- Earnings call transcript Q3 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and welcome to the InMode Third Quarter 2022 Earnings Results Conference Call. All participants will be in a listen-only mode. [Operator instructions] Please note this event is being recorded. I would now like to turn the conference over to Miri Segal, CEO of MS-IR. Please go ahead.

Miri Segal

everyone us and operator, you, for today. joining Thank

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

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

Our necessarily results of future historical performance. are not indicative

law. we can to pass that, call such, no the and go I'd over as to the assume Chairman Mizrahy, to please accuracy by of obligation Moshe, to As except and With no forward-looking ahead. them CEO. statements give like our update Moshe assurance required as

Moshe Mizrahy

earnings today Spero Co-founder Lickerman, you, and Lakhani, of QX Chief to everyone VP joining CFO; Dr. our in Technology Kreindel, our Officer; and our Medical for our our us Finance. Michael Shakil President me North calls. XXXX and Yair Malca Dr. America; Thank Theodorou, With Officer; Chief Rafael Miri, are

remark, we be Following our Q&A session. all prepared for available will

to another same pleased XX% compared quarter period of with to last revenue million, are We report the an record $XXX.X increase of year.

for into Despite Additionally, this in we demand are platforms around that to momentum next innovative expectation our XX%. should and year. gross be QX somewhat QX, back of happy expect the quarter our to remain margin we represent slow continue to world strong

visited clinics to pre-COVID platform. tend levels, for and still our patient people physician we Although treatment with travel

expand goal to encouraged and to general and health in for and are specially women InMode successful Empower and believe to as expand we presence We and trend primary in on market. in market this ENT to in going area ophthalmology, new in in into the can company space health success InMode our and intend continue third early share aesthetic quality for by improvement. we that relying offering our quarter, wellness others. such has important and Our of market We A market continue and in technological evolve strong this an was is forward. this platforms wellness, life proven expect capture of women the wellness successfully

revenue most popular invasive device continue focus is consumer. We're the the strategies this direct the more Our in awareness aesthetic grow. The to through growth on becoming MorpheusX driving brand category. and minimally

rep capital the for sales consumable continue and efficient with their represent sales worldwide revenue sales highly remaining our XX% third execution, total XX%. Our quarter, team while in XX more XXX direct and services the of plus than excellent distributors of of equipment to of accounted

a the figures service of total while contribute our accounted As platforms consumable expand our more These and and grow revenue represent laser base install our and forward. market in revenue, going devices non-invasive normal for significant Hands-free will portion mix to X%. share, we revenue level mix. represent XX% RF

sales, of quarter operation, $XX.X operate XX% QX year. now international compared last sales third of InMode accounted outside total U.S. million XX% countries. a our for to the or XX increase Moving to in

one Our and to subsidiary recently in successful planning establish in very in Italy an Europe are already opened we in subsidiary additional XXXX. and is Asia

America. growing in and demand Latin as from quarter Asia During Europe, launched Asia we to and InMode the continue Empower third EvolveX successfully see

proud and In be we're track market. record continue. -- an could companies pipeline This to and position momentum technology, deliver addition to our U.S. in we an will in and the could another established positive that summary, this this presence new potential In also the existing of quarter, with acquisition our active record complement globally. customer exploring we're believe wellness base

North America. in the turn our to like would I Shakil, over Now please. President Shakil, call to

Shakil Lakhani

more the everyone and continued demand joining of momentum and services are well us. for North by from bolstered quarter main use contributor growing America Total of as consumables technology. record report $XX.X platforms. due at be use growing again, remained all as total with Once the Moshe, in revenue this to to Thanks, frequent pleased Sales quarter InMode’s continue levels to across another revenue our generated we Sales million. amounted high to to platforms. our

market for forward, growth InMode. we remain this As positioned leading driver to look the is

of As Moche the mentioned, in seen quarter. third in our Empower have platform acceptance success extensive RF we great market

sales fact, previously platform this In million year. to we total XX from projected the be for

MorpheusX we number. it aesthetic is market. to it When in becoming that seeing procedures the However, comes one of popular the technology, that we've are already the surpassed most

awareness As part announced brand among of we actress, patients Longoria, director the producer, to Inmode’s Ambassador. InMode’s will that raising resources and Global be physicians, invest Eva and and Brand our award-winning efforts

plan engaging commitment by select recognition is we awareness ongoing Our investing brand to to by future. the do to and celebrities continue with in in something brand world renowned ambassadors gaining

I'd North now thank to Lastly, team to will financial for review Yair? over call hard a I our of in continued like results work. entire for detail. Yair American their the our hand more

Yair Malca

the came this Of came Of increase the quarter Thank the grew Thanks, and Canada, total of total of rest contributors, of in the joining. XX% were subdermal third in see with a and Starting year-over-year and a from with Europe compared invasive markets QX, quarterly XX% everyone. GAAP international and the in minimally ablative in you we revenue, revenues. our to world, growth quarter the of sales a quarter rate. $XXX.X America to million the respectively down, Latin of biggest and the sales XX% basis. our XX% driving U.S. XXXX, for XX% our technologies from on gross XX% Shakil, InMode Breaking XXXX. the hello XX% generated year-over-year for same margin XX%, third

Our strong XX%. margin gross remained QX non-GAAP at

to long-term XX% to margin our XX%. holding are We gross of target

for implication gross a However, short-term as we margins. persist, challenges our potential global supply chain see may

marketing to consumer accounted for equipment revenues we in third capital increase on, the of revenue, quarter to the while GAAP XXXX. XX%. service third same products. representative, third Sales quarter in million QX to remaining increase in the million, presence attributed a U.S. expenses $XX.X emphasizing total $XX.X our more in increasing expenses in and compared increased in is Moving period our the and to This operating business strategy sales new the quarter, year. $XX.X last XX% XX% hiring were presented the million for penetration compared

in quarter in share at operating non-GAAP the XXXX of of the expenses to which to representing look XX% third basis, period $X.X compared XXXX, quarter increase. XXXX. quarter On same we this Next, $XX.X XX.X% quarter million XX%, GAAP $X.X third to million the a million to compensation, of reached XXXX, the $XX.X of of XXXX. margin based operating margin million increased the operating in a third total last was year. compared similar of was in Non-GAAP same for quarter a in QX

a at we in the diluted per share diluted share ended strong with quarter XXXX. of in GAAP for XXXX. Looking Non-GAAP $X.XX, diluted of diluted was QX sheet. share balance per third third earnings to per saw the $X.XX earnings we quarter to per again, compared for the to an Once quarter $X.XX quarter share compared increase $X.XX this

cash marketable had cash XXXX, and company $XXX.X and of deposits of securities million. As September equivalents, the XX,

quarter This generated InMode activities. operating $XX.X million from

Non-GAAP turn XXXX. to and now $XXX $X.XX. our between between and guidance per XX% will to margin million. income I'd I and Non-GAAP Revenues between from operations diluted million reiterate call like over the back Before Moshe, $XXX Non-GAAP $X.XX to million earnings Moshe. $XXX $XXX I for call between back gross XX%. turn million. share the to

Moshe Mizrahy

believe we're Thank you, I Yair. ready Operator, for Shakil. Thank you, Q&A.

Operator

now first with Genuity. from question-and-answer will question the begin [Operator Instructions] Canaccord session. We Our Kyle comes Rose

Kyle Rose

procedural questions thank inflation taking a on Great, going course impact? I you health potential you over happening strong right six was demand wanted what's side biggest your not with and to to lot your from as what much capital for are the recessionary next of the to on but procedures? of know, the you're out well there's just the underlying on you What a nine The both maybe now what's thing another and volatility of on seeing macroeconomic congrats from months And customers, there impacts basis. quarter. happen very think just worry the I just consumer overall for the and the a of seeing on start as

Moshe Mizrahy

answer even because also quarter, the vacation not tough and this -- the then best let and quarter. especially Hi, and into not in Moshe. I'll did as one. will I time, quarter we it aesthetic you it available take a especially not treatment recession is feel know, to summer that summer add. or was you people Basically, Kyle, during the are there America. get was strong and not this very Not don't is a patients slowdown, very anaesthetic are is they taking Europe consideration Shakil treatment, last quarter, the if any for want in to just but because doctors Latin summer also And not

third quarter, it also the to of This very the of even quarter surprised strong quarter compared we XXXX. XXXX were second was

we recession America. what's going complement continue. see tell don't Shakil any and North see slowdown. my a about us little far, maybe don't to bit on answer momentum a let I’ll So we But We and the see in

Shakil Lakhani

Yeah, absolutely. same Kyle. Yes, thing, Thanks, Moshe.

any seen to we're anything affecting ways. capital we the side, or detrimental on being haven't So the -- in business us which

historically least is little we to I'll is typically speaking, toss did might which QX that, over that encouraging. not mentioned, I color some quarters, you. shed actually at definitely the most able there think he very be Spero? slower Moshe to for As From experience consumer standpoint, a than Spero,

Spero Theodorou

what surgery talked not third COVID actually day out dip Obviously, demand. of patients never any have is and every seen new bump we just our practices, coming questions. a of was One that COVID the important third Great we new had into before. one point customer a initially as plastic thought It's patients to Sure. really not bump. country, have to offices in across

considered seeing wanted were a do the what past, types finally this we're of those offices is into group. So shift. patients that in have they And do that part of the paradigm to not to coming

time feel the far don't future soon. being, and anytime demand for I the slowing as the confident So is concerned, see as we

Kyle Rose

Great. as in the And then, $XX being you've year-over-year kind absolute Moshe, of historically range. always of think growth messaged kind million I

health. I that think when might range that into bit moved women's have you might a recently increased --

should is kind as -- million forward, $XX of or about that $XX on a moving forward? this think our how revenue growth moving million an think just absolute expectations levels floor still a I'm year we we So about should to that perspective

Moshe Mizrahy

the in little with a new bit the target Well, was more we to $XXX $XXX hopefully XXX XXXX, We went million. will around than about I to This it's up that XXX, above a compared $XXX year, for from -- million gave, the growth so is with think million. growth XXXX then million. more, which around do target full-year, hope we be new a to $XXX

million a So this basically, up very not when we $XXX Right if $XX that a double company the we the we million now, will And or which COVID company. or when guidance are portfolio. gave maybe $XXX same year, -- the entering was year XXX or have growth end a was million It's during better target million, the a $XXX time. categories, it's $XXX million successfully. we now above We're new size. of

to now you Women Health it the we we're $XX to be of and Empower million. it target it beginning the $XX million, we a year, If then gave the said raising raised recall, for and we million will $XX for at

So I a a very community it's doing totally the and health, and we're the encouraged. different best, aesthetic is we different also women which are category, it's in totally believe medical but that success our

is XX% in on So target now I a would year growing with for model. to say a you that from put good your

Kyle Rose

how the question, wanted then that because Hurricane just one -- and the to some of is just mean, everyone's to that we a to of QX down? seen might a it about of it region obviously, or headwind need capital I as back to QX. locations the pull got you're but Or of the queue, an and you've concentrated at country, it should machines hop the losing think, QX? upgrade in does days you've that's got and replace? impact potentially I end And placements, last Obviously, -- think impact the given is does have at new in start I'll the Ian forward

Moshe Mizrahy

Shakil, you answer can it?

Shakil Lakhani

sure. any we see Kyle, Yeah, No, don't effect.

Operator

Taylor with Matt Our comes next from question Jefferies.

Matt Taylor

Can you okay? hear me

Moshe Mizrahy

Yeah.

Matt Taylor

I frame on could careful know was had wanted a give about for I I over year, you're well of it, I how targets, or ask how evolve I to really won't but that couple. think helpful in first you launch. And I hoping launching could numeric be Health size you you year Women's couple could So probably really guess this just you're the your has of I thoughts to know would done that if next And really franchise opportunity, the years? the the investors. get

Moshe Mizrahy

the opportunities I question, what? Empower? of didn't understand Matt. Say, Of

Matt Taylor

Of Empower.

Moshe Mizrahy

good who the that's do you in do Spero, a answer I and regarding that -- question that's believe who now future? we sell sell should we a

Spero Theodorou

Here's at we look when right? used to these example, how practices, enter Empower to procedures. know do marketing. not we gynecologists, don't They're cash They for based how

oncologists, there solutions you to existing patients don't in you to great, patients in for office. so solution important. are They're a and equipment. within incontinence incontinence very, already these in. look, at there mixed urinary a point, alleviates stress for coming that go urinary not your that's tell have that of And so their very have Because going practices the able practice, a these these are lot purchasing such capital is we with already patient The have So population. these that forth anxiety them out to of and market, we're scope out as solution

still in, us, that's and to it an so aesthetics company, aesthetics group big for on because same able our respect. winner introduce go platform to we the we're TAM However, once increases this in this a we're

seeing of over lot is that really as being consistently as year, of we're segment, back getting treated. mixed thousands have now, seeing urinary data far lot have bladder really, the we because incontinence confidence And so overactive or segment, you surprisingly a we're across board, As right the it's patients because results is we're what know. future the very getting the that good tough we concerned, we're a a of

for big to So the the a deal. that segment disrupt is future ability

details and investing for you there to your and ecstatic. cost on out time the lot it's But this. and figure a effort know, family and As and opportunity market experiences a of gynecologist are out and the gynecologist and trying we're into large practitioners research level, clinical the the

we're at the So We're we're forgetting for very, it optimistic seriously. aesthetics very that still same we're not taking the time, future. very an But company.

to balance Does important aspect. that Matt? that's your So that answer question,

Matt Taylor

I guess does. follow-up Spero. I on had It just one that

there. rate to pull that resonating of So, aesthetics you're Can it's interesting frame to how through attached much much the see getting? you pull kind getting with How of strategy more is women's beyond through actual OBGYNs health? do the with the

Spero Theodorou

gynecologist they're the Is surprising, we've with the engaged get because we're your with just some of the office. larger see urinary so, this institutions reimbursement, not many bat, their for see in okay, on treatments doing a well, research say, typical right? insurance the of how But is market the based lot let's They'll procedures interestingly these groups works. can they receptive mixed dying pressures how and to of different necessarily experienced stress incontinence so cash off of having types and for

at aesthetics And institutions about, seamless. institutions. I'm to happening and switch this the academic is research talking So is

happened can on what there. groups you So out non-affiliated imagine

even -- the higher. that's even So is pressure

they're them teach waiting to medical incontinence, not aspects. on that the see results immediately. things So stress the demanding these we They're urinary

yes, long runway, XX,XXX So across a we OBGYNs the have OBGYNs, country.

we Does way understand it answer encouraged very So point. question, But that your to correctly? long have at go. we're Matt? You a this

Matt Taylor

about talking mean, XX% I encouraging. growth, One heard you follow-up, is I which

worried a about recession. I are of think a lot investors little

And business life last are it so from you between think based frame cycle? have on how And talk about where on you and yet you about I the could any and impact differences impact you in could your your recession are seeing do this think maybe one maybe the recession?

Moshe Mizrahy

as not quarter discussed we read recession Matt, on don't even will down. start any your XXXX. see analysis an slow made yet, third by I probably before, recession bank But the we of the that

can and minimally in buy he recession, NeckTite similar or little will like new middle the sure will of there we depends not So of strong I'm we is doctor The very different a come us if have because It's Morpheus, new -- up he will And but might us be. a from It same well. I the help different customer a a time it FaceTite not help sheet. today. the with XXXX, year as with five balance be new because procedures us, kind that we're It full fact that buy yet. has something a laser market that we're help base. invasive, bit how will At to he what like his help he now and recession new technologies overcoming. that lasers to that technology will will a believe will a like get and coming

it and middle as will down, direct-to-consumer on are enough even save are we and marketing. recession strong cut So as don't or the the R&D, to of year year. next and in slowdown any or we cetera, establish start stronger don't eventually In we're when world, will have get ourselves the in expenses et you're overcome invest cut whether third to after twice resources much quarter much on down the you ability and we spending you the getting when twice to marketing, have during in and double end recession recession we're down, marketing. This We down to and but people other to double will Because continue order recession in we cut you end, stronger subsidiaries. prepare that. any U.S. the on and the have

that to believe do we there year we establish the and will stop, the year, more But -- Stop you're should continue cost profit why the it. you on first we have reason is us subsidiary that the business Although, come than time, a second we profits when it you and generating. or that revenue little as continue for will we go will it a will strategy our I will we therefore, that. stronger a after usual help don't bit, even special recession would if and not say no down

Spero Theodorou

Hey, Shak Matt, here. it's

to fortunate in the where are are be chaos, balance “where playing a space, there's competition this I people -- lot our as we recessions, of a of of built to Moshe of seen a mentioned -- this to enough there's the there's other previous the Just be in in. sheet, real right, think to in are also add ourselves As many not -- that space that quick. saying, famous that we've opportunity.” or strength they are lot and in a position them historically

So thing. I R&D. power for filter staying the into our staying is awareness to the we're out looking we different staying power that do TAM continue think brand, also also the that, think consumer people overall, for for our we're at our our and big markets the and increasing And that technology we’re creating that'll power looking create will a I with at, penetration also other and some currently and

Moshe Mizrahy

capture we XXXX And August beginning this the than XX%. the not because kept everything and were we as would market that as recall, XXXX, because company And was the more like usual. and back -- you was XXXX we very to only did. we and July-August of and came want is If decided Matt, COVID when only say go, we -- we company far continue the we company to other business people don't I XXXX, who decided in were -- in market company growth, the as share strong leave other when to talent lay not fire the started, to

we and strategy We that's the resources that have implement. will the

Operator

Jeff from comes with Baird. question Johnson next Our

Jeff Johnson

size I I don't if direct focus this side physician, the much Moshe, penetration know, would you that And I have it into really move you because our on maybe that could else market, if that maybe is help But maybe think could and couple market. an don't if kind wellness can procedure, of us to is. market, and surgical follow-up but on helping that's time? size maybe this on over the focus from fuel wellness? And checks in it necessarily plastics us help to wellness I that. so MorpheusX right derm that's We the to know the is market, focus or aesthetician the what a maybe, do now it your market, questions on where emerging suggest wanted where involvement maybe go have the wellness then

Moshe Mizrahy

when market Well, but market. to the said do market, mean wellness wellness not new spa us, is we I

many States, of contraction, it's and of also wellness, which aesthetic course, treating like life are doctors Although Europe do some yes, and Empower enable into to business doctor gynecology, get is because improving that sleep said for we improve but And cetera. et by not medical quality medical not by and United other that countries. quality the not by a cannot want because spa in aesthetic only want aesthetician and apnea; OEB to ENT, OBA, nails the and [vaginal] platforms not not a and us life wellness. The example, the spa clinic, a but we is Empower, doctor -- pure dedicate treatment only market not to doctor its mean power SUI, the of with the U.S. get in business, When in the same, not in wellness into today wellness stuff. aesthetic, we in snoring, MorpheusX not the we the is

also we aesthetic, to something platforms to hand I pieces think include that to ophthalmology, that them. enable Every ENT, will do medical will develop, that's aesthetic will gynecology; special understand. and important for do some that them

medical. said wellness addition which we doesn't improve pure life, in not of quality to medical, that intend the mean in to et periorbital said market the eye which full skin a face example, and we cetera. it's wrinkles, platforms can For -- treat -- rejuvenation, when to ophthalmology, do we when it's But bring can dry the

Jeff Johnson

on guess the side. potential you in And about space, when that the thing more you follow-up the wellness is talk then medical I on would mean M&A same the

Moshe Mizrahy

Of course, absolutely.

Jeff Johnson

say about We're bringing just things hearing even of I'm part and hearing FaceTite MorpheuX. than about more all I almost here more that, the then like of last that. patients ago top how Is and would that a AccuTite, but does one, of on purely BodyTite, a just almost MorpheusX. overlay company? more the where BodyTite -- of BodyTite are procedure and then just like are getting an that or checks even going an year not more invasive or AccuTite together even market a getting that recently been MorpheusX we MorpheusX, that. less a you an mean, is And, I'd and like right? suggest it move do sounds our into And kind a towards doing the in AccuTite there's that help the

Moshe Mizrahy

I mean, think -- you you I Spero, can answer have that?

Spero Theodorou

it's we little our Sure. introduce companies differentiate a did face. what and -- Jeff, we how we that on the Morpheus ones it focused in were body. And the first the the entails, So past so most to about microneedling MorpheusX right? radiofrequency bit important to

can you lot Now, and body, the fact opportunity that our up. so Morpheus, the organ surgeons AccuTite with conjunction the opened growing that of a to plastic has hand-piece, describe. body have that seems With the correctly is tremendously be fast because in Morpheus largest in the are using imagine it we contrary the skin to of BodyTite thin and

to had a be tool advertising in well. public very is the the as effective as armamentarium. very, far concerned, all money Longoria these a to things we're press lot it contribute so happens consumer As awareness in spending it. of Morpheus, And of

although concerned, it as Morpheus definitely just adjunct standalone, increases to is combine standalone, not and as our an are a We you research it's BodyTite yes, with increasing far as in that else. but everything tightening. Morpheus certainly AccuTite, So or our found as procedures studies a when

data as to up that your Does So question? have well. that the answer scientific we back

Jeff Johnson

It But does. is have it, percentage systems a what's or that a box fairly this. globally if hand-piece, revenue MorpheusX? I and even those maybe, the I've your MorpheusX drive to add kind to to hand-piece there in Moshe, U.S. back sorry of and a X belabor the here boxes the already AccuTite FaceTite, got out adding would of on that to assume kind upgrade I'm going last installed as Morpheus And to of one, easy add how what helping BodyTite,

Moshe Mizrahy

the Aviv, do a I name, Because almost those it been just They molecules believe of in I our to and breakdown. and they do our most they FaceTite. and we Morpheus. about face. or conference following AccuTite a yesterday, But XX% very which include We body loudly than they it in combine Morpheus, it. doctors of Morpheus, in Tel surgical complementary as FaceTite, -- come talked or today treatment eyelid each FaceTite, platforms, gave Israel, the one platforms contain a are of FaceTite lot surgical more NeckTite, with or XX% of Morpheus, NeckTite, Every the of either body doctor. doctor that when I embrace ablative. And NeckTite, AccuTite, said and platforms always almost BodyTite they the combined a with ad every

Operator

with Joseph comes Next question from Needham. Conway

Joseph Conway

two Just guess. quick ones, I

this XXXX, the be Envision product Looking beginning And -- be talk I of that launches. new an year, That'd we expecting some on can products new was release about if But expectation get of will expecting be great. end to could whether to the wondering you horizon have that the maybe of into at those next of maybe if we Thanks. then in the XXXX? year. in

Moshe Mizrahy

Body. you noticed, X XD, QX I'm right upgrade know. for what XXXX, sure we the Body MorpheusX have Morpheus call, an is I which but the launch Well, now don't we

the of a which the face. free is year, Envision second and generation be Next for device hand Evoke, will it

Joseph Conway

then update to the think And don't platforms heard and give be then an but I the in it'd U.S. on I installed you of if world? base it, guys possible give for rest

Moshe Mizrahy

take base, can don't the systems. currently we same mix we a XX,XXX systems same and are between give breakdown you and I say our the revenue would far have that, U.S., but and the the about worldwide, non-surgical. of install mix these X,XXX ratio Well, in of surgical the as as

Joseph Conway

bladder lastly, published in expect conditions? these we being Empower looking used just at overactive data, Empower. When one maybe could maybe then And of

Moshe Mizrahy

Spero?

Spero Theodorou

sure. Yeah,

study very to have press, we a have overactive careful overactive We bladder. have ongoing conclusions. of bladder, couple an we With and to draw be in publications with

As you in know, the multifactorial nature aspects. of it some definitely is

focus. So, so by. going done we're and having the and huge that. part are its decreasing know, and We typical going encouraged that’s frequency far it, symptoms, steady. are slow what of have just a away ground, patients, figuring our in we so when issue and we're these effect press, happens of how we've lot certainly which on nice a the and urgency mixed completely of out or But of by is In

hopefully of we'll have send the So can before end something year, the we you.

Operator

This question-and-answer to the I for to InMode's remarks. concludes would over like Moshe session. closing CEO turn back Mizrahy, and Chairman conference our

Moshe Mizrahy

Thank to operator. Again, will do another want make all lot it you, we the during thank a of of the I to everybody, our of sure who quarter gave third same our all effort on thank employees you, fourth the quarter. worldwide, record. shareholders. to I'm

to which the we I'm as the than employed This year. is having you. do -- of Growing you, people million salespeople, and to grow of like sure our revenue we everybody, is worldwide. our logistics, managed to million have growing. $XXX North Again, XX%. $X we year. it's will hire by and software chain By way, distributors But close We manufacturing three in again to of company say, elsewhere. per very hardware. you this Again, managed something see go with to more are XXX we'll we employee, by We work people We the hard And to million supply added to and from thanks months. very Thank within the continue thank beginning and typical not team. America it. to Again, XX important $XXX all people. to back XXX

Operator

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

may You now disconnect.

InMode (INMD) 27 Oct 222022 Q3 Earnings call transcript