The following is a summary of the InMode Ltd. (INMD) Q1 2024 Earnings Call Transcript:

Financial Performance:

• InMode reported Q1 2024 revenue of $80.3 million. Pro forma revenue, including pre-orders not yet delivered, was $96 million.

• Gross margin in Q1 2024 was 80% for both GAAP and non-GAAP, while pro forma gross margin was 82%.

• Operating expenses were $45.8 million, a decline of 2% YoY.

• GAAP diluted earnings per share for Q1 were $0.28, a decrease compared to $0.47 per diluted share in Q1 of 2023.

• The company had cash and cash equivalents, marketable securities, and proceeds of $770.5 million as of Q1 2024.

• The company revised full year 2024 revenue guidance downward to $485 million to $495 million, from previous guidance of $495 to $505 million.

Business Progress:

• InMode launched two new platforms, IgniteRF and Optimus Max, which accounted for 16% of Q1 sales.

• Company board approved a share repurchase program for 8.37 million shares and will explore M&A opportunities, dividends, and future buybacks.

• Dr. Michael Anghel was appointed new Chairman of the Board.

• The company made changes to their North American sales team and adjusted their infrastructure in anticipation of slower markets.

• Construction of manufacturing line for new platforms could be delayed due to the war in Israel.

• The non-GAAP earnings per diluted share estimates for Q1 have been revised to between $2.01 and $2.05.

• The company is expanding the availability of the new platforms in Canada, Europe, and Asia and has established subsidiaries in Germany and Japan.

• InMode is working on risk-sharing programs with leasing companies to facilitate customer financing.

More details: InMode IR

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