Inmode Ltd (INMD) 2022 Q2 法說會逐字稿

Good morning and welcome to the InMode Ltd. Second Quarter 2022 Earnings Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 InMode Ltd. 2022 年第二季度收益結果電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Miri Segal, CEO of MS-IR. Please go ahead.

我現在想把會議交給 MS-IR 的首席執行官 Miri Segal。請繼續。

Thank you, operator, and to everyone for joining us today. Welcome to InMode's Second Quarter 2022 Earnings Call. Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements, and the safe harbor statement outlined in today's earnings release also pertains to this call. If you have not received a copy of the release, please visit the Investor Relations section of the company's website.

感謝您，運營商，感謝大家今天加入我們。歡迎參加 InMode 2022 年第二季度財報電話會議。在我們開始之前，我想提醒我們的聽眾，本次電話會議中提供的某些信息可能包含前瞻性陳述，今天收益發布中概述的安全港聲明也與本次電話會議有關。如果您沒有收到新聞稿的副本，請訪問公司網站的投資者關係部分。

Changes in business, competitive, technological, regulatory and other factors could cause actual results to differ materially from those expressed by the forward-looking statements made today. Our historical results are not necessarily indicative of future performance. As such, we can give no assurance as to the accuracy of our forward-looking statements and assume no obligation to update them, except as required by law.

業務、競爭、技術、監管和其他因素的變化可能導致實際結果與今天做出的前瞻性陳述所表達的結果大不相同。我們的歷史結果不一定代表未來的表現。因此，我們不能保證我們的前瞻性陳述的準確性，並且不承擔更新它們的義務，除非法律要求。

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

有了這個，我想把電話轉給董事長兼首席執行官 Moshe Mizrahy。莫舍，請繼續。

Thank you, Miri, and thanks to everyone joining us for our second quarter 2022 earning call. With me today, Dr. Michael Kreindel, our Co-Founder and Chief Technology Officer; Yair Malca, our Chief Financial Officer; Shakil Lakhani, our President in North America; Dr. Spero Theodorou, our Chief Medical Officer; and Rafael Lickerman, our VP of Finance. Following our prepared remarks, we will be all be available for a Q&A session.

謝謝你，美里，感謝大家加入我們的 2022 年第二季度財報電話會議。今天和我在一起的是我們的聯合創始人兼首席技術官 Michael Kreindel 博士； Yair Malca，我們的首席財務官； Shakil Lakhani，我們的北美總裁；我們的首席醫療官 Spero Theodorou 博士；和我們的財務副總裁 Rafael Lickerman。在我們準備好的評論之後，我們都可以參加問答環節。

We are pleased to report another record quarter with revenue of $113.5 million, an increase of 30% compared to the same period last year. Clearly, growth across the U.S. and the key region globally underscore the strong demand for our technologies and our product portfolio.

我們很高興地報告另一個創紀錄的季度收入為 1.135 億美元，與去年同期相比增長 30%。顯然，美國和全球主要地區的增長突顯了對我們的技術和產品組合的強勁需求。

Our growth engine include the launch of 2 new modality every year, growth in the United States, geographical expansion outside the U.S. and high-volume sales of consumable as a result of more frequent use of our platforms. All these factor remain on track and support continued successful execution in the second half of 2022 and beyond.

我們的增長引擎包括每年推出 2 種新模式、在美國的增長、美國以外的地域擴張以及由於更頻繁地使用我們的平台而導致的大量消耗品銷售。所有這些因素都保持在正軌上，並支持在 2022 年下半年及以後繼續成功執行。

Our focus remain on our bipolar RF technology, offering minimally invasive surgical platforms for the body, face and also for women health. We have highly efficient sales team of more than 200 reps worldwide. With their excellent work, sales of capital equipment represent 87% of our total revenue in the second quarter, while sales of consumable and services accounted for the remaining 13%. We are excited to see the numbers of consumable sales growing quarter after quarter and consistently hitting new highs. As our installed base grow and we expand our market share, consumable and services will contribute a bigger portion to our revenue mix.

我們的重點仍然是雙極射頻技術，為身體、面部和女性健康提供微創手術平台。我們在全球擁有 200 多名代表的高效銷售團隊。憑藉他們的出色工作，固定設備的銷售額占我們第二季度總收入的 87%，而消耗品和服務的銷售額佔剩餘的 13%。我們很高興看到消耗品銷售數量逐季增長並不斷創下新高。隨著我們安裝基礎的增長和我們擴大市場份額，消耗品和服務將為我們的收入組合貢獻更大的一部分。

Moving to our international operation. Second quarter sales outside the U.S. accumulated -- accounted for $41.2 million or 36% of sales, a 33% increase compared to Q2 last year. InMode now operate in a total of 78 countries. Our newly opened subsidiary in Italy is up and running smoothly and contributing to our positive result in the European market. We see demand from Europe, Asia and Latin America continuing to be strong. In addition, important market such as China, Korea, Brazil and Mexico gained traction, thanks to the effort of our local presence.

轉移到我們的國際業務。第二季度在美國以外的累計銷售額為 4120 萬美元，佔銷售額的 36%，與去年第二季度相比增長了 33%。 InMode 現在在總共 78 個國家開展業務。我們在意大利新開設的子公司順利啟動並運行，為我們在歐洲市場取得積極成果做出了貢獻。我們看到來自歐洲、亞洲和拉丁美洲的需求繼續強勁。此外，由於我們在當地的努力，中國、韓國、巴西和墨西哥等重要市場獲得了牽引力。

On the macro level, supply chain issue during the quarter were under control and closely managed as we continue to prioritize maintaining sufficient inventory level, placing order ahead of time and making exceptional effort to hold delivery time around the 10 days mark.

在宏觀層面，本季度的供應鏈問題得到控制和嚴密管理，我們繼續優先考慮維持充足的庫存水平，提前下訂單並努力將交貨時間保持在 10 天左右。

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

現在我想把電話轉給我們的北美總裁沙基爾。沙基爾？

Thanks, Moshe, and thanks to everyone for joining us. We are happy to report another record quarter, establishing a strong pace for the remainder of the year. North America continues to be the main contributor to our total revenue across all segments. Total revenue generated from North America this quarter was $82.7 million.

謝謝，Moshe，也感謝大家加入我們。我們很高興地報告又一個創紀錄的季度，為今年剩餘時間建立了強勁的步伐。北美仍然是我們所有部門總收入的主要貢獻者。本季度來自北美的總收入為 8270 萬美元。

As we look ahead at the upcoming quarters, the North American market is positioned to remain the biggest revenue contributor and growth driver for InMode. Our Empower platform has received positive feedback from physicians and patients. Our expansion into the women's health and wellness space is becoming a vital part of InMode's business.

展望未來幾個季度，北美市場仍將是 InMode 的最大收入貢獻者和增長動力。我們的 Empower 平台得到了醫生和患者的積極反饋。我們向女性健康領域的擴張正在成為 InMode 業務的重要組成部分。

Total sales were originally projected at $20 million for the year, but with the current market, along with Health Canada's approval, we are now aiming to reach over $30 million in revenue by the end of the year. We continue to see our marketing events increasing in attendance. As we continue to invest in resources, our goal has been to attract new talent while retaining the top salespeople in the nation. I'd like to thank the entire North American team for their continued hard work.

最初預計今年的總銷售額為 2000 萬加元，但根據目前的市場情況，加上加拿大衛生部的批准，我們現在的目標是到今年年底達到超過 3000 萬加元的收入。我們繼續看到我們的營銷活動出席人數增加。隨著我們繼續投資資源，我們的目標是吸引新人才，同時留住全國頂尖的銷售人員。我要感謝整個北美團隊的持續努力。

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

我現在將致電 Yair 以更詳細地審查財務結果。耶爾？

Thanks, Shakil, and hello, everyone. Thank you for joining. Starting with total revenue. InMode generated $113.5 million in the second quarter of 2022, a 30% year-over-year increase with a gross margin of 83% on a GAAP basis. Breaking this down, we see sales of minimally invasive and subdermal ablative technologies in the second quarter grew 48% year-over-year to 80% of our quarterly revenues.

謝謝，Shakil，大家好。感謝您的加入。從總收入開始。 InMode 在 2022 年第二季度創造了 1.135 億美元，同比增長 30%，按公認會計原則計算的毛利率為 83%。細分這一點，我們看到第二季度微創和皮下消融技術的銷售額同比增長 48%，達到我們季度收入的 80%。

Of the total sale in Q2, 64% came from the U.S. and 36% came from the rest of the world compared to 65% and 35%, respectively, for the same quarter in 2021. Of our international contributors, Canada, Asia and Latin America were the major markets driving our growth rate. Our Q2 non-GAAP gross margin remained strong at 84% despite the global supply chain challenges.

在第二季度的總銷售額中，64% 來自美國，36% 來自世界其他地區，而 2021 年同一季度分別為 65% 和 35%。在我們的國際貢獻者中，加拿大、亞洲和拉丁美洲美國是推動我們增長率的主要市場。儘管全球供應鏈面臨挑戰，我們的第二季度非公認會計原則毛利率仍保持在 84% 的強勁水平。

Moving on. Capital equipment in the second quarter represented 87% of the total revenue, while consumables and service revenues accounted for the remaining 13%. GAAP operating expenses in the second quarter were $45.4 million, a 37% increase compared to Q2 of 2021. Sales and marketing expenses increased to $39.7 million in the second quarter compared to $28.7 million in the same period last year. This increase is primarily due to hiring more sales representatives, expanding our presence in the U.S. and attending additional in-person marketing activities and trade shows.

繼續。第二季度的資本設備佔總收入的 87%，而消耗品和服務收入佔剩餘的 13%。第二季度 GAAP 運營費用為 4540 萬美元，比 2021 年第二季度增長 37%。第二季度銷售和營銷費用從去年同期的 2870 萬美元增加到 3970 萬美元。這一增長主要是由於僱傭了更多的銷售代表、擴大了我們在美國的影響力以及參加了更多的面對面營銷活動和貿易展覽。

Next we look at share-based compensation, which increased to $6.4 million in the second quarter of 2022 compared to $2.9 million in the second quarter of 2021. On a non-GAAP basis, operating expenses reached $39.5 million this quarter compared to a total of $30.4 million in the same quarter of 2021, representing a 30% increase. GAAP operating margin was 43% in Q2 of 2022, and non-GAAP operating margin for the second quarter of 2022 was 49% compared to the operating margin of 51% in the same period last year.

接下來我們看一下基於股票的薪酬，從 2021 年第二季度的 290 萬美元增加到 2022 年第二季度的 640 萬美元。按非公認會計原則計算，本季度的運營費用達到 3950 萬美元，而總額為2021 年同一季度為 3040 萬美元，增長 30%。 2022年第二季度GAAP營業利潤率為43%，2022年第二季度非GAAP營業利潤率為49%，而去年同期營業利潤率為51%。

Looking at GAAP diluted earnings per share for the second quarter. We see an increase to $0.52 compared to $0.48 per diluted share in Q2 of 2021. Non-GAAP diluted earnings per share for this quarter was $0.59 compared to $0.51 per diluted share in the second quarter of 2021.

看看第二季度的 GAAP 稀釋每股收益。與 2021 年第二季度的每股攤薄收益 0.48 美元相比，我們預計將增加至 0.52 美元。本季度非 GAAP 攤薄後的每股收益為 0.59 美元，而 2021 年第二季度的攤薄後每股收益為 0.51 美元。

Once again, we ended the quarter with a strong balance sheet. As of June 30, 2022, the company had cash and cash equivalents, marketable securities and deposits of $443.6 million. This quarter, InMode generated $47 million from operating activities.

再一次，我們以強勁的資產負債表結束了本季度。截至 2022 年 6 月 30 日，該公司擁有現金及現金等價物、有價證券和存款 4.436 億美元。本季度，InMode 從運營活動中獲得了 4700 萬美元的收入。

Before I turn the call back to Moshe, I'd like to reiterate our guidance for 2022: revenues between $425 million and $435 million, non-GAAP gross margin between 83% and 85%, non-GAAP income from operations between $204 million and $209 million, non-GAAP earnings per diluted share between $2.11 and $2.16.

在我將電話轉回 Moshe 之前，我想重申我們對 2022 年的指導：收入在 4.25 億美元至 4.35 億美元之間，非美國通用會計準則毛利率在 83% 至 85% 之間，非美國通用會計準則運營收入在 2.04 億美元和2.09 億美元，非公認會計準則每股攤薄收益在 2.11 美元至 2.16 美元之間。

I will now turn over the call back to Moshe.

我現在將把電話轉回給 Moshe。

Thank you, Yair, and thank you, Shakil. Operator, we are ready for Q&A session.

謝謝你，Yair，謝謝你，Shakil。接線員，我們準備好進行問答環節了。

(Operator Instructions) Our first question comes from Kyle Rose with Canaccord Genuity.

（操作員說明）我們的第一個問題來自 Canaccord Genuity 的 Kyle Rose。

This is Gibran on for Kyle. Congrats on another strong quarter. Maybe to start, just wanted to dig in a bit on China. How has that fared into Q2? Has that situation improved at all? I think you had mentioned in the Q1 call that you had sold less than 50% of sort of expectations. So any update there would be helpful. And then any other update on the CFDA approvals as well?

這是凱爾的紀伯倫。祝賀另一個強勁的季度。也許一開始，只是想深入了解一下中國。第二季度的情況如何？這種情況有改善嗎？我認為您在第一季度電話會議中提到您的銷售量低於預期的 50%。因此，那裡的任何更新都會有所幫助。然後還有關於 CFDA 批准的任何其他更新？

Okay. Thank you. Well, the situation in China has not changed since Q1. The country is still closed, I mean, the same situation. If you travel to China, you have to be locked down for 2 weeks in hotel. You cannot travel from city to city. But even with that, with all the limitation, we did better. We did twice as much as in Q1 in Q2. And this is due to the fact that we did some kind of changes in our operation there. We moved some of the people from Beijing to Shanghai and some other -- to other cities so they can operate freely within the cities without the need to travel from city to city.

好的。謝謝你。那麼，自第一季度以來，中國的情況沒有改變。這個國家仍然關閉，我的意思是，同樣的情況。如果你去中國旅行，你必須在酒店被鎖定2週。你不能從一個城市到另一個城市旅行。但即便如此，在所有限制的情況下，我們做得更好。我們在第二季度的表現是第一季度的兩倍。這是因為我們在那裡的運營中做了一些改變。我們把一些人從北京搬到了上海，還有一些人搬到了其他城市，這樣他們就可以在城市內自由行動，而無需從一個城市到另一個城市旅行。

But the main issue is, since the country is closed, we cannot send any training doctors to train or do seminar in China, especially not on the new devices that we are now developing. The CFDA is working very slow. We filed another 2 applications for 2 more products the last month. But yes, we did not receive any new approval in the last quarter.

但主要問題是，由於國家關閉，我們不能派任何培訓醫生到中國培訓或做研討會，尤其是我們現在正在開發的新設備上。 CFDA 的工作非常緩慢。上個月，我們又提交了 2 份申請，購買了另外 2 種產品。但是，是的，我們在上個季度沒有收到任何新的批准。

It's not like the FDA when you file, you get an answer when you get a question or the approval. In China, the only thing you need to do is wait and see what will happen. Hopefully, hopefully and these are the rumors, that starting October, November the Chinese government will open the country a little bit more. Some people will be able to travel within China and into China without the need to be locked down for a long time. The same situation with Hong Kong, which is now part of China. So overall, we managed to do twice as much better than last quarter, but yet not the way that we want to be.

它不像你提交文件時的 FDA，當你收到問題或批准時你會得到答案。在中國，你唯一需要做的就是靜觀其變。希望，希望，這些都是謠言，從 10 月，11 月開始，中國政府將更加開放這個國家。有些人將能夠在中國境內旅行和進入中國，而無需長時間被封鎖。香港也是如此，現在是中國的一部分。因此，總體而言，我們設法比上一季度好兩倍，但不是我們想要的方式。

Understood. And then on Empower, maybe through the first half, how are revenues tracking versus your expectations? Is $20 million still a fair assumption for the full year this year? And then maybe given your execution thus far, some of the KOL groundwork you laid and some of the data readouts that we're expecting, how can Empower sort of scale in year 2, next year, in 2023? How should we start to think about the commercial scaling next year?

明白了。然後在 Empower 上，也許在上半年，收入跟踪與您的預期相比如何？今年全年 2000 萬美元仍然是一個合理的假設嗎？然後也許考慮到你迄今為止的執行情況，你奠定的一些 KOL 基礎以及我們期待的一些數據讀數，Empower 如何在明年，2023 年的第 2 年實現某種規模？我們應該如何開始考慮明年的商業規模？

Well, the guidance that we gave for 2022 was $20 million. The only thing that I can tell you that so far, we did better than the guidance based on 6 months. In last month, 1.5 months ago, we managed to launch the Empower in Europe during the IMCAS conference in Paris. And now they are working country-by-country and sending trainers to train some doctors in order to establish luminary base in every country in Europe.

好吧，我們為 2022 年提供的指導是 2000 萬美元。到目前為止，我唯一可以告訴你的是，我們比基於 6 個月的指導做得更好。上個月，也就是 1.5 個月前，我們在巴黎的 IMCAS 會議期間成功地在歐洲推出了 Empower。現在他們正在逐個國家工作，並派遣培訓師培訓一些醫生，以便在歐洲每個國家建立杰出的基地。

We're doing the same in Mexico right now, and we're going to send some doctors from the U.S. to train some Mexican luminary doctors. We are planning to launch the Empower in Asia during the IMCAS show in Bangkok at the end of September. So overall, the situation is good. I believe we will do better than the $20 million that we gave as a guidance, but this is very early stage to judge what is going to be in 2023.

我們現在正在墨西哥做同樣的事情，我們將從美國派一些醫生來培訓一些墨西哥傑出的醫生。我們計劃在 9 月底在曼谷舉行的 IMCAS 展會期間在亞洲推出 Empower。所以總的來說，情況是好的。我相信我們會比我們作為指導提供的 2000 萬美元做得更好，但現在判斷 2023 年的情況還處於早期階段。

I believe that if everything is okay, we're going to do well in 2023, above the guidance that we gave in 2022. I mean we don't want to give more detail on that because it's 6 months in a row that we're working with the Empower. We have some luminary doctors who like the system and get good results. We started the process to clear the system for other indication with the FDA. We are very -- investing very heavily on the Empower since we believe that we want to be the leader in the women health or the wellness women health in the market.

我相信，如果一切順利，我們將在 2023 年做得很好，高於我們在 2022 年給出的指導。我的意思是我們不想提供更多細節，因為我們已經連續 6 個月了重新與 Empower 合作。我們有一些傑出的醫生，他們喜歡這個系統並取得了很好的效果。我們開始向 FDA 清除系統的其他適應症。我們非常 - 對 Empower 進行了大量投資，因為我們相信我們希望成為市場上女性健康或健康女性健康的領導者。

Understood. And if I could just squeeze in one quick question. On gross margin, just any updated thoughts given sort of the sustained inflationary pressures we're seeing? Is 83% to 85% still a reasonable sort of goalpost long term?

明白了。如果我能簡短地回答一個問題。在毛利率方面，考慮到我們所看到的持續通脹壓力，是否有任何更新的想法？從長遠來看，83% 到 85% 仍然是合理的球門柱嗎？

Well, I want to tell you that the fact that we went up from 83% to 84% this quarter was a big, big challenge. And to keep the gross margin on 84% or in between 83% to 85%, it's a very difficult task. Because as you probably know better than me, prices of components and subassemblies of electronics are going up every day, manufacturing costs, labor costs, transportation and logistic costs. In the last 6 months, everything went up by an average of at least 10%. Some component and some subassemblies are more than that.

好吧，我想告訴你，我們本季度從 83% 上升到 84% 的事實是一個巨大的挑戰。並且要將毛利率保持在 84% 或 83% 到 85% 之間，這是一項非常艱鉅的任務。因為你可能比我更了解，電子元件和組件的價格每天都在上漲，製造成本、勞動力成本、運輸和物流成本。在過去的 6 個月裡，所有的東西平均上漲了至少 10%。一些組件和一些子組件不止於此。

But we are fighting. We are opening more suppliers on every component and every subassembly. Right now, we have at least 3 suppliers and 3 vendors in order to make sure that we'll get everything on time. The most important right now, it's not just the prices. The most important right now is to keep all the lines working.

但我們正在戰鬥。我們正在為每個組件和每個子組件開設更多供應商。目前，我們至少有 3 家供應商和 3 家供應商，以確保我們能按時得到所有東西。現在最重要的，不僅僅是價格。現在最重要的是保持所有線路正常工作。

We know that some of our competitors are giving delivery time of 6 to 8 months on platforms. We are delivering every system within 10 days, not more than 10 days. This is a challenge. And I want to thank all the logistic and supply chain and manufacturing team here in Israel and all around the world for doing a good job. So to keep the 84% or even 83% becomes very difficult and very challenging. But as you see, we're doing the best.

我們知道我們的一些競爭對手在平台上的交貨時間為 6 到 8 個月。我們在 10 天內交付每個系統，不超過 10 天。這是一個挑戰。我要感謝以色列和世界各地的所有物流、供應鍊和製造團隊所做的出色工作。因此，保持 84% 甚至 83% 變得非常困難和非常具有挑戰性。但正如你所見，我們正在盡力而為。

Our next question comes from Joseph Conway with Needham.

我們的下一個問題來自 Joseph Conway 和 Needham。

Quick question on, I guess, the Envision launch. Obviously, Empower is exceeding your guys' expectations so far and another record for consumables revenue in the quarter. Does this kind of change your guys' thinking on the launch for Envision? And I guess, maybe could you just solidify that time line?

我猜想是關於 Envision 發布的快速問題。顯然，到目前為止，Empower 超出了你們的預期，並且在本季度的消耗品收入再創紀錄。這會改變你們對 Envision 發布的想法嗎？我想，也許你能鞏固那條時間線嗎？

Well, the time line stay the same. We did a soft launch in Canada, and I believe Shakil can elaborate on that more than me. We are now finalizing a study with 4 sites that we did, and we're going to submit for publication peer-reviewed articles. We are working with the FDA on the indication.

嗯，時間線保持不變。我們在加拿大進行了軟啟動，我相信 Shakil 可以比我更詳細地說明這一點。我們現在正在完成一項與我們所做的 4 個站點的研究，我們將提交發表同行評審的文章。我們正在與 FDA 合作研究適應症。

I believe that if not the end of this year, sometime in the beginning of next year, the Envision will be launched in the United States and after that in Europe and Asia. Shakil, you want to say something on Canada, please?

我相信，如果不是今年年底，明年年初的某個時候，Envision 將在美國推出，然後在歐洲和亞洲推出。 Shakil，你想談談加拿大嗎？

Yes, Joseph. So we've actually had a pretty successful soft launch in Canada. As you know, before we do anything, we want to make sure that we have the appropriate KOLs on board. We want to ensure that we have the proper logistics in place, inventory, so on and so forth. So as Moshe said, we're hoping sometime in early 2023, hopefully. But at this point, we've gotten some really good traction, as I mentioned, in Canada.

是的，約瑟夫。所以我們實際上在加拿大進行了非常成功的軟啟動。如您所知，在我們做任何事情之前，我們希望確保我們有合適的 KOL。我們要確保我們有適當的物流、庫存等等。所以正如 Moshe 所說，我們希望在 2023 年初的某個時候，希望如此。但在這一點上，正如我所提到的，我們在加拿大已經獲得了一些非常好的牽引力。

And again, as I said, we want to make sure that we have the correct things in place, including the clinical side of things and the KOL side of things as well. So with that being said, I think we feel pretty comfortable and confident with it, but you'll hear more about that towards the start of next year.

再次，正如我所說，我們希望確保我們有正確的事情，包括事情的臨床方面和事情的 KOL 方面。話雖如此，我認為我們對此感到非常自在和自信，但是您會在明年年初聽到更多有關此的信息。

Okay. Great. And then maybe just moving towards consumables. Can you maybe dissect a little bit of that growth? Obviously, there was very strong growth in the installed base. So maybe -- yes, dissect a little bit between increased physician utilization and just purely from the growth of the installed base.

好的。偉大的。然後也許只是轉向消耗品。你能剖析一下這種增長嗎？顯然，安裝基數增長非常強勁。所以也許 - 是的，在增加醫生利用率和純粹從安裝基礎的增長之間進行剖析。

Sure. So we've actually started to expand our post-sales support team. I'll let Moshe discuss the international side of things. But at least in North America, we've expanded our post-sales support team, almost double the size of what we were last year. We're still working on filling a few spots, but that's definitely been a major contributor.

當然。所以我們實際上已經開始擴大我們的售後支持團隊。我會讓 Moshe 討論國際方面的事情。但至少在北美，我們擴大了售後支持團隊，幾乎是去年的兩倍。我們仍在努力填補一些空缺，但這絕對是主要貢獻者。

We have 2 directors that have done a great job, and they've helped us really grow that side of the business. Of course, some of the resources that we're investing into consumer marketing. We have a very good launch of some electronic billboards and things like that to raise consumer awareness. It's always nice when you have friends that turn around and ask you, "Is Morpheus a device that you guys made," which happens quite frequently now.

我們有 2 位董事做得很好，他們幫助我們真正發展了這方面的業務。當然，我們正在投資於消費者營銷的一些資源。我們很好地推出了一些電子廣告牌之類的東西，以提高消費者的意識。當你有朋友轉過身來問你“Morpheus 是你們製造的設備”時，這總是很好的，這種情況現在經常發生。

So we're building the brand, as I mentioned, same thing as Envision and Empower. We like to crawl, walk, run rather than the other way around. So in doing that, I think it's been a successful approach for us as a company, and we plan to continue to do that. So I think we can expect some continual growth on that side of things. Hopefully, that answers your question, Joseph.

因此，正如我所提到的，我們正在建立品牌，與 Envision 和 Empower 相同。我們喜歡爬行、走路、跑步，而不是相反。所以在這樣做時，我認為這對我們公司來說是一種成功的方法，我們計劃繼續這樣做。所以我認為我們可以期待這方面的一些持續增長。希望這能回答你的問題，約瑟夫。

Yes. Yes, it does.

是的。是的，它確實。

(Operator Instructions) Our next question comes from Jeff Johnson with Baird.

（操作員說明）我們的下一個問題來自 Jeff Johnson 和 Baird。

Moshe, just on system placements. I mean you mentioned China still the lockdown issues there. But I think this was your biggest quarter ever of global placements. So a couple of questions, I guess. One, what's been the tenor of demand even over the last couple of months? It seems like financing rates are probably going up. There's a little bit of competitive noise out there that we continue to hear in the channel, but you seem to be powering through very well. So kind of what are your expectations maybe over the next 6 to 12 months in this macro? And what are you seeing in the field?

Moshe，就在系統展示位置上。我的意思是你提到中國仍然存在封鎖問題。但我認為這是你有史以來最大的一個季度的全球展示位置。我猜有幾個問題。一，過去幾個月的需求基調如何？似乎融資利率可能會上升。我們繼續在頻道中聽到一些競爭噪音，但你似乎表現得很好。那麼你對這個宏觀未來 6 到 12 個月的期望是什麼？你在現場看到了什麼？

And then kind of the second question on placement. Can you help us understand, again, it's a number we asked about quite frequently, but what is penetration in the U.S. now for -- in the surgical derm and plastic surgery segment of the market? Where do you see penetration at right now? How much room is left there? Anything on those topics would be helpful.

然後是關於安置的第二個問題。您能否再次幫助我們理解，這是我們經常詢問的一個數字，但現在在美國的滲透率是什麼——在市場的外科皮膚和整形外科領域？你現在在哪裡看到滲透？那裡還剩下多少空間？有關這些主題的任何內容都會有所幫助。

Well, if we want to take it to the worldwide, altogether, we have about 14,000 system installed, okay? The total available market, if you want to count dermatologist, plastic surgeon, aesthetic surgeon, OB/GYNs, in the future, ophthalmologist, worldwide is more than 200 derms. And I'm talking about doctors with clinics.

好吧，如果我們想把它帶到全世界，我們總共安裝了大約 14,000 個系統，好嗎？如果要算上皮膚科醫生、整形外科醫生、美容外科醫生、婦產科醫師，未來全球眼科醫生的可用市場總量將超過 200 個。我說的是有診所的醫生。

So -- and you know our portfolio is very wide. We can service aesthetic doctors who want to do hair removal and skin rejuvenation because we have the best hair removal device and also the best IPL for skin rejuvenation, all the way to plastic surgery, FaceTite, NeckTite, BodyTite. We started with women health to do all kind of indication. So with a wide portfolio like that, I believe that worldwide we're in a very, very early stage, very early stage. And we have room to grow, and we're doing it. We have room to grow in almost every country.

所以 - 你知道我們的產品組合非常廣泛。我們可以為想要進行脫毛和嫩膚的美容醫生提供服務，因為我們擁有最好的脫毛設備和用於嫩膚的最佳 IPL，一直到整形手術、FaceTite、NeckTite、BodyTite。我們從女性健康開始做各種指示。因此，有了這樣廣泛的投資組合，我相信在全球範圍內，我們正處於非常非常早期的階段。我們有成長的空間，我們正在這樣做。我們幾乎在每個國家都有發展空間。

In addition to that, we have several products which not yet approved, not in Europe, not in Asia and probably not in Asia and not in South America. And we continue to invest heavily on regulation in 27 countries, simultaneously in 27 countries. And it take time, it take studies, it take money and not always we get to overcome the bureaucracy on every state. But eventually, all the products would be approved, and this is another growth engine, widening the portfolio that you can sell in every country out of the 87 countries that we're selling.

除此之外，我們還有一些尚未獲批的產品，不在歐洲，不在亞洲，可能不在亞洲，也不在南美。我們繼續在 27 個國家/地區同時在 27 個國家/地區大力投資監管。這需要時間，需要學習，需要金錢，而且我們並不總是能夠克服每個州的官僚主義。但最終，所有產品都將獲得批准，這是另一個增長引擎，擴大了您可以在我們銷售的 87 個國家/地區中的每個國家/地區銷售的產品組合。

In North America, we have the wide range of regulation from the FDA because we started in the U.S. And we started in -- and later on, we started in Canada. But for example, right now, in Europe, when the CE moved from the MDD direction of regulation from the MDR, which become much more difficult, we are -- where it's challenging, but we're working on it and we will overcome it.

在北美，我們有來自 FDA 的廣泛監管，因為我們從美國開始，我們開始在 - 後來，我們開始在加拿大。但是例如，現在，在歐洲，當 CE 從 MDR 的 MDD 監管方向轉移時，這變得更加困難，我們處於 - 這是具有挑戰性的地方，但我們正在努力，我們將克服它.

The good news is barrier to entry to competitors with all this regulation. So I believe that as far as penetration, we're in a very early stage, and we will continue to develop product and create wider portfolio. So I don't know where -- what to say as far as penetration in the United States. In the U.S. alone, there are about, I would say, 40,000 to 50,000 lasers installed. Every one of these doctors who are using laser eventually will use one of our system. So if we sold in the U.S., 6,500 or 6,600 system, we still have a way to go. And as you see, we are growing quarter-over-quarter, so the penetration is getting wider and wider. Did I answer you?

好消息是所有這些規定都為競爭對手提供了進入壁壘。所以我相信就滲透率而言，我們還處於非常早期的階段，我們將繼續開發產品並創造更廣泛的產品組合。所以我不知道在哪裡——就在美國的滲透而言該說什麼。僅在美國，就安裝了大約 40,000 到 50,000 台激光器。這些使用激光的醫生中的每一位最終都會使用我們的系統。因此，如果我們在美國銷售 6,500 或 6,600 個系統，我們還有一段路要走。如您所見，我們的季度環比增長，因此滲透率越來越廣。我回答你了嗎？

Yes. Maybe just a comment on -- yes?

是的。也許只是評論——是的？

Sorry, Jeff, just to chime in to answer some of the other questions you had asked. So in regards to financing, I know that's something that everyone is kind of keeping an eye on here. We've talked to our brokers and a number of the leasing companies. We haven't seen rate hikes as of yet. I think they're going to start to kick in slowly. The nice thing about it is because of the macroeconomic environment right now, it's not going to come as a surprise or it's not just going to be niche to our industry. So I think people are going to be accepting of it.

對不起，傑夫，我只是想回答你提出的其他一些問題。所以關於融資，我知道這是每個人都在關注的事情。我們已經與我們的經紀人和一些租賃公司進行了交談。到目前為止，我們還沒有看到加息。我認為他們將開始慢慢開始。關於它的好處是因為現在的宏觀經濟環境，它不會讓人感到意外，或者它不僅僅是我們行業的利基市場。所以我認為人們會接受它。

I think the key thing is as long as we can continue to ensure that our customers are successful with their devices, if it's going to be a small little delta on a monthly basis, we can try and help them make that up by driving more patients through their practice by investing in further resources as we do. Hopefully, that answers that question there.

我認為關鍵是只要我們能夠繼續確保我們的客戶在他們的設備上取得成功，如果每月的增量很小，我們可以嘗試通過驅動更多患者來幫助他們彌補這一點通過他們的實踐，像我們一樣投資更多的資源。希望這能回答那裡的問題。

But in terms of competition, I know you've kind of talked about that. As a company, we don't really -- we don't worry too much about competition. We actually look at competition as a good thing. It brings awareness. I think a lot of times when you do have word getting out there -- just keep in mind, as much as it sounds like we've had a seasoned laser industry or seasoned RF industry, we're still relatively new players into the market, and we've carved out kind of a unique market in some of the devices that we have.

但在競爭方面，我知道你已經談到了這一點。作為一家公司，我們並沒有——我們不太擔心競爭。實際上，我們將競爭視為一件好事。它帶來意識。我認為很多時候你確實有消息傳出 - 請記住，儘管聽起來我們已經擁有一個經驗豐富的激光行業或經驗豐富的射頻行業，但我們仍然是市場上相對較新的參與者，並且我們已經在我們擁有的一些設備中開闢了一種獨特的市場。

So we've been pretty comfortable penetrating what we have. We still see a very long runway. But also don't forget that the non-core market is a huge market on which we can penetrate. So as long as the health care system continues to be the way it is in terms of managed care, there's always physicians that are going to look at continuing to add certain revenue or separate revenue streams to their practice when it comes down to the specialties, as you mentioned, with plastic surgery, dermatology so on and so forth.

所以我們一直很自在地滲透我們所擁有的東西。我們仍然看到一條很長的跑道。但也不要忘記，非核心市場是我們可以滲透的巨大市場。因此，只要醫療保健系統繼續保持管理式醫療的方式，總有醫生會考慮繼續增加某些收入或在他們的實踐中分離收入流，當涉及到專業時，正如你提到的，整形外科、皮膚科等等。

We -- again, in the derm world, we're very, very early on the plastic surgery world. Don't forget the goal with them and with all of our doctors for that matter is to get in their offices to make them successful. And because of the wide array of products that we carry, we're able to go in. If they're successful with their first one, we're going to help them benefit, and hopefully, they'll reinvest for the second one. So that's part of the business model as well. Hopefully, that answers the other part of your question.

我們 - 再次，在皮膚世界中，我們在整形外科領域非常非常早期。不要忘記他們和我們所有醫生的目標是進入他們的辦公室，讓他們取得成功。而且由於我們攜帶的產品種類繁多，我們能夠進入。如果他們的第一個產品成功，我們將幫助他們受益，並希望他們會為第二個產品再投資.所以這也是商業模式的一部分。希望這能回答您問題的另一部分。

Yes, it does. That's helpful from both of you. And then I guess my only other question really is just, Moshe, we only see it in the proxy once a year, but stock has been off here, pretty meaningfully this year. Has there been any level of interest from an insider buying standpoint? Has anybody stepped up in defining at these levels internally? And maybe same question for Yair. I think there's over $400 million of cash and marketable securities on the balance sheet at this point. Any thoughts on a buyback? Again, valuation looks pretty compelling, I would argue, at these levels. So just any thoughts on both insider buying and/or buy back?

是的，它確實。這對你們倆都有幫助。然後我想我唯一的另一個問題真的只是，Moshe，我們每年只在代理中看到一次，但這裡的庫存已經下降，今年非常有意義。從內部購買的角度來看，是否有任何程度的興趣？是否有人在內部加強了對這些級別的定義？對於 Yair，也許同樣的問題。我認為此時資產負債表上有超過 4 億美元的現金和有價證券。有回購的想法嗎？同樣，我認為，在這些水平上，估值看起來非常引人注目。那麼對內幕購買和/或回購有什麼想法嗎？

Well, let me answer the first question or the first part of your question, and Yair will answer the second part. As far as the executive team and the insiders, they are fully committed and they are here to stay. Yes, some of them sold some shares because -- and I can tell you that in 2021, we plan to do a secondary when the banks ask us to sell some of the executive and some of the insiders through the secondary, but unfortunately, it did not happen. So it was done on the market.

好吧，讓我回答第一個問題或問題的第一部分，Yair 將回答第二部分。就高管團隊和內部人士而言，他們全心全意，並留在這裡。是的，他們中的一些人出售了一些股票，因為——我可以告訴你，當銀行要求我們通過二級市場出售一些高管和一些內部人士時，我們計劃在 2021 年進行二級市場，但不幸的是，它沒有發生。於是就在市場上做了。

I can tell you some of the insiders and the executive started to buy shares when the stock went down because they believe in the company hardly. And therefore, again, the executive team is here to stay. We are not going anywhere. This is the company that we have established. This is the company that we built. It's a successful company quarter-over-quarter, and we're not going to leave just because some of us have sold some of the shares or some of the employees exercised some of their option and sold some shares. This is something very common in a public company, especially 4 years after the IPO.

我可以告訴你一些內部人士和高管在股票下跌時開始購買股票，因為他們幾乎不相信公司。因此，執行團隊再次留在這裡。我們哪兒也不去。這是我們成立的公司。這是我們建立的公司。這是一家成功的公司季度環比，我們不會僅僅因為我們中的一些人出售了一些股票或一些員工行使了他們的一些選擇權並出售了一些股票而離開。這在上市公司中很常見，尤其是在 IPO 4 年後。

In addition, we do have $450 million. And we don't have right now any candidate company to buy. But we're exploring opportunities. I can tell you that we are exploring opportunities. Almost every month, we're exploring opportunity. And when the opportunity will present itself, we will do it. And therefore, the money is still on the balance sheet, but we have -- and we have the intention to use it.

此外，我們確實有 4.5 億美元。而且我們現在沒有任何候選公司可以購買。但我們正在探索機會。我可以告訴你，我們正在探索機會。幾乎每個月，我們都在探索機會。當機會出現時，我們就會去做。因此，這筆錢仍在資產負債表上，但我們有——而且我們打算使用它。

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

我們的問答環節到此結束。我想把會議轉回給董事長兼首席執行官 Moshe Mizrahy 做任何閉幕詞。

Okay. Thank you, operator. Thank you, Miri. Thank you, Shakil, Yair, Spero, Mishka and Rafi who are with me here today. I want to extend thanks to all the InMode team, salespeople, logistic people, manufacturing people, R&D people, engineering, everybody who's working very hard 24/7 to make sure that we will deliver what we promise to deliver, and we're doing it quarter-over-quarter. This is a family-oriented company. Everybody here is some kind of a partner and an owner.

好的。謝謝你，接線員。謝謝你，美里。謝謝今天和我在一起的 Shakil、Yair、Spero、Mishka 和 Rafi。我要感謝所有 InMode 團隊、銷售人員、物流人員、製造人員、研發人員、工程人員，以及所有 24/7 努力工作以確保我們能夠兌現承諾的所有人，我們正在做季度環比。這是一家以家庭為導向的公司。這裡的每個人都是某種合作夥伴和所有者。

I want to thank all the shareholders who are staying with us for a long time. I know that right now, there's some macro issue and the stock market is not in the best shape and in the best position. I believe that if we will continue to deliver quarter-over-quarter another record, everything will be in place. So thank you all again. And hopefully, we'll see you in the next earning call. Thank you.

我要感謝所有長期陪伴我們的股東。我知道現在存在一些宏觀問題，股市並不是處於最佳狀態和最佳位置。我相信，如果我們繼續按季度再創紀錄，一切都會到位。所以再次感謝大家。希望我們能在下一次財報電話會議上見到你。謝謝你。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。