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spk05: Good morning and welcome to InMode fourth quarter and full year financial results conference call. All participants will be in listen-only mode. If you need assistance, please signal conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note that this event is being recorded. I'd now like to turn the conference over to Mary Siegel, MSIR. Please go ahead.
spk00: Thank you, operator, and everyone for joining us today. Welcome to our conference call. Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements and that 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 the company'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.
spk09: Thank you, Miri, and to everybody who's joining us. With me today are Dr. Michael Kreindel, our Co-Founder and Chief Technology Officer, Yair Malka, our Chief Financial Officer, Shaquille Lacani, our President in North America, Dr. Spiro Tarduro, our chief medical officer, and Rafael Likerman, our VP of finance. Following our prepared remark, we will all be available to answer your question. We are pleased to report another record quarter with Q4 revenue of $133.6 million and $454.3 million for the full year. an increase of 21% as compared to Q4 of 2020. focused growth strategy in the US and globally and our diversified portfolio all contribute to our leadership position in the market. We value the trust of physician and patient as we experience a growing demand across the board. The success of the Empower RF platforms in 2022 continue to exceed our expectation. In fact, Revenue from these platforms exceeding $45 million in 2022, well above our original guidance of $20 million. As we mentioned last quarter, the Morpheus 8 device is becoming the gold standard in the static category, and we believe that it will continue to be one of our biggest growth drivers going forward. This plays a major role in major platforms that we launch. In 2022, we announced an exciting new addition to our portfolio and the Envision platform for dry eye treatment, which received certification in Canada last November. InMod Envision is an innovative technology that delivers targeted bipolar radio frequency energy to small dedicated ocular areas. We plan to launch the Envision platforms in the United States in the first half of this year to focus on the ophthalmology market, and we are encouraged from the positive feedback that we have received from the Canadian market. Additionally, the next generation of Evoque, our hand-free platform for face treatment, is planned to be launched in the second half of 2023. As part of our growth strategy, we continue to innovate as we launch new platforms or modality every year, and we continue to explore potential acquisition that could complement our presence in the aesthetic and wellness market. Now, I would like to turn the call over to Shaquille, our president in North America. Shaquille, go ahead.
spk04: Thanks, Moshe, and everyone for joining us. Once again, we are pleased to report another record quarter continued positive momentum due to our diversified portfolio growing market demand and more frequent use of our platforms in modes growing install base and the increase in the number of treatments performed led to the increase in consumable sales that reached 230 000 units in the fourth quarter and more than 749 000 in 2022. to support increased market demand we continue to grow our sales team in north america and globally in 2022 we enhanced our initiative to strengthen Inmode's brand recognition. We sponsored several well-attended marketing events throughout the year and made a concentrated effort in expanding consumer awareness. We can say with confidence that our strong brand recognition, especially in North America, leads to a new situation where our platforms are being sought after and bought rather than sold. We expect this paradigm shift to continue and support our future growth. As mentioned by Moshe, the Empower RF platform has once again outperformed our projections. In addition, As we continue our strategy and expand into new areas of wellness, we plan on launching the Envision platform for the ophthalmology and optometry market during the first half of 2023, followed by the second generation of our hands-free platform for facial treatments during the latter half of the year. We believe that InMode's success in 2022 demonstrated our ability to expand into new categories and solidified our leadership position in the aesthetic and wellness market. Lastly, I'd like to thank our entire North American team for their continued hard work. I will now hand over the call to Yair for a review of the financial results in more detail. Yair.
spk08: Thanks, Shaquille. And hello, everyone. Thank you for joining us. Starting with total revenue, Inmo generated a record $133.6 million in the fourth quarter of 2022, representing a 21% year-over-year increase. with a gross margin of 84% on a GAAP basis. For the full year of 2022, revenue totaled $454.3 million, an increase of 27% compared to 2021. Fourth quarter sales outside the US accounted for $42.3 million, or 32% of sales compared to 33% in Q4 last year. For the full year of 2022, sales outside the U.S. accounted for $155.7 million, or 34% of sales same as 2021. We are seeing growth coming from many different countries, and we are planning to establish at least one additional subsidiary later this year. To support our operations and growth, InMode now operates in a total of 80 countries, with a sales team of more than 220 direct reps and over 69 distributors worldwide. Moving on, capital equipment in the fourth quarter represented 87% of total revenue, while consumables and service revenues accounted for the remaining 13%, identical to the ratio for the full year. Gap operating expenses in the fourth quarter were $52.7 million, and $183 million for the full year, a 33% and 34% increase year-over-year, respectively. Sales and marketing expenses increased slightly to $47 million in the fourth quarter compared to $35.3 million in the same period last year. Sales and marketing expenses for the full year of 2022 were $160.6 million, compared to $119.4 million for 2021. This increase is attributed to hiring more sales representatives, increasing our presence in the US and globally. Next, we look at share-based compensation, which increased to $7.1 million in the first quarter of 2022 and $24.5 million in the full year of 2022. On an UNGA basis, operating expenses were $46.1 million in this quarter compared to a total of $37.5 million in the same quarter of 2021, representing a 23% increase. For 2022, non-GAAP operating expenses were $160.4 million compared to $126.4 million for 2021. GAAP operating margin for Q4 was 45% and 44% for the full year of 2022. Non-GAAP operating margin for the fourth quarter of 2022 was 50% and 49% for the full year 2022. GAAP diluted earnings per share for the fourth quarter were $0.44 compared to $0.61 per diluted share in Q4 of 2021 and $1.89 in 2022 compared to $1.92 in 2021. Non-GAAP diluted earnings per share for this quarter were a record $0.78 compared to $0.64 per diluted share in the fourth quarter of 2021, and $2.42 for 2022 compared to $2.05 for 2021. Once again, we ended the quarter with a strong balance sheet. As of December 31, 2022, the company had cash and cash equivalents, marketable securities and deposits, of $547.4 million. This quarter INMO generated $57.2 million from operating activities. I would like to mention that this quarter it is more important than ever to focus on our non-GAAP results since in our GAAP P&L we have recorded a couple of one-time tax entries that were adjusted for non-GAAP purposes. With regard to taxes, Inmod 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 million to the Israeli Tax Authority. In addition, the company reached an agreement with the Israeli Tax Authority under which the company paid you in January approximately $14.3 million on its undistributed exempt income for the year ended December 31st, 2021. As a result, we expect to save up to $28.5 million in potential future tax payments. And our entire cash balance is now free and clear of any additional corporate tax requirements. Before I turn the call back to Moshe, I'd like to reiterate our guidance for 2023. Revenues between $525 million and $530 million. Non-GAAP gross margin between 83% and 85%. Non-GAAP income from operations between $236 million and $238 million. Non-GAAP earnings per diluted share between $2.58 and $2.60. I will now turn over the call back to Moshe.
spk09: Thank you, AU. Thank you, Shakil. Operator, we're ready for Q&A session. Hello? Operator?
spk05: Yes. You'll now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To throw your question, please press star then two. This time we'll pause momentarily to assemble the roster. First question will be from Matt McHitch of Barclays. Please go ahead, sir.
spk06: Hi. Thanks so much for taking the question. Can you hear me okay? Yes, we hear you okay. Great. So I have one question on the upcoming launches and then sort of a follow-up on sort of the tone and flow of your current business in the U.S. On Envision, I'm curious, you know, what sort of uptake, you know, how should we think about the pace of that launch? um and what sort of investments are you making behind it uh in terms of your your field force or training uh you know that might be notable here as you as you laid out your your 2023 guide then i have one follow-up well envision we're starting to launch it in the us so i will ask you to answer your question sure so
spk04: We're going to put some pretty substantial resources behind it. Obviously, as we've discussed in the past, bifurcating the sales force is something that we like to do a little different than what you'd expect. We will be building out specialty reps that are going to be specifically focused on InVision. Obviously, with the size of the market, the TAM for it is huge in terms of the ophthalmology and optometry world. We do see a large potential in terms of what we can kind of maximize out of this. But like anything else that we do, we're going to roll it out slowly. So we're doing a soft launch to start. And then as we start, you know, seeing proof of concept in terms of, you know, efficacy in terms of marketing success for the practitioners, so on and so forth, we'll slowly start to invest further funds and resources into it. Great.
spk06: And I mean, if there was one element of the guide, it seemed like there was a little bit of a lift in some of the OPEX lines compared to expectations for the coming year. And I'm assuming that that's a factor in that dynamic. Is that fair? I would say that's accurate. Okay. Great. And then just on the tone and the flow of business in the U.S., If you could – you've gotten a couple of questions around sort of the mix of your – I think everyone's curious about the sort of health and sustainability of what's been a pretty strong U.S. business in light of, you know, what might have been a spend-ahead environment a couple of years ago and what, you know, on the horizon could be some softening. I'd say that's consistent with any capital equipment market that we cover is there's a nagging concern about, you know, what if spending starts to ease here or we have to do some sort of demand catch-up. Can you talk a little bit about the flow of that and, in particular, some of the dynamics around the percent of those businesses, of those capital equipment sales that are being financed? you know, and how that has shifted, you know, over the past year or two?
spk04: Sure. So we actually haven't seen a, you know, it's actually gotten better. Funds have become a little easier. I mean, if you look at some of the stats, even for the Super Bowl and the average spending per family for people making, you know, a certain amount of income per year, it all went up by like 20 or 30%. So, you know, hopefully with that, they'll keep eating and we'll be able to help them with some of their weight loss goals and things of that nature. But, you know, we've seen the U.S. market just as strong as it's ever been from our perspective and the way we finished. It was extremely, extremely good. We've had a good start to Q1 so far. So we don't anticipate anything changing there in terms of, you know, the funding environment or the financing environment. We haven't seen much of a slowdown. We've got some really great partners, and we have some really good programs that are put together to help some of the physicians kind of get through. But in terms of spending, we haven't seen anything cut down. You know, everyone's talking about a potential recession if we haven't already been in one per se. But as of now, we haven't seen anything. You know, if things change, we'll obviously keep you guys posted on that. Does that answer your question? Yes, it does. Thank you.
spk05: Thank you. Next question will be from Matt Taylor. Jeffrey, please go ahead.
spk07: Hey, guys. This is Young Lee. And for Matt, thanks for taking our questions. Maybe you wanted to hear a little bit more on the guidance, just the level of conservatism that's built in, any color on quarterly cadence we should expect. And can you talk about Empower growth or the dollars embedded within the guidance?
spk09: Well, you know, as always, as every year, we try to be very conservative in the guidance. For example, last year, the guidance was to, we started with 220 and we went all the way up to 455, 420 then. The guidance we, the guidance that we gave for 2023 is conservative, is build bottom up, territory by territory. I believe that the final will be better than that, but it all depends how 2023 will be as far as demand and other countries like the international market, what will happen between Russia and Ukraine, how the market in China will evolve with all the COVID issues there. what will be with the supply chain. I believe we are prepared, but the guidance that we gave this year is similar to other years, very conservative, and we believe that eventually, hopefully, we will do better. Regarding the Empower, the embedded numbers is 20% higher than 2022.
spk07: Okay, great. Anything on quarterly cadence we should be aware of?
spk09: Usually we don't give quarterly guidance, but basically you can take the same seasonality like in 2022 and apply the quality guidance. By the way, every quarter we will update the total guidance as we did in 2022 and as we did in 2021, but typically we are not giving guidance per quarter, Matt.
spk07: Okay, great. Thank you. I guess maybe just one follow-up just on the M&A environment. You know, you guys are definitely more focused on aesthetics and wellness. Was wondering if you can give us an update there, you know, now that you've been a little bit more public on what you're looking for. You know, how's valuations, how's conversations with targets been?
spk09: Well, currently we're exploring several opportunities. We're not yet in the stage of doing official due diligence, and we have not yet involved any legal team, but we're looking into two, three companies in the wellness and aesthetic business, which complement our portfolio. We cannot give any timeline or any timetable to the process, but we're actually searching right now And we're doing it very seriously.
spk07: All right, great. Thank you so much.
spk05: Thank you. Next question will be from . Please go ahead.
spk02: Great. Good morning, everybody, and thank you for taking the questions. So I just wanted to push back a little bit or just dig a little bit deeper into guidance for 2023. and particularly the prior comment about Empower being a 20% grower year over year. I mean, look, you came into the year 22 looking for that to be 20 million. You finished over 45 million. I understand you're being conservative, but this seems to imply a slowdown in year two. And I would think that it would accelerate in year two, just given the focus you've had on rebuilding that market. So can you maybe just help us understand how you're thinking about specifically Empower in the women's health market as we move into 2023?
spk09: Well, yes. We actually launched the Empower in Europe a few months ago. And we're now working country by country to get the final regulation from the regulatory bodies in each country in order to be able to sell it there. Don't forget, it's a women health product and it needs to get separate regulation. We did the same in Latin America in the fourth quarter. And we applied to regulation in Brazil, Mexico, Argentina, and also in Colombia. Hopefully, it will not take longer to get it. So I assume that sometime toward the second half of this year, of 2023, we will start seeing some results in these two markets. I want to remind everybody that this is something that's relatively new to us. And we need to be very careful in the way we progress in this product to make sure that the doctors will be well-trained. And it's entitled to build training centers in every country, have a luminary doctor, one or two or three in every country. It's a process. We try to be conservative in the guidance that we're giving. Also in the United States. Yes, you're right. We gave a guidance of $20 million and we did $45 million. This is great for us. Hopefully, the numbers that we will achieve in 2023 will be higher than 20% growth. But again, we try to be conservative and to see what will happen during the year.
spk04: Yeah, Kyle, just to add further to that, with any product launch, you're going to have some low-hanging fruit to start. And so we tried to factor that in, still being conservative. I think we'll have a better idea midway through the year of how we're looking. But we feel good about the market. We've seen some good stuff. We're going to penetrate the core market. specialties of that market a little further and continue to actually add on very similar to what I mentioned with Envision, add on some specialty reps to that. So, you know, we do think that there's a bright future there, but again, factoring in some low hanging fruit that, you know, from new buyers, we're excited about newer technology. And then obviously, you know, like we talked about with Body Tide for years, where we want to build longevity with a product. And as we've seen with, you know, even Morpheus, it's become a brand and it's been growing like we didn't ever expect and we're hoping to get the same here, but we're still always cautious with how we kind of forecast things.
spk02: Nope, I can absolutely appreciate that. And then let's kind of translate that to the Envision product. I mean, it sounds like you've got some early positivity or positive signals coming out of Canada today. It's going to be the first year of that product, you know, sometime in the first half. Is it fair to think about that as, you know, half of the initial guidance of what you thought Empower was, so like a $10 million to $20 million product? I mean, how should we think about that launch this year?
spk09: Well, regarding the Envision, we decided not to give a guidance, but rather to launch it in the United States slowly, gradually. And again, this is a new market for us. learn how the ophthalmologists and the optometrists are making decision, what kind of financing they can get. I mean, as we grow in this new category, we will be able to give a better guidance and a better view of the market. We're just in the starting point. We sold some system in Canada as a soft lounge. And again, as I said, we have decided not to give a guidance on the Envision at that point.
spk02: Okay. And then last question, and I'll hop back in queue, is how should we be thinking about the China business moving forward? I think historically you framed that as somewhere 2 to 3 million, which can go to 4 million a quarter. But obviously COVID has had a major impact there. How do we think about those trends as we move into hopefully more of a reopening or less of a COVID headwind from China?
spk09: Well, although China opened the doors and everybody can go to China and travel, but there are some restrictions in China for the local people. And we have difficulties to find doctors and trainers to go there because of the COVID situation now in China. And I'm sure that everybody understands the situation when they have around 30 million every day infected. So I believe that 2023 will see what will happen. We're still selling in between, as you said, $2 to $3 million per quarter. Hopefully, 2023 will be higher. But right now, until we will understand what is the situation, we're not planning any marketing activity in China, bringing people and trainers from overseas to do some workshop and conferences, because we know that the local private clinics are closed because of the COVID, although China is open. This is something that I don't understand, what kind of philosophy and strategies as we got from the government of China. But hopefully it will be cleared within the first quarter or the second quarter and we'll be smarter to answer this question.
spk02: Thank you very much.
spk05: Thank you. Next question will be for Mike Mattson, Niedermann Company. Please go ahead.
spk03: Yeah, thanks. Um, I just want to go back to the, uh, the guidance for your, um, OpEx or operating income, I guess maybe it's better way to put it. So, you know, it sort of implies about a four basis point decline from around 49% operating margin in 2022 to 45% in 2023. Um, so can you maybe just talk about, you know, why that's declining as much as it is and kind of where you're, where you're investing in 23 to cause that?
spk09: Yeah, I mean, the gross margin basically will stay the same. The guidance for the gross margin will be between 83% to 85%, so on average it will be 84%. And I believe it's a great achievement taking into consideration the cost of electronic components and the supply chain, which is still broken. It's not yet back to normal. But we have decided to spend more on marketing, From 31% of revenue to 35% or 34.5% of revenue, we have decided to increase R&D and clinical work, especially in the women health and also in other elements. And basically, we have decided to hire more people. And therefore, the EBIT will go down by 4.5%, almost for 49% to 44.5%. But we see that as an investment. We will invest heavily in 2023 on the Empower and also on the Envision. which are new territories for us. It's not like a static and therefore we have decided we have the resources and we need to develop it. Although it's an expense, but we consider it as an investment.
spk03: Okay. Got it. And I mean, this is the sec, this will be at least based on your guidance, the second year where your, your EPS growth has lagged your, your revenue growth. So, you know, just stepping back and looking a little longer term, I mean, can you get back to driving? you know, operating leverage or at least growing your earnings in line with revenue? Or is this going to be a continual theme where we see, you know, earnings grow slower than revenue growth because of these investments? You know, I'm talking in like 24 and beyond.
spk09: Well, I believe 24 and beyond, once they empower and the ambition will position themselves as leaders in the market, leader product in the market, like all of our static portfolio, we will continue to bring product to the wellness in the ENT, urology, erection dysfunction, and others. And therefore, I believe 2024 might be the same because with new product, a new category, and new territories will require additional investment in marketing, R&D, etc., I don't think the numbers that were investing on R&D, on marketing, are higher than any one of our competitors or any other company in the medical devices. I believe we're below the average. As far as G&A, you know, we're in between 1% and 2%. We're still keeping that. Try to be lean and mean. Gross margin, I believe, will continue to be in the same range of 83% to 85%. But if you ask me about 2024, it probably will be similar to 2023.
spk03: Okay, thank you. And then just on Envision, so I think when I spoke to you guys at our growth conference earlier this year, you mentioned that the timing on the dry eye clearance was expected to be in the – So it sounds like you're going to be launching the product before you have dry eye cleared. Is that right? And then, you know, how big of a deal is that for the kind of initial quarter or two, you know, selling it without that? It seems like it's sort of a key feature on the product, but maybe the ophthalmologists understand that, hey, if I buy this thing, I'll get this feature, you know, in a couple months or whatever.
spk09: Well, you're right. We're in the process to get indication from the FDA for dry eye. But I have to say that the two hand pieces involved with Envision, the former eye and the lumeca, the IPL, they are cleared for other indication and also for around the eyes. So we have the right to launch the product. In addition, we already have a study which was published. So we are showing some good results to the doctor and to the optometrist. And hopefully in the third quarter, once we will, the third or the second half of the year, once we get the indication from the FDA, it will increase the momentum.
spk03: Okay. All right. Got it. Thank you. Thank you.
spk05: Again, if you have a question, please press star then 1. Next question will be from Jeff Johnson of Barrett. Please go ahead.
spk01: Thank you. Good afternoon, guys, or good morning. Just a couple questions here for me. One, Moshe, I just want to go back and clarify, as you were talking about 2024 operating margin or EBIT margin, you said kind of the same, but then you also talked about incremental investments. So do you feel like this 45% level that we're going to be at in 2023, 44.5% to 45%, That should stay consistent from here. When you say the same, is that kind of moving into 2024 can hold that mid-40% range? Just want to make sure that's what you were meaning there.
spk09: I believe for your financial model, if you use 45% EBIT for 2023 and 2024, that will be correct. I don't want to give any guidance to 2025 because this is too far away. This is two years away. We'll see how these two years will develop and we'll give a guidance sometime in 2024.
spk01: Yeah, understood. That's helpful. Thank you. And then, Yair, just, you know, now that the profits and all the cash on the balance sheet is unencumbered from a tax perspective and that, you know, just how to think about use of free cash flow. Obviously, I think you guys have talked here a little bit about some early stage looking at some M&A opportunities. Any other uses of cash there on buyback or anything else we should be thinking about? Thanks.
spk08: So now all the options are absolutely on the tables. We removed any restrictions or any additional tax requirements whatsoever. We are looking at all directions. The main thing we are looking at right now, as Moshe mentioned, is some M&A opportunities, but buybacks or dividend or combination of buybacks with M&As are also always an option.
spk09: But we don't have any... any approved plan by the board right now to do any of the buyback or dividend. This is just ideas that in case we will not find any, you know, complement acquisition, we will consider it. But it's not on the table right now for 2023.
spk01: Understood. Last question. I think I ask you guys this every year on the fourth quarter call. And, you know, historically, we've tried to track kind of your penetration rates in the U.S. plastics and derm markets, things like that. With the success you've had on Empower, that's getting harder to do. I think the company has matured here. I don't know yet if you're in the stage of replacing some systems. But when I look at that almost 8,000 placements cumulatively that you have in the U.S. now, Any way to help us out on where you are penetration in kind of your core plastic and germ offices? How much penetration room do you think is left in those markets over the next several years? Just help us think about kind of that core business on the AccuTite, BodyTite, FaceTite, Morpheus 8 and all that. How much more can that penetrate into certain offices here in the U.S.? Thanks.
spk08: I would defer this question to Shaquille and maybe I'll comment after.
spk04: Yes, certainly. Again, we've talked about this before, but we still have a very large runway in terms of what we're looking at because we have so many different platforms. Not every platform has been put into each office, but as we continue to help our practitioners implement some of these devices into their practices and basically become successful with them, we have a lot of great traction in terms of returning customers. buying their second, third, fourth units, so on and so forth. So I still think in terms of penetration, we have a long ways to go. A lot of physicians out there. And then again, with Empower, I think we're going to start seeing some more traction in the core markets as we put more focus on it. And with the soft launch of Envision, transitioning from the soft launch to a full launch, we'll start seeing some good upside there.
spk01: Hey, Shaq, can I push you on that? I mean, just, sorry, but just Shaq here on the call, just do you, would you put your penetration in core plastic and derm offices? Does it have a one handle on it, a two handle, a three handle, you know, 10, 15%, 20, 25%? Are we pushing 30% yet? Just of the offices you could go into there, you know, just help us fall apart kind of where you are.
spk04: Yeah, it's tough to say, and it's not that I'm trying to dance around what you're asking, but it's really hard to say. You know, each year, obviously, there's newer doctors out there. We're in training programs with our technology, so they're very familiar with what we're offering. It's hard. I just don't want to give you a number and be totally way off to mess with your model. But I do, as I said, I think we still have a really large runway for this.
spk09: I mean, I would like to add to what Shaquille said. Just for comparison, right now there are more than 30,000, 35,000 doctors active laser equipment in the United States, or even more than that. So we're now in the range of 8,000. So just figure out that every doctor who are using laser for aesthetic future and eventually will use RF for aesthetic as well. So we have a long way to go.
spk01: Fair enough. Thanks, guys.
spk05: Thank you. This concludes our question and answer session. Now I'd like to turn the conference back over to Mr. Oje Mizorahi, Chairman and CEO. Please go ahead.
spk09: Thank you everybody for joining us. I want to extend thanks to all employees of InMod around the globe. I want to thank the management of InMod for the great year. We have finalized all the plans for 2023 and start working on another exciting year. I hope that 2023 will be another record year for us. Thank you all and see you soon in the end of the first quarter. Thanks.
spk05: Conference is now concluded. Thank you for attending today's presentation. You may now
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