marketable securities, and short-term bank deposits

Full Year 2021 Highlights:


  • Record full year revenues of $357.6 million, an increase of 73% as compared to 2020; 72% of revenues derived from our proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments, 20% from our recently introduced hands-free platforms and 8% from our traditional laser and non-invasive RF platforms

  • Record GAAP net income of $165.0 million, compared to $75.0 million in 2020; *non-GAAP net income of $176.3 million, compared to $89.1 million in 2020

  • Record GAAP diluted earnings per share(1) of $1.92, compared to $0.89 in 2020; *non-GAAP diluted earnings per share(1) of $2.05, compared to $1.06 in 2020

  • 112% increase in international (non-U.S.) revenues as compared to 2020

U.S. GAAP Results

(U.S. dollars in thousands, except for per share data)


Q4 2021

Q4 2020

FY 2021

FY 2020

Revenues

$110,540

$75,187

$357,565

$206,107

Gross Margins

85%

86%

85%

85%

Net Income Attributable to
InMode Ltd.

$52,685

$36,114

$164,971

$75,030

Earnings per Diluted Share(1)

$0.61

$0.43

$1.92

$0.89

*Non-GAAP Results

(U.S. dollars in thousands, except for per share data)


Q4 2021

Q4 2020

FY 2021

FY 2020

Gross Margins

85%

86%

85%

85%

Net Income Attributable to InMode Ltd.

$55,193

$39,850

$176,317

$89,143

Earnings per Diluted Share(1)

$0.64

$0.47

$2.05

$1.06

*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, other income related to IP transactions and related tax adjustments.

(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.

Management Comments

"We are proud to report not just another record quarter and year, but also a quarterly milestone as we significantly surpass the $100 million mark in revenue," said Moshe Mizrahy, CEO of InMode. "Throughout the year, we continued to grow our global footprint by adding 17 new countries. As we expand outside of the U.S. and open new subsidiaries like the one, we recently launched in Italy, we continue to evaluate the Omicron effect on all of our territories and on the business in 2022."

"This year has been an exciting journey and set new goals for the development team," commented Dr. Michael Kreindel, CTO, and co-founder of InMode. "We have created an array of opportunities to innovate and expand our technologies into the women's health market with the successful launch of EmpowerRF."

Shakil Lakhani, President of InMode North America said: "The record number of consumable sales in the U.S. and globally is a testimony of the impressive growth in adoption and frequency use rates of our platforms. We estimate that this number will continue to grow as physicians and patients alike endorse our unique technology."

"The launch of our latest platform, EmpowerRF, began a new direction for InMode into the women's health space," added Dr. Spero Theodorou, Chief Medical Officer of InMode. "We diligently invest resources in developing our clinical studies and are encouraged by the growing number of peer review publications supporting our strong scientific data and achievements."

Fourth Quarter 2021 Financial Results

Total revenues for the fourth quarter of 2021 reached $110.5 million, an increase of 47% compared to the fourth quarter of 2020.

"The increase in revenues was driven by the continued success of our core, minimally invasive technology and elevated by the launch of new products in the U.S. in the second half of 2021," said Yair Malca, Chief Financial Officer of InMode. "Additionally, we gained traction in international markets, with international revenues growing 69% year-over-year."

"Patients seeking minimally invasive treatments at unprecedented levels resulted in revenue growth from consumables and services by 78% year-over-year. The last several quarters have exemplified InMode's dedication to maintaining healthy gross margins, where we successfully maintained 85%, despite global supply challenges. We have integrated this as part of our company target model, ensuring that each additional new product will allow us to support this level of margin. As we continue to enter new markets and geographies, we'll focus on expanding our marketing capabilities to support our growth trajectory," concluded Yair Malca.

Revenues outside the U.S. represented 33%, with Asia, Europe and Latin America being major contributors to the Company's growth.

GAAP gross margin for the fourth quarter of 2021 was 85% compared to a gross margin of 86% in the fourth quarter of 2020. *Non-GAAP gross margin for the fourth quarter of 2021 was 85% and 86% for the fourth quarter of 2020. 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 2021 was 49%, compared to 47% in the fourth quarter of 2020. *Non-GAAP operating margin for the fourth quarter of 2021 was 51%, compared to 51% in the fourth quarter of 2020. The increase in GAAP operating margin is primarily attributable to change in share-based compensation expenses.

InMode reported GAAP net income attributable to InMode Ltd. of $52.7 million, or $0.61 per diluted share, in the fourth quarter of 2021, compared to $36.1 million, or $0.43 per diluted share(1), in the fourth quarter of 2020. On a *non-GAAP basis, InMode reported net income attributable to InMode Ltd. of $55.2 million, or $0.64 per diluted share, in the fourth quarter of 2021, compared to $39.9 million, or $0.47 per diluted share(1), in the fourth quarter of 2020.

Full Year 2021 Financial Results

Total revenues for 2021 were $357.6 million, an increase of 73% as compared to 2020. This increase was primarily attributable to strong demand for our minimally invasive platforms. In addition, InMode gained traction in international markets, with international revenues growing 112% year-over-year.

GAAP gross margin for 2021 was 85%, like the gross margin in 2020. *Non-GAAP gross margin for 2021 was 85%, similar to the gross margin in 2020.

GAAP operating margin for 2021 was 47%, compared to the operating margin of 35% in 2020. *Non-GAAP operating margin for 2021 was 50%, compared to the operating margin of 42% in the full year of 2020. This increase is primarily attributable to the company's accelerated growth during 2021.

InMode reported GAAP net income attributable to InMode Ltd. of $165.0 million, or $1.92 per diluted share, in 2021. This is compared with GAAP net income attributable to InMode Ltd of $75.0 million, or $0.89 per diluted share(1), in 2020. On a *non-GAAP basis, InMode reported net income attributable to InMode Ltd. of $176.3 million, or $2.05 per diluted share, in the full year of 2021, compared to net income attributable to InMode Ltd. of $89.1 million, or $1.06 per diluted share(1), in the full year of 2020.

As of Dec. 31, 2021, InMode had cash and cash equivalents, marketable securities, and short-term bank deposits of $415.9 million.

(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.

2022 Financial Outlook

Management provided an outlook for the full year of 2022, the period ending Dec. 31, 2022. Based on current estimates, management expects:

  • Revenues between $415 million and $425 million

  • *Non-GAAP gross margin between 84% and 86%

  • *Non-GAAP income from operations between $199 million and $204 million

  • *Non-GAAP earnings per diluted share between $2.06 and $2.11

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, other income related to IP transactions 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 earnings per diluted 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 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 more effectively. 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, Feb. 10, 2022, at 8:30 a.m. Eastern Time to discuss the fourth quarter and full year 2021 financial results.

The Company encourages participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10162779/f0769e8c28

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
Webcast URL: https://services.choruscall.com/mediaframe/webcast.html?webcastid=PO3NtmAD

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 Feb. 10, 2022, at 12 p.m. Eastern Time to Feb. 24, 2022, 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: 4618253

To access the replay using an international dial-in number, please select the link below: https://services.choruscall.com/ccforms/replay.html

A replay of the conference call 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. Consequently, 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 10, 2021, 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 pertain 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,


2021

2020

2021

2020

REVENUES

110,540

75,187

357,565

206,107

COST OF REVENUES

16,847

10,575

53,592

30,849

GROSS PROFIT

93,693

64,612

303,973

175,258

OPERATING EXPENSES:





Research and development

2,528

2,260

9,532

9,467

Sales and marketing

35,286

25,239

119,353

86,532

General and administrative

2,527

1,673

8,411

6,418

Other Income

(800)

-

(800)

-

TOTAL OPERATING EXPENSES

39,541

29,172

136,496

102,417

INCOME FROM OPERATIONS

54,152

35,440

167,477

72,841

Finance income, net

118

1,228

525

3,291

INCOME BEFORE TAXES

54,270

36,668

168,002

76,132

INCOME TAXES

1,585

598

2,928

1,107

NET INCOME

52,685

36,070

165,074

75,025

Add: Loss (net income) attributable to non-controlling interests

-

44

(103)

5

NET INCOME ATTRIBUTABLE TO INMODE LTD.

52,685

36,114

164,971

75,030






NET INCOME PER SHARE (1):





Basic

0.63

0.48

2.03

1.04

Diluted

0.61

0.43

1.92

0.89

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)





Basic

83,234

75,185

81,445

72,114

Diluted

86,384

84,778

86,017

84,185

(1) The number of shares 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.

INMODE LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except for per share data)

(Unaudited)



December 31,

2021

December 31,

2020

Assets



CURRENT ASSETS:



Cash and cash equivalents

68,136

68,938

Marketable securities (amortized cost of $296,243 and $141,544, respectively)

294,530

142,007

Short-term bank deposits

53,248

49,589

Accounts receivable, net of allowance for doubtful accounts of $1,107 and $672, respectively

20,236

10,499

Other receivables

12,938

3,575

Inventories

21,026

14,983

TOTAL CURRENT ASSETS

470,114

289,591

NON-CURRENT ASSETS:



Accounts receivable

768

477

Other receivables

-

2,894

Deferred income taxes, net

1,334

64

Operating lease right-of-use assets

4,321

1,153

Property and equipment, net

1,404

982

Other investments

600

600

TOTAL NON-CURRENT ASSETS

8,427

6,170

TOTAL ASSETS

478,541

295,761




Liabilities and shareholders' equity



CURRENT LIABILITIES:



Accounts payable

8,779

6,410

Contract liabilities

13,805

11,900

Other liabilities

29,266

16,720

TOTAL CURRENT LIABILITIES

51,850

35,030

NON-CURRENT LIABILITIES:



Contract liabilities

2,751

1,988

Other liabilities

4,831

2,910

Operating lease liabilities

3,307

358

TOTAL NON-CURRENT LIABILITIES

10,889

5,256

TOTAL LIABILITIES

62,739

40,286




TOTAL SHAREHOLDERS' EQUITY

415,802

255,475

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

478,541

295,761

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,


2021

2020

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES:





Net income

52,685

36,070

165,074

75,025

Adjustments required to reconcile net income to net cash provided by operating activities:





Depreciation and amortization

139

109

517

416

Share-based compensation expenses

3,124

3,231

11,962

12,845

Allowance for doubtful accounts

141

(24)

516

442

Loss on marketable securities, net

142

3

175

5

Finance expenses (income), net

(375)

(614)

1,223

(625)

Deferred income taxes, net

(379)

556

(770)

1,729

Changes in operating assets and liabilities:





Decrease (increase) in accounts receivable

1,934

5,667

(10,544)

(4,416)

increase in other receivables

(1,982)

(1,687)

(6,400)

(2,647)

increase in inventories

(1,848)

(112)

(6,043)

(5,575)

Increase (decrease) in accounts payable

(105)

2,127

2,369

2,708

Increase (decrease) in other liabilities

(2,056)

113

14,138

4,830

Increase (decrease) in contract liabilities

1,473

(3,852)

2,668

(5,512)

Net cash provided by operating activities

52,893

41,587

174,885

79,225

CASH FLOWS FROM INVESTING ACTIVITIES:





Investment in short-term deposits

(7,000)

(6,000)

(73,090)

(55,699)

Proceeds from short-term deposits

7,000

-

69,180

34,810

Purchase of fixed assets

(182)

(35)

(939)

(463)

Purchase of marketable securities

(70,560)

(50,295)

(273,834)

(169,689)

Proceeds from sale of marketable securities

39,935

29,950

118,577

147,736

Net cash (used in) investing activities

(30,807)

(26,380)

(160,106)

(43,305)

CASH FLOWS FROM FINANCING ACTIVITIES:





Repurchase of ordinary shares

(23,444)

(17,218)

(35,365)

(17,218)

Exercise of options

540

1,528

20,343

4,776

Net cash (used in) financing activities

(22,904)

(15,690)

(15,022)

(12,442)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

26

586

(559)

733

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(792)

103

(802)

24,211






CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

68,928

68,835

68,938

44,727

CASH AND CASH EQUIVALENTS AT END OF PERIOD

68,136

68,938

68,136

68,938

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,

2021

2020

2021

2020

Revenues by Geography:









United States

74,215

67%

53,725

71%

237,263

66%

149,488

73%

International

36,325

33%

21,462

29%

120,302

34%

56,619

27%

Total Net Revenue

110,540

100%

75,187

100%

357,565

100%

206,107

100%


Three months ended December 31,

Year ended December 31,

2021

2020

2021

2020

Revenues by Category:









Capital equipment revenues

98,595

89%

68,458

91%

319,239

89%

185,320

90%

Consumables and service revenues

11,945

11%

6,729

9%

38,326

11%

20,787

10%

Total Net Revenue

110,540

100%

75,187

100%

357,565

100%

206,107

100%


Three months ended December 31,

Year ended December 31,

2021

2020

2021

2020


%

%

%

%


United States

International

Total

United States

International

Total

United States

International

Total

United States

International

Total

Revenues by Technology:













Minimally Invasive

74

70

73

64

68

65

71

73

72

59

71

62

Hands-Free

23

6

17

35

10

28

27

7

20

39

10

32

Non-Invasive

3

24

10

1

22

7

2

20

8

2

19

6


100

100

100

100

100

100

100

100

100

100

100

100

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, 2021

Three months ended December 31, 2020

GAAP

Share Based
Compensation

Other Income
Related to IP
Transactions

Non-GAAP

GAAP

Share Based
Compensation

Non-GAAP

REVENUES

110,540

-

-

110,540

75,187

-

75,187

COST OF REVENUES

16,847

(304)

-

16,543

10,575

(140)

10,435

GROSS PROFIT

93,693

304


93,997

64,612

140

64,752

OPERATING EXPENSES:








Research and development

2,528

(442)

-

2,086

2,260

(132)

2,128

Sales and marketing

35,286

(2,120)

-

33,166

25,239

(2,829)

22,410

General and administrative

2,527

(258)

-

2,269

1,673

(130)

1,543

Other Income

(800)

-

800

-

-

-

-

TOTAL OPERATING
EXPENSES

39,541

(2,820)

800

37,521

29,172

(3,091)

26,081

INCOME FROM OPERATIONS

54,152

3,124

(800)

56,476

35,440

3,231

38,671

Finance income, net

118

-

-

118

1,228

-

1,228

INCOME BEFORE TAXES

54,270

3,124

(800)

56,594

36,668

3,231

39,899

INCOME TAXES

1,585

-

(184)

1,401

598

(505)

93

NET INCOME

52,685

3,124

(616)

55,193

36,070

3,736

39,806

Add: Loss attributable to non-controlling interests

-

-

-

-

44

-

44

NET INCOME ATTRIBUTABLE TO INMODE LTD.

52,685

3,124

(616)

55,193

36,114

3,736

39,850









NET INCOME PER
SHARE
(1):








Basic

0.63



0.66

0.48


0.53

Diluted

0.61



0.64

0.43


0.47

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)








Basic

83,234



83,234

75,185


75,185

Diluted

86,384



86,519

84,778


84,980

(1) The number of shares 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.

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, 2021

Year Ended December 31, 2020

GAAP

Share Based
Compensation

Other Income
Related to IP
Transactions

Non-GAAP

GAAP

Share Based
Compensation

Non-GAAP

REVENUES

357,565

-

-

357,565

206,107

-

206,107

COST OF REVENUES

53,592

(1,108)

-

52,484

30,849

(520)

30,329

GROSS PROFIT

303,973

1,108


305,081

175,258

520

175,778

OPERATING EXPENSES:








Research and development

9,532

(1,554)

-

7,978

9,467

(2,264)

7,203

Sales and marketing

119,353

(8,274)

-

111,079

86,532

(9,398)

77,134

General and administrative

8,411

(1,026)

-

7,385

6,418

(663)

5,755

Other Income

(800)


800

-

-

-

-

TOTAL OPERATING
EXPENSES

136,496

(10,854)

800

126,442

102,417

(12,325)

90,092

INCOME FROM OPERATIONS

167,477

11,962

(800)

178,639

72,841

12,845

85,686

Finance income, net

525

-

-

525

3,291

-

3,291

INCOME BEFORE TAXES

168,002

11,962

(800)

179,164

76,132

12,845

88,977

INCOME TAXES (TAX BENEFIT)

2,928

-

(184)

2,744

1,107

(1,268)

(161)

NET INCOME

165,074

11,962

(616)

176,420

75,025

14,113

89,138

Add: Loss (net Income) attributable to non-controlling interests

(103)

-

-

(103)

5

-

5

NET INCOME ATTRIBUTABLE TO INMODE LTD.

164,971

11,962

(616)

176,317

75,030

14,113

89,143









NET INCOME PER
SHARE
(1):








Basic

2.03



2.16

1.04


1.24

Diluted

1.92



2.05

0.89


1.06

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)








Basic

81,445



81,445

72,114


72,114

Diluted

86,017



86,192

84,185


84,402

(1) The number of shares 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.

Cision
Cision

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SOURCE InMode