InMode Expects Record Fourth Quarter & Full Year 2022 Financial Results, Q4 Revenue Between $133.2M-$133.4M

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Jan 11, 2023, 07:00 ET

Conference call to be held on Tuesday, February 14, 2023, at 8:30 a.m. Eastern Time

YOKNEAM, Israel, Jan. 11, 2023 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies, announced today that it expects to release its financial results for the fourth quarter and full year 2022 before the Nasdaq market opens on Tuesday, February 14, 2023.

InMode is currently finalizing its financial results for the fourth quarter and full year of 2022. While complete financial information and operating data are not yet available, set forth below are certain preliminary financial results for said period, subject to final adjustments and other developments that may arise between now and the time such financial results are published. Based on preliminary results, management expects:

Record revenue for the fourth quarter of 2022 to be in the range of $133.2 million to $133.4 million and revenue for the full year of 2022 to be in the range of $453.9 million to $454.1 million
Record Non-GAAP¹ earnings per diluted share for the fourth quarter and full year of 2022 to be in the range of $0.73 and $0.74 and $2.38 and $2.39, respectively
Non-GAAP¹ gross margin for the full year of 2022 to be in the range of 83% to 85%
Full year 2023 revenue to be in the range of $525 million to $530 million

¹Please refer to "Use of Non-GAAP Financial Measures" below for important information about non-GAAP financial measures. Non-GAAP financial results exclude share-based compensation and certain tax adjustments. The Company applied the provisions of the amendment to the Investment Law to its exempt profits accrued prior to 2020 and made a one-time payment of $12.0 million to the Israeli Tax Authority. In addition, the Company reached agreement with the Israeli Tax Authority under which the Company will pay approximately $14.3 million on its undistributed exempt income for the year ended December 31, 2021. As a result, approximately $313.2 million of the Company's undistributed exempt income for years 2012 through 2021 may be distributed or used by the Company without being subject to additional corporate tax.

InMode will host a conference call to discuss the fourth quarter 2022 financial results on February 14, at 8:30 a.m. Eastern Time with presentations from management including Moshe Mizrahy, Chairman and Chief Executive Officer; Yair Malca, Chief Financial Officer; Dr. Michael Kreindel, Chief Technology Officer; Shakil Lakhani, President of North America; and Dr. Spero Theodorou, Chief Medical Officer.

The Company encourages participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10174372/f5819ac374. Callers will receive a unique dial-in upon registration, which enables immediate access on the day of 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: 1-833-316-0562
Israel Toll-Free: 1-80-921-2373
International: 1-412-317-5736

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=JnMDK7VQ

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 14, 2023, at 12:00 p.m. Eastern Time to February 28, 2023, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:

Replay U.S. TOLL-FREE: 1-877-344-7529
Replay TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 3700075

A replay will also be available for 90 days on InMode's website at: https://inmodemd.com/investors/events-presentations/.

About InMode

InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radiofrequency ("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 and its wide array of medical technologies, 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 2023 revenue projection described above. 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, strategic 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, 2022, as well as 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.

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.

Company Contact:

Yair Malca
Chief Financial Officer
Phone: (949) 305-0108
Email: [email protected]

Investor Relations Contact:

Miri Segal
MS-IR LLC
Phone: (917) 607-8654
Email: [email protected]

Logo: https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg

SOURCE InMode Ltd.