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InMode Ltd.
10/30/2024
Good day and welcome to the In Mode Third Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. 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 hand the call to Mary Sagal, CEO of MSIR. Please go ahead.
Thank you, operator, and everyone for joining us today. Welcome to InMode's third quarter 2024 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 visit 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, CEO. Moshe, please go ahead.
Thank you, Mary, and to everyone for joining us. With me today, Dr. Michael Kreindl, our co-founder and chief technology officer, Yair Malka, our CFO, our medical director and VP of medical affairs, Dr. Eran Krieger, and Raphael Lickerman, our VP of finance. Following our prepared remarks, we will be available for Q&A. During the third quarter, microeconomics headwind continued to impact our performance as reflected in our financial results. A decrease in minimally invasive treatment and a slowdown in platform sales led to less than expected sales in consumable and platforms in Q3, which in turn led us to revise our full year guidance. We are optimistic about the early endorsement of our two new platforms, Ignite RF and Optimus Max. We hope that as macroeconomics environment improve, particularly in easing interest rate and faster financial approval from leasing company, more physicians will recognize the benefit and efficacy of these new platforms. I would like to elaborate on our decision this quarter to reorganize some aspects of our corporate structure. As part of these management changes, we had to release some members of the management of the US and replace certain management in the UK, Spain and France. We believe these management changes are essential for aligning our target market with the right company structure. Additionally, we are segmenting the North American market into separate roles for U.S. and Canada, allowing us to focus on specific needs each geographic area. we are making additional changes in our W that will better reflect our activities. Finally, regarding the situation in Israel, we want to assure everyone that our top priority remains the safety of our employees. We have overcome challenges relating to production, and we take pride in our employees' dedication in working longer shifts to upload customers' commitment. Now, I would like to turn the call to Yair Malka, our CFO, to review the financial results in more detail. Yair?
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