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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