InMode Overcomes Economic Challenges with Innovations and Management Changes

In a recently held meeting, InMode's leadership team presented the company's current developments despite ongoing macroeconomic challenges and the uncertainty arising from the war in Israel. Under the leadership of CEO Moshe Mizrahy, the financial results for the third quarter of 2024 were discussed. Revenues reached 130.2 million USD, with 31.9 million USD attributable to pre-orders from the first half of the year. InMode faced declining sales in minimally invasive treatments and platforms in the third quarter, leading to an adjustment of the annual forecast. Nonetheless, the company remained optimistic about the launch of new platforms, IgniteRF and Optimus Max, which received positive feedback despite the challenging economic conditions. To better adapt to market conditions, InMode decided to reorganize the corporate structure. Changes in management in the USA, as well as in the UK, Spain, and France, are aimed at tailoring the business units more precisely to their markets. Additionally, the North American market will be more regionally differentiated in the future to better meet specific demands in the USA and Canada. CFO Yair Malca reported on international revenues, which reached 36.4 million USD in the third quarter, despite a 19% decrease compared to the same period last year. Operating expenses increased slightly, mainly due to management changes and investments in marketing and trade shows. Despite uncertainties, InMode concluded the quarter with impressive financial metrics. The GAAP gross margin stood at 82%, while earnings per share rose to 0.65 USD. InMode remains confident and sees an opportunity in the new platforms to continue gaining market share once the economic conditions improve.