InMode Ltd 6-K, filed Jul 28, 2021

InMode Ltd. (INMD)

6-K 2021-07-28 For: 2021-07-28

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Added on April 04, 2026

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InMode Ltd filed this 6-K on July 28, 2021.

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Exhibit No.		Description of Exhibit
99.1		Press Release dated July 28, 2021

	InMode Ltd.

	By: /s/ Moshe Mizrahy
	Moshe Mizrahy
July 28, 2021	Chief Executive Officer and Chairman of The Board of Directors

U.S. GAAP Results (U.S. dollars in thousands, except for per share data)
	Q2 2021	Q2 2020
Revenues	$87,325	$30,765
Gross Margins	85%	85%
Net Income Attributable to InMode Ltd.	$40,925	$8,588
Earnings per Diluted Share	$0.95	$0.21
*Non-GAAP Results (U.S. dollars in thousands, except for per share data)
	Q2 2021	Q2 2020
Gross Margins	86%	85%
Net Income Attributable to InMode Ltd.	$43,873	$10,096
Earnings per Diluted Share	$1.02	$0.24

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021			2020
REVENUES		87,325		30,765		152,849			71,206
COST OF REVENUES		12,723		4,695		22,802			10,879
GROSS PROFIT		74,602		26,070		130,047			60,327
OPERATING EXPENSES:
Research and development		2,455		1,816		4,756			5,248
Sales and marketing		28,670		14,536		53,232			37,535
General and administrative		1,941		1,613		3,752			3,436
TOTAL OPERATING EXPENSES		33,066		17,965		61,740			46,219
INCOME FROM OPERATIONS		41,536		8,105		68,307			14,108
Finance income, net		428		636		472			1,265
INCOME BEFORE TAXES		41,964		8,741		68,779			15,373
INCOME TAXES		1,039		161		1,108			302
NET INCOME		40,925		8,580		67,671			15,071
Add: Loss (net income) attributable to non-controlling interests		-		8		(103	)		(50	)
NET INCOME ATTRIBUTABLE TO INMODE LTD.		40,925		8,588		67,568			15,021

NET INCOME PER SHARE:
Basic		1.00		0.24		1.69			0.43
Diluted		0.95		0.21		1.58			0.36
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
Basic		40,850		35,943		39,947			34,956
Diluted		42,881		41,733		42,725			41,709

	June 30, 2021		December 31, 2020
Assets
CURRENT ASSETS:
Cash and cash equivalents		61,772		68,938
Marketable securities		218,845		142,007
Short-term bank deposits		52,261		49,589
Accounts receivable, net of allowance for doubtful accounts		18,250		10,499
Other receivables		6,822		3,575
Inventories		17,394		14,983
TOTAL CURRENT ASSETS		375,344		289,591
NON-CURRENT ASSETS:
Accounts receivable		474		477
Other receivables		-		2,894
Deferred income taxes, net		382		64
Operating lease right-of-use assets		4,988		1,153
Property and equipment, net		1,243		982
Other investments		600		600
TOTAL NON-CURRENT ASSETS		7,687		6,170
TOTAL ASSETS		383,031		295,761

Liabilities and shareholders’ equity
CURRENT LIABILITIES:
Accounts payable		7,723		6,410
Contract liabilities		13,332		11,900
Other liabilities		21,116		16,720
TOTAL CURRENT LIABILITIES		42,171		35,030
NON-CURRENT LIABILITIES:
Contract liabilities		2,028		1,988
Other liabilities		3,892		2,910
Operating lease liabilities		3,764		358
TOTAL NON-CURRENT LIABILITIES		9,684		5,256
TOTAL LIABILITIES		51,855		40,286

TOTAL SHAREHOLDERS’ EQUITY		331,176		255,475
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		383,031		295,761

	Three months ended June 30,								Six months ended June 30,								Year ended December 31,
	2021				2020				2021				2020				2020
Revenues by Geography:
United States		56,370	65	%		24,060	78	%		100,435	66	%		54,883	77	%		149,488	73	%
International		30,955	35	%		6,705	22	%		52,414	34	%		16,323	23	%		56,619	27	%
Total Net Revenue		87,325	100	%		30,765	100	%		152,849	100	%		71,206	100	%		206,107	100	%

	Three months ended June 30, 2021							Three months ended June 30, 2020
	GAAP		Share Based Compensation			Non-GAAP		GAAP		Share Based Compensation			Non-GAAP
REVENUES		87,325		-			87,325		30,765		-			30,765
COST OF REVENUES		12,723		(274	)		12,449		4,695		(149	)		4,546
GROSS PROFIT		74,602		274			74,876		26,070		149			26,219
OPERATING EXPENSES:
Research and development		2,455		(386	)		2,069		1,816		(122	)		1,694
Sales and marketing		28,670		(2,014	)		26,656		14,536		(757	)		13,779
General and administrative		1,941		(274	)		1,667		1,613		(132	)		1,481
TOTAL OPERATING EXPENSES		33,066		(2,674	)		30,392		17,965		(1,011	)		16,954
INCOME FROM OPERATIONS		41,536		2,948			44,484		8,105		1,160			9,265
Finance income, net		428		-			428		636		-			636
INCOME BEFORE TAXES		41,964		2,948			44,912		8,741		1,160			9,901
INCOME TAXES (TAX BENEFIT)		1,039		-			1,039		161		(348	)		(187	)
NET INCOME		40,925		2,948			43,873		8,580		1,508			10,088
Add: Loss (net income) attributable to non-controlling interests		-		-			-		8		-			8
NET INCOME ATTRIBUTABLE TO INMODE LTD.		40,925		2,948			43,873		8,588		1,508			10,096

NET INCOME PER SHARE:
Basic		1.00					1.07		0.24					0.28
Diluted		0.95					1.02		0.21					0.24
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
Basic		40,850					40,850		35,943					35,943
Diluted		42,881					43,080		41,733					42,009

	Six months ended June 30, 2021									Six months ended June 30, 2020
	GAAP			Share Based Compensation			Non-GAAP			GAAP			Share Based Compensation			Non-GAAP
REVENUES		152,849			-			152,849			71,206			-			71,206
COST OF REVENUES		22,802			(503	)		22,299			10,879			(225	)		10,654
GROSS PROFIT		130,047			503			130,550			60,327			225			60,552
OPERATING EXPENSES:
Research and development		4,756			(687	)		4,069			5,248			(2,008	)		3,240
Sales and marketing		53,232			(3,946	)		49,286			37,535			(4,595	)		32,940
General and administrative		3,752			(510	)		3,242			3,436			(382	)		3,054
TOTAL OPERATING EXPENSES		61,740			(5,143	)		56,597			46,219			(6,985	)		39,234
INCOME FROM OPERATIONS		68,307			5,646			73,953			14,108			7,210			21,318
Finance income, net		472			-			472			1,265			-			1,265
INCOME BEFORE TAXES		68,779			5,646			74,425			15,373			7,210			22,583
INCOME TAXES (TAX BENEFIT)		1,108			-			1,108			302			(424	)		(122	)
NET INCOME		67,671			5,646			73,317			15,071			7,634			22,705
Add: Net Income attributable to non-controlling interests		(103	)		-			(103	)		(50	)		-			(50	)
NET INCOME ATTRIBUTABLE TO INMODE LTD.		67,568			5,646			73,214			15,021			7,634			22,655

NET INCOME PER SHARE:
Basic		1.69						1.83			0.43						0.65
Diluted		1.58						1.71			0.36						0.54
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
Basic		39,947						39,947			34,956						34,956
Diluted		42,725						42,901			41,709						41,922

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		40,925			8,580			67,671			15,071
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		128			105			242			199
Share-based compensation expenses		2,948			1,160			5,646			7,210
Allowance for doubtful accounts		287			160			327			466
Loss (gains) on marketable securities, net		3			(3	)		7			(9	)
Finance expenses, net		404			79			809			268
Deferred income taxes, net		(101	)		458			(202	)		826
Changes in operating assets and liabilities:
Increase in accounts receivable		(3,506	)		(3,045	)		(8,075	)		(2,455	)
Decrease (increase) in other receivables		1,063			63			(317	)		(1,497	)
Increase in inventories		(1,694	)		(4,141	)		(2,411	)		(6,819	)
Increase (decrease) in accounts payable		313			(690	)		1,313			324
Increase in other liabilities		5,832			2,323			5,037			530
Increase (decrease) in contract liabilities		151			(3,725	)		1,472			(6,670	)
Net cash provided by operating activities		46,753			1,324			71,519			7,444
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in short-term deposits		(20,000	)		(15,090	)		(41,000	)		(31,609	)
Proceeds from short-term deposits		19,090			13,590			38,090			28,090
Purchase of fixed assets		(338	)		(226	)		(503	)		(325	)
Purchase of marketable securities		(63,482	)		(34,376	)		(125,727	)		(78,309	)
Proceeds from sale of marketable securities		21,180			53,712			47,982			92,286
Net cash provided by (used in) investing activities		(43,550	)		17,610			(81,158	)		10,133
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of ordinary shares		(11,057	)		-			(11,921	)		-
Exercise of options		4,711			549			14,603			2,550
Net cash provided by (used in) financing activities		(6,346	)		549			2,682			2,550
EFFECT OF EXCHANGE RATE CHANGES ON CASH		14			146			(209	)		(87	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(3,129	)		19,629			(7,166	)		20,040

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		64,901			45,138			68,938			44,727
CASH AND CASH EQUIVALENTS AT END OF PERIOD		61,772			64,767			61,772			64,767