InMode Reports Record Fourth Quarter and Full Year 2020 Financial Results; Quarterly Revenues of $75.2 Million Represent 60% Year over Year Growth

YOKNEAM, Israel, Feb. 10, 2021 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced consolidated financial results for its fourth quarter and full year ended December 31, 2020.

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Fourth Quarter 2020 Highlights:

    --  Record quarterly revenues of $75.2 million, an increase of 60% compared
        to the fourth quarter of 2019; 65% of quarterly revenues derived from
        our proprietary surgical technology platforms engaged in minimally
        invasive and subdermal ablative treatments, 28% from our recently
        introduced hands-free platforms and 7% from our traditional laser and
        non-invasive RF platforms
    --  Record GAAP net income of $36.1 million, compared to $19.0 million in
        the fourth quarter of 2019; *non-GAAP net income of $39.9 million,
        compared to $19.3 million in the fourth quarter of 2019
    --  Record GAAP diluted earnings per share of $0.85, compared to $0.46 in
        the fourth quarter of 2019; *non-GAAP diluted earnings per share of
        $0.94, compared to $0.46 in the fourth quarter of 2019
    --  Total cash position of $260.5 million as of December 31, 2020, including
        cash and cash equivalents, marketable securities and short-term bank
        deposits

Full Year 2020 Highlights:

    --  Record full year revenues of $206.1 million, an increase of 32% as
        compared to 2019; 62% of revenues derived from our proprietary surgical
        technology platforms engaged in minimally invasive and subdermal
        ablative treatments, 32% from our recently introduced hands-free
        platforms and 6% from our traditional laser and non-invasive RF
        platforms
    --  Record GAAP net income of $75.0 million, compared to $61.1 million in
        2019; *non-GAAP net income of $89.1 million, compared to $62.4 million
        in 2019
    --  Record GAAP diluted earnings per share of $1.78, compared to $1.60 in
        2019; *non-GAAP diluted earnings per share of $2.11, compared to $1.63
        in 2019
    --  76% increase in international (non-U.S.) revenues as compared to 2019

                                                                            
            
              U.S. GAAP Results

                                                               
            (U.S. dollars in thousands, except for per share data)

                                                                                             ---

                                               
     
       Q4 2020                    
            
              Q4 2019                            
     
       FY 2020                  
     
       FY 2019

                                                                                                                                                                                              ---


       Revenues                                                      $75,187                                                  $47,002                       $206,107                       $156,361

    ---


       Gross Margins                                                     86%                                                     87%                           85%                           87%

    ---


       Net Income Attributable to InMode Ltd.                        $36,114                                                  $19,038                        $75,030                        $61,145

    ---


       Earnings per Diluted Share                                      $0.85                                                    $0.46                          $1.78                          $1.60

    ---

                                                                         
            
              *Non-GAAP Results

                                                            
            (U.S. dollars in thousands, except for per share data)

                                                                                          ---

                                                 
     
              Q4 2020                          
            
              Q4 2019                 
         
       FY 2020              
         
       FY 2019

                                                                                                                                                                                              ---


       Gross Margins                                                     86%                                                     87%                           85%                           87%

    ---


       Net Income Attributable to InMode Ltd.                        $39,850                                                  $19,311                        $89,143                        $62,390

    ---


       Earnings per Diluted Share                                      $0.94                                                    $0.46                          $2.11                          $1.63

    ---

*Please refer to "Use of Non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation and related tax adjustments.

Management Comments

"We reported outstanding 2020 results with record fourth quarter and full year financial performance, despite the disruptions caused by the COVID-19 pandemic. We took bold strategic steps this year to solidify our leading market position, expanding our sales & marketing efforts and increasing our headcount with the industry's top professionals," commented Moshe Mizrahy, InMode's CEO.

"Our innovative hands-free and minimally invasive technology gained significant traction this year, driven by new product launches such as Evolve, Evoke and Morpheus8," commented Dr. Michael Kreindel, InMode's CTO and co-founder. "These unique platforms offer effective full-body and facial aesthetic solutions for patients who want to avoid hospitalization and invasive procedures, which are required for traditional plastic surgery. We are being recognized across the market as a true innovator and plan to introduce our electro-surgical technologies into new medical categories such as gynecology and ophthalmology in 2021."

"We are extremely pleased with the progress achieved in 2020. The focus our sales and marketing team maintained throughout one of the most difficult times in history is a testament to the quality and dedication of our team," commented Shakil Lakhani, President of North America. "Through the investments we made this year, we developed a successful formula to create demand for our new technologies, engage physicians, and convert growing interest into sales."

Fourth Quarter 2020 Financial Results

"Total revenues for the fourth quarter of 2020 were $75.2 million, an increase of 60% as compared to the fourth quarter of 2019. The increase in revenues was primarily attributable to the expansion of our direct sales organization in the United States and the continued momentum of our hands-free technology, as well as the recently introduced Morpheus8 Body fractional technology. Moreover, we continued to gain traction in international markets, mainly in Asia-Pacific regions, with international revenues growing 102% year-over-year," commented Yair Malca, CFO.

GAAP gross margin for the fourth quarter of 2020 was 86%, compared to a gross margin of 87% in the fourth quarter of 2019. *Non-GAAP gross margin for the fourth quarter of 2020 was 86%, compared to a gross margin of 87% in the fourth quarter of 2019. This decrease was primarily attributable to the increase of sales in international markets, mainly in countries where we operate through distributors.

GAAP operating margin for the fourth quarter of 2020 was 47%, compared to 38% in the fourth quarter of 2019. *Non-GAAP operating margin for the fourth quarter of 2020 was 51%, compared to 39% in the fourth quarter of 2019. This increase in operating margin was primarily attributable to economies of scale derived from the Company's accelerated growth, as well as a decrease in marketing activities in the United States such as event and conference participation, due to restrictions caused by the COVID-19 pandemic.

InMode reported GAAP net income attributable to InMode Ltd of $36.1 million, or $0.85 per diluted share, in the fourth quarter of 2020 compared to $19.0 million, or $0.46 per diluted share, in the fourth quarter of 2019. On a *non-GAAP basis, InMode reported net income attributable to InMode Ltd of $39.9 million, or $0.94 per diluted share, in the fourth quarter of 2020, compared to $19.3 million, or $0.46 per diluted share, in the fourth quarter of 2019.

Full Year 2020 Financial Results

Total revenues for 2020 were $206.1 million, an increase of 32% as compared to 2019. This increase was primarily attributable to strong demand for our hands-free platforms, which contributed $65.3 million to total 2020 revenues. In addition, InMode gained traction in international markets, with international revenues growing 76% year-over-year.

GAAP gross margin for 2020 was 85%, compared to a gross margin of 87% in 2019. *Non-GAAP gross margin for 2020 was 85%, compared to a gross margin of 87% in 2019. This decrease was primarily attributable to the increase of sales in international markets, mainly in countries where we operate through distributors.

GAAP operating margin for 2020 was 35%, compared to the operating margin of 38% in 2019. *Non-GAAP operating margin for 2020 was 42%, compared to the operating margin of 39% in the full year of 2019. This increase in *non-GAAP operating margin was primarily attributable to decreased marketing activities in the United States such as event and conference participation, due to restrictions caused by the COVID-19 pandemic.

InMode reported GAAP net income attributable to InMode Ltd. of $75.0 million, or $1.78 per diluted share, in 2020. This is compared with GAAP net income attributable to InMode Ltd of $61.1 million, or $1.60 per diluted share, in 2019. On a *non-GAAP basis, InMode reported net income attributable to InMode Ltd. of $89.1 million, or $2.11 per diluted share, in the full year of 2020, compared to net income attributable to InMode Ltd. of $62.4 million, or $1.63 per diluted share, in the full year of 2019.

As of December 31, 2020, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $260.5 million.

2021 Financial Outlook

Management provided an outlook for the full year of 2021, the period ending December 31, 2021. Based on current estimates, management expects:

    --  Revenues between $250 million to $260 million
    --  *Non-GAAP gross margin between 84% to 86%
    --  *Non-GAAP income from operations between $100 million to $104 million
    --  *Non-GAAP earnings per diluted share between $2.34 to $2.45

This outlook is not a guarantee of future performance and stockholders should not rely on such forward-looking statements. See "Forward-Looking Statements" for additional information.

*Please refer to "Use of Non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation and related tax adjustments.

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 diluted earnings per 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 more effectively 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. Schedules reconciling each of these non-GAAP financial measures are provided as a supplement to this release.

Conference Call Information

Mr. Moshe Mizrahy, Chairman and Chief Executive Officer, Dr. Michael Kreindel, co-founder and Chief Technology Officer, Mr. Yair Malca, Chief Financial Officer, Mr. Shakil Lakhani, President of North America, and Dr. Spero Theodorou, Chief Medical Officer, will host a conference call today, February 10, 2021, at 8:30 a.m. Eastern Time to discuss the fourth quarter and full year 2020 financial results.

The Company encourages participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10151158/e064a3345e. Callers will receive a unique dial-in upon registration, which enables immediate access to 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 Dial-in Number: 1-833-316-0562
Israel Toll- Free Dial-in Number: 1-80-921-2373
International Dial-in Number: 1-412-317-5736
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 10, 2021 at 12 p.m. Eastern Time to February 24, 2021 at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:

Replay Dial-in U.S TOLL-FREE: 1-877-344-7529
Replay Dial-in Canada TOLL-FREE: 855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 10151158

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

About InMode
InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio-frequency ("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, please 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 future performance described above under the heading titled "2021 Financial Outlook." 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, strategy 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. As a result, 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 18, 2020, 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 speak only as of the date of this press release.



     Company Contact:               
     Investor Relations Contact:


     Yair Malca                     
     Miri Segal


     Chief Financial Officer        
     MS-IR LLC


     Phone: (949) 305-0108          
     Phone: (917) 607-8654


     Email: Yair.Malca@inmodemd.com 
     Email: ir@inmodemd.com

INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)


                                                                  Three months ended         Year Ended
                                                December 31,              December 31,



                                                2020          2019         2020         2019



                   REVENUES                   75,187        47,002      206,107      156,361


                   COST OF REVENUES           10,575         6,045       30,849       20,238



                   GROSS PROFIT               64,612        40,957      175,258      136,123


                   OPERATING EXPENSES:


      Research and development                 2,260         1,587        9,467        5,699


      Sales and marketing                     25,239        20,127       86,532       66,848


      General and administrative               1,673         1,265        6,418        3,958



                   TOTAL OPERATING EXPENSES   29,172        22,979      102,417       76,505



                   INCOME FROM OPERATIONS     35,440        17,978       72,841       59,618


      Finance income, net                      1,228         1,159        3,291        2,423



                   INCOME BEFORE TAXES        36,668        19,137       76,132       62,041


                   INCOME TAXES                  598           165        1,107          883



                   NET INCOME                 36,070        18,972       75,025       61,158


      Add: Loss (net income)
       attributable to non-
       controlling interests                      44            66            5         (13)



                   NET INCOME ATTRIBUTABLE TO
                    INMODE LTD.               36,114        19,038       75,030       61,145





                   NET INCOME PER SHARE:



     Basic                                     0.96          0.58         2.08         2.09




     Diluted                                   0.85          0.46         1.78         1.60



                   WEIGHTED AVERAGE NUMBER OF
                    SHARES OUTSTANDING USED
                    IN COMPUTATION OF NET
                    INCOME PER SHARE (in
                    thousands)



     Basic                                   37,593        32,781       36,057       29,232




     Diluted                                 42,389        41,639       42,092       38,059

INMODE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except for per share data)
(Unaudited)


                                      December 31,
                                           2020

                                                         December 31,
                                                             2019



                  Assets


                  CURRENT ASSETS:


     Cash and cash
      equivalents                                 68,938             44,727


     Marketable
      securities)
      amortized cost of
      $141,544 and
      $119,983,
      respectively)                              142,007            120,144


     Short-term bank
      deposits                                    49,589             28,491


     Accounts
      receivable, net of
      allowance for
      doubtful accounts
      of $672 and $432,
      respectively                                10,499              6,628


     Other receivables                             3,575              3,810


     Inventories                                  14,983              9,408



                  TOTAL CURRENT
                   ASSETS                        289,591            213,208



                  NON-CURRENT
                   ASSETS:


     Accounts receivable                             477                374


     Other receivables                             2,894


     Deferred income
      taxes, net                                      64              1,899


     Operating lease
      right-of-use
      assets                                       1,153              1,369


     Property and
      equipment, net                                 982                935


     Other investments                               600                600


                  TOTAL NON-CURRENT
                   ASSETS                          6,170              5,177



                  TOTAL ASSETS                   295,761            218,385





                  Liabilities and
                   shareholders'
                   equity


                  CURRENT
                   LIABILITIES:


     Accounts payable                              6,410              3,702


     Contract
      liabilities                                 11,900             15,587


     Other liabilities                            16,720             13,205



                  TOTAL CURRENT
                   LIABILITIES                    35,030             32,494



                  NON-CURRENT
                   LIABILITIES:


     Contract
      liabilities                                  1,988              3,813


     Other liabilities                             2,910              1,494


     Operating lease
      liabilities                                    358                744


     Deferred income
      taxes, net                                                        37



                  TOTAL NON-CURRENT
                   LIABILITIES                     5,256              6,088



                  TOTAL LIABILITIES               40,286             38,582





                  TOTAL SHAREHOLDERS'
                   EQUITY                        255,475            179,803



                  TOTAL LIABILITIES
                   AND SHAREHOLDERS'
                   EQUITY                        295,761            218,385

INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands, except for per share data)
(Unaudited)


                                                                       Three months ended         Year Ended
                                                     December 31,             December 31,



                                                     2020         2019         2020          2019



                   CASH FLOWS FROM OPERATING
                    ACTIVITIES:



     Net income                                   36,070       18,972       75,025        61,158


      Adjustments required to
       reconcile net income to net
       cash provided by operating
       activities:


      Depreciation and amortization                   109           88          416           302


      Share-based compensation
       expenses                                     3,231          358       12,845         1,557


      Allowance for doubtful
       accounts                                      (24)        (55)         442            78


      Loss on marketable securities,
       net                                              3            3            5             3



     Finance income, net                           (614)       (440)       (625)        (835)


      Deferred income taxes, net                      556        (383)       1,729         (594)


      Changes in operating assets
       and liabilities:


      Decrease (increase) in
       accounts receivable                          5,667        1,046      (4,416)          449


      Increase in other receivables               (1,687)       (666)     (2,647)      (1,316)


      Increase in inventories                       (112)       (913)     (5,575)      (2,445)


      Increase (decrease) in
       accounts payable                             2,127        (667)       2,708            92


      Increase in other liabilities                   113        1,676        4,830         4,094


      Increase (decrease) in
       contract liabilities                       (3,852)       8,400      (5,512)        9,663


      Decrease in accrued
       contingencies                                                                  (10,000)



      Net cash provided by operating
       activities                                  41,587       27,419       79,225        62,206



                   CASH FLOWS FROM INVESTING
                    ACTIVITIES:


      Investment in short-term
       deposit                                    (6,000)    (13,500)    (55,699)     (47,810)


      Proceeds from short-term
       deposit                                                 11,000       34,810        29,500


      Purchase of fixed assets                       (35)       (175)       (463)        (693)



     Other investments                                         (600)                    (600)


      Purchase of marketable
       securities                                (50,295)    (82,802)   (169,689)    (165,423)


      Proceeds from sale of
       marketable securities                       29,950       54,471      147,736        72,574



      Net cash (used in) investing
       activities                                (26,380)    (31,606)    (43,305)    (112,452)



                   CASH FLOWS FROM FINANCING
                    ACTIVITIES:


      Proceeds from initial public
       offering of ordinary shares,
       net of offering costs                                                            69,784


      Repurchase of ordinary shares              (17,218)                (17,218)



     Exercise of options                           1,528           74        4,776           389



      Net cash provided by (used in)
       financing activities                      (15,690)          74     (12,442)       70,173


                   EFFECT OF EXCHANGE RATE
                    CHANGES ON CASH                   586          135          733            79



                   NET INCREASE IN CASH AND CASH
                    EQUIVALENTS                       103      (3,978)      24,211        20,006




                   CASH AND CASH EQUIVALENTS AT
                    BEGINNING OF PERIOD            68,835       48,705       44,727        24,721



                   CASH AND CASH EQUIVALENTS AT
                    END OF PERIOD                  68,938       44,727       68,938        44,727

INMODE LTD.
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS
(U.S. dollars in thousands, except for per share data)
(Unaudited)


                                             Three months ended              Year Ended
                                    December 31,                December 31,



       
              
                2020                        2019                     2020    2019


                  Revenues by
                   Geography:


     United States                                       53,725                   36,386 149,488 124,199


     International                                       21,462                   10,616  56,619  32,162



                  Total Net Revenue                      75,187                   47,002 206,107 156,361



     U.S. as
      percentage of
      total revenue                                         71%                     77%    73%    79%

INMODE LTD.
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)


                                                                                             Three months ended December 31, 2020 Three months ended December 31, 2019



                          GAAP                                                  
              
     Share Based                          Non-GAAP                                             GAAP   
            
     Share Based    Non-GAAP
                                                                                Compensation                                                                                              Compensation

    ---


            
                REVENUES                                                                                         75,187                                        75,187   47,002                                47,002



            
                COST OF REVENUES                                                                                 10,575                                 (140)  10,435    6,045                         (32)    6,013




            
                GROSS PROFIT                                                                                     64,612                                   140   64,752   40,957                           32    40,989



            
                OPERATING EXPENSES:



            Research and development                                                                                       2,260                                 (132)   2,128    1,587                         (13)    1,574



            Sales and marketing                                                                                           25,239                               (2,829)  22,410   20,127                        (271)   19,856



            General and administrative                                                                                     1,673                                 (130)   1,543    1,265                         (42)    1,223




            
                TOTAL OPERATING                                                                                  29,172                               (3,091)  26,081   22,979                        (326)   22,653
    EXPENSES




            
                INCOME FROM OPERATIONS                                                                           35,440                                 3,231   38,671   17,978                          358    18,336



            Finance income, net                                                                                            1,228                                         1,228    1,159                                 1,159




            
                INCOME BEFORE TAXES                                                                              36,668                                 3,231   39,899   19,137                          358    19,495



            
                INCOME TAXES (TAX BENEFIT)                                                                          598                                 (505)      93      165                           85       250




            
                NET INCOME                                                                                       36,070                                 3,736   39,806   18,972                          273    19,245


             Add: Loss attributable to non-controlling interests                                                               44                                            44       66                                    66



                          NET INCOME ATTRIBUTABLE TO INMODE LTD.                                                           36,114                                 3,736   39,850   19,038                          273    19,311






            
                NET INCOME PER
    SHARE:



            Basic                                                                                                           0.96                                          1.06     0.58                                  0.59




            Diluted                                                                                                         0.85                                          0.94     0.46                                  0.46



                          WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN
                           COMPUTATION OF NET INCOME PER SHARE (in thousands)



            Basic                                                                                                         37,593                                        37,593   32,781                                32,781




            Diluted                                                                                                       42,389

                                                                                                                                                                        42,490   41,639                                41,657

INMODE LTD.
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)


                                                                              Year Ended December 31
           ,
                                                                                               2020            Year Ended December 31, 2019



                          GAAP                                   
              
     Share Based                     Non-GAAP                                    GAAP   
             
     Share Based    Non-GAAP
                                                                 Compensation                                                                                 Compensation

    ---


            
                REVENUES                                                                    206,107                               206,107  156,361                                156,361


                          COST OF REVENUES                                                             30,849                         (520)  30,329   20,238                          (94)   20,144




            
                GROSS PROFIT                                                                175,258                           520  175,778  136,123                            94   136,217


                          OPERATING EXPENSES:



            Research and development                                                                   9,467                       (2,264)   7,203    5,699                         (179)    5,520



            Sales and marketing                                                                       86,532                       (9,398)  77,134   66,848                       (1,158)   65,690



            General and administrative                                                                 6,418                         (663)   5,755    3,958                         (126)    3,832



                          TOTAL OPERATING                                                             102,417                      (12,325)  90,092   76,505                       (1,463)   75,042
    EXPENSES



                          INCOME FROM OPERATIONS                                                       72,841                        12,845   85,686   59,618                         1,557    61,175



            Finance income, net                                                                        3,291                                 3,291    2,423                                  2,423



                          INCOME BEFORE TAXES                                                          76,132                        12,845   88,977   62,041                         1,557    63,598



                          INCOME TAXES (TAX BENEFIT)                                                    1,107                       (1,268)   (161)     883                           312     1,195




            
                NET INCOME                                                                   75,025                        14,113   89,138   61,158                         1,245    62,403


             Add: Loss (net income) attributable to
              non-controlling interests                                                                     5                                     5     (13)                                  (13)



                          NET INCOME ATTRIBUTABLE TO INMODE LTD.                                       75,030                        14,113   89,143   61,145                         1,245    62,390






            
                NET INCOME PER
    SHARE:



            Basic                                                                                       2.08                                  2.47     2.09                                   2.13




            Diluted                                                                                     1.78                                  2.11     1.60                                   1.63



                          WEIGHTED AVERAGE NUMBER OF SHARES
                           OUTSTANDING USED IN COMPUTATION OF
                           NET INCOME PER SHARE (in thousands)



            Basic                                                                                     36,057                                36,057   29,232                                 29,232




            Diluted                                                                                   42,092                                42,201   38,059                                 38,085

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SOURCE InMode Ltd.