InMode Ltd.

Hello and welcome to the InMode Limited first quarter 2022 earnings results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Miri Segal, CEO of MSIR. Please go ahead.

Thank you operator and everyone for joining us today. Welcome to InMode's first quarter 2022 earnings call. Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements, and the safe harbor statement outlined in today's earnings release also pertains to this call. If you have not received a copy of the release, please go to the investor relations section of InMode's website. Changes in business, competitive, technological, regulatory, and other factors could cause actual results to differ materially from those expressed by the forward-looking statements made today. Our historical results are not necessarily indicative of future performance. As such, we can give no assurance as to the accuracy of our forward-looking statements and assume no obligation to update them, except as required by law. With that, I'd like to pass the call over to Moshe Mizrachi, Chairman and CEO. Moshe, please go ahead.

Thank you, Miri, and thank to all of you for joining our first quarter 2022 earning call. With me today are Dr. Michael Kreindel, our co-founder and chief technology officer, Yair Malka, our chief financial officer, Shaquille Akiani, our president in North America, Dr. Spiro Teodoro, our chief medical officer, and Raphael Dickerman, our VP of Finance. We will all be available for Q&A session after our prepared remark. We are pleased to report first quarter revenue of $85.9 million, an increase of 31.1% compared to the same period last year. We continue to achieve strong, profitable growth despite the continued uncertainty in the global markets. Net income for the quarter on a gap basis was $31 million and $34.1 million on the non-gap basis, reflecting year-over-year growth of 16%. As a result of our strategy of focusing on selling more systems on the global market, sales of capital equipment were strong, representing 84% of our total revenue in the first quarter. Sales of consumable and services accounted for 16% of the total revenue in the first quarter. By launching new platforms and innovative modalities, and by expanding our install base in the US and around the globe, we continue to look forward to consistent growth in revenue from consumable, which will over time become a more significant portion of our revenue mix. Once again, our growth engines are minimally invasive and ablative technologies. These platforms are the core competitive advantage and the main differentiator between InMode and other aesthetic companies. Our technology enables patients to benefit from long-lasting results similar to the one achieved in plastic surgery, but with minimal downtime, local anesthesia, and minimally invasive procedures. Minimally invasive and ablative platforms accounted for 80% of our Q1 revenue, compared to 69% in Q1 of last year. We achieved this trend in the strong indication of the growing demand and our increasing brand recognition in the US and globally. Hair-free devices generated 10% of our total revenue, and non-invasive RF and laser platforms represent the remaining 10%. Looking at the international side of the business, first quarter sales outside the US accounted for $32.3 million, or 38% of total sales, a 50.6% increase compared to the same quarter last year. InMode currently operated operate in 77 countries. In the first quarter, we opened subsidiary in Italy, and we are very happy with the level of demand in this territory. We see most of the growth coming from region where we have already established our presence. Yet, there remain opportunity in new territories, and we will expect to keep expanding our presence outside the U.S. in the coming quarters. While we face operational challenges, due to global supply chain issue in the quarter and increased shipment prices. We were successfully in mitigating the impact of these challenges and we were able to meet the demand and ensure each platforms was delivered within 10 days. Our high commitment to each physician or clinic that all their platforms is stronger than ever. And we have developed different methodologies and mechanisms to cope with the current supply chain challenges. We anticipated that the supply chain challenges will continue, but we are monitoring the situation very closely and continue to proactively manage the process on a daily basis. As Yair will emphasize, We're maintaining our 2022 guidance, expecting total revenue to be between $415 million to $425 million. We will continue to update you as the year progresses. Now I would like to turn the call over to Shaquille, our president in North America. Shaquille, please.