InMode Ltd.

Good day and welcome to the In Mode's fourth quarter and full year 2024 earnings results 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 turn the conference over to Mary Siegel, CEO of MSIR, to review the Safe Harbor Statement for today's call. Please go ahead.

Thank you, Operator, and to everyone for joining us today. Welcome to InMode's fourth quarter and full year 2024 earnings calls. 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 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 in 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 turn the call over to Moshe Mizrahi, InMode CEO. Moshe, please go ahead.

Thank you, Mary, and to everyone for joining us. With me today are Dr. Michael Kreindel, our co-founder and chief technology officer, Yair Malka, our CFO, and Raphael Likerman, our VP of Finance. Following our prepared remarks, we will all be available to answer your question. The fourth quarter of 2022 was indeed challenging for InMod as we navigate intense headwinds in the aesthetic industry, which were compounded by broader macroeconomics factor. Despite this optical, we stayed focused and productive in 2024, driving innovation, and maintaining a strong emphasis on R&D. We launched two new platforms in 2024, the Ignite RF and Optimus Max, which are both breakthrough technology. Though it took longer to reach the market due to the extended training cycle and increased complexity of the tools and the manufacturing line, now that the delivery challenges are behind us, we are optimistic that these platforms will see better adoption in 2025. The Ignite RF platforms provide a comprehensive range of radio frequency solutions to address a variety of aesthetic and surgical needs. At the heart of the platforms is the Quantum RF end piece, a breakthrough technology that delivers RF energy to deeper tissue layers, achieving remarkable results while maintaining a minimally invasive approach. As we previously mentioned, the IGNITE RF is an upgrade of our popular body type platforms, and it features nine advanced technologies that facilitate soft tissue contraction at multiple tissue depth for optimal outcomes. I would like to provide some colors on the second platform, the Optimus Max. It is a versatile multi-application platform that delivers more energy and superior heat distribution, resulting in fast, more efficient results. Since time is one of the doctor's most valuable assets, our solution allows physicians to perform more treatments per day, which translates to seeing higher numbers of patients. Both platforms are still in the early stage of revenue, but early feedback from doctors worldwide has been positive. We hope that we can update about our progress in the coming quarters. As you may know, InMod has a long history of leading the industry in innovation and pioneer across several technologies. We have maintained our leadership position in the aesthetic market with continuously introducing new and exciting technology and platforms. In fact, in 2025, we plan to launch two new platforms, the functional laser CO2 and another platform for the medical market. we will be able to share more information as we approach the lounge. Our fractional laser CO2 platforms focus on the popular facial rejuvenation and resurfacing market. And when added to our most used technology, the patients receive noticeable results and smoother and more useful skin results with a minimal downtime. Since physicians like to bundle the Morpheus treatment with the CO2 laser, we expect this FDA-approved technology to gain more traction later this year. As a result of our extensive portfolio and innovative product, compound with our streamlined organization structure, aligned with expansion strategy, InMode is well positioned to continue our leading market position generate superior margin and benefit once condition will recover. We are confident in our operation and the ability to meet the demand. We have long relationship with three subcontractors located in Israel, none of which have had any significant delay and maintain relationship with multiple suppliers of major component. In 2024, we return more than $285 million to shareholders via repurchasing, representing approximately 19% of our share capital and more than double our physical year 2024 free cash flow. As we mentioned in today's press release, we are happy to report that our board has approved a new tax-efficient shares repurchase program of up to 10% of our share capital to be executed over the next three to six months. Together with our 2024 repurchases, this represents approximately 27% of our shares capital to be bought within less than 15 months. Giving our strong free cash flow generation and our confidence in our business, we are also exploring in consultation with our financial, legal, and tax advisor, returning significant amount of capital by the end of the year to create future value to our shareholders. We continue to evaluate our option to enhance shareholders' value as part of a balanced discipline approach to capital allocation. We believe this latest decision reflects our strong confidence in the company, future, and commitment to delivering value for our shareholders. Now, I would like to turn the call over to Yair, our Chief Financial Officer. Yair, please.