InMode (INMD) 27 Jul 232023 Q2 Earnings call transcript

Company Profile

Participants

Miri Segal	Investor Relations, MS-IR LLC
Moshe Mizrahy	Chairman and CEO
Shakil Lakhani	President, North America
Yair Malca	Chief Financial Officer
Spero Theodorou	Chief Medical Officer
Matt Miksic	Barclays
Caitlin Cronin	Canaccord Genuity
Jeff Johnson	Baird
Mike Matson	Needham & Company
Ryan Barokas	UBS

Call transcript

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Operator

Good day, and welcome to the InMode Second Quarter 2023 Earnings Results Conference Call. All participants will be in listen-only mode. [Operator instructions] After today's presentation, there will be an opportunity to ask questions. [Operator instructions] Please note this event is being recorded.

I'd now like to turn the c call over to Miri Segal of MS-IR. ahead. go Please

Miri Segal

and to operator for us joining Thank second to quarter Welcome InMode's XXXX today. you, everyone earnings call.

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

the If the Investor to you please release, go not have section received Company's of the a copy of website. Relations

results other Changes today. materially to in actual competitive, could business, the made differ and those statements factors by regulatory expressed from cause technological, forward-looking

historical of Our results performance. are indicative not future necessarily

As and such, give assume as law. except assurance statements to accuracy obligation by to them, update the we can no as forward-looking of our required no

to With that, Moshe go Moshe, and I'd ahead. please CEO. like Chairman to over call Mizrahy, pass the

Moshe Mizrahy

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

we be Following remarks, question. will prepared available your to our answer

XXX,XXX, We're an most the announced over of $XXX.X report of record compared fronts. the company million, and the our units, happy X,XXX sold all XXXX. We over revenue in a disposable record quarter to Sales of totalled second to reached quarter XX% from increase on platforms history. of numbers our

selling Establishing second in directly expansion, be distributor the and global our quarter, established believe Germany. part As in and our ongoing philosophy through we not we countries subsidiaries, subsidiaries during Japan strategy. is two we of one and in where should new one

commitment aesthetic in and solid space and part in of highly and DNA. growth competitive only within the strong brand innovation actively founders of that InMode leads InMode industry. the ownership, I one is to and management our recognition still companies involvement where a our supports the is the its believe InMode Currently, involved a

competitive a new advantage heavily technology our months, for technologies. a platforms family secure body, -- launch intend and further to next product multi-application a new minimal with XX handsfree with platform, MorpheusX new new we technology in and and To to face the of platforms on applicator invasive and new features, invest development upgraded

In additional addition, we plan eight cleared to currently process. the There studies are indication by in secure FDA. FDA

indication Within XX completely new and the will portfolio upgraded IP aggressively patent. platforms and our and will next of and enhance InMode months, continue protect we and be

happy just Index. performance stock. become cap month, quoted to we Russell measure widely Lastly, that XXXX of most This index last the is report and InMode are of overall mid-cap the part small of

Now, North I'd America. Shakil, to to in the President turn our call Shakil? like

Shakil Lakhani

everyone Thanks, Moshe, for joining us. and

record quarter, nearly and from are a frequently, year-over-year This while reached second to is sales. being more We growth. signifying happy service report and significant used consumable demand consumables our brand also Revenue recognition. indication in strong increased that continued growth a are seeing XX% platforms

MorpheusX plan of continues its in product-specific the platform In and patient is to product a expand market. our sales Overall the into continue technology. results significant non-surgical penetration in reps to puts this branding, to We ophthalmic North America. vision, class our own. hiring ophthalmology excellent traction be leading gaining demand

their Lastly, North continued our I'd team entire American like to for work. thank hard

Yair? I financial the to will in review call results now hand of over a for Yair the detail. more

Yair Malca

of gross generated million revenue representing increase $XXX.X GAAP a hello, joining us. InMode of in and of a record a again on Thanks margin a the with basis. XX% XXXX, second quarter Shakil, XX% Thanks, year-over-year everyone. for

QX Second quarter of US last to sales $XX.X year. $XX.X in outside for compared the million accounted million

the QX, new record. a growth different regions coming sales world, from from around see hit and We Asia in continue to

more of revenue, direct second service of XX of growth, in accounted distributors our total support total sales represented equipment and consumables quarter revenues and now reps operates InMode the To sales XX%. with the team in XXX remaining while a and XX% than worldwide. operations a XX countries Capital for

the company million This expenses increase second well representatives, advertising compared quarter events period as to marketing to same support last in to sales year. hosting in projection. addition to and the Sales million investment and as in is $XX.X the new increased $XX.X attributed in-person campaigns of direct-to-consumer the growth

compared million million in of increase for increase a representing million compared XX% compensation a quarter million a $X.X the On XX% Service $XX.X the second a million, XXXX, quarter total operating slight in in were quarter the $XX expenses the quarter expenses to $XX.X to were second XXXX, XXXX. second increase. accounted $X.X same of GAAP the in a year-over-year. of operating in non-GAAP quarter basis, of second

second GAAP diluted margin GAAP for for were for share per in sheet. the $X.XX of second second quarter the diluted per XXXX balance in second Once the quarter share a were margin quarter for to compared margin an again, XX% second $X.XX with quarter a strong share XX%, this compared XXXX. earnings quarter $X.XX, the of the the $X.XX, the Non-GAAP XXXX. per operating record quarter share for Non-GAAP diluted to we of ended diluted of compared to was XXXX. earnings quarter of QX compared XXXX. in XX%, of XXXX operating operating was to of per quarter XX% second

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

XX%, between to reiterate Revenue from non-GAAP $XXX your XXXX. I'd and I share diluted our turn income back million, and $X.XX guidance increased take million operations $X.XX. call like non-GAAP and per to $XXX for earnings million, between margin questions, gross $XXX non-GAAP and $XXX Moshe million XX% to between Before the between

now I back Moshe. call the turn over to will

Moshe Mizrahy

you, them of you, them today. I'm Thank important. employees Thank It's our Yair. all most world. of us the Thank some and listening thanks you. Shakil sure to of are and that to around

session. we're ready Operator, for Q&A

Operator

with Taylor ahead. Please is Matt begin We the from go instructions] [Operator first Jefferies. will The now question-and-answer session. question

UnidentifiedAnalyst

and for my quarter. Good for nice a morning. congrats [indiscernible] on is This Matt. on questions, taking Thanks

wanted view that of you -- macroeconomic to comment far to first demand, you the and about growth seeing particularly strong what continue in in sustainability any start Can very consumables. so July? the through headwinds, have with event how on maybe of just talk Just you're you

Moshe Mizrahy

Well, hi, This Matt. is Moshe.

do before use do which consumables this quarter to QX static of far do summertime, summertime. the strong, means As although and why were our procedure very as and beginning the was far say consumables, business, of as I in this of the have done. strong as They disposable, it sometimes to looks in usage procedures seasonality a is more the we and that people not like have

the minimally minimally month grow. July, numbers it systems of very of see That that Morpheus, don't the and Morpheus a ablative, the of are invasive growing we is now, sell, it the the depends slowdown. which We almost end that we still as as strongly, well. see and the the invasive means of doctors and on promoting But continue to also

So we might I what that in much higher we be have but assure see will a number than QX, can QX today. nice you

UnidentifiedAnalyst

on margins continue to of as terms trends changes ability you're in capital I Got it. also finance of of an Thank us number doctors' any these up, maybe you. systems, terms hoping demand, increase? you how in rates sell, on Thank just on what holding you. update give Talking environment was seeing to is comment equipment the the about systems can and you the see do in you particularly

Moshe Mizrahy

Shaq Okay. America, Shaq, for I I please. North will ask add will to some then answer and on.

Shakil Lakhani

Hey, morning, good Mike.

industry-wide So that have seen we've definitely rates increased. obviously

terms of creative but get We in We've gotten is ahead which seen of of four getting sources. an five other game. to of the good, impact haven't a this we've We seen every much or little on happen a couple demand, years. try

we to this, like tends it's up it. around how come Something do but navigate

little looked we are has things not at things a kind that but a of sailing. but so the which have sources, the some financing have of done we the other for slowed -- wouldn't down we've looking little ship more already information, companies definitely that we keep could in dramatically, things implemented process past, a lot are smoothly a So

America, environment. our perspective definitely but some in hand able North to Moshe, that with it to over being we've said, seen but adapt So I'll we've the to from been things,

Moshe Mizrahy

the In subsidiaries, now the country We a States. country. in put is beginning managed of with as together not in started United is with Europe system might to the our numbers the our Okay. going from buy distributors one well. year, some we to we package who working do country have we're and for the by plan who to with order we to OW, of high in of lease as a what all bank each and Italy and But of as Spain, package doctors lease have

still XXXX. rate, manage especially an to compared high the So, believe OW grew the this that well. is second And but in I quarter financing with interest quarter very we XX% issue,

UnidentifiedAnalyst

Thank you my much questions. for so taking great. Okay,

Operator

ahead. Please question The is next go Barclays. from Miksic Matt with

Matt Miksic

for you Great, Can taking thanks the okay? hear question. me

Moshe Mizrahy

Yes.

Matt Miksic

Terrific.

So could. couple if of a questions, I

So back the terms market, the the half to system in follow kind cadence for of more on first the of but current tone the sort of up seasonal of sales. specifically

but not across should if give any maybe provide, color, ophthalmology, talking some quick QX, Is about of follow-up, regionally investment that as expect sense for provide you QX those making and we or sort well to and and systems or your areas. through that? the in And have any spending of can QX and sure, color can I any rallies on XXXX you're the in continue example, entering you or year could. in strength us new you If either eases I'm of could XXXX into -- in levels spending whether, here different as I that in on end detail, one specialty that

Moshe Mizrahy

Yeah. surgical aesthetic has Well, some seasonality. aesthetic industry medical and the

COVID, the not XXXX and just in see XXXX, seasonality. Although did same because we the

the of relatively QX in and we well. do when tough XXXX, which the big experience a be something is everything, because same when quarter market was -- did in that's And QX, we of start, time, should example, a to jump. But XXXX, which opened COVID the very XXXX is a summer didn't For the we same just seasonality. because not saw, we say. need the And slower, the we COVID, in

overall, the the United Europe back. QX, Latin and summer, Q. I in America bit softer, because the seasonality of not strong. also seasonality. States And QX But the relatively exactly the come same is aesthetic little a seasonality usually and are XXXX, is Asia slower; soft although and will the medical States, United experiencing is Europe believe is QX in

strong relatively QX QX them, quarter strong. For a territories. for is is the all everywhere, And

tougher the From In the XXXX nicely territories. month what QX, and enough XXXX to is will see, What in to in the to judge is XXXX, very happen we we all experienced have of worldwide. with the don't information in QX which will revenue. usually yet month we We August, see. increase what right compared now started happen

Now, you North to America? want add Shakil, something on do

Shakil Lakhani

sure. Yeah,

So, basically QX and as Moshe weeks of we funnels, once back of the the to of was the build up saying, first the are typically July starting first, July spent out four first couple to two weeks pipeline. our clear

to mentioned, XX, us being how indication that what it's with little This give said, management -- So are have the for us you over in hard going. the is any a on we've for many XX as years Moshe industry. things team of experienced of

North kind used COVID, many at ever. I QX as But what to the think QX, places. in happened really is with in than know just we we overall, Moshe it, but feel we're demand So which than like was least like in to stronger of stronger has said don't America expect you didn't

definitely ask like to using investing the As terms the word And, of product the I spend, question envision the word and using is makes brand helping. before, spend. in continuing Moshe awareness improvements.to and spend. and mentioned likes doesn't He you'd

he market Moche that sense? using invest earlier, make word feel word more makes that and I new to said, likes the it Does of that doesn't being But well, vertical also definitely better. we're mentioned as with itself. but to the investing, that in like hiring going specific spend, him penetrating using as talent in those

Matt Miksic

into of continue Yeah, And just, yeah, expect things those should businesses to those XXXX, giving like not behind in… helpful. understanding kind sounds that you're no, it we that's

Moshe Mizrahy

ROW, that Don't forget the Absolutely. in platforms waiting. started Canada, in in were but we're soft not have launch in Absolutely. the territories, and the ophthalmology introduced other US, now we not

Matt Miksic

about having ago, you are helpful. less it did demand, there's if for more see, fight talked Got would your what environment. the update an up Super just And to year sort on, expect you what is follow a competitive or any sort you've you of than of you're share or to to love as before helpful. it. get to seeing, you color Would the there any be two

Moshe Mizrahy

Shakil, I should believe you answer that.

Shakil Lakhani

Yeah, Moshe, connection I a he think I'll has sure, that. so I'm not problem, handle

pretty little I'm easier, definitely, investing in of think will wouldn't in competition, ever easy yeah, about all of mentioned, I competition, terms brand And don't happens, we'll be that, terms it's if us I terms or it say as easy. happy like be of ever that it sure In was a yeah, it things that. awareness, we've I I But, would say. made in ever

competitors, lot strategies they're sell awareness. and everyone's going have going continue to breeds of the And different a competition to to

So do. we're if how we not try trying for taking everybody, that's that a a in things. business, giant, well approach -- of to the than our to the down competitors doing better take lot philosophy everyone's that's approach which a just of rather different But it's

so the but on differentiate is that's going continue is us some technologies into with additional for to with better revenue, that that appropriate continue and the demand, forth, this So for tools technology income, business things. their and from it's to and the so practices, driving actually these also so and like perspective, we they're coupled able to our providing does, feel the do going demand to industry consumer need position on to and incorporate of innovating the better and, it them

incredible our who've practices give along We I and up team need that their user them try an part It's meeting done support think Chicago, every August to the over in signed we have they XXX job. have a in up as great. of year. coming ammunition with practices, post-sale We

they also guarantee goal we is, but equip they, at try We can't try from with our technology our successful. with perspective, help and be our anything. how marketing what At what them our people least to need best a customers a So from we it. perspective to

some it's may have our I as I ahead, pretty have demand-wise. the needed competitors don't competitive to of some terms they in But, changes right now I handle financing far if a of goes, the steps we're think believe. made as and to how But, landscape of strong know that that. few

Operator

question The Please is ahead. Genuity. with next from Canaccord Caitlin go Cronin

Caitlin Cronin

quarter. Hi, Rose everyone. This Kyla on congrats for a on and Kaitlyn is great

And and follow-up? Just approval going questions. launch you have any a any with Starting hiring standpoint on how's continued Empower, have to And from a the begun couple Empower-specific launch are updates we and like where And reps? OUS expectations? that? I an

Moshe Mizrahy

growing. is The Okay. growing. Well, I believe the Empower is Empower sales

ready We Empower will it's to it. exactly some we're not because now we release do see not on But yet numbers growth the platform as well.

protocol. we SUI, the now a FDA we're which discussion right doing for indication the have Columbia. to Regarding with the do asked us proof study, in They additional some concept on of

study IRB with the course will protocol, come the year. of study. before we back United the the then results will And to do finalize to FDA will of conduct hopefully to of We them with the file an end in the we States, the the approval

sometime Viton XXXX, and indication but to of kind are platforms do the any on clearance I before the clearance have So for will we those end health women not all indication. the platforms we -- we on we should the see see not marketing believe currently with of

and but additional a In approved again longer we addition we with is do doing FDA. are technology. of process a study for after by we money handpiece women spending empower, health that proof investing now the of developing this little study This are we concept some lot a will bit the which are in

Shakil Lakhani

we're was in to we've lot competitors that the past but right about that had what opening the we a is And this market but a have one have of to the of and that thing on out see little Moshe do it add talked to capitalize the as they've where that we and noticed doing nice this again Caitlin just to way Moshe saying, drawn of the trying so kind mentioned. is

Caitlin Cronin

then want and question next just Awesome evoke, Thank product a on the you you. to yet? of quick the generation

Moshe Mizrahy

and additional market. on generation additional It's next different the with would developed energy, yet say the not we power Yeah energy. I

and sometime will product. probably We last fine we say will end would to the tune it now finalizing the year. launch this of of production Hopefully quarter are go I the to it the

Operator

The Johnson ahead. Baird. is with Please from Jeff next question go

Jeff Johnson

much so guys. you Thank

and that is, every two direct had second in stock sell have but Just could and strong said XXX take sounds it peak -- had quarter think went any Anything a maybe definitely you here number number the The and we quarter I as was the strong to did order wrote here. clean ones like new at we if tend a three you there more I time than or or quarter? again being year if into that year International I that nature XXX the Japan still we could Unit down there take in stock quick in through it number were market distributors I that to in sales that number. that one fourth now, other think any was could should a in that get a this units you of XXX it, fourth one

Moshe Mizrahy

international the not is one Well market.

market country issue. more claim because regulatory XX to of the applicable than XX to some some that languages we on country are International and deal some products not and there regulatory with and do modification are to need On one another bodies need

country by So dealing dealing country, territory. the market with the -- with territory international is by

medical lot open believe market lot this but and -- us. Japan well our be according in as not our good market good for It's they not distributor did should a usually aesthetic currently expectation. a subsidiary for Asia and investing We're is to we activity Japan reason training Japan in and of because heavily the a we in marketing with of why a

in country before the COVID, China China. you we know because established as but which opening nobody we gone would a have have and China is did in up it be the China, -- we addition visited company in not operate have again Guangzhou Japan could of and COVID, another So

to It's depends can of five how way use addition do one with operating country, go but on direct we China closely. need in different are only different So see distributors distribution. you know now we Even languages what cannot five you going territory. we complicated considering manners, we're and very because in a to to the China in

last XXX San are America, America America. We're we nine investing This meeting all we now, we're and body have important. month would country the the country, signed by in regulation Paulo regulatory because contract the again which October the ago a the organization in regulation all is each first in country the in have to itself. is in in use in which is year not on Colombia. right Latin very And you countries of working again, regulatory covering countries. with or Latin same deal in We visa, doctors, Latin regulation Brazil, by

we and subsidiary speech, established some in a We the In as will a hopefully and the we operating subsidiary salespeople. sometime just there direct said my start we intend start I director hired Europe, in to in quarter. interviewing Germany managing fourth

direct, market, go and doctor, you By when And know go you the price and not they we also and it's easier. important. feel their the that's you with needs, direct, talk unmet we you what full the recognize are but you the what important, recognize want, the you sell when transfer much more systems, sometimes dollars, we don't direct, when way, go because as twice value

we Latin gradually, in partner, offer the direct to improving we Europe job. I'm is But and work suggesting go we're position will Asia. XX In good that certain we selling a are we might and a so America, XX in distributor countries. slowly have future, become will In we doing can countries, XX%, together. So them that in countries, we not go, our

Shakil Lakhani

time to that subsidiary to like usually from a some open the contribution. see it moment a start the would moment significant until I takes add we we

all one-time to market So It all Jeff, course of answer in was business. in or your international normal was question, no there at QX. the

Jeff Johnson

solid helpful, a Yeah, that's very course. of Good. number. no, Of you. you. Thank both Again,

But of spoke two maybe congrats So times or Dr. I I'm I couple has sure when on I'm healthcare is and acquired a now feel forth cash if women's was for on just Miami don't want just concept by was you, that. or women's understanding ago, here. strategy proof non-reimbursed this in And SUI, I pay make obviously to reconnect on I on, Spiro on this. the these gone Crandell you've going this study the the thought know know to remain different patents. back then, understanding month [ph], to like a we focus going I primarily got side. healthcare sure. the not my kind you of able

some more I right a revenue of to Is we stay million One, you least are guess, get wellness, pay a importantly, if for indications? R&D bigger side that stay maybe as still clinical of Yair, non-reimbursed but going we reimbursed $X primarily Thanks. of for go these on cash into if healthcare? you, they're don't these to pursue percentage focus into run X% as going trials? spend women's of can of is quarter we more rejuvenation, know rate at R&D XXXX, maybe but the risk, that kind some Or formalized, side $X.X, women's higher the costlier, the I more healthcare

Moshe Mizrahy

process. reason that. do, is until can Incontinence. and use why a now buying, we get answer they This of to after to failed, it's will answer FDA just long process million reimbursement. we're bankrupt a but trying we're to we that. will go to want including Moshe. But that bought you we some doing, Definitely, IP. companies all $XXX it's I I for we Well, When the and indication their Viviv, approval spending, are The

is FDA getting approved. the to a In reimbursement reimbursement code, code. order stage get this a need be you The is reason first doing we're it why because toward to

early five our, goal say, stage to with wait, to one strategic that, go negotiate and and that's need in you the need studies, you to but publish long-term. You I of independent of studies, five the insurance would need We're companies.

Jeff Johnson

Viviv heck to mean, in you're $XXX again, there, number model have Moshe, I your just has like be year but that there $XX that for the lot this R&D spending, R&D. Is can that the even over don't low up front next years? mid-single-digit me, $XX I few on bigger XXX percentage after not [ph] a a to million of be a million follow somewhere spend done go it's spent, SUI, of to revenue or than if a to million, of in

Moshe Mizrahy

We save Hiring save on much spend do on another as R&D. not R&D. do not money not We engineers money will as XX needed. productivity. We give us more

a can engineering, great team by in you engineering, covering Israel have We mechanical engineering, clinical engineering engineering, electronic etcetera regulation, yourself. software judge and,

we two technologies we entire altogether months, we're last or the on upgrade and the will come with every stated two the In existing to it. new and platforms year as coming years, XX more in in speech do to my have with next up the launched continue I market will And new. technologies than four we industry some

coming say the not market profit would one the in without sales. the on in of measuring have. of measurement be last even itself R&D indeed we not or with best on I people of that spending the did of fail with that product, And five successfully That's should percentage not why R&D. aim understand measurement. market I the the by four, we R&D the do I productivity right years, them think to The the

the are kind of with have know look worldwide, I how a R&D. in revenue them. of at to manage We different. industry not it look R&D create R&D to the will pudding, best just products profit please believe in at how the success every to some will mess. done X% It with we So It's year, say, the increase look make in revenue of from this them, were Israel. worldwide. X% of the people coming a team happy And that your

market, are fortune the years both last wealth, in in example, the use, for quarter. XXX,XXX disposable our For

I the happen on you do productive definition And I the competitors. and it I'm new claim our develop bring Korea buying it R&D United to new States. that them will that looking what products of and to give It team something. not just of mean want not develop see market, the is the from unless you to name right. good they some products just the are have

them product. And in some of a nice all as a box repackaging technologies are new

with new a either indication, competitive We piece, InMode. advantage are that's coming year-over-year, etcetera combination, platform, of hand a and the a

Jeff Johnson

on trying term don't soapbox a is to I'm your understand at long levels. critique. where to and innovate Understood, is and that Moshe. you these how I going then you get mean R&D continue to can

And and so that understanding coming. critiquing you but not that, it's more thank plotting that for a

Moshe Mizrahy

One tell need market, products new portfolio. coming I with to you is more on take this the thing wanted you to consideration to into your existing

don't to want cannibalize too fast. You it

define to all what it kind to do and want you what before be you how it develop. decide So new of in depend or procedure, indication and what we will the new product issues system. be bring of full portfolio discussed There's a lot

Shakil Lakhani

Obviously, what to get do at is add need order passion by do what so got a we and tell me get. here we of Moshe's he's you to need essentially that Let for color trade in some this the Shak. he's and can to saying engineer that what we'll lot

mentioned, to be were to However, some more to they're It's going a IP about longer able a here. as companies this into no of of we how shouldn't spend. there's right from because there do? will the reason get scoop from lot are be we're up that and that the there's think he we measure, we what do? much need What I to going do

spending. the of when and something saying women's with word have makes just try That's we on you and plan that multiply us, been But market. problem engineering I health doing to I of a you most will team invest versus Most in but the wholeheartedly and about sense. what always not spending so warn we've wellness going longevity investing. think our for to power is you guys we're obviously strong,

Operator

The is with excuse ahead. from go Matt, next Matson question Please me, Company. Mike Needham &

Mike Matson

Yeah, thanks.

that and Envision? about quarter. I coming on you how you envision, think in just us on important ISEA Can in the driving the clearance dry sales is give you update Just third talked an

Moshe Mizrahy

us third Well, We you're of hope of we had I We're with doing the the the then, protocol, protocol. on the right we long we them this month, agreed the And, where were of the version very We in We few had, to Zoom in end did asked a on FDA which study suggested this call by approval thought preparing would and the protocol. filed the FDA start all send it with with things. now. of an right. will We loud the second is hopefully, team department. FDA-ophthalmology stage be be. a that They quarter. a pre-submission it IOP. the to a will

the will in do we have sometime quarter, of So, the the already that study. this middle doctor

done we year. Pilot other the to will We is and it and FDA, from take working that study Israel there. know submit we'll that And it hopefully, finished study, countries. the once before we end was the know in of the we

Mike Matson

they six the it. Okay, buy And, ophthalmologist that's some it to considering happen Are do knowledge you product? whether that's to XX-month not when buy an to the at to that got now willing think to period the they're or point something? in or with the that important feature going

Shakil Lakhani

generating they because will good are that getting and which these have And in seen as of if technologies, just we typically just They're revenue for from long apathy us. are have and physicians results, the all results, they're selling believe simply it's they're getting we've what seeing even do in with to is they the some it. patients, they well they doing the community, specific the So as do for ophthalmology the job not XXX%, you it, us. who past good

anticipate earlier, little that So, that's it a place a before, obviously we process marks, working that when like can better, using revenue some Do going. see we here. about, we're point, into in seeing when about But I kind most that check getting do. study were other we we we those only as and getting and this have of this something talking do growth the of thing of put of driver and continuing it's we if it launch the as you that is, the think do okay, important

Moshe Mizrahy

One of a the important, wanted in company. more day the thing and add to at end static which I we're here, is

envision, So, aesthetic. pieces will do some hand every platform, to including have

with ophthalmologist wrinkles periobital the more So, can views. do

You which skin full or [indiscernible], the do indication approved by can are tightening FDA.

dry customers, modalities or platform periobital etcetera. him, to skin for the get wrinkles money money three modality the rejuvenation, on and And one more day, eye, machine. more from same it's on, the a of has the of face full two end So, to rejuvenation, do money he private

Mike Matson

did you a one of spending campaign, understand. I increased called Yeah, of DTC, in terms things then the just sales see how out he guess. marketing was And

doing sending? advertising, you can you're kind about maybe endorsement of that. Is missed think is TV So, it, I so just is media, that kind you're the it liberty, talk don't social maybe I where of it, but

Moshe Mizrahy

to the media, from All seminars, meetings social everywhere. BXC study Billboard, way website, conferences, Everywhere, BXB, conferences, doctor publication, with doctors, everything.

Mike Matson

No TV advertising.

Shakil Lakhani

successful attempt track being and we to and choose we way, to we a do what's good then money right double where return. in we spent on where seeing try areas what being and metric not these diversify things, and typically we're then We down the where is based a get

Moshe Mizrahy

random do back have to those ones we And

Mike Matson

All right.

Okay.

Operator

The Please next with Ryan SVB Barokas Securities. question ahead. is from go

Ryan Barocas

Hey, questions. taking Barokas today. our from for Danielle Thanks Ryan on this UBS for is

So from here allocation. capital on first one is us

So of congrats patents. IV the acquisitions on recent

wanted appetite more been capital We see and still get quarters Just Is as still on a as and update can IP whole. acquisitions possible? it's smaller it high near as in to type your size deal in these patent priorities deals is your future. allocation despite recent we an expect or larger the a

Moshe Mizrahy

two do one more We present position, we enhance itself IP portfolio [indiscernible] money. it. license say which not with would relate and which bought University to of on health. of entire our business IP will the our to opportunity One, for will buy portfolio women We relates if the I did to big things. California the something Well, also

it's dollars. tens not something that need So, million we of of

We kind. will we -- not spend will not that

opportunities. capital exploring we M&A the time regarding allocation, Now are all

and next in two, with with None on the and a or quick will to come we none something it can few I some to We search them that explore something. of do report something okay and we plan. but working if check happen the open who month exclusive. cannot will is this diligence. currently of continue us, do banks. exclusive, to looks We will up are every We bank them

Ryan Barocas

last one and new potential technology then one for Moshe for on and environment for me capital Thanks, Great. customers. upgrades your the

intensive a from heard highlight a percent capital of leasing we've companies So other as higher mix of system their placements.

that same technologies would obsolescence leasing Just your for months? these field curious the in upgrade allow customers to this your and on a arrangements, XX software to new be update systems on would simple technology there the so are dynamic with to Thanks clauses access seeing much. new existing you're technology the the customers then over customers Or technology? for new next this if just

Yair Malca

Sure.

I as on So, goes, changed leasing pretty or touched and the so versus, we deals, from really forth. that environment financed leasing quo. of earlier that nothing's is on It's terms perspective, as what far haven't, companies in so cash much the status percentage

better down of for side lease you. average So things, average. But is on the comes about actual hopefully that your to that handles when five it leasing years

by mentioned we're so the Moshe trying because, introduced, ahead upgrades as every that. to year. least And introduce well market had two of We're at time, earlier, we platforms or to that

or based least cost it, market. own hardware, we've of In positions software a we've gone I devices my been at that that. currently this terms company that's one certain things several leased, priced, actually there's and on might to the upgrades history certain fairly we like at to currently have the cost, knowledge, times we're of in provided for believe, no but very that, If

the pretty at team that look of and they're things, the you these, when leasing these engineering things, stable. thankfully, perspective, his Mishka that way from design side So [ph]

not sense? there's And they're a the provide way with I but terms practices them treatment time at that from these done earlier, us can So, to or the innovations is from our technology. to their mentioned physician goal as Does obsolescence, is standpoint, obviously, for better devices. make actually ready to into results as add of least and piece an they their their another by But outcomes always of a and five-year a on with service that issue, revenue tools and in to mentioned, lease, technologies new I move on. it's to add upgrade

Ryan Barocas

Thanks so great. Yeah, much.

Operator

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

Moshe Mizrahy

call. Thank all want in of you, to operator. Thanks to with I all to all this the world. were that our families I our shareholders. around to again employees thank the thank want and their of me team

with earning success. all us with of Some bring Thank goodbye. we appreciate all many We in of this it. years. of to that. I the do want everybody subcontractors, them really this been them next for and Without we'll see have us our to work that suppliers, thank you to cannot you Hopefully that call. us

Operator

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

disconnect. You may now

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