InMode Reports First Quarter 2021 Financial Results
YOKNEAM, Israel, May 5, 2021 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced consolidated financial results for its first quarter ended March 31, 2021.
First Quarter 2021 Highlights:
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U.S. GAAP Results (U.S. dollars in thousands, except for per share data) |
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Q1 2021 |
Q1 2020 |
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Revenues |
$65,524 |
$40,441 |
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Gross Margins |
85% |
85% |
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Net Income Attributable to InMode Ltd. |
$26,643 |
$6,433 |
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Earnings per Diluted Share |
$0.63 |
$0.15 |
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*Non-GAAP Results (U.S. dollars in thousands, except for per share data) |
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Q1 2021 |
Q1 2020 |
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Gross Margins |
85% |
85% |
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Net Income Attributable to InMode Ltd. |
$29,341 |
$12,559 |
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Earnings per Diluted Share |
$0.69 |
$0.30 |
*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
"Our strong first quarter performance marks another impressive period of growth. Increases in revenues were driven by continued demand for our minimally invasive and hands-free devices in clinics around the world," commented Moshe Mizrahy, InMode's CEO. "In particular we've seen immense growth of our consumables sales, which have tripled over the last four quarters. This is a testament of our pervasive market penetration and the popularity of our solutions with both doctors and patients alike."
"Our pipeline continues to grow and includes many new projects as we plan on penetrating new medical categories in 2021 and beyond. In addition to gynecology and ophthalmology, we are also exploring urology and other verticals where our advanced capabilities and experience with bio polar RF technology will improve the quality of life for patients," stated Dr. Michael Kreindel, InMode's CTO and co-founder.
Shakil Lakhani, President of InMode North America, added, "The underlying demand for our non-invasive and effective aesthetic procedures continued to be strong in the first quarter with sales reaching an all-time high for the month of March. Our sales team and post-sales support were vital in generating interest across our portfolio of platforms and driving record consumables orders, as our virtual training platform successfully integrated new hires into our organization. We are pleased to see in-person events slowly returning back to normal and we are encouraged by the high levels of activity and engagement at these events."
"More practitioners are using our systems than ever before," added Dr. Spero Theodorou, InMode Chief Medical Officer. "We continue to engage with luminary doctors worldwide as they endorse InMode's innovative approach to aesthetics and wellness."