InMode (INMD) 5 May 212021 Q1 Earnings call transcript

Company Profile

Participants

Miri Segal	MS-IR
Moshe Mizrahy	Chairman & CEO
Shakil Lakhani	President, North America
Yair Malca	CFO
Spero Theodorou	Chief Medical Officer
Matt Taylor	UBS
Kyle Rose	Canaccord Genuity
Asaf Chandali	Oppenheimer

Call transcript

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Operator

Good day, and welcome to the InMode Ltd.

First Quarter 2021 Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to Miri Segal of MS-IR. Please go ahead.

Miri Segal

good everybody. and operator, you, day to Thank I InMode's Conference First to welcome Call. you to all of Quarter would like XXXX Financial Results

that also and the Before remind harbor statement this would I today's safe this may certain earnings call. in listeners release call statements, we on to information forward-looking like contain outlined provided pertains begin, our to

technological, of section If you in regulatory Investor view Relations of it cause to company's please other actual business, have the not these differ and competitive, statements the received could factors materially in release, made today. a expressed Changes the copy forward-looking website. results the by from

indicative historical are Our performance. of not necessarily results future

our assurance Moshe CEO, will such, of them, InMode's will to accuracy Shakil to and North CFO, update the with forward-looking Mizrahy, America it over the as Malca, Board no the financials. Yair As overview no of by call required to with discuss American InMode's and pass obligation InMode's can an business except we of President of Chairman the law. followed as statements by North the Lakhani, give operations. update begin to be He our and assume

the call for Moshe, open I'll then over session. the will We go ahead. hand to now Mizrahy. Moshe Mr. question-and-answer please

Moshe Mizrahy

and Thank first today our VP, call are you, you quarter Technology of call. Rafael Medical Lickerman, Miri, our Dr. me and Kreindel, Officer; Officer; our on the Chief also Co-Founder thanks for XXXX our conference joining Chief to Finance. Spero all and Michael With financial Theodorou, results Dr.

quarter generated XXXX. of first of available increase quarter be for of InMode $XX.X will over later. revenue XX% Q&A the us of first the In All million, a XXXX,

X% non-GAAP $XX.X $XX.X a In income technology derived First basis. XX% proprietary GAAP from of revenue on our hands-free a QX, global our base InMode treatment. non basis income net and XX% quarter -- minimally platforms we XXXX, approximately million on record derived from and laser RF was and from on subdermal noninvasive and in ablative platforms, platforms. a million net surgical our engage traditional of invasive

segments platforms impressive We by in Hands-Free proprietary all first that are happy and the to to was report our the quarter growth invasive driven platforms. grow. demand minimally continue for The

number using our system. As doctors of growing the are

In the fact during the of indication record of of use last past than new the we our sold numbers system. reached is quarter. This a in X of have sold number consumables ever-growing Overall, consumables year, doubled has every quarters. more the an an

demand new improve how to continue to patients they and We see United the how presence. capability XX with global new we engaging scale, to added from success we distributors feel. and sales new On distributors duplicate by the and they look a expand our beginning to international network. XXXX, and to States Since working our and our seeking X countries expanding repeat in new have our are international of countries

growth Our XXX% excellent international quarter include first year-over-year. revenue of

of XXXX. our XX% systems. installed our outside approximately grew X,XXX XX% base represent X,XXX which base As approximately the from systems, in totaled our worldwide to XXXX revenue U.S. QX, XX% in QX, about Currently, installed of U.S.

growth continued also expansion we market. While we in expect the in the anticipate OUS even faster U.S.,

penetrate and markets Latin across have Europe. many fully yet we Asia, As to America

XXX sales and fully team North XXX team totaled global Our individuals. of American consists trained specialists our

we as the verticals. expect and enter parts to base, we our world for these to other expand technology our installed of innovative numbers As organically increase new

We're Brazil our each our the time, way are get working also across any constantly regulatory are engaged offering verticals in to globe expanding we given all to aesthetic. in At to China. to country. XX at least product We the regulatory from approval more XX beyond expand projects

others. gynecology, as over R&D include other and for pipeline ophthalmology, a medical such projects several areas our ENT, dozen As urology

we strategy, provide X improvement. which significant our new platforms of quality our technology RF of life expect will year part this advanced to launch bipolar in As

to called first non-GAAP we successful platforms revenue million XX%. launch FDA women One performance to XXXX, it and the we that Empower, the margin on in for health guidance in which our be applicators. we between approval of gross $XXX XXXX to is we XX% standard have expect and visibility are of are of the year rest to quarter XXXX. million. and of And the range third to XXXX wellness, gold increasing excited in we be these of its maintain Based the intend a to Empower has into our announce $XXX quarter full will earned all of

worldwide, support welfare With of President we to the customers. the safety to local our Lastly, and for over all with regional that, continue while to Shakil? and and like team turn would our guidelines I America. in augment and employees call complying Shakil, North health our

Shakil Lakhani

and slow office-based strength a demonstrated hello, high in and by InMode's from across physicians knowledge what online Moshe, University, XXXX. leading This is frequency, quarter sales integrated procedures. invasive of and first minimally sales our our growing seasonally equipment The our our which momentum everyone. InMode We tripled during the year. technology out hires performance devices over underlying Doctors was driven our of new force an which are year-over-year. reaching great North all-time carried sales you, by platform and as consecutive in another country. and demand to America, able to easily Thank build endorsement the March consumable our Leveraging In is into impressive new of continued team connected our was technology. we in sales for with with quarter acceptance, expand Hands-Free America, indication delivered implementation a than seamlessly the increased disseminate for and stay more systems an was record our North of typically the quarter capital sales our using of in to

settings. patients pursued as easy effective, frequently procedures distancing-friendly and successfully the used result, physicians in demand team our growing a for social As fulfilled the and in-office-based products aesthetic

team consumable staffed of Additionally, a support our our was post-sales growth driver now sales quarter. this significant fully

As continue. of will grow, that to mentioned, this consumable volume trend the each sales and quarter, believe continues we

to expect the course health year Furthermore, applications various industry this to XXXX, awareness this women's recruit the we year to see educate into events to aesthetic to available. will our market. growth. on a abundant fuel our in later and to further continue opportunities the platform, introduce the the we wellness medical excited yielding of for we over number health we technology our of solutions communities, build and us and practitioners to medical scheduled, the as and with Concurrently, Looking community the upcoming wellness in-person bring to connect women's talent sales order ongoing with growing of are launch

they proud we put and on forward. are team world ability American extremely has our a and the execute and continue work times this our move been We trend of to hard we in basis. and the Their challenging a extremely anticipate industry all it impressive, North maintain positive during for daily as attitude dedication to

hand to Now detail. Yair review results the let to in financial our Yair? call me over

Yair Malca

in the continued GAAP each XX% Thanks, grew how the Shakil. and laser treatments and with by quarter new strong of growth of margin Good gross first revenues in was increased year, in XX%, attributable our day, across XX% noninvasive to board. with COVID-XX the Hands-Free and highlighting and to on XX%. platform increased maintained our a everyone. these learned and primarily operate XX% to growth of in ablative The technologies technologies, grew adjust Total of in we've a significant revenue The beginning demand for invasive year-over-year increase platforms basis. a in of each million, subdermal minimally $XX.X growth the exemplifies XXXX world

international growth and strategy as XXX% which a respectively. rate addition, in saw Asia we increased Europe, sales increased U.S. global our by highest In on Geographically, XX% replicate level. dramatically the we have and year-over-year, year-over-year, successfully growth

quarter quarter by result of marketing XXXX quarter per first per of diluted the the the of and quarter Our XXXX. result, XXXX operating in XX% Non-GAAP an COVID-XX XX% the our the the of interruption per derived $X.X GAAP end service of revenue, quarter share revenue lower. was of to XXXX. strong compared X.X% the consequently XX% such first to capital the expenses the a outbreak million of first million COVID-XX XXXX. XXXX of increase of of in with equipment minimal operating first share was at to in sales XXXX, a first Non-GAAP sales in the activities the first was quarter $X.XX were quarter conference million, to a quarter quarter GAAP XXXX XXXX margin the the XXXX totaled This pandemic. of operating public and due XX% to in accounted the of quarter X.X% quarter of United first XXXX. for operating GAAP in diluted decreased in compared not XXXX. balance did We've first for while first to and from share compared the $X.XX $XX.X compared in the first the per same as $X.XX compared to event quarter quarter compensation cycle to XXXX. $XX.X March first XXXX increase first first first to expenses the Also in diluted earnings million of non-GAAP restrictions were quarter margin States of quarter health the in consumables approximately based increase XXXX. XXXX approximately XXXX diluted by of a compared earnings from quarter totaled XX.X%. expenses operating of XXXX, as the of $X.X participation On in $XX.X quarter first of of And still expenses same expenses completed the basis, Sales increased was in of were first compared marketing XX% and in million in first expenditure the prompted the XXXX. quarter sheet. in quarter in of the $X.XX XX%. of share Stock marketing the

$XXX.X of As generated the first a quarter deposits activities and front, the flow equivalents, from XX, On company cash March and securities the had XXXX. of million. million for operating cash XXXX, cash of marketable $XX.X compound

With call data will of to a filings. that that business. information by publishing this metrics, our Lastly, of I will tables investors' technology. our breakdown in provide over enhance I we This highlight additional and turn that understanding like our have Moshe. quarter, will available streams back is to believe including better the would category accompany We that geography, and transparency this implemented revenue

Moshe Mizrahy

Thank Thank Yair. you, Shakil. Miri. everybody. with start the you, we Thank I you, believe now Thank you, to Q&A. have

Operator

Instructions]. [Operator

from Our will with UBS. Taylor today come Matt first question

Matt Taylor

on Congrats in nice quarter. the a here really outcome

you record any trends about you pandemic talk second expect mentioned just lasting? company. this was I March kind been And could the seeing appreciate I of if that for long offer demand into the month on the maybe from a or we've elevated zoom So you some was views the how that wondering quarter? boom

Moshe Mizrahy

then maybe Shakil, you'll continue. North from and I start America will

Shakil Lakhani

some to to of different sticking people we as with yes, always core added demand -- I things just think don't frenzy. but based and we've some that so that patients we our going develop get obviously, things and it's Matt, new on wanting kind the pent-up is that on think, I good of with added absolutely. done. went nicely Sure, we our we've business of a of demand on and hiring But fundamentals there's we post-pandemic I been mean, kind post think when the lot I talent think really followed do able in do of to expected what -- pandemic, accomplish we've obviously on -- the

to what of kind doing we've that and to that's think to our why I moving dividends demand we've the InMode do year, operated of of from goes fundamentals forward. the show think just moving I down think to the patients. forward for best. again, we of similar kind we I I continue able that And anticipate think see I heads kind put think do rest paid So how such of good been it and always back we've it's kept But do growth.

Moshe Mizrahy

the internationally mean, is month better also to usually, first Well, second second as this quarter strong on quarter was quarter strong than and business, as and Moshe. you this seasonality the be is worldwide. a the as Matt, expect know, as far well. we Apple I very

that they the of are seeing April Although with to March, live stop and unlike do of Mexico XXXX, how a countries, India, working in I have not have don't learn seeing Canada, patients COVID, Latin say the do people not patients, doctors clinic. and stop stop the Brazil countries But course, worldwide, European and of good we like some America, in shape. and not some to

So Things April a May and certain on the in example, start quarter a little good we June countries always. be for said, we believe scale. now full better Europe, slower they get expected. a maybe as was will it's as than bit that, month, second what But vaccinate and than good in a and to will in one I

Matt Taylor

it. Got

wanted can the And are there? about and to OUS give to extent I you be other update adding It to more ask I growth impressive And addition one could us So you your of expansion a North quarter that seems like continue year? to to additional going countries countries America. the if this any these you talk specific this you the distributors. in continue? wondering expand force these about sales you was

Moshe Mizrahy

country countries, I my big mainly countries new relatively handled now are covering country we said X Well, are countries not by yes, are are covered. including we small them, We if another the And all subsidiary. -- adding XX Africa, countries our countries presence all the although countries, small XX already believe are the that covered those being we small as since in our of because neglect do Europe, East. countries, X distributors, XX -- XXXX, added X Middle call, we but in be countries will in they beginning in

we that, bid the bought K have you in addition know, the venture our China In company and partners U.K. as United in in to -- joint in also the out

by two subsidiaries a now since invest us all and like The on will Everybody only bit of we would us. in the is distribution. controlling are now countries going enable know to India. are these So is more these to little in companies owned more we And subsidiaries, stark what's the add two fully India. in That subsidiary, salespeople. which our

We but India still. help We them there, not a We people, big stand now, a off unfortunately, see them X it's were or Korea, the do will it. Hopefully, need. we potential support But fast. they lay there. in countries, them right have within X, in with and a they any month situation small the not at want keep we to or growing subsidiary overcome other like fire because in that China operation,

direct higher full out market international from we $XX $XX the as we and I Did we came increase million $XX the As sure would far the third that quarter direct. since And in and establishing subsidiaries, came like is cover to million, plan. Asia. or can we do. for the if as we've direct, I we it Europe, margin. Selling now $XX million have direct, most That's that additional revenue will question? when answer have recognize operation million if distributors. happen another as part we right another something second a in one the sell plan would this value, Not maybe quarter planned of the much yes, to in and a direct our say one the your from but of from coming gross

Matt Taylor

was great. that Yes,

Operator

who will Rose, question from Genuity. next come with is Our Canaccord Kyle

Kyle Rose

a really with just strong we wanted to see for a first the big respect on could X picture if I touch on guidance. Congrats then everybody. Shak's And on comments. question to quarter, follow-on

On like the from QX. the moved the obviously you've major sounds a that's out launching QX picture, into this year. products big little bit got Empower,

looks guidance And of Empower the Shak, your between really of how will what include understand And contribution us help that just to post-sales focus that Hands-Free technologies talked you new of platform? understand just shift Maybe products support on MIS us new the the have to in things? forward team the side helping help then, maybe kind consumable the expect contribution drive shift to XXXX? So and like the can contemplates of moving mix from what that about team you really consumables.

Moshe Mizrahy

Shak, start. you can

Shakil Lakhani

Yes.

sale, post the hand of guidance then questions. Moshe with handle start it I'll to some off So and the I'll related to

gradual. phenomenal operations once. was something out done teams. just job all we It yes, be who've roll So of acquiring directors actually nice couldn't so that have a together and their to had putting two done that something we at It's

our as investment, was thing built -- period we're amount rising able them do try demand units we've just not else to anything very it's off And physicians you're of shortest anything their well are handle We they to of you for physicians several important Moshe, fully first to reinvesting ability those and main provide And to on return do Kyle, to is life, in have given. is owners they're but possible happy soon as my with support try try again, on did and look our going. So that I because maximum going promise with to to keeps the think us teams our a to as major trying were it the you the that reinvest. driver teams. do to for investment And to for your in and the and first We as comments, that and crazy, we us as purchase pay the time. consumable generate turn, are now the our for equipment basically like question their them very keeps if that with in of what been for expand please? business do for per But guidance that. on accomplish their out. want

Moshe Mizrahy

a do of gradually, increase quarter, that fourth thinned. numbers lounge make soft gave, $XXX Because the launch at third not is you the the sometime users, do to everybody $XXX many. you portfolio. The sure guidance you expect we to Even million product, we the we will, want of in Yes. existing a to end Empower quarter if we you based sell will the the mainly launch are new well third for million when and that the on which quarter,

we studies, training Every in You introduce make that want that the the to product. to then there a to gradual don't dollars help want and and sure product there want we you studies put I treatment. and then not U.S. doctors. can protocols. it sure you everybody the forget. It's doctors something know to process. sure the to not revenue. consumer on product. Internet, We to and file doctors Canada a that It's it's get, continue a on internationally, not It's We publish do It's publish first luminary that millions launched can that which carefully, process, of was do the enough many make is enough that first then product other know, make of very centers, to to in the

a anticipate from one quarter, Empower we XXXX, don't lot launch But revenue hopefully, I our of in the So the quarter. of the in coming important our will in will it fourth portfolio. in it platforms become if third

Shakil Lakhani

on color Kyle, said. what to market. a mean, to I little this it add Empower, know we sorry, adding to comes that, huge just that Moshe a is When market

mode, However, to want to like we -- like calculated. appropriate we everything it we to don't we rush at approach anything. very like And in do

eye are and going few the to able that are sure be they years expect. make going ball And the a for Physicians that lives. lot able So they exactly patients we're their that to off now. change the to segment to looking it's patients to what get had gigantic of a treat are help get last has going be to

look I So I at it a very we as potential. think Moshe like for large XXXX, think said, we're --

that the with For traditional have, aesthetic. year, the this and our of invasive, some the hands-free we current minimally products

now. right have hands We full our

I to to women's for scale sales and do upside, capitalize out So think we're force going really some wellness, see able and future good be our as we on. we out but build the health

Kyle Rose

core really And there. my progress on and was, appreciate consumables system Okay. That's helpful. but installed U.S. obviously multiple aesthetics into these market, much the Can U.S. the to really medical your just to -- X,XXX for give making particularly placements, I you much broader procedures, additional "noncore just the physicians?" in then updates last that expand of maybe as that is strong very demand update then you've trying of base, specialties. versus those business, own as that that, far going machines? an Just how both in seen question understand base is us are as How the the like of launch you account good products

Moshe Mizrahy

chime in to that? want you on did Yair, Sure.

Yair Malca

Sure.

core So system. has our physicians. XX% accounts we X I And I comfortably of most about units X,XXX more say can that would say have installed. them, are of than there

Operator

Our R.W. Johnson Jeff next question Baird. come from will with

Unidentified Analyst

off is This Jeff. My first is backing on one Dane piggy earlier. Matt kind for of

higher, if stable we mean a more of revenue this kind you on over fairly math to provide kind right. even Moshe can this insight bit kind revenue that I of wondering XQ assume versus know half in is remainder little in back year, the X% implies even of if of revenue of gaining XQ, Just year. which is I the the if XQ mentioned of XX% growth seasonally my sequential of year-over-year

is XQ growth the know to last in applied well. we of as XX% for X% that Or is saw of bit very obviously, year now? conservatism second about think the a But in way there? kind So little half recovered that growth quick XQ to strong

Yair Malca

the if pent-up March, electric months of way U.S. in demand that XX% to procedures on way in ban June the you second to of between following exactly was X% to half not lot X% think the Because mid-March a XX% of to to XXXX, do there we had the June. it the this. -- the X the -- right about is The of

of half So happen out the quarter the during of a second year. supposed this to lot the businesses to was pushed was

sense? our it like. be analyze what give a the make of of that will it's I'm better look sure white year would at way full if business, will growth look the picture. to It look year, So better indication second at not the you the Does half the you to

Moshe Mizrahy

Let me -- this is Moshe.

Let me add to it.

business. We have in seasonality our

And year certain some summer was not Europe than summertime. I territories closed, better XXXX is is like And said quarter typical the at Of but course, third all. the one, is third but therefore, are second a time, others. slower. the quarter one, strongest and quarter in a the quarter first fourth the the totally the was

cannot and determine I on locked vacationing hope more the was seasonality they to XXXX, because third market. go going work COVID hopefully, once quarter based to -- than wanted therefore, the instead on is This down is of is first the time. we be X summer that strong for everybody So nobody happened said the And year. second XXXX, disappear, the XXXX. was months, will the will one. typically What what I typical start quarter better that aesthetic in the to

as sell on to what the U.S. the is amount backlog. something for quarter visibility have XXX see we based second backlog quarter. backlog it's We to now. I everybody it dollars the we the Now now that this of just we XXX, revenue. have. that a that have hope don't It's come we remind quarter. don't that backlog And start as Everything company. that and second It's in right the that we second the not not more far quarter with a we clarifying have on

Unidentified Analyst

just my very there. be Yes. then of a was helpful. That geographic up from perspective, question And second following was kind

even any and this Just the most you could think markets year probably next? you drivers maybe then on growth if details for provide wondering be can that into meaningful

Moshe Mizrahy

FDA, the there's I'm is any regulatory different China. Okay. question. sure which CFDA in you driver market know on the That's most per the way in bodies, important the of body, country. but is internationally, United from time Well, the States, regulation one all in regulatory good XX given with ANVISA to that Brazil a we're in dealing one the international

is of the in it we some if we open platforms, in have already China the long tell Now And of to have then our application X kind Even I we the territory. process. depends only country now, It's China, a out X how takes other right becoming working X Once the X continue additional is market. all you approval don't country. approved. can all ANVISA, ANVISA, on is take, just the clear it's of been for long they tests regulation six, we're same, your submit it that and we out big will once Brazil. and platforms per our how you it but is this submit time. X, in studies very In know. you portfolio of require. territory, the not this and -- longest

we use will X of growth drivers the we process exactly have time, is we second, I for base countries internationally I training on a establishing versus take said are %XX, will and is doctors, years most that invest other centers started now, that the here in of our but market, right money basically. that my system later, in that regulation, XX%. market, X market, XX% okay. in saw X talk to already there, the later. U.S. years international same it X %XX. Because what So And believe we the luminary doctors FDA first We within the and the we right years, that U.S. now percentage-wise OUS be big that we its very, started need a And covered, we we like the is Once versus the United did will started in the grow States. got the market. XXXX. faster than What believe U.S. international

Unidentified Analyst

Okay.

touched you that countries haven't any additional earlier see before Just on wondering, maybe kind are that coming from? of could there growth specific we

Moshe Mizrahy

those slow in heavily Brazil there XXXX. four And in Korea, on Germany. X because Yes. and was China, well are will XXXX, will I countries there. countries we XXXX a These they us. hopefully, We for which market believe There's that deliver in invest big hope countries deliver better.

Operator

Instructions]. [Operator

from come question Asaf next will Oppenheimer. who's Our Chandali, with

Asaf Chandali

congratulations again, the on exceptional And performance.

it introducing echoing very approval the time guys So some the in China over opportunities are Staying I of products? some business, kind of and takes clear appreciate it level other kind of very the in the made that here international, the people's statements, international Brazil on some but of remains what we disclosure you X segment small see and can other long-term know a of higher reporting. particularly of regions, guess, on portion we you Hands-Free the challenging, on

Moshe Mizrahy

Thank because hand-free you. yet way the Thank by Okay. the Asia on international penetrated launch all America, Europe product Right timing corona. the not this Evoke and approved from countries. end into good. and of the marketing the we and in the in you in Europe, right. to Yes, are international most decided Evolve and have The question. now, also the And market spend internally, the that this to countries for market. devices And wanted is again. money we -- And yet that South the it you're XXXX, not Asia we're process. are free not the in hit the like take it The that in we're South heavily America, the for in were do not we not we product country is that reason starting felt it's

status Brazil, it's In will it get for the COVID. by approval the the the and X it's is the China Europe, approval markets, in and part if approved. of opportunity of But far In our country we're main others. only of yet other itself as still process. as example, present not approved, the waiting countries, once country, in been the For it's already approved, but we

the Evolve that on acceptance will to market we situation as decision we not be of of the as we the because the will for United felt platforms, But delay that be money, the States. the will platforms, the international launch because want. same high and the of money because will we Evolve. budgeted was the we like in the had marketing spend COVID. not it hopefully, made, the and success the And like spend Evoke but Evoke We these made X And

Asaf Chandali

clear. you've That's any How it of any very maybe is it. you kind would sales the Great. we your differences imagine kind helpful. approach? of about sales it It's gone very this looking how demonstrated execute the on pretty non The in market, if question. there should importance we for that be move cases? are very just aesthetics them, broad the forward. be strong whether of of develop technology company Okay. be increasing market deliver But And selecting critical to medical How has on clearly in it. about as thinking aesthetics of become approach performance it And target color kind a guys will terms to I kind your use will and there

Moshe Mizrahy

question this Can you think I Spero, answer is for you. that?

Spero Theodorou

nonaesthetic Sure. Is My the that so understanding how approaching market. is, is we're question? question your your

Asaf Chandali

Yes.

Spero Theodorou

and and give So from sales color. a force important both I that InMode's Shak actually and at bring health. with with of I that Shak that of comfortable in because women's in launch That's time, to reminder little of had the Cyno and back really large is part on day a more came large used worked sales that commented force a product some want Mona the actually a in up detail Cynosure. Lisa sign part to

than different into part. it's that, aesthetics. So together as Shak, the about as far talk you go that KOLs the we've to very certainly could and network put But

accomplish of You need to what not more research some stuff that. the real aspects and heavy-duty like we're functional or aesthetic trying SQI like are because

the doing running benefit years instead whole out down of what is years the gates. all for ago, that. when X And you're that's Moshe their coming the with doubled X, see X and ago happened to on this going issues the studies of FDA, about year So team the

to the and that. believe, things, research the feel investing in in investing of moving studies, we a accomplishing So about be strongly forward is very combination we going

top-notch I place. already And want health do a strong that? experienced give you very on sales already in in past. Shak, an might the a wellness done women's little color to that's has So KOL and and force network say

Shakil Lakhani

Yes.

question. very good So

that our and patients -- provide has to always company. side seeking, physicians it's are how impressive do to basically position as and and business that the aesthetics physicians our consumable been can it's that or will with pay as always We've capital whether We We've main understand thing to and it's sorry. I or although growth treatments we we've. to is treatment, of continuing, equipment the help we income. additional a revenue long know that think been generate that. cash And medical how payments continue

stayed same staying there overhead know, year same for, the what's been expenses, or it the how at managed down. medicine, hasn't and have their reimbursements right if Meanwhile, look have where I and you going or with reimbursements X years now, when gone care So don't not many increasing. people on

to as think And a have and generate the on to able the change certain things don't their patients, always they things helping We're And foresee place be I their which that want long going place businesses at that so practices. of same as don't in stays achieve that I and titans still that end, any of help do. to happening. revenue additional in, to to time to get some

GYN the in the it's whether we're wherever market So or market going. or ophthalmology

plug-and-play issue. of of equipment. to everything said in We earlier, this now, and it get lot do awareness but Moshe going I what to terms have you can to an said, of and that think And That's out right have this come of how treatment building good also a lot like understanding we with of some Spero we a very down expertise distribute else It's like type a procedures not an is in there. options that. that a

our with So frankly, at it's identical, plug going And not first I'm have from play. and different, we say it they're products it's a it it's because previous time is that to previous experience different. not companies. doing but

Asaf Chandali

doing helpful. online that an throughout aesthetics presence maybe of terms company some medical executing, That's I'll carry What is selling the in maybe COVID. of out Last the Great. kind of really kind my has once performing can job Okay. company comps end. point basis. of on through done sales very again post-COVID? question a just other struggling relative The exceptional on

Shakil Lakhani

Yes.

have, it's a apply not updated university. but helps with people practices. provides So I their our it platform they only physicians Obviously, actually to that mode can tips that train discussed internally, things also we which techniques and and

other stand way. as would our own out away I comps stay think talking to I as So about because of kind in from prefer we much

perspective, and at actually business approach as our way from look the to pre-COVID and to how targeting usual we marketing our terms doctors. in I we're think this is it's of actually back

might back made the now call think you at to important very very note to we've it's that time, it. changes the obviously was similar business beforehand. to same as But to to some it world, exactly seeing what do we new cater are and getting I activity or So

the I we've and you have stuff things very So course, in-person and of meetings terms are in university things, we happen just world. that now and with almost I well. there, all in in platform, people getting it's InMode obviously doing. But keeping crowds script, safe have but off to we online been business my invested able starting these our like things events, regular, to mentioned and do, Different of paid when that how those implement and and out like taken is kind it people. business we actually We've of into we're precautions to And right? back that of the do said, business

and think that as see I continue assimilate we'll again, we'll way. So that's helped out, continue to And change. it things

Moshe Mizrahy

all the post-COVID, successful we're treated of worldwide. are our way Yes. now And why is we employees reason another

know to and we without even because we by training money. happen. mentioning said firing Shakil they save people as InMode decided even University. that as name, when differently. what the their salespeople, And We said, if will everybody Some did others X months, started, of on for to they will a our family, We decided not the keep on crisis decided don't to competitors us want money R&D But if sell. cost work, it we continue

continue to products. We develop

the to it June and doctors the competitors to the on while and train and year, we start on to market team see people hire what way. the to or last crisis months. once And and to will a some train show call bullet And sales Everybody them virtual the on what the a we continue We waited happen. was start another train. like capture comp X you other lose market share, endpoint,

And that and payback and States post-COVID and important the very I United big good a way. was a by decision Shakil think myself. in made by in see -- payback, we the supported the it's

Asaf Chandali

through you the team guys, Great. a very whole difficult credit Okay. the really that. Yes. period with Really, to pulling a for

Moshe Mizrahy

you. Thank that. Appreciate

Operator

Financial. [ph] Kay come question Stephen from will next with Steve K Our

Unidentified Analyst

And that I'm are one compete MorpheusX, do you they're There's a clients have That of got with could that they've were that processes being a to called dual it looks using or some that Renuvion United their States offered them Renuvion of you they're of product users in the like tightening. capturing skin Rose in with product -- helping so their your like the patients? both the called approach a some kind clients. Clinic.

Moshe Mizrahy

Dr. a go little I'll on actually let we that here. Yes, that. comment further to Theodorou

Spero Theodorou

it biggest The is what you're frequency and tightening energy to body our frequency. radio So product, right, tightening. skin for you here our is is able the specialized that [indiscernible] differentiator will be control later patents control take and acquire and started causing it which platform our and course, temperature, contraction and we Protect, and off type in, of by Star with which

following know lower you're basically scientific that So same and a place. temperature endpoint line. you that course, to are there and an companies that a that do getting you the of time, the temperature, trying But are you're have other unfortunately, don't when

putting lot front So the you're -- be into thing. there's definitely of after companies effort to duplicate going and leading they're when to and you're of are and us to come a try trying that in that research, you're sort

product respect. from ours very So our in different

So I not recommend necessarily my I'm would practicing plastic a what patients because for surgeon. also

company, your XX do. accomplish to put of question have So interesting we a to to answer certainly, to way we up to product, needed research they with years long place what go but catch that in what

Unidentified Analyst

doing to hoped advertised some TV. like drug their your I have so companies the pharmaceutical on such that type a Is been that a for directly if and parent It are great it's years result being or marketing advertising have those with physicians result may. patients -- follow-up, to you for heavily of to go to The do and the will looks public considered? One been then and sales such say, saw drive that you doctors I can drug. Okay.

Shakil Lakhani

Steve. Great question, Yes.

made, it's what never our spend right? company So our we're than of -- balance fundamental going never to -- we going That's that's look more just company. DNA to the we're if be you at that sheet,

media that grow However, had Abdul, Paula other post-sale I big you a with ways to the and some the really for some the of they're that earlier past, endorsers what part social we've of definitely of look the is we physicians do that. over -- team, if business using all at celebrity of mentioned organic in our now the doing support

be throwing and do an So company that. But types of direct-to-consumer than out we definitely can looking more kinds into what advertisements Again, all make go quickest the we to we're ways and in of not a and -- how going we this take effectively do actually can things to spend lot spent approach. we've and done get the smartest of a and those and that time think money I we've possible.

simply doubling we've think started in and our tripling I at options that some we them. consumable and we have, to we've it's Does of over things growth, these are talked your answer looked And that time through look if the So what is there. question? reason to some at you apply about starting our of utilize we because

Unidentified Analyst

day, it got a like seems market go. With million has turning long Americans does. Yes, your it XX to ways every XX

Shakil Lakhani

hope so. We

Unidentified Company Representative

Well.

one some plastic there's that's along without anyone not no think yet, but holy else. it's important, along we're add causing is color farther just tighten here. that grail surgery of We're The there path. the than And ability to to further I skid gone scars.

it to -- the physicians, why with a product and the to it's customers we where own we've that's results, because a well channels. first, you a their good on for us. saves because, media your something own resonating on that And second, the that's marketing take-home and getting that's as that's push especially to lot their many done And us far, speak out effective we're true. money it like what message it's So And we they allow heading in social and our it more allow so physicians. ways have patients when and question so

so done marketing, the foundation an huge adoption budget base But we're doing, think for and getting of is So that have a successfully. certainly, of effective. actually down consumer what going organic road companies I quite

content that. So with we're quite

Unidentified Analyst

add. more too, would I And credible,

Okay.

Operator

turn Mizrahy, back and conference Motion, this the conclude session. closing CEO, I'd like for Ladies to Moshe gentlemen, our over any remarks. to will question-and-answer

Moshe Mizrahy

They my Thanks what for on in I team also again facilitate worldwide. quarter-over-quarter. management achieve probably you the helped earnings trust -- to our to and call in deliver to call, all I want help for that. thank with hope to the giving the August. line expect. take us first I I everything. second us. which they week the participate please want who August, again, you quarter they're on what that I want will you me today to and the see call. in for all be our will of Thank earnings first of want them to of all achieving employees our to we joining to what quarter thank we're to thank have investors continue we

I to Now it turn the will operator.

Operator

has conference today's you The presentation. concluded. now for Thank attending

disconnect. now may You

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