Inmode Ltd (INMD) 2023 Q1 法說會逐字稿

Good day, and welcome to the InMode First Quarter 2023 Financial Results Conference Call. (Operator Instructions)

您好，歡迎參加 InMode 2023 年第一季財務業績電話會議。 （操作員指令）

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

現在，我想將會議交給 MS-IR 執行長 Miri Segal。請繼續。

Thank you, operator, and to everyone for joining us today. Welcome to InMode's First Quarter 2023 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 go to the Investor Relations section of the company's website.

謝謝接線員，也謝謝今天加入我們的所有人。歡迎參加 InMode 2023 年第一季財報電話會議。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資訊可能包含前瞻性陳述，今天的收益報告中概述的安全港聲明也適用於本次電話會議。如果您尚未收到該新聞稿的副本，請造訪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.

商業競爭、技術、監管和其他因素的變化可能會導致實際結果與今天前瞻性陳述的結果有重大差異。我們的歷史表現不一定能代表未來的表現。因此，我們無法保證我們的前瞻性聲明的準確性，並且不承擔更新它們的義務，除非法律要求。

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

說完這些，我想將電話轉給董事長兼執行長 Moshe Mizrahy。摩西，請繼續。

Thank you, Miri, and to everyone for joining us. With me today are 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 all be available to answer your questions.

謝謝你，Miri，也謝謝大家的參與。今天與我一起的是我們的共同創辦人兼技術長 Michael Kreindel 博士； Yair Malca，我們的財務長； Shakil Lakhani，我們的北美總裁；我們的首席醫療官 Spero Theodorou 博士；以及我們的財務副總裁 Rafael Lickerman。在發表完準備好的發言後，我們將隨時回答您的問題。

We reported revenue of $106.1 million in the first quarter, an increase of 23.5% compared to the first quarter of 2022. Sales from consumables and service continued to grow in the first quarter, and Shakil will go over that in more detail shortly. I would like to take the moment to recognize that 15 years ago, we started this company with a small investment of just $3.5 million and an idea that with bipolar RF technology, our expertise and knowledge of the aesthetic industry, we can disrupt the industry and help close the treatment gap. We have been accomplishing this by providing patients remarkable and lasting results.

我們報告第一季的營收為 1.061 億美元，與 2022 年第一季相比成長了 23.5%。我想藉此機會承認，15 年前，我們以僅 350 萬美元的小額投資創辦了這家公司，當時我們的想法是，憑藉雙極射頻技術以及我們在美容行業的專業知識和知識，我們可以顛覆這個行業，幫助縮小治療差距。我們透過為患者提供卓越而持久的效果來實現這一目標。

We are working closely with leading plastic surgeons that have endorsed our safe FDA-approved technology. Today, we can say that InMode is the leading global provider of innovative, minimally invasive aesthetic and wellness solution, operating in 92 countries with 7 patented technology across 10 product family and an installed base of over 8,400 platforms in the United States and over 18,300 systems globally. We are proud to recognize these 15 years anniversary as we announced a strong start to the year. We would not reach these solid consistent results without the dedication and hard work of our employees. And I would like to take the opportunity to thank them for their commitment and care.

我們正與認可我們安全且經 FDA 批准的技術的領先整形外科醫生密切合作。今天，我們可以說，InMode 是全球領先的創新微創美容和健康解決方案提供商，業務遍及 92 個國家，擁有 10 個產品系列的 7 項專利技術，在美國擁有超過 8,400 個平台的安裝基礎，在全球擁有超過 18,300 個系統。我們很榮幸地慶祝成立 15 週年，並宣布今年取得了良好的開端。如果沒有員工的奉獻和努力，我們不可能有這些穩固一致的成果。我想藉此機會感謝他們的承諾和關懷。

Last year, we successfully introduced the Envision platforms in Canada. Envision has an innovative technology targeted for ophthalmology and optometrist market, and we expect to launch these platforms in the U.S. in the coming months. As we mentioned last quarter, the next generation Evoke, our hand-free platforms for face treatment is planned to launch in the second half of this year, and we look forward to updating you all on this progress.

去年，我們成功在加拿大推出了Envision平台。 Envision 擁有針對眼科和驗光師市場的創新技術，我們預計將在未來幾個月內在美國推出這些平台。正如我們上個季度提到的，下一代 Evoke，我們的免持臉部治療平台計劃於今年下半年推出，我們期待向大家通報這一進展。

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

現在我想把電話轉給我們北美總裁沙基爾 (Shakil)。請給我沙基爾好嗎？

Thanks, Moshe, and everyone, for joining us. We are happy to report a strong first quarter with significant growth coming from consumable sales. Revenue from consumables and service grew nearly 43% year-over-year. This is a strong indication that the platforms we sell are being used more frequently signifying continued positive demand and momentum. Our Morpheus8 platform continues to gain traction and benefit from our brand ambassadors, strong market awareness and positive patient results. As Moshe mentioned, we will continue our strategy to expand into new areas of wellness such as ophthalmology, optometry markets with our Envision platform.

感謝 Moshe 和大家加入我們。我們很高興地報告第一季表現強勁，消耗品銷售實現了顯著成長。消耗品及服務收入較去年同期成長近43%。這有力地表明，我們銷售的平台被更頻繁地使用，預示著持續的積極需求和發展勢頭。我們的 Morpheus8 平台繼續獲得關注，並受益於我們的品牌大使、強大的市場意識和積極的患者結果。正如 Moshe 所說，我們將繼續我們的策略，利用我們的 Envision 平台擴展到眼科、驗光市場等新的健康領域。

We've begun to hire focused sales reps for Envision, and we gradually expect to establish a dedicated sales team for this market and for women's health and wellness market in the future. Lastly, I'd like to thank our entire North American team for their continued hard work.

我們已經開始為 Envision 招募專門的銷售代表，並逐步期望在未來為該市場以及女性健康和保健市場建立一支專門的銷售團隊。最後，我要感謝我們整個北美團隊的持續努力。

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

我現在將把電話交給亞爾，讓他更詳細地審查財務結果。亞伊爾？

Thanks, Shakil, and hello, everyone. Thank you for joining us. Starting with total revenue. InMode generated $106.1 million in the first quarter of 2023, representing a 23.5% year-over-year increase with a gross margin of 83% on a GAAP basis. Traditionally, based on past seasonality, our first quarter is the slowest quarter in the year. We expect 2023 to behave in a similar way to last year. First quarter sales outside of the U.S. accounted for $43.8 million or 41% of sales compared to 38% in Q1 of last year. We see growth coming from different regions with sales in Europe hit a new record in Q1.

謝謝，Shakil，大家好。感謝您加入我們。從總收入開始。 InMode 在 2023 年第一季創造了 1.061 億美元的收入，年增 23.5%，以 GAAP 計算的毛利率為 83%。傳統上，根據過去的季節性，我們的第一季是一年中最慢的季度。我們預計 2023 年的表現將與去年類似。第一季美國以外地區的銷售額為 4,380 萬美元，佔銷售額的 41%，而去年第一季為 38%。我們看到不同地區都出現了成長，其中歐洲地區的銷售額在第一季創下了新高。

And we are planning to establish at least one additional subsidiary in Europe or Asia later this year. To support our operations and growth, InMode now operates in total of over 90 countries with a sales team of more than 236 direct reps and over 81 distributors worldwide. Capital equipment in the first quarter represented 81% of total revenue, while consumables and service revenues accounted for the remaining 19%. GAAP operating expenses in the first quarter were $46.8 million, a 30% increase year-over-year. Sales and marketing expenses increased to $41.7 million in the first quarter compared to $30.8 million in the same period last year. This increase is attributed to the addition of new sales representatives as well as investment in direct-to-consumer advertising campaigns and hosting in-person events to support the company's growth projections.

我們計劃今年稍後在歐洲或亞洲建立至少一家子公司。為了支持我們的營運和成長，InMode 目前在全球 90 多個國家開展業務，擁有由 236 多名直接代表和 81 多個分銷商組成的銷售團隊。第一季的資本設備佔總收入的 81%，而消耗品和服務收入佔剩餘的 19%。第一季 GAAP 營業費用為 4,680 萬美元，年增 30%。第一季銷售和行銷費用從去年同期的3,080萬美元增加至4,170萬美元。這一增長歸因於增加新的銷售代表以及對直接面向消費者的廣告活動和舉辦現場活動的投資，以支持公司的成長預測。

Share-based compensation accounted for $4.2 million in the first quarter of 2023, an increase compared to $3.1 million in the first quarter of 2022. On a non-GAAP basis, operating expenses were $43 million in the quarter compared to a total of $33.4 million in the same quarter of 2022, representing a 29% increase. GAAP operating margin for Q1 was 39% compared to an operating margin of 41% in the first quarter of 2022. Non-GAAP operating margin for the first quarter of 2023 was 43%, a slight decrease from 44% in the first quarter of 2022. GAAP diluted earnings per share for the first quarter were $0.47 compared to $0.36 per diluted share in Q1 of 2022.

2023 年第一季的股權激勵費用為 420 萬美元，較 2022 年第一季的 310 萬美元有所增加。第一季的 GAAP 營業利潤率為 39%，而 2022 年第一季的營業利潤率為 41%。

Non-GAAP diluted earnings per share for this quarter were $0.52 compared to $0.40 per diluted share in the first quarter of 2022. Once again, we ended the quarter with a strong balance sheet. As of March 31, 2023, the company had cash and cash equivalents, marketable securities and deposits of $574.5 million. This quarter, excluding a onetime tax payment of $15 million, InMode generated $36.1 million from operating activities.

本季非 GAAP 攤薄每股收益為 0.52 美元，而 2022 年第一季攤薄每股收益為 0.40 美元。截至 2023 年 3 月 31 日，該公司擁有現金和現金等價物、有價證券和存款 5.745 億美元。本季度，除一次性稅款 1,500 萬美元外，InMode 從營運活動中獲得了 3,610 萬美元的收入。

Before I turn the call back to Moshe to take your questions, I'd like to reiterate our guidance for 2023. Revenues between USD525 million and USD530 million, non-GAAP gross margin between 83% to 85%, non-GAAP income from operation between USD236 million and USD238 million, non-GAAP earnings per diluted share between $2.58 and $2.60.

在我將電話轉回給 Moshe 回答您的問題之前，我想重申我們對 2023 年的指引。

I will now turn over the call back to Moshe.

我現在將電話轉回給 Moshe。

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

謝謝你，亞伊爾。謝謝你，沙基爾。接線員，我們已經準備好要進行問答了。

(Operator Instructions) Our first question comes from Michael Sarcone with Jefferies.

（操作員指示）我們的第一個問題來自 Jefferies 的 Michael Sarcone。

This is Mike on for Matt this morning. So just the first question on guidance. You had a really strong start to the year, nearly 24% growth in the first quarter, and that was on the toughest comp of the year. Can you just talk about how you think about guidance and some of the key assumptions there? I know you've got Envision launching in the U.S. soon and the next gen Evoke in 2H. So again, just some key assumptions around guide. And is it fair to characterize the guide as conservative?

這是今天早上由邁克 (Mike) 代替馬特 (Matt) 報道的。所以第一個問題是關於指導。你們今年的開局非常強勁，第一季成長近 24%，這是今年最艱難的成長。您能談談您對指導的看法以及其中的一些關鍵假設嗎？我知道你們很快就會在美國推出 Envision，下半年還會推出下一代 Evoke。所以再說一遍，這只是圍繞指南的一些關鍵假設。那麼將這份指南描述為保守的是否公平呢？

Yes. I would say, as always, we claim, we try to be very conservative with guidance. Although we did a little bit better than the consensus on Q1 2023, we decided to keep the guidance until the end of Q2 to see how Q2 will be. As you know, there is some seasonality in this business. The first quarter is the slowest one. Second quarter must be much stronger than the first quarter. If we will successfully end the second quarter with the expectation that -- and above the consensus of the estimate of the analysts, then we will consider increasing the guidance.

是的。我想說，正如我們一貫聲稱的那樣，我們會嘗試非常保守地進行指導。儘管我們對 2023 年第一季的業績略好於預期，但我們決定將該指引保留到第二季末，以觀察第二季的情況。如您所知，這項業務具有一些季節性。第一季是最慢的一個季度。第二季度肯定比第一季強勁得多。如果我們能夠成功結束第二季度，並且預期業績高於分析師的預期，那麼我們將考慮提高預期。

But on the first quarter, I mean, we did $106 million compared with $102 million, $101 million consensus estimate. We felt like it will be better and more conservative to stay with this guidance and wait another quarter to see what will be the situation in the U.S. and in the rest of the world. As far as slowdown, recession increase interest rate and then we'll feel much better to increase the guidance some time at the end of Q2.

但第一季度，我們的營收為 1.06 億美元，而普遍預期為 1.02 億美元和 1.01 億美元。我們認為，堅持這項指導方針並等待一個季度看看美國和世界其他地區的情況會更好且更保守。就經濟放緩、經濟衰退導致的利率上升而言，我們會感覺更願意在第二季末的某個時候提高預期。

Moshe, that makes sense. And then are you seeing any changes in your customers' ability to finance the system?

摩西，這很有道理。那麼，您是否發現客戶為該系統融資的能力發生了任何變化？

No, we don't. We don't. Although it take a little bit longer, especially in the U.S., and Shakil will elaborate on that. But in Europe, for example, we signed an agreement with the bank that is helping us to finance customers in Europe, something that we didn't have in the last, I would say, 3 years, which will make it easier for customers in Europe to finance the system. In the United States, Shakil, do you want to say a few words on that?

不，我們不知道。我們沒有。儘管這可能需要更長的時間，尤其是在美國，Shakil 將會對此進行詳細說明。但例如在歐洲，我們與銀行簽署了一項協議，幫助我們為歐洲客戶提供融資，這是我們在過去三年中沒有做過的事情，這將使歐洲客戶更容易為該系統融資。在美國，沙基爾，你想就此說幾句話嗎？

Yes, sure. So like Moshe said, we're not seeing too much on that end. We are seeing it taking a little bit longer than we're used to. I'm just kind of looking at risk, so on and so forth. But right now, we haven't seen that as a prohibitive factor.

是的，當然。所以就像 Moshe 所說的那樣，我們在這方面沒有看到太多進展。我們發現它花費的時間比我們習慣的要長一點。我只是在考慮風險等等。但目前，我們還沒有將此視為一個阻礙因素。

Got it. And when you say a little bit longer, that's just kind of the selling cycle?

知道了。您說的稍微長一點，是指銷售週期嗎？

It's just -- well, not necessarily the selling cycle, they're just requiring different documents from the buyer just to again ensure that basically, it's like -- I wouldn't say it's to the degree of what happened back in 2008, 2009, not even close to that, but they're just banks are just being a little pickier with who they're giving their money to. So they just want to ensure that they get the appropriate information. So previously, you'd be able to get ex amount of dollars approved with just a credit application, now they might need to provide some further documentation along with it. So it might add 12 to 24 hours to the process.

這只是——嗯，不一定是銷售週期，他們只是要求買家提供不同的文件，只是為了再次確保基本上，就像——我不會說它達到了 2008 年、2009 年發生的程度，甚至還差得很遠，但銀行只是在選擇把錢給誰時更挑剔一些。所以他們只是想確保獲得適當的資訊。因此，以前，您只需提交一份信用申請就可以獲得一定數量的美元批准，但現在他們可能需要提供一些進一步的文件。因此該過程可能會增加 12 到 24 小時。

Got it. And I'll just sneak one more in there. Interesting disclosure in the press release just about the impact of popular weight loss drugs. It was going to be one of my questions. You're seeing an influx of loose skin patients. Is there any offset there like when you factor that in, the weight loss drugs, do you expect to see lower demand for liposuction and kind of what's the net impact on demand for InMode procedures that you're expecting?

知道了。我再偷偷地放進去一個。新聞稿中有趣地揭露了流行減肥藥的影響。這原本是我的一個疑問。你會看到大量皮膚鬆弛症患者的湧入。當您將減肥藥考慮在內時，是否存在任何抵消因素，您是否預計對抽脂術的需求會下降，以及您預計對 InMode 手術的需求的淨影響是什麼？

Spero, could you please answer that?

Spero，你能回答這個問題嗎？

Sure. That's a great question. Look, on the contrary, the weight loss is -- actually helps us because, first of all, we're the skin tightening company, right? So when the patients have loose skin, they've already lost a wait. They come to us to be able to tie in that. So what it actually does, it increases the number of patients you can do with liposuction, right? So they still have some fat pockets or fat areas, that areas that need removed. But if you have a loose skin that kind of limits them in the aesthetic result. So adding a tiding procedure, in addition to the life assessing capabilities we have, increases the size of that market.

當然。這是一個很好的問題。相反，減肥實際上對我們有幫助，因為首先，我們是緊緻皮膚的公司，對吧？所以當患者出現皮膚鬆弛時，他們已經失去了等待的機會。他們來找我們是為了能夠實現這一點。那麼它實際上做的是，它增加了可以進行脂肪抽吸手術的患者數量，對嗎？所以他們仍然有一些脂肪袋或脂肪區域，這些區域需要移除。但如果皮膚鬆弛，就會限制其美觀效果。因此，除了我們現有的生命評估能力之外，增加潮汐程序也可以擴大該市場的規模。

What the drugs have done is increased awareness. I mean they use this marketing thing like (inaudible), right? That's a cool name. But at the end of the day, it's just weight loss. And we deal with that in our plastic surgeons and our doctors across the board are always dealing with loose skin. I remind you that the holy grail of plastic surgery is the ability to tie in skin without scars. And even though a lot of these patients might end up leaving the excisional procedure perhaps depending on the mono weight loss, we are perfectly positioned to take advantage of this. And our clinics have seen a large influx of patients since this has taken over like wildfire. So net-net benefit. Does that answer your question?

藥物所扮演的角色是提高人們的認識。我的意思是他們使用這種行銷手段（聽不清楚），對嗎？這是一個很酷的名字。但到最後，這只是減肥而已。我們的整形外科醫生和所有醫生都在處理皮膚鬆弛的問題。我提醒你，整形手術的最高境界就是能夠使皮膚癒合而不留疤痕。儘管許多患者可能最終會因為體重減輕而放棄切除手術，但我們完全有能力利用這一點。自從疫情像野火一樣蔓延以來，我們的診所接待了大批患者。因此淨收益為正。這回答了你的問題嗎？

It does. Very helpful.

是的。非常有幫助。

Our next question comes from Matt Miksic with Barclays.

下一個問題來自巴克萊銀行的 Matt Miksic。

This is [Sarah] on for Matt. I guess just to clarify on the guide, is it fair to say then that you don't see any specific concerns related to the rest of the year, and it is just general conservative thing.

這是 [Sarah] 為 Matt 主持的。我想只是為了澄清一下指南，那麼是否可以公平地說，您沒有看到與今年剩餘時間相關的任何具體擔憂，而這只是一般的保守事情。

I didn't understand the question. Do you ask if we see any concern in the market?

我不明白這個問題。您是否問我們是否看到市場有任何擔憂？

Yes. Just based on the answer you provided earlier, I just want to clarify, is it fair to say that you don't see any specific concerns or -- and it's just general conservatism into your current guide?

是的。僅基於您之前提供的答案，我只想澄清一下，是否可以說您沒有看到任何具體的擔憂——而這只是您當前指南中的一般保守主義？

Well, I believe we said that very clear, we don't see any sign of slowdown, any sign of recession on the market that we operate. Maybe now the market is different. But just because our technology today is in the very embryonic stage. I mean we have less than 20,000 systems installed and the potential is a few hundred if you take into account only doctors who are doing medical aesthetic using laser and others, all of them in the future will need bipolar RF because with laser, they do only topical treatment. And if they do -- if they want to do body and face reshaping, they will need us. So we don't see any slowdown.

嗯，我相信我們說得很清楚，我們沒有看到我們營運的市場出現任何放緩的跡像或衰退的跡象。也許現在市場不一樣了。但僅僅因為我們今天的科技還處於萌芽階段。我的意思是，我們安裝的系統不到 20,000 個，如果只考慮使用激光和其他方式進行醫學美容的醫生，那麼潛在的系統數量只有幾百個，他們將來都需要雙極射頻，因為使用激光，他們只進行局部治療。如果他們確實想要重塑身材和臉部，他們就需要我們。因此我們沒有看到任何放緩。

On the contrary, I have to say that we sell more disposable this quarter than in the fourth quarter of 2022. And usually, the fourth quarter is the strongest one. So we don't see any slowdown. The reason why we did not change the guidance is because we wanted to wait another quarter before we change. We just gave the guidance a quarter ago. And if everything will look according to our expectation on the second quarter, then the guidance will be raised.

相反，我不得不說，本季我們銷售的一次性產品比 2022 年第四季還要多。因此我們沒有看到任何放緩。我們沒有改變指引的原因是我們想再等一個季度再進行改變。我們在一個季度前剛剛給了指引。如果第二季一切都符合我們的預期，那麼業績指引將會上調。

Understood. That's helpful. And then I guess shifting gears gear to Empower. Just curious on how has this been tracking. And if the 20% growth in 2023 is still the right way to think about this? Or do you expect a bit more acceleration in this year?

明白了。這很有幫助。然後我想換檔到賦權。只是好奇這是如何追蹤的。那麼，2023 年 20% 的成長率是否仍是正確的思考方式？或者您預計今年會加速更多一點？

Well, we didn't give any guidance on Empower this quarter, but I can tell you that we sold in the first quarter, we sold more than the first quarter of 2022.

嗯，我們本季沒有對 Empower 給出任何指導，但我可以告訴你，我們在第一季的銷售量超過了 2022 年第一季。

Our next question comes from Danielle Antalffy with UBS.

下一個問題來自瑞銀的丹尼爾‧安塔菲 (Danielle Antalffy)。

Just a question, Moshe, on capital allocation. You guys have talked in the past about how to think about potential M&A here. Any update there on how you're thinking about capital allocation and potential for a deal to happen sometime this year?

我只想問一個關於資本配置的問題，Moshe。你們過去曾談論過如何看待這裡潛在的併購。您對資本配置的想法以及今年達成交易的可能性有何新進展？

Well, that's the $64,000 question, I would say. Yes, we are exploring opportunities, more than one. And some of them are -- we even spend money to check, to due diligence, et cetera. One thing I want to say, very difficult to find a company that will now be with the same profitability structure of InMode. So any company that we will acquire should not dilute the shareholders. It should be accretive and not dilutive. And it's not easy. It's not easy because of the profitability structure of InMode. So we're very careful in the analysis that we're doing on companies that we would like or that we're exploring a possibility to do M&A. I cannot announce anything special today. The only thing I can say that we spend on the time, money, management attention and we're looking for acquisition.

嗯，我想說，這是一個價值 64,000 美元的問題。是的，我們正在探索機會，不只一個。有些是——我們甚至花錢檢查、進行盡職調查等等。我想說的是，現在很難找到一家擁有與 InMode 相同獲利結構的公司。因此，我們收購的任何公司都不應稀釋股東權益。它應該是增值的，而不是稀釋的。這並不容易。由於 InMode 的獲利結構，這並不容易。因此，我們會非常謹慎地分析我們想要收購的公司或正在探索併購可能性的公司。我今天無法宣布任何特別的事情。我唯一能說的是，我們投入了時間、金錢和管理關注，我們正在尋求收購。

Okay. Got it. That's helpful. And then just a question on indication expansion. So Empower is obviously doing well. Beyond that, as we think about stress urinary incontinence, et cetera, any updates or next steps we should be looking for to measure InMode against making progress there?

好的。知道了。這很有幫助。然後只是一個關於適應症擴展的問題。因此，Empower 顯然表現良好。除此之外，當我們考慮壓力性尿失禁等問題時，我們應該尋找任何更新或後續步驟來衡量 InMode 在該領域的進展嗎？

InMode against what? Against whom? I don't think we have any...

InMode 針對什麼？針對誰？我認為我們沒有任何...

No, no, no. Just whether -- like anything -- any milestones we should be looking for to measure progress against getting those indications or launching in those markets?

不，不，不。就像任何事情一樣，我們是否應該尋找任何里程碑來衡量獲得這些跡像或進入這些市場的進展？

I believe we said a quarter ago that we will be happy and expect to do 20% more on Empower than last year. We're not changing this guidance today.

我相信我們一個季度前就說過，我們會很高興，並且希望在 Empower 上比去年多做 20%。我們今天不會改變這項指導方針。

Our next question comes from Dane Reinhardt with Baird.

我們的下一個問題來自貝爾德 (Baird) 的 Dane Reinhardt。

Just wondering if you can maybe give any more color kind of on the U.S. placements just being up 10%. I think that was a little bit lighter than we and what some other investors had kind of been expecting. So I know seasonality definitely plays a factor. Is there anything else there impacting? And I know you have both Evoke and Envision launching kind of later this year, what might we be able to kind of expect for those to contribute to U.S. placements later this year?

我只是想知道您是否可以進一步說明美國市場的成長情況，即美國市場的銷售額成長了 10%。我認為這比我們和其他一些投資者預期的要輕。所以我知道季節性肯定是一個因素。還有其他影響嗎？我知道 Evoke 和 Envision 都將於今年稍後推出，我們可以期待它們在今年稍後對美國的投放做出什麼貢獻嗎？

Shakil, could you please elaborate on that?

Shakil，您能詳細說明一下嗎？

Sure. Yes. As far as placements going when it comes down to revenue, we still had a pretty significant amount of growth. And you're looking at placements, again, I'm not sure what model you guys have in place, but we don't see too many economic factors affecting things right now or changing the growth that we're on. Of course, we anticipate further growth, as I mentioned in the script, in building out Envision and a sales force dedicated to that. We do have plans to obviously see some pretty substantial growth. I can't give you a number really. We're kind of filling out the market and getting things ready, but we're extremely excited about it, and we think there's going to be a nice little runway for us.

當然。是的。就收入而言，我們仍然實現了相當可觀的成長。而你們正在查看位置，同樣，我不確定你們採用的是什麼模型，但我們現在沒有看到太多經濟因素影響事態或改變我們所處的成長態勢。當然，正如我在腳本中提到的那樣，我們預計在建立 Envision 和致力於此的銷售團隊方面會實現進一步成長。我們確實有計劃實現相當可觀的成長。我確實無法給你一個數字。我們正在填補市場空白並做好準備，但我們對此感到非常興奮，我們認為這將是一條不錯的小跑道。

I think it was mainly seasonality. It was mainly due to seasonality. Q1 tends to be the slowest in the year. And especially, we see this effect in the U.S. And so that's something that I would like to add.

我認為這主要是季節性因素。這主要是由於季節性原因。第一季往往是一年之中成長最慢的季度。尤其是我們在美國看到了這種影響。

It's not something new. It's been like that in the medical aesthetic category or industry or whatever. So I don't think that InMode can change that.

這並不是什麼新鮮事。在醫療美容領域，或者其他行業，情況都是這樣的。所以我不認為 InMode 可以改變這一點。

This is Spero here. I think what's important to outline is that there is a discrepancy between the macro picture and what people are saying, what we're seeing on the ground in demand for patients and doctors. We don't see any slowdown. The demand is very high. Most of the -- our physicians are booked -- still booked solidly 2, 3 months in advance. So if there is something and people are concerned about, we're not seeing it. And that's sort of what we're seeing from all the officers we talk to. So if that helps you at all.

這是斯佩羅。我認為需要強調的是，宏觀情況與人們的說法以及我們實際看到的患者和醫生需求之間存在差異。我們沒有看到任何放緩。需求非常高。我們的大多數醫生都提前 2 至 3 個月就預約滿了。所以如果出現了什麼讓人擔心的事情，我們卻沒有發現。我們從所有與之交談的警官那裡都看到了這一點。如果這對你有幫助的話。

Okay. Yes. And then on the Morpheus8 new Burst and 3D modes, I know we've been kind of seeing some more competition here in microneedling just over the past year or 2 with some other competitive launches. So can you just maybe give us a little bit more color on how you believe these new kind of Morpheus8 options and its bipolar design or help differentiating versus competition?

好的。是的。然後對於 Morpheus8 的新 Burst 和 3D 模式，我知道在過去的一兩年裡，隨著一些其他競爭產品的推出，我們在微針領域看到了更多的競爭。那麼您能否向我們稍微詳細介紹一下您如何看待這些新型 Morpheus8 選項及其雙極設計，或者如何幫助其與競爭對手區分開來？

Okay. First, I want to say something about comparison of Morpheus, which is the fractional RF, the only fractional RF technology on the market because it's well protected than all the other microneedling. The fractional RF, which we call Morpheus as a brand name is basically a bipolar RF device, which basically deliver the energy from deep to the epidermis. And by doing that, create all level of the skin. Unlike all the others, microneedling, we are delivering the energy only on the tip of the pin. So the total -- that's what makes the results much better.

好的。首先，我想說一下與 Morpheus 的比較，Morpheus 是點陣射頻技術，也是市場上唯一的點陣射頻技術，因為它比所有其他微針技術都受到更好的保護。點陣射頻，我們將該品牌稱為 Morpheus，基本上是一種雙極射頻設備，可將能量從深層傳送到表皮。透過這樣做，創造各個層次的皮膚。與其他微針療法不同，我們僅在針尖上傳遞能量。所以總的來說——這就是讓結果變得更好的原因。

Now regarding the 3D, the 3D is basically something that we have developed for body treatment. In body treatment, we use 40 pin tips, which make it larger spot size for treatment. And just because the return electrode, the second electrode of the bipolar is on the skin, we wanted to make sure that the distribution of energy in all 4 pins will be equal to eliminate any kind of any kind of uneven distribution between the pins and therefore, we develop it. It's a minor change, but it give the doctor some advantage and time consuming and time -- and saving time in the treatment. But overall, it's the same Morpheus technology.

現在談到 3D，3D 基本上是我們為身體治療而開發的技術。在身體治療中，我們使用 40 針尖，這使得治療的光點尺寸更大。而且由於返回電極，即雙極的第二個電極位於皮膚上，我們希望確保所有 4 個引腳上的能量分佈均等，以消除引腳之間任何類型的不均勻分佈，因此，我們開發了它。這是一個小小的改變，但它為醫生帶來了一些優勢，減少了治療時間，也節省了治療時間。但總體來說，它是相同的 Morpheus 技術。

Okay. And then if I can just sneak one last one. And I think every quarter, you kind of have given an absolute number of consumables sold. I think last quarter was like 230,000 and 180,000 the 2 quarters prior to that. I was just wondering if you could update that for the first quarter.

好的。然後如果我可以偷偷地做最後一個。我認為每個季度你都會給出銷售的消耗品的絕對數量。我認為上一季的數字是 230,000，而之前兩個季度的數字是 180,000。我只是想知道您是否可以更新第一季的內容。

We did 237,000 pieces.

我們做了 237,000 件。

Our next question comes from Mike Matson with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Mike Matson。

Just starting with Empower, wondering if you could give us an update on where you're at kind of launching that product outside the U.S., which markets has been launched in? And then I guess a similar question for Envision. And when you do launch that product, I guess, it will be first in the U.S.? And I mean, is that going to follow kind of a similar pattern as Empower outside the U.S.?

剛從 Empower 開始，想知道您是否可以向我們介紹一下您在美國以外推出產品的情況，已經在哪些市場推出了？然後我猜 Envision 也會有類似的問題。當您推出該產品時，我猜它將首先在美國推出？我的意思是，這是否會遵循與美國以外地區的 Empower 類似的模式？

Okay. The Empower right now is approved only in certain countries. It's approved in Mexico, and we are now working in Argentina, not yet in Brazil, which is a big market and not in other countries in Latin America. We have to deal with these platforms and individual regulatory body. In Europe, it's already approved in several countries. But due to the fact that in Europe, the regulation system is changing from what they call MDD to MDR, and I will not try to explain the difference because it's complicated. We have to go again and do some re-approval in certain countries, and we are doing it right now.

好的。目前，Empower 僅在某些國家獲得批准。該藥物已在墨西哥獲得批准，目前我們正在阿根廷開展業務，但尚未在巴西開展業務，巴西是一個很大的市場，在拉丁美洲的其他國家還沒有。我們必須處理這些平台和單獨的監管機構。在歐洲，它已在多個國家獲得批准。但由於歐洲的監管體係正在從所謂的 MDD 轉變為 MDR，而且我不會嘗試解釋其中的區別，因為它很複雜。我們必須再次前往某些國家重新進行批准，我們現在正在這樣做。

But in most countries, in Europe, we're in the process of introducing it. This quarter, it will be introduced by some luminary doctors that would bring from the U.S. in 3 main countries: Spain, U.K. -- and Spain, U.K. and France. Following that, we will introduce that in Italy. In Italy, it's a special regulation. We don't have the clearance yet. In Asia, we cleared the system only in one country, which is Australia. Also in India, we're starting now. China, Korea and Japan, the system is not clear yet from a regulatory, but it's in the process, it takes time. So that's the situation outside the U.S.

但在歐洲大多數國家，我們正處於引進這項技術的過程中。本季度，它將由來自美國的幾位著名醫生在三個主要國家介紹：西班牙、英國——以及西班牙、英國和法國。後續我們會在義大利介紹。在義大利，這是一項特殊規定。我們尚未獲得許可。在亞洲，我們僅在一個國家通過了該系統，那就是澳大利亞。我們現在也在印度開始行動。中國、韓國和日本的監管體系尚未明確，但正在推進中，需要時間。這就是美國以外的情況。

In Canada, it's already cleared, in the U.S., as you know, we're selling there. As far as Envision outside the U.S., as you know, we did a soft launch in Canada before we're starting in the U.S. In the other part of the world, we have not started yet.

在加拿大，它已經獲准上市；在美國，正如你所知，我們也在那裡銷售。就 Envision 在美國以外的業務而言，如你所知，我們在美國市場啟動之前，已經在加拿大進行了試運行。

Okay. Got it. And then just within the minimally invasive category, I mean, I know you don't break out kind of detailed sales by the product lines, but you have BodyTite, FaceTite, Morpheus8, probably some other things in there. Is -- are they kind of all contributing equally to the growth? Or Morpheus8 does seem to be generating quite a bit of buzz social media and other places. I mean is that -- is Morpheus8 the primary driver there? Or is it just everything?

好的。知道了。然後僅在微創類別中，我的意思是，我知道您沒有根據產品線列出詳細的銷售數據，但您有 BodyTite、FaceTite、Morpheus8，可能還有一些其他產品。他們對成長的貢獻是否都是一樣的？或者Morpheus8似乎確實在社群媒體和其他地方引起了不小的轟動。我的意思是——Morpheus8 是那裡的主要驅動程式嗎？或者這就是一切？

Well, Morpheus8 is the star, but it's not the only one. We continue to sell the Optimas with all the other handpieces. We have good results in Asia with the BodyFX, MiniFX. We're doing very well with the minimal invasive BodyTite, FaceTite in Europe. Yes, Morpheus is not a platform. Morpheus is a technology, which basically is the handpiece that can go in different type of platforms. And we try to incorporate Morpheus in the platforms that we are developing in order to make everything more attractive. In addition, we're developing combination treatment of Morpheus and Forma, BodyFX and Forma, MiniFX and plus. So we continue to develop in a growing market with the existing portfolio by combining and by synergizing between the technologies and the handpieces.

嗯，Morpheus8 是明星，但不是唯一的明星。我們將繼續銷售 Optimas 及其它所有手機。我們的BodyFX、MiniFX 在亞洲取得了良好的表現。我們在歐洲的微創BodyTite和FaceTite領域取得了很好的成績。是的，Morpheus 不是一個平台。 Morpheus 是一項技術，它基本上是一種可以進入不同類型平台的手持裝置。我們嘗試將 Morpheus 融入我們正在開發的平台中，以使一切變得更具吸引力。此外，我們正在開發 Morpheus 與 Forma、BodyFX 與 Forma、MiniFX 等的組合療法。因此，我們透過結合和協同技術和手機之間的協同作用，繼續利用現有的產品組合在不斷增長的市場中發展。

Mike, this is Spero. Just to give you a little color. Primarily, we're an aesthetics company, right? And we have -- by increasing our TAM, this is really important. That's why we went into the OB/GYN, gynecology business, we're going ophthalmology business. And what we looked at is our narrative is, look, we're going to teach these doctors how to do aesthetics. When we looked at Empower, we go in with something they already know, right? They have these patients in their office. They have stress urinary incontinence.

麥克，這是斯佩羅。只是為了給你一點顏色。首先，我們是一家美學公司，對嗎？而且我們已經增加了 TAM，這非常重要。這就是我們進入婦產科、婦科行業的原因，我們要進軍眼科產業。我們的敘述是，看，我們將教導這些醫生如何進行美容。當我們研究 Empower 時，我們會採用他們已經知道的東西，對嗎？他們的辦公室裡有這些病人。他們患有壓力性尿失禁。

This is a captive audience, which they're not used to start charging for. And then we come in with all the other technologies to teach them aesthetics. So that was our theory. We looked at our Morpheus tips across the board, United States and North America, and we saw that the top accounts for every intravaginal Morpheus tips sold or used, there is 6 Morpheus tips used for aesthetics reasons on that Empower platform. So that just justifies and sort of proves our narrative that, yes, we go in with something that they're comfortable with, they have that existing patient population and sort of the Morpheus could show that.

這是一個被俘虜的觀眾群，他們還不習慣向他們收費。然後我們採用其他技術來教他們美學。這就是我們的理論。我們對美國和北美的 Morpheus 尖端進行了全面調查，我們發現，在 Empower 平台上，出於美觀原因使用的每個陰道內 Morpheus 尖端中，頂部佔了 6 個。所以這證明並證實了我們的說法，是的，我們採取了一些讓他們感到舒服的方法，他們有現有的患者群體，而 Morpheus 可以證明這一點。

Then we looked across the board and we saw, okay, how about all the accounts, and we saw for every intravaginal Morpheus tip. We have 2.5 Morpheus tips cosmetic ones being used the rest of the body. So let's not forget that we are an aesthetics company and Morpheus is a technology like Moshe said, but the fact that the consumables are rising showed this adoption. And we're -- and our narrative is actually playing through, and we plan on doing the same with Envision. That makes sense? Maybe a little color, Mike?

然後我們全面查看了一下，我們看到了所有的帳戶怎麼樣，我們看到了 Morpheus 每一個陰道內提示。我們有 2.5 個 Morpheus 美容技巧可用於身體的其他部位。因此，我們不要忘記，我們是一家美學公司，而 Morpheus 就像 Moshe 所說的那樣，是一項技術，但消耗品價格上漲的事實表明了這種採用。而我們—我們的敘事實際上正在上演，我們計劃對 Envision 做同樣的事情。這樣有道理嗎？也許有點顏色，麥克？

Yes, it does. And I guess it's a good point. I mean because it's - your (inaudible) platforms are for multiple capabilities. So it's a little hard to separate them, I guess, in terms of what's actually driving the growth at least on -- in terms of platform sales.

是的。我認為這是一個很好的觀點。我的意思是因為它 - 你的（聽不清楚）平台具有多種功能。因此，我認為，就實際推動成長的因素而言，至少就平台銷售而言，很難將它們區分開來。

Our next question comes from Kyle Rose with Canaccord.

我們的下一個問題來自 Canaccord 的 Kyle Rose。

I wanted to ask just a little bit about the commentary around the weight loss drugs and patients there. I guess just -- I know it's all going to roll up into minimally invasive, but should we expect to see more utilization of Morpheus and BodyTite? Or do you expect that, that might drive more of the hands for you given you have some new products that are coming there.

我想問那裡有關減肥藥和病人的評論。我想只是——我知道這一切都將歸結為微創，但我們是否應該期待看到更多 Morpheus 和 BodyTite 的利用？或者您是否預期，鑑於您即將推出一些新產品，這可能會為您帶來更多幫助。

Kyle, I think it's actually going to be a mix of both, frankly. As Spero mentioned earlier, the holy grail of plastic surgery is being able to tighten skin. Our goal and our job here is to be able to provide the appropriate tools for each physician or surgeon in order to actually help treat those things that they're looking to treat. So if they have some laxity grade, when Spero said, there's still going to be some patients that have this -- have massive weight loss, and they're going to need an excisional procedure. We're not trying to take away from that as well. But if there's some ways that we can get in, whether it's BodyTite, FaceTite or with our hands-free technology or even with Morpheus8, again, it's our job to basically provide the appropriate tools for each one of the appropriate surgeon or provider so that they can actually pick and choose what they need to use to optimize patient outcomes. Does that make sense, Kyle?

凱爾，坦白說，我認為實際上兩者兼而有之。正如斯佩羅之前提到的，整形手術的目標是收緊皮膚。我們的目標和工作是能夠為每位內科醫生或外科醫生提供適當的工具，以便真正幫助他們治療他們想要治療的疾病。因此，如果他們有某種鬆弛程度，正如斯佩羅所說，仍然會有一些患者出現這種情況——體重大幅下降，他們需要進行切除手術。我們也不是想消除這一點。但如果我們可以透過一些方式介入的話，無論是 BodyTite、FaceTite 還是我們的免持技術，甚至是 Morpheus8，我們的工作基本上就是為每位合適的外科醫生或提供者提供合適的工具，以便他們能夠真正挑選他們需要使用的工具來優化患者的治療結果。這樣有道理嗎，凱爾？

Yes, it does. It's helpful. And then on -- I think you've had some commentary, as you go in some of the, I guess, wellness or noncore markets, we'll call them. You talked about potentially building out some additional sales and commercial teams there. One, I guess, what is the status on those initiatives? And then 2, how should we think about those investments taking place over the course of the year and relative to your operating expense guidance.

是的。這很有幫助。然後——我想你已經有一些評論，就像你進入一些我們稱之為健康或非核心市場一樣。您談到了可能在那裡建立一些額外的銷售和商業團隊。第一，這些措施的進展如何？然後 2，我們應該如何看待這些投資在一年內進行以及相對於您的營運費用指導。

Sure. So in terms of -- from a distribution standpoint, we're actually already in the process of hiring, as I mentioned. So we've made several recent hires, some competitors, some from outside that we'll bring them and train the InMode way. And we're obviously looking for that to materialize over the next few quarters. Again, as you know, Kyle, you've been following us for quite a while. We like to do things slow and steady to start. We don't like rushing right out the gate. So we want to do it right. We want to do it in a way where it makes sense for the reps and makes sense for the company. And at the end of the day, it's going to contribute to the bottom line and top line. So from that standpoint, we look at it that way. I don't see anything major in terms of anything extraordinary from what we already do in terms of expanding distribution that's going to lead to any major costs.

當然。因此就分銷的角度來看，正如我所提到的，我們實際上已經在招募過程中了。因此，我們最近招募了幾名員工，有些是競爭對手，有些是從外部招募的，我們會把他們帶進來並以 InMode 的方式進行培訓。我們顯然希望這一目標能夠在接下來的幾個季度內實現。再說一次，凱爾，如你所知，你已經關注我們很久了。我們喜歡一開始就慢慢地、穩定地做事。我們不喜歡急忙地走出門。因此我們希望做好這件事。我們希望以一種對銷售代表和公司都有意義的方式來做到這一點。最終，它將對利潤和營收產生貢獻。因此從這個角度來說，我們是這樣看待這件事的。從我們在擴大分銷方面已經採取的措施來看，我不認為會有什麼特別大的舉措會導致任何重大成本。

Okay. And then the last question I'll ask is just on the, we'll call it, the core business and the core commercial team. You've got a competitor out there that a little bit of drama going on. Is there any opportunity to peel off commercial or R&D talent there? And just maybe kind of walk us through your thoughts on being a share taker via some of the commercial talent in the market.

好的。我要問的最後一個問題是關於核心業務和核心商業團隊。你有一個競爭對手，那裡發生了一些小戲劇性的事情。那裡是否有機會挖掘商業或研發人才？也許您可以向我們介紹一下您對透過市場上的一些商業人才獲得市場份額的想法。

Sure. I guess we'll leave them as a secret. (inaudible). As we know when there's chaos, there's opportunity, right? So we're -- again, we're very selective and picky with the people that we bring on. But again, we also want to bring on people that are going to be able to do business the way that we're used to doing business. So we're absolutely on the hunt right now. There's no question about it, and we will be. But again, we're only going to -- that might just expose maybe 5% to 10% because we're only going to take the best of the best and bring them over and help them kind of develop and learn again to do things the InMode way.

當然。我想我們會將其保留為秘密。 （聽不清楚）。我們知道，混亂之中就蘊藏著機遇，對嗎？因此，我們 — — 再說一次，我們對所聘用的人才非常挑剔。但同樣，我們也希望引進能夠以我們習慣的方式開展業務的人才。因此我們現在正全力搜尋。毫無疑問，我們會這麼做。但同樣，我們只會——這可能只會接觸 5% 到 10%，因為我們只會選擇最優秀的人才，並將他們帶過來，幫助他們發展並再次學習以 InMode 的方式做事。

So from that standpoint, of course, Kyle, you could probably imagine we were on it within probably about 30 to 60 minutes. But again, it's not -- I wouldn't say it's something extremely -- it's not something super major. If people are looking to leave or looking for a better opportunity, we're obviously going to bring on the right people and be able to provide them with a good likelihood and so on and so forth. But again, we just want them to be able to follow the InMode way and do business the right way.

所以從這個角度來看，凱爾，你當然可以想像我們大概在 30 到 60 分鐘內就到達那裡了。但再說一遍，我不會說這是一件極為重要的事——不是一件超級重要的事。如果人們想離開或尋找更好的機會，我們顯然會引進合適的人才，並為他們提供良好的機會等等。但同樣，我們只是希望他們能夠遵循 InMode 的方式並以正確的方式開展業務。

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

我們的問答環節到此結束。我想將會議交還給 Moshe Mizrahy 並請他作最後發言。

Thank you, operator. I want to thank everybody for joining us today. I will be happy, and I'm sure that everybody will join us next time. Thank you for your time, and thank you for all the questions that you ask us. See you next quarter. Thanks all.

謝謝您，接線生。我感謝大家今天的出席。我會很高興，而且我相信下次大家都會加入我們。感謝您的時間，也感謝您向我們提出的所有問題。下個季度見。謝謝大家。

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。您現在可以斷開連線。