Inmode Ltd (INMD) 2023 Q3 法說會逐字稿

Good day, and welcome to the InMode's Third Quarter 2023 Earnings Results Conference Call. (Operator Instructions) Please note, today's event is being recorded.

大家好，歡迎參加 InMode 2023 年第三季收益結果電話會議。 （操作員指示）請注意，今天的活動正在被記錄。

I'd now like to turn the conference over to Miri Segal of MS-IR.

現在我想將會議交給 MS-IR 的 Miri Segal。

Thank you, operator and everyone, for joining us today. Welcome to InMode's Third 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 visit the Investor Relations section of the company's website. 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.

感謝接線生和大家今天的參與。歡迎參加 InMode 2023 第三季財報電話會議。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與本次電話會議有關。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。業務、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陳述的準確性，並且除法律要求外，不承擔更新這些陳述的義務。

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 thanks 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 the prepared remarks, we will all be available to answer your questions. The third quarter was the first time that we saw a slowdown and experienced normal seasonality that is common in the medical device industry in general and specifically in the aesthetic space. We ended Q3 with revenue of $123.1 million, a slight increase of 2% compared to the third quarter of 2022. Until the third quarter, InMode has been in an accelerated growth rate as we establish our presence in the U.S. and globally. Furthermore, the last 3 years of the COVID pandemic led to abnormal environment in the aesthetic space, resulting in pent-up demand and different aesthetic treatment patterns.

謝謝你，Miri，也謝謝大家的加入我們。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。在發表準備好的發言後，我們將隨時回答您的問題。第三季我們首次看到經濟放緩並經歷了正常的季節性，這在整個醫療器材行業，尤其是在美容領域很常見。我們第三季的營收為 1.231 億美元，較 2022 年第三季小幅成長 2%。此外，過去3年的新冠疫情導緻美容領域環境出現異常，導致需求被壓抑，美容治療模式也各有不同。

Pre-pandemic, summertime hasn't been a popular time for aesthetic treatment due to travel and the requirement to avoid Sun post treatment. This summer, patients and physicians in the U.S. and in Europe return to normal seasonality cycle, and this trend was reflected in our Q3 financial results. In addition, record interest rate impacted the financing environment of new leasing agreement in our industry. Salespeople often say, time kill deals. And as the credit clearance process takes longer, less platforms were sold in the United States.

在疫情之前，由於出行原因以及治療後需要避開日曬，夏季並不是進行美容治療的熱門時間。今年夏天，美國和歐洲的患者和醫生恢復了正常的季節性週期，這一趨勢反映在我們的第三季財務表現中。此外，創造的利率影響了我們行業新租賃協議的融資環境。銷售人員常說，時間會毀掉交易。而且由於信用清算過程耗時較長，在美國銷售的平台數量也減少了。

However, despite these macro challenges, we were pleased to see that demand for InMode's treatment has not been slowed down and remain high. Patent and gold standard technology and innovation are InMode's key differentiator. We constantly improve and upgrade our technology. We remain committed to developing new minimally invasive technology and platforms as well as upgrading our existing platforms. In addition, we will aggressively enhance and protect our IP and patent. This will ensure our long-term position as leader in the industry and will enable us to benefit and become stronger following the current challenges in the market.

然而，儘管存在這些宏觀挑戰，我們很高興地看到對 InMode 治療的需求並未放緩並且仍然保持高位。專利和黃金標準技術與創新是 InMode 的主要差異化因素。我們不斷改進和升級我們的技術。我們將繼續致力於開發新的微創技術和平台以及升級我們現有的平台。此外，我們將積極加強和保護我們的智慧財產權和專利。這將確保我們在行業中的長期領先地位，並使我們能夠在當前市場挑戰中獲益並變得更加強大。

Before I turn the call over to Shakil, I would like to reiterate our message regarding the conflict in Israel. As we said in our press release, our employees are safe and together with their management team in Israel and in the United States. We are all as committed as we have always been to the success of this company. InMode is committed to supporting all customers, distributors, employees and salespeople worldwide. We prioritize the safety and the well-being of our employees and will continue to do so as we execute our strategy. We don't anticipate any interruption to production, our inventory levels globally and in Israel are sufficient and include component and subassembly for the next 3 quarters. As a result, we expect all platforms and consumable will be delivered on time and will meet the highest standards. In addition, InMode take all required measures to ensure continuous customer support and exceptional service. We are all as committed as we have ever been to the company's success.

在我將電話轉給沙基爾之前，我想重申我們關於以色列衝突的訊息。正如我們在新聞稿中所說，我們的員工很安全，並且與以色列和美國的管理團隊在一起。我們一如既往地致力於公司的成功。 InMode 致力於為全球所有客戶、經銷商、員工和銷售人員提供支援。我們將員工的安全和福祉放在首位，在執行我們的策略時我們將繼續這樣做。我們預計生產不會中斷，我們在全球和以色列的庫存水準充足，包括未來三個季度的零件和子組件。因此，我們預計所有平台和消耗品都將按時交付並滿足最高標準。此外，InMode 採取一切必要措施確保持續的客戶支援和卓越的服務。我們都一如既往地致力於公司的成功。

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北美總裁沙基爾 (Shakil)。沙基爾？

Thanks, Moshe, and everyone, for joining us. InMode's third quarter was challenging for North America. Despite the headwinds of lower platform sales in North America in the third quarter, we are encouraged by the strength in consumable sales and view this year-over-year increase as an indication of continued demand for in modes treatments. Revenue from consumables and service accounted for 15% of total Q3 revenues and grew 28% year-over-year.

感謝 Moshe 和大家加入我們。 InMode 第三季對北美而言充滿挑戰。儘管第三季北美平台銷售下降帶來不利因素，但我們對消耗品銷售的強勁成長感到鼓舞，並將這一同比增長視為對模式治療需求持續增長的標誌。耗材及服務收入佔第三季總營收的 15%，較去年同期成長 28%。

We are pleased with the successful launch of Envision, our nonsurgical ophthalmic platform in Q3. It is progressing well in North America and is gaining traction among leading optometrists and ophthalmologists. Additionally, at the very end of Q3, we successfully launched DEFINE, the new and improved version of our hands-free technology for the face. We expect early revenues to be in Q4. As always, I'd like to thank our entire North American team and all employees everywhere for their continued hard work during these challenging times.

我們很高興看到我們的非手術眼科平台 Envision 在第三季成功推出。它在北美發展良好，並且越來越受到領先驗光師和眼科醫生的青睞。此外，在第三季末，我們成功推出了 DEFINE，這是我們臉部免持技術的全新改進版本。我們預計早期收入將在第四季度實現。像往常一樣，我要感謝我們整個北美團隊以及各地的所有員工在這段充滿挑戰的時期的持續努力。

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

現在我將把電話轉給亞爾，讓他更詳細地審查財務結果。亞伊爾？

Thanks, Shakil, and hello, everyone. Thanks again for joining us. InMode generated revenue of $123.1 million in the third quarter of 2023, representing a 2% year-over-year increase with a gross margin of 84% on a GAAP basis within the company model of 83% to 85%. Third quarter sales outside of the U.S. accounted for $44.9 million or 36% of sales compared to $39.8 million or 33% in Q3 of last year. We continue to see growth coming from different regions around the world. And in Q3, sales from Asia hit a new record.

謝謝，Shakil，大家好。再次感謝您的加入。 InMode 在 2023 年第三季實現了 1.231 億美元的收入，年增 2%，以 GAAP 計算的毛利率為 84%，公司模式為 83% 至 85%。第三季美國以外地區的銷售額為 4,490 萬美元，佔銷售額的 36%，而去年同期為 3,980 萬美元，佔 33%。我們繼續看到來自世界不同地區的成長。第三季度，亞洲銷售額創下新高。

To support our operations and growth, InMode now operates in a total of 93 countries with a sales team of more than 267 direct reps and 82 distributors worldwide. Capital equipment in the third quarter represented 85% of total revenue, while Consumer base and service revenues accounted for the remaining 15%. Sales and marketing expenses increased to $50.8 million in the third quarter compared to $43.1 million in the same period last year. This increase is attributed to the addition of new sales of preservatives as well as investment in direct-to-consumer advertising campaigns and hosting in-person events.

為了支援我們的營運和成長，InMode 目前在全球共有 93 個國家開展業務，銷售團隊由 267 多名直接代表和 82 個經銷商組成。第三季的資本設備收入佔總收入的 85%，而消費者基礎和服務收入佔剩餘的 15%。第三季銷售和行銷費用從去年同期的 4,310 萬美元增至 5,080 萬美元。這一增長歸因於防腐劑新銷售額的增加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。

Share-based compensation accounted for $6.6 million in the third quarter of 2023, a decrease compared to $7.9 million in the third quarter of 2022. GAAP operating expenses in the third quarter were $56.6 million, a 16% increase year-over-year. On a non-GAAP basis, operating expenses were $50.6 million in this quarter compared to a total of $41.4 million in the same quarter of 2022, representing a 22% increase. GAAP operating margin for the third quarter of 2023 was 38% compared to operating margin of 44% in the third quarter of 2022.

2023 年第三季的股權激勵費用為 660 萬美元，較 2022 年第三季的 790 萬美元下降。以非公認會計準則計算，本季營運費用為 5,060 萬美元，而 2022 年同期總計 4,140 萬美元，成長 22%。 2023 年第三季的 GAAP 營業利潤率為 38%，而 2022 年第三季的營業利潤率為 44%。

Non-GAAP operating margin for the third quarter of 2023 was 43% compared to 51% for the third quarter of 2022. GAAP diluted earnings per share for the third quarter were $0.54 compared to $0.58 per diluted share in Q3 of 2022. Non-GAAP diluted earnings per share for this quarter were $0.61 compared to $0.66 per diluted share in the third quarter of 2022. Once again, we ended the quarter with a strong balance sheet. As of September 30, 2023, the company had cash and categories, marketable securities and deposits of $675.8 million.

2023 年第三季的非 GAAP 營業利潤率為 43%，而 2022 年第三季為 51%。第三季 GAAP 稀釋每股收益為 0.54 美元，而 2022 年第三季稀釋每股收益為 0.58 美元。 。截至 2023 年 9 月 30 日，該公司擁有現金和類別、有價證券和存款 6.758 億美元。

Before I turn the call back to Moshe to take your questions, I'd like to reiterate our revised guidance for 2023. Revenue between $500 million and $510 million, non-GAAP gross margin between 83% and 85%. Non-GAAP income from operations between $220 million and $225 million. Non-GAAP earnings per diluted share of between $2.53 and $2.57.

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 年的修訂指引。非公認會計準則營業利潤在 2.2 億美元至 2.25 億美元之間。非公認會計準則每股攤薄收益在 2.53 美元至 2.57 美元之間。

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 now can get Q&A.

謝謝你，亞伊爾。謝謝你，沙基爾。接線員，我們現在可以進行問答。

(Operator Instructions) Today's first question comes from Matt Miksic with Barclays.

（操作員指示）今天的第一個問題來自巴克萊銀行的 Matt Miksic。

And for the color around the results, I'm wondering if we could start with some of the things that caused the shortfall to the third quarter relative to Street estimates, even though I think directionally, it was in line with your increased seasonality.

至於業績表現，我想知道我們是否可以從導致第三季業績低於華爾街預期的一些因素開始，儘管我認為從方向上看，這與季節性的成長是一致的。

And I'm speaking of the pressure around financing and leasing costs and how that affected Q3. On that topic, just wondering if you have any additional color to share as we progress into Q4 here? And any thoughts across the management team as to what InMode can do to potentially alleviate some of those delays or pressures that caused a little bit of a slowdown there in Q3? And then I have one follow-up.

我談論的是融資和租賃成本壓力以及這些壓力對第三季的影響。關於這個主題，我只是想知道在我們進入第四季度時您是否還有其他資訊可以分享？管理團隊對 InMode 可以採取什麼措施來緩解導致第三季業務放緩的一些延誤或壓力有何看法？然後我還有一個後續問題。

Okay. This is Moshe. I will try to answer, and I believe my colleagues will complement me. I believe we specified the 3 main reasons why we're a little bit short on what the market expects. First, I believe the seasonality, which is now normal in the medical aesthetic. As you probably know, in '21 and '22 were COVID year, and the COVID was in the beginning of the year. And therefore, Q3 was much stronger than expected and sometimes stronger than Q2.

好的。這是摩西。我會盡力回答，我相信我的同事也會對我的回答加以補充。我認為我們已經明確了為什麼我們的業績沒有達到市場預期的三個主要原因。首先，我相信季節性，這在醫學美容中現在是正常的。大家可能知道，21 年和 2022 年是新冠疫情年，而新冠疫情發生在年初。因此，第三季的表現比預期強勁得多，有時甚至比第二季的表現還要強勁。

But that's not normal in the medical aesthetic. I've been in the medical aesthetic for 25 years, all the way from ESC, Lumenis, Syneron and now InMode. And it's always the case that the third quarter because summertime, because people don't want to get treatment during the summer and exposed to the sun on their vacation, it's a slower quarter and the fourth quarter usually is the strongest one. So this is one of the reasons, and I mean, we cannot avoid it.

但這在醫學美容中並不常見。我從事醫學美容行業已經25年了，從ESC、Lumenis、Syneron到現在的InMode。而且情況總是這樣的，因為第三季度正值夏季，人們不想在夏季接受治療，也不想在度假時暴露在陽光下，所以第三季度是一個較為緩慢的季度，而第四季度通常是最強勁的季度。這是原因之一，我的意思是，我們無法避免它。

Second, as far as financing, what we said is that today, a leasing cost is 14% to 15% annually. That's the interest rate of leasing company charging customers. So I'm sure that you will not take a mortgage with 14% to 15% interest rate. Although this is a working machine to generate money, but the return on investment with this kind of interest rate will take longer. And of course, doctors are afraid what will happen. The economy is slowing down. Everybody can see that. It's not just in the medical aesthetic or in the medical field.

第二，關於融資，我們說的是今天租賃成本每年是14%到15%。這就是租賃公司向客戶收取的利率。所以我肯定你不會接受14%到15%利率的房貸。雖然這是一台能賺錢的工作機器，但這種利率下的投資報酬時間會比較長。當然，醫生也害怕會發生什麼事。經濟正在放緩。每個人都能看出這一點。這不僅存在於醫學美容或醫學領域。

And therefore, when the interest rates are still going up or at least did not start to go down and the leasing financing will cost 14% to 15%, I don't know for how long we believe that a doctor will think twice if they want to do it. Third reason is the fact that leasing company are tightening their procedure and their screening. They are afraid doctors will go bankrupt and they will not see the money.

因此，當利率仍在上升或至少沒有開始下降，且租賃融資成本將達到 14％至 15％時，我不知道我們多久才會相信醫生在做這件事時會三思而後行。第三個原因是租賃公司正在加強其程序和審查。他們擔心醫生會破產，而他們也拿不到這筆錢。

And therefore, before they issue a purchase order to us to actually take the order, they do a very long, I would say, a very long processing time. Sometimes it takes 2 to 3 weeks. And when you have 2 to 3 weeks, some of our competitors are coming, our doctors think twice. I already think maybe I need to wait a little bit. All this process is taking place now.

因此，在他們向我們發出採購訂單並真正接受訂單之前，他們會經過很長，可以說很長的處理時間。有時需要2至3週。當你有 2 到 3 週的時間時，我們的一些競爭對手就會到來，我們的醫生就會三思而後行。我已經想也許我需要等一會兒。所有這些過程正在發生。

How do we overcome it? I mean we have a lot of resources, especially we have a lot of money. And therefore, we're working with the leasing company to come up with some solution first, to optimize the processing. So it will not take 3 weeks. It might take a few days as it used to. We might do some other activity of in-house financing and other program to ease the financing to certain doctors. The main project is to work with the leasing company to find solution. We have some ideas. We already discussed it with them. We're in a process to implement that.

我們怎樣克服它？我的意思是我們有很多資源，特別是我們有很多錢。因此，我們正在與租賃公司合作，首先提出一些解決方案，以優化處理。因此不會花 3 週的時間。可能像以前一樣需要幾天。我們可能會進行一些其他內部融資活動和其他計劃，以減輕某些醫生的融資負擔。主要項目是與租賃公司合作尋找解決方案。我們有一些想法。我們已經和他們討論過了。我們目前正在實施這項目標。

Hopefully, in Q4, it will ease a little bit, not ease the rate. The rate will stay 14% to 15%, but at least ease the process and work better. That's the only thing that we can do. In addition to continued R&D, continue marketing, continued development, on the third quarter, this third quarter with the slowdown, we had 1,000 doctors use the meeting in Chicago in August, we have 400 doctors summit in Cyprus for 40 countries ROW.

希望在第四季度，它會有所緩解，而不是降低利率。稅率將維持在14%至15%之間，但至少可以簡化流程，提高工作效率。這是我們唯一能做的事。除了繼續研發、繼續行銷、繼續發展之外，在第三季度，隨著經濟放緩，我們有 1,000 名醫生參加了 8 月在芝加哥舉行的會議，我們在塞浦路斯為 40 個國家的 ROW 舉辦了 400 名醫生峰會。

We actually continue to invest in IP and continue to invest in marketing. We participated in 12 medical conferences around the world. So we're not basically we're doubling down, what doubling down on any marketing, any sales promotion, R&D. We hired 3 more people in R&D in order to expedite coming with the new product to the market. We are not sitting down and cutting costs. That's the last thing that we will do, although it's a challenging time, but the company DNA is different.

我們實際上會繼續投資 IP 並繼續投資行銷。我們參加了全球12場醫學會議。因此，我們基本上不會加倍投入，也不會加倍投入行銷、促銷和研發。我們在研發部門又僱用了 3 名員工，以便加快新產品的上市速度。我們不會坐下來削減成本。這是我們要做的最後一件事，雖然這是一個充滿挑戰的時期，但公司的 DNA 是不同的。

We will not fire people. We will not lay off people. We will keep everybody. On the contrary, we're hiring people this quarter, and we will continue to invest in marketing, in sales, in R&D, in regulation, in product development. We received 2 FDA approvals this quarter and which will enhance our position in the fourth quarter and next year. So overall, although we are taking the slowdown and the situation seriously, but we're not sitting down and wait to see what will happen in the market.

我們不會解僱員工。我們不會裁員。我們會留住每一個人。相反，我們本季正在招募人員，並將繼續在行銷、銷售、研發、監管和產品開發方面進行投資。本季度我們獲得了 2 項 FDA 批准，這將增強我們在第四季度和明年的地位。因此，總的來說，雖然我們對經濟放緩和情況非常重視，但我們不會坐等市場會發生什麼。

That's a little helpful color. Just one follow-up, if I could, on some of the events that have unfolded unfortunately, in the past months in Israel, and you issued some comments around the time that this conflict began about your ability to supply and your supply chains risk of disruption ability to deliver product and so on. If you could maybe walk us through any updates that you have on that. And how far in 2024, do you feel confident that you're positioned to deliver given the current status of course?

這是一種有點有用的顏色。如果可以的話，我只想就過去幾個月在以色列不幸發生的一些事件進行一次跟進，在這場衝突開始的時候，您發表了一些評論，涉及你們的供應能力、你們的供應鏈中斷風險、交付產品的能力等等。您能否向我們介紹一下有關此事的最新進展？那麼，考慮到目前的狀況，您是否有信心到 2024 年能夠實現這一目標？

Yes. Okay. Thank you for your question. Yes, it's a very difficult time in Israel, but we try to run the company business as usual. We have 2 production facilities both of them on the north part of Israel, which are not affected currently. They are not affected with the war that is mainly on the south part of Israel. All the team in Israel is safe. All were located in the northern part of Israel in a city called Yokneam, which is relatively not close to the war area. All the team in Israel is safe and their families, we are taking care of them.

是的。好的。感謝您的提問。是的，以色列現在正處於非常困難的時期，但我們盡力讓公司業務照常運作。我們在以色列北部有兩處生產設施，目前沒有受到影響。他們沒有受到主要發生在以色列南部的戰爭的影響。以色列的所有隊員都很安全。這些攻擊都發生在以色列北部一個名為約克尼穆的城市，距離戰區相對較遠。以色列的所有隊員和他們的家人都很安全，我們正在照顧他們。

We have accumulated inventory in the U.S. and in Israel and in some countries in Europe in order to take care of the supply for at least 2 quarters of finished goods and 3 quarters of component and subassembly. So we will cover everything. I'm optimistic, but I'm not a profit. I don't tell you that everything is 100%. Hopefully, the war will not extend to the northern part of Israel where we are located. And as far as that will not happen, and we will continue to have the situation as it is right now, everything will be okay. Also in the fourth quarter and the beginning of 2024.

我們在美國、以色列和歐洲一些國家累積了庫存，以確保至少 2 個季度的成品和 3 個季度的零件和子組件的供應。因此我們將涵蓋所有內容。我很樂觀，但我並不獲利。我不會告訴你一切都是100%。希望戰爭不會蔓延到我們所在的以色列北部。只要這種情況不會發生，我們就會繼續維持現在的情況，一切都會好起來的。同樣是在第四季和 2024 年初。

We have some employees on their Army Reserve duty, especially in the manufacturing side, but we took care of that by switching to work 2 shifts. We hired more people and that are not going to the reserve duty on the Army, and we're working to shift in order to keep the capacity the same as we plan. It's a 24 hours a day challenge. A 24 hours a day working. I mean, although it's not easy, but we're managing.

我們有一些員工正在履行陸軍預備役職責，特別是在製造業方面，但我們透過改為兩班倒來解決這個問題。我們僱用了更多人員，這些人不會去陸軍擔任預備役，我們正在努力進行調動，以保持產能與計劃一致。這是一項每天 24 小時不間斷的挑戰。每天24小時工作。我的意思是，儘管這並不容易，但我們正在努力。

And our next question today comes from Young Li with Jefferies.

今天的下一個問題來自 Jefferies 的 Young Li。

It’s Matt on for Young. I just wanted to ask a couple of questions about your forecast. Maybe you could talk to us about how you arrived at the 4Q forecast after seeing the seasonality and low growth in Q3? What are some of the key assumptions that you looked at in developing that? And as an extension, can you talk about your confidence in growing in 2024?

馬特 (Matt) 替換楊 (Young)。我只是想問幾個有關您的預測的問題。也許您可以和我們談談，在看到第三季的季節性和低成長之後，您是如何得出第四季度的預測的？在製定這項計劃時您考慮了哪些關鍵假設？另外，您能談談您對 2024 年成長的信心嗎？

When you set the focus, you meant the guidance that we gave for last time?

您所說的重點，是指我們上次給的指導嗎？

Well, for Q4 implied by the full year guidance.

嗯，這是全年指引所暗示的第四季業績。

Well, in order to meet the $500 million target, to be above the $500 million target as we stated, we need to do $140 million revenue in the fourth quarter. I can tell you that I have worked with all the territories, North America, Europe, Asia, Latin America. And currently, I believe we are going to meet this target of $140 million in the fourth quarter in order to be above the $500 million 2023 target that we gave.

嗯，為了達到 5 億美元的目標，為了超過我們所說的 5 億美元的目標，我們需要在第四季實現 1.4 億美元的營收。我可以告訴你，我與所有地區都有合作過，包括北美、歐洲、亞洲、拉丁美洲。目前，我相信我們將在第四季實現 1.4 億美元的目標，從而超過我們設定的 2023 年 5 億美元的目標。

As far as Israel, we have all the capacity to supply everybody in the territories with the $140 million of platforms, handpieces, disposable. It's all in inventory. So from that side, we are not going to have a problem. From a sales point of view, I can tell you that October is always the first quarter of the quarter, and therefore, it does not reflect what's going on. As you know, more than 50% of the quarter revenue are being generated in the last month, which is December.

就以色列而言，我們有能力向該地區所有地區提供價值 1.4 億美元的平台、手機和一次性用品。全部都有庫存。所以從這方面來說，我們不會遇到問題。從銷售角度來看，我可以告訴你，十月永遠是該季度的第一季度，因此，它並不能反映實際的情況。如您所知，本季 50% 以上的收入是在上個月（即 12 月）產生的。

But I'm very optimistic that we will do the $140 million. If it will not happen, we will notify everybody. Now regarding 2024, we do not have a target yet. We want to see what will happen on the market in Q4 as far as the slowdown and the slowdown in the economy and mainly on the medical aesthetic. Towards the end of the year, we will do some kind of analysis of all the territories. We are working on preparing a budget for 2024. And based on that, we will give a guidance.

但我非常樂觀地認為我們能夠完成 1.4 億美元。如果沒有發生這種情況，我們將通知所有人。現在關於 2024 年，我們還沒有目標。我們希望觀察第四季市場在經濟放緩以及醫療美容領域將會出現哪些變化。臨近年底，我們將對所有地區進行某種分析。我們正在編制 2024 年的預算。

Maybe just one follow-up. I ask a question in a different way on Q4. The implied growth rate per your guidance at the midpoint is about 7% or so. So why is that the right number? Why wouldn't it be 2% or 12%? How did you arrive at 7%? What are some of the key inputs that are informing that level of growth versus something lower or higher?

也許僅一個後續行動。我以不同的方式就 Q4 提出問題。依照您的指導，中間點隱含的成長率約為 7% 左右。那麼為什麼這是正確的數字？為什麼不是2%或12%？您是如何得出 7% 這個數字的？與更高或更低的成長水準相比，哪些關鍵輸入因素決定了這個成長水準？

Yair, do you want to answer that?

亞伊爾，你想回答這個問題嗎？

Sure. I think what we did is we looked at the different territories. We obviously see the slowdown impact more significantly in some of the territories than others. So some of them would not grow year-over-year. Some would and offset the ones that would not. Looking and taking all this into the mix, we like to this slight single-digit growth year-over-year. That's in terms of the revenue. In terms of profitability, we assume slightly decline in profitability, but not that much operating margin. In Q4, we expect it to be around 44%, which is a very healthy and respectable margin.

當然。我認為我們所做的就是考察不同的領域。我們顯然看到某些地區經濟放緩的影響比其他地區更為明顯。因此其中一些不會逐年增長。有些會，並抵消那些不會的。綜合考慮所有這些因素，我們很高興看到同比增長略有個位數。這是就收入而言。就獲利能力而言，我們預計獲利能力將略有下降，但營業利潤率不會下降那麼多。我們預計第四季度的利潤率將達到 44% 左右，這是一個非常健康且可觀的利潤率。

I just want to add something here as far as Yair talks about territories growth. Yes, Yair is right. For example, although it's relatively smaller than North America, but the market in Asia is not slowing down yet. Although we started seeing something on the fourth quarter, and therefore, we had to do some weighted average between the territories to come up with the guidance.

就 Yair 談到的領土成長而言，我只想在這裡補充一些內容。是的，Yair 是對的。例如，雖然與北美相比規模較小，但亞洲市場尚未放緩。儘管我們在第四季度開始看到一些進展，但我們必須在各個地區之間進行加權平均才能得出指引。

As regard to profitability, I'm sure you noticed that our gross margin is still very high, 84% even with the inflation and the cost of component, which is going higher and higher every quarter. Because of inflation, we still maintain 84% without raising the prices on the market, without raising the prices of our equipment on the market. We did not raise price in any territory yet. We might, but not yet. And therefore, keeping the 84% gross margin on the third quarter, even in a slowdown time was a challenge.

至於獲利能力，我相信你已經注意到，我們的毛利率仍然很高，即使考慮到通貨膨脹和零件成本，我們的毛利率仍然達到 84%，而且每個季度都在越來越高。因為通貨膨脹，我們仍然保持84%的不變，沒有提高市場上的價格，也沒有提高我們設備在市場上的價格。我們尚未在任何地區提高價格。也許可以，但是現在還不行。因此，即使在經濟不景氣時期，維持第三季 84% 的毛利率也是一個挑戰。

And I want to compliment all the operation team, the manufacturing, the engineering, the design, everybody that's working. I would say, parallel to their regular work on new product development, working on how to improve, how to improve the process, how to improve the supply chain, how to improve the manufacturing and the testing in order to keep this 84% gross margin. It's not easy. That's something that everybody needs to remember. Our marketing and sales cost this quarter was a little bit higher than usual because we have several onetime events. User meeting in the U.S. for 1,000 doctors.

我要讚揚整個營運團隊、製造團隊、工程團隊、設計團隊以及所有工作人員。我想說，他們在定期進行新產品開發工作的同時，也在研究如何改進，如何改進流程，如何改進供應鏈，如何改進製造和測試，以維持 84% 的毛利率。這並不容易。這是每個人都需要記住的事情。由於我們舉辦了幾場一次性活動，本季的行銷和銷售成本比平常略高。在美國舉辦 1000 位醫生的使用者會議。

Summit meeting in Cyprus. We bought a patent, which also costs that go to marketing. We also terminated one of our distributors in Germany in order to establish some subsidiary there. Our own fully owned subsidiary, and that cost us a little bit money. So we have some events in the third quarter that affect the marketing and sales expense by $3 million to $3.5 million, which are not general and not regular. And therefore, their operating earnings went a little bit down due to these expenses. But overall, even with the slowdown and even with all the challenging time that we're having in Israel and on the market, we managed to make a nice net profit and nice gross margin.

塞浦路斯峰會。我們購買了一項專利，這筆費用也用於了行銷。我們也終止了與德國一家經銷商的合作關係，以便在那裡建立子公司。我們擁有自己的全資子公司，這花了我們一點錢。因此，我們在第三季遇到了一些事件，影響了行銷和銷售費用 300 萬美元到 350 萬美元，這些事件不是一般性的，也不是正常的。因此，由於這些費用，他們的營業收入略有下降。但總體而言，即使經濟放緩，即使我們在以色列和市場上面臨許多挑戰，我們仍然實現了不錯的淨利潤和毛利率。

And our next question today comes from Danielle Antalffy with UBS.

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

This is Ryan Barocas on for Danielle today. So just on Q3, I just want to try to better understand the timing of some of these impacts within the quarter to reconcile with some of the intra-quarter commentary you guys made. So when did you really begin to see the impact of seasonality in interest rates? And how much of the slowdown in Q3 and in Q4, comes from the impact on the financing side versus any potential real demand softening for your systems?

今天，由 Ryan Barocas 為 Danielle 主持。因此，僅在第三季度，我只是想嘗試更好地了解這些影響在本季度發生的時間，以便與你們所做的一些季度內評論相協調。那麼您什麼時候真正開始看到季節性對利率的影響？第三季和第四季的放緩有多少來自於融資方面的影響，有多少來自於你們系統的潛在實際需求疲軟？

Well, I think it's very difficult to calculate how much from the slowdown came from the economy. How come from the slowdown came from the interest rate? How much from the slowdown came from the time take to approve leasing process? We never made this kind of calculation. For us, it's accumulate of all those reasons, or all those effects. I mean the fact that it's slowing down on the full economy, the fact that the doctor think twice if they want to buy equipment with 14% leasing package annual interest rate, the fact that it take longer to get the leasing and in the meantime, doctor think again if he wanted the system.

嗯，我認為很難計算出經濟放緩在多大程度上是由經濟造成的。經濟放緩和升息是怎麼回事？審批租賃流程所花的時間有多少造成了速度放緩？我們從來沒做過這樣的計算。對我們來說，這是所有這些原因或所有這些結果的累積。我的意思是，它正在減緩整個經濟的發展；事實上，如果醫生想購買租賃套餐年利率為 14% 的設備，他們會三思而後行；事實上，獲得租賃需要更長的時間；與此同時，醫生會再考慮是否需要這個系統。

In addition to that, I'm sure you know that more than 50% of the revenue are being generated in the last month of the quarter. That's always, that's not typical to slow down and not typical to anything. And especially that, if for example, in the last days of the quarter, you closed deal and you don't get finance, those deals stay on the table for the next quarter. And usually, they disappear. So you can put all those elements together in order to come up with what we have explained in the press release and now on the question. There is no quantitative calculation what will be the effect of each one of those factors. It's a combination of all.

除此之外，我相信您知道超過 50% 的收入是在本季度的最後一個月產生的。這總是如此，這不是典型的放慢速度，也不是任何事情的典型情況。特別是，例如，如果在季度的最後幾天，你完成了交易但沒有獲得融資，那麼這些交易將在下個季度繼續保留。通常情況下，它們都會消失。因此，您可以將所有這些要素放在一起，以得出我們在新聞稿中以及現在的問題中所解釋的內容。目前還無法定量計算每個因素會產生什麼樣的影響。這是所有因素的結合。

And then just on capital allocation, just love to get an update on your latest priorities there. So with cash now, just over 40% of your market cap. Is there any additional urgency on your end to put money to work here? And with the meaningful drop in your share price, would you more consider any share buyback or even a dividend program here?

然後只是關於資本配置，很高興了解您最新的優先事項。所以現在的現金，剛好占到你市值的 40% 多一點。您是否還有額外的緊迫感想要把錢投入到這裡？隨著股價大幅下跌，您是否會考慮回購股票甚至實施股利計畫？

Well, we thought about buyback. We thought about buyback for a long time. But I have to say 2 things. One, our previous experience with buyback. Actually, we did buyback for $100 million did not help. Did not help at all. And the stock did not react to that. It was not now. Second, I'm sure you know that one of our competitors, a company called HydraFacial, which market a product to the same market that we do mainly to spa and less to doctors, but they sell also to doctors. They have announced 6 weeks ago, that they are doing buyback of $100 million. Official buyback $100 million.

嗯，我們考慮過回購。我們考慮回購很久了。但我必須要說兩件事。第一，我們之前的回購經驗。實際上，我們確實回購了 1 億美元，但並沒有幫助。一點幫助都沒有。但該股並未對此作出反應。現在還不是。其次，我相信您知道我們的競爭對手之一，一家名為 HydraFacial 的公司，其產品與我們的產品面向相同的市場，主要面向水療中心，較少面向醫生，但他們也向醫生銷售產品。他們在六週前宣布將回購 1 億美元。官方回購1億美元。

We all expected to Dell stock to go up. The stock price when they announced it was $6.3. The stock price today is $4. So they lost 35% of their value in the last 6 weeks right after they announced the buyback. So it's made us to think twice if this is the best way to support the stock, to do a buyback. Usually, we believe that buyback is something that will have a few days and the market will forget that. And therefore, we are better off keeping the money and looking for M&A opportunity, business development opportunity, things that we can do with the money better than just spending on buying stock. That's what I can say.

我們都預期戴爾的股價會上漲。他們宣布這一消息時的股價為 6.3 美元。今天的股價是 4 美元。因此，在他們宣布回購後的六週內，價值損失了35%。因此，我們必須再三考慮，這是否是支持股票的最佳方式，即進行回購。通常，我們認為回購只需要幾天時間，市場就會忘記它。因此，我們最好把錢留著，尋找併購機會、業務發展機會，以及一些比只花錢買股票更好的事情。這就是我能說的。

We are exploring some opportunities for M&A. We have nothing to announce yet and nothing to show. We tried a few things, but the prices were too high for us. We try to find something that have the right profitability, although I'm not sure we will find something with 84% gross margin, but something similar, something that complements our technology, something that will be synergy to our business, but we don't want to do it in a rush. We don't want to do it in a rush. Maybe right now, in a slowdown situation, maybe there will be more opportunities, but that's something that we will explore.

我們正在探索一些併購機會。我們目前還沒有任何消息可以宣布，也沒有任何消息可以展示。我們嘗試了一些東西，但是價格對我們來說太高了。我們試圖尋找具有適當盈利能力的產品，儘管我不確定我們是否能找到毛利率達到 84% 的產品，但我們會找到類似產品、可以補充我們技術的產品、可以與我們的業務產生協同效應的產品，但我們不想倉促行事。我們不想匆忙行事。也許現在，在經濟放緩的情況下，也許會有更多的機會，但這是我們將要探索的事情。

And our next question today comes from Dane Reinhardt with Baird.

今天的下一個問題來自貝爾德 (Baird) 的丹尼·萊因哈特 (Dane Reinhardt)。

Maybe just a question for Shak here on the end consumer. And if you can give any color on what you're hearing from your surgeons, doctors out in the field. I mean I know you talked to the consumables growth still growing at a healthy greater than 25% or whatever, but that is down from a bit over 40% for the past few quarters. So just want to see if there's any incremental color that you can give there. And if you're seeing some patients, maybe defer, push out these procedures given the macro pressures right now?

也許這只是 Shak 針對最終消費者提出的問題。如果您能就從外科醫生和實地醫生那裡聽到的情況提供一些說明的話。我的意思是，我知道您談到了消耗品的增長仍然以超過 25％ 或類似的健康速度增長，但這一數字較過去幾個季度的 40％ 有所下降。所以只是想看看您是否可以提供任何增量顏色。如果您正在探望一些病人，考慮到目前的宏觀壓力，也許會推遲或推遲這些手術？

Yes, Dane, good question. I think it's a combination of both. So number one, what you just mentioned there. There's definitely some macroeconomic impact here. There's no question people are getting a little tighter with their wallets. But at the same time, I do think that from what Moshe has been saying, seasonality for Q3 there's a lot of patients going back to traditional seasonality within our industry, patients around vacation. They don't want to be in the sun, so on and so forth. So we did see a little bit of a slowdown. Obviously, we're still encouraged by the demand for it. It hasn't dropped off significantly, I would say. But I do think it's a combination of both the macroeconomic environment and the seasonality of the business.

是的，丹恩，這個問題問得好。我認為兩者兼而有之。首先，就是您剛才提到的。這肯定會產生一些宏觀經濟影響。毫無疑問，人們的錢包越來越緊了。但同時，我確實認為，從 Moshe 所說的情況來看，第三季度的季節性有很多患者回到了我們行業的傳統季節性，即假期前後的患者。他們不想曬太陽，等等。因此我們確實看到了一點點放緩。顯然，我們仍然對它的需求感到鼓舞。我想說，它並沒有大幅下降。但我確實認為這是宏觀經濟環境和業務季節性的結合。

Okay. And then second question, probably for Yair here, maybe taking a different crack at the 2024 question. But I know previously, you guys have always talked about maybe doing $50 million incremental every year. And obviously, in the past few years, you've surpassed that potentially just with the COVID pent-up demand and tailwind effects there. But is that $50 million maybe something that's still in question as you're going into budget, or is that maybe a safe way to start? And then on the margin front, I mean, I know you guys have put in quite a few sales reps and other investments this year. So is this probably a better starting point to think off of and we can work from here? Or might there still be pressures just potentially from growing consumables and more in-person events still?

好的。然後第二個問題可能是針對 Yair 的，也許可以換個方式來回答 2024 年的問題。但我知道，之前你們一直在談論每年可能增加 5000 萬美元。顯然，在過去幾年中，僅憑 COVID 的壓抑需求和順風效應，你可能已經超越了這個水平。但是，在編制預算時，5,000 萬美元是否仍是一個問題，或者這是否是一個安全的開始方式？然後在利潤方面，我的意思是，我知道你們今年投入了不少銷售代表和其他投資。那麼，這可能是一個更好的思考起點，我們可以從這裡開始工作嗎？或者，是否仍然可能存在來自消費品成長和更多面對面活動的壓力？

I would really prefer to wait to see how Q4 looks like before we provide any additional color on 2024. As you know, in Q3, there were 2 impacts going on for us, the slowdown and the seasonality. Seasonality is going to be off the table in Q4, and then we'll get a better feeling of what we see in terms of the headwinds that are directly related to the economy and only then we'll be in a better situation to discuss the 2024 guidance.

在我們對 2024 年提供任何額外資訊之前，我真的更願意等著看第四季度的情況。季節性因素將在第四季度消失，然後我們將更好地了解與經濟直接相關的不利因素，只有這樣，我們才能更好地討論 2024 年的指引。

And 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 given all the concerns out there about the GLP-1 weight loss drugs, I'm not going to ask about what impact you're seeing or expecting, but a question that I've gotten quite a bit from investors just trying to better understand InMode's exposure there. Is there a mix of body shaping procedures versus more skin tightening type procedures in your business? And I don't know if you even have visibility into that. But even if you could give us just some general sense of roughly the mix of those 2 types of procedures, at least I guess, within the minimally invasive part of your business. If it's like a rough percentage or something like that.

考慮到人們對 GLP-1 減肥藥物的擔憂，我不會問您看到或預期了什麼影響，但我從許多投資者那裡得到了一個問題，他們只是想更好地了解 InMode 在那裡的曝光率。你們的業務中是否有塑身手術和緊緻皮膚手術的混合？我不知道您是否清楚這一點。但即使您只能給我們提供一下關於這兩種類型的手術的大致組合的一般概念，至少我猜，是在您業務的微創部分。如果它是一個粗略的百分比或類似的東西。

Shakil, can you answer that for the U.S., and I will answer for the [IOW]?

沙基爾，你能代表美國回答這個問題嗎？

Thanks, Moshe. I think Spero should also jump in here. So yes, I think when it comes down to it, we've never been a weight loss company, right? So going to what you were saying about body shaping and skin tightening. I believe that if there are those patients that are going to be going through weight loss and experiencing that, we actually serve as a complementary adjunct to those things there. But Spero, do you want to talk about some of your practical experiences with this?

謝謝，Moshe。我認為斯佩羅也應該加入進來。所以是的，我認為從根本上來說，我們從來都不是一個減肥公司，對嗎？那麼回到您剛才所說的關於塑身和緊緻肌膚的問題。我相信，如果那些病人正經歷減肥過程並感受到這種感覺，我們實際上可以作為這些事情的補充輔助。但是斯佩羅，你想談談你的一些實際經驗嗎？

Yes. We get this question quite often. It's starting to taper down though. I think it's a little too early to make a decision on how the overall 30,000-foot view is going to look like in the future about this, but I can tell you one thing is for sure. Weight loss and lose skin is a problem. And these patients are definitely going to come to us. I'm not talking about the massive weight loss patients who have traditional plastic surgery done. That's definitely not going to change. I'm talking about the average weight loss of 10% that these drugs usually do or 15%, depending on which one they use.

是的。我們常常被問到這個問題。但它已經開始逐漸減弱了。我認為現在就判斷未來 30,000 英尺的整體視野將會是什麼樣子還為時過早，但我可以告訴你，有一件事是肯定的。減肥和掉皮是個問題。這些病人一定會來找我們。我說的不是那些透過傳統整形手術進行大量減肥的病人。這肯定不會改變。我說的是這些藥物通常可以平均減輕體重 10% 或 15%，這取決於使用哪一種藥物。

Those patients all are going to need some sort of skin-tightening procedure, and they're going to want it in a minimally invasive way in the office, not surgery, not in the hospital, and we're the best company to provide that. So we're positioned in a really good place to take advantage of that. And as a practicing plastic surgeon, I can tell you, my colleagues are starting to see more and more of it. So the trend is upwards. It's very positive. Morpheus as one is our leading commercial brand and what people are asking for and the demand shows it in the level of consumables and in the offices that we talk to.

這些病人都需要某種皮膚緊緻手術，他們希望以微創的方式在診所進行，而不是手術，也不在醫院，而我們是提供此項服務的最佳公司。因此，我們處於一個非常有利的位置來利用這一點。作為一名執業整形外科醫生，我可以告訴你，我的同事開始越來越常看到這種情況。因此趨勢是向上的。這是非常積極的。 Morpheus 是我們領先的商業品牌之一，人們的要求和需求在耗材水平和我們交談的辦公室中都有所體現。

Now as far as body countering is concerned, liposuction has never been a weight loss procedure. So patients that are over 35 or 36 BMI are not really good candidates for liposuction. We definitely want them lower. So these drugs actually get these patients to a lower BMI where then they become candidates. So 28 BMI, 30 BMI ideal candidates even less start coming in for liposuction. So it puts them in the category where we can actually treat them.

現在，就身體塑形而言，抽脂術從來都不是減肥手術。因此，BMI 超過 35 或 36 的患者並不太適合進行抽脂手術。我們絕對希望它們更低。所以這些藥物實際上可以降低這些患者的 BMI，從而讓他們成為候選藥物。因此，BMI 為 28、30 的理想候選人甚至更少願意接受抽脂手術。所以，我們確實可以將它們歸類在可以治療的類別中。

And the fact that we can actually do liposuction and tie their skin simultaneously with something like body tight, again, puts us in a really good place because that's differentiated technology that nobody else has. So overall, very optimistic. I know it sounds a little different than what people expect. Well, if I lose my way with the pill, I don't need plastic, sure, that's on the contrary.

事實上，我們可以同時進行抽脂手術和用緊身衣之類的東西綁住患者的皮膚，這又使我們處於一個非常有利的地位，因為這是其他人所沒有的差異化技術。整體來說，非常樂觀。我知道這聽起來與人們的預期有些不同。好吧，如果我迷失了吃藥的路，我就不需要塑膠了，當然，事實恰恰相反。

Once you start losing weight, you become more optimistic, you want to look better. It's a vanity procedure that we're offering, of course, and we're right there to take advantage of it. So the trends so far are positive and keep on getting better and better and better. So I can't tell you long term, but I can tell you, short term, we're seeing a positive impact in our surgeons across the country.

一旦開始減肥，你就會變得更加樂觀，你想讓自己看起來更漂亮。當然，這是我們提供的一項虛榮程序，我們就是要利用它。因此，到目前為止的趨勢是積極的，並且會越來越好。因此我無法告訴你長期結果，但我可以告訴你，短期內，我們看到了對全國各地外科醫生的正面影響。

And then I wanted to ask one on just the disclosure about this patent suit BTL. Can you maybe just talk about what products or technologies are involved there. The degree to which they have a presence in the U.S. with their competing product?

然後我想問一個關於這起專利訴訟 BTL 的披露問題。您能否談談其中涉及的產品或技術？他們的競爭產品在美國的佔有率有多高？

Are you're talking about the patent infringement lawsuit that we filed against them?

您說的是我們對他們提起的專利侵權訴訟嗎？

Yes.

是的。

Okay. As you know, we were on the women health market for quite some time. We started with the Votiva and then with Empower. We have our own portfolio of patent on the women's health. And recently, we bought the full portfolio patent of women health from VV. VV used to be a NASDAQ-based company that tried to develop monopolar RF device for treatment of SUY. Finally, they did a study and the study was not successful and the FDA rejected their submission. They went bankrupt and we bought for $0.5 million, $480 something, all of their patent portfolio.

好的。如您所知，我們進入女性保健市場已經很長時間了。我們開始使用 Votiva，然後使用 Empower。我們擁有自己的女性健康專利組合。最近，我們從VV購買了女性健康的全套產品專利。 VV 曾是一家總部位於納斯達克的公司，致力於開發用於治療 SUY 的單極射頻設備。最後，他們做了一項研究，但研究沒有成功，FDA 拒絕了他們的提交。他們破產了，我們以 50 萬美元（4.8 億美元左右）收購了他們的所有專利組合。

One of their patent, which is the 511 patent specified in the press release that we issued as the prior date, even better than the patent of InMode. And based on this patent, which is owned by us right now, we filed a lawsuit against them because what they do is exactly infringe this patent. It's a one polar device for vaginal tightening and inside and outside. They are competing with us, and there is no reason why we will not protect our technology and know-how. It's in the early stage of the litigation. We filed it not long ago. We're waiting for their answer to that, but we're going to take them to Court.

他們的其中一項專利，也就是我們先前發布的新聞稿裡提到的511號專利，甚至比InMode的專利還要好。而基於我們現在擁有的這項專利，我們對他們提起了訴訟，因為他們的行為恰恰侵犯了這項專利。這是一種用於陰道內外緊縮的單極裝置。他們正在與我們競爭，我們沒有理由不保護我們的技術和專有技術。目前正處於訴訟的早期階段。我們不久前就提交了該申請。我們正在等待他們的答复，但我們將把他們告上法庭。

And our next question today comes from Caitlin Cronin with Canaccord Genuity.

今天的下一個問題來自 Canaccord Genuity 的 Caitlin Cronin。

So I know you saw weakness this quarter in North American Capital. And just to touch further on what you're seeing in the rest of the world, what are you seeing in Q4 so far? And any signs of slowing there or plans in place to be proactive on the leasing front there?

所以我知道你看到本季北美資本表現疲軟。再進一步談談您在世界其他地區看到的情況，到目前為止，您在第四季度看到了什麼？那裡有任何放緩的跡象嗎？

Well, the rest of the world is similar to what you see in the United States. Interest rates in Europe are even higher than interest rates in the U.S. And even before, we had difficulties with leasing companies in Europe. We're finally working with the PRB Paribas, the French company and trying to do leasing in some of our subsidiary in Europe. Some of our distributors also have some sources of capital lending in order to help their customers. There was no different in the interest rate and also in the leasing process in other parts of the world. And therefore, Europe is behaving the same as in the United States. What will happen in 2024? We don't know what will happen with the leasing company in 2024. We anticipate that this will continue to be tough until interest rates will start to go down.

嗯，世界其他地方的情況與你在美國看到的類似。歐洲的利率比美國的利率還要高，而且之前我們與歐洲的租賃公司就遇到困難。我們最終與法國公司 PRB Paribas 合作並嘗試在我們位於歐洲的一些子公司開展租賃業務。我們的一些分銷商也有一些資金貸款來源，以幫助他們的客戶。世界其他地區的利率和租賃流程沒有什麼不同。因此，歐洲的行為與美國相同。 2024 年會發生什麼事？我們不知道 2024 年租賃公司的情況會怎樣。

And then just a quick question on the U.S. side of the business. What capital systems and platforms really saw the weakest uptake during the Q3?

然後我只想問一下關於美國業務方面的一個簡單的問題。在第三季度，哪些資本系統和平台的吸收量確實最弱？

Shakil, that's your question.

沙基爾，這是你的問題。

Sure. So I think it was just overall, as I mentioned before, we had some strong growth with Envision in doing the initial launch, which is successful so far with the defined launch towards the latter end of the quarter there. Hopefully, we'll see some of the rewards from that come into Q4. But overall, it was pretty much level across the board as we normally see it.

當然。所以我認為總體而言，正如我之前提到的，我們在 Envision 首次發佈時取得了強勁增長，到目前為止，該產品已取得成功，並將於本季度末進行明確的發布。希望我們能夠在第四季看到一些回報。但總體而言，一切與我們通常看到的差不多。

It's just, again, as Moshe mentioned and the common theme here, the financing side of things in the macroeconomic environment, just slowed things down. But for the products that we did see, we've still been very strong on the minimally invasive side of things as Moshe has said, so on and so forth. And we're also staying steady with our women's health and wellness platforms as well.

正如 Moshe 所提到的那樣，這裡的共同主題是，宏觀經濟環境中的融資方面，只是放慢了速度。但就我們確實看到的產品而言，正如 Moshe 所說的那樣，我們在微創方面仍然非常強大。我們也將持續穩定發展女性健康和保健平台。

And our next question is a follow-up from Young Li at Jefferies.

我們的下一個問題是來自 Jefferies 的 Young Li 的後續問題。

It's Matt again. I just had a follow-up question. I wanted to ask more about the GLP-1, I guess, tailwinds that you started talking about. I wanted to ask Spero, have you already seen this phenomenon where patients are losing right on GLP-1s and then coming in to get surgery? And if there is much broader adoption of them, do you think it could be a significant tailwind for InMode in the future?

又是馬特。我剛才有一個後續問題。我想進一步詢問有關 GLP-1 的問題，我想，就是您開始談論的順風。我想問斯佩羅，您是否已經看到過這種現象：患者在服用 GLP-1 後病情惡化，然後又來接受手術？如果它們得到更廣泛的應用，您是否認為這會成為 InMode 未來發展的重大推動力？

So it's a great question. I think the one thing I did not mention is the price of these medications. I think a person that's spending $1,500 a month, $2,000 a month to lose weight has already crossed the line to say, you know what, I want to look better and healthier. And the healthier part is secondary. It's usually I want to look better, just the way human nature is. So you're looking at a patient spending $10,000 to $15,000 in a year on these medications and committed.

這是一個很好的問題。我想我沒有提到的一件事是這些藥物的價格。我認為，如果一個人每個月花費 1,500 美元、2,000 美元來減肥，那麼他已經超越了減肥的界限，他會說，你知道嗎，我想看起來更漂亮、更健康。而更健康的部分是次要的。通常我希望自己看起來更漂亮，這是人的天性。因此，您看到患者每年在這些藥物上花費 10,000 到 15,000 美元，並且已經做出承諾。

And now they definitely have lost the weight, but they've also looked worse. So once they've crossed that line, what we're seeing is for them to come in and have things done, to spend more money on a morphines treatment, for example, which is simple, $3,500 to $4,000. It's not a big deal. So I don't want to say it's like a gateway drug to us, but it kind of is. So I do think that's going to have a positive impact for us. We're seeing these patients come in.

現在他們確實瘦了，但看起來卻更糟了。所以一旦他們越過了那條線，我們看到的就是他們來接受治療，花更多的錢進行嗎啡治療，例如，這很簡單，3,500 到 4,000 美元。沒什麼大不了的。所以我不想說它對我們來說就像是一種入門毒品，但事實確實如此。所以我確實認為這將對我們產生積極的影響。我們看到這些病人進來。

The term Ozempic face is a term that came up from a New York plastic surgeon as one of our KOLs. So that goes to show you that we're very aware, very engaged. Our doctors are definitely involved. You see the different names come up from Ozempic butts, Ozempic faces. These are plastic surgeons or aesthetic doctors coming up with this terminology. And the reason they're coming up with terminology is they're creating an environment and educating patients for them to come to their practice and have these treatments done. So definitely, I think there's going to be a positive impact for us and the trends so far are looking that way. Does that answer your question? I'm not quite sure. Is that what you were asking?

「Ozempic face」這個術語是由一位紐約整形外科醫生作為我們的 KOL 提出的。這表明我們非常了解並且非常投入。我們的醫生肯定參與其中。你會看到，奧茲米克屁股、奧茲米克臉出現了不同的名稱。整形外科醫生或美容醫生提出了這個術語。他們提出這些術語的原因是他們正在創造一種環境並教育患者，讓他們來他們的診所接受這些治療。所以我認為這肯定會給我們帶來正面的影響，而且目前的趨勢也是這樣的。這回答了你的問題嗎？我不太確定。這就是你要問的嗎？

Yes, that's it. I just wanted some confirmation of that. The other thing I wanted to ask you about, I noticed you're in the news recently talking about some of the dangers with fillers. And so I was hoping maybe you could just touch on that and whether that might actually also lead folks to InMode's treatments versus using a killer option?

是的，就是這樣。我只是想確認一下這一點。我想問您的另一件事是，我注意到您最近在新聞中談到了填充物的一些危害。所以我希望您能談談這一點，以及這是否實際上也會引導人們選擇 InMode 的治療而不是使用殺手級選項？

Yes, sure. That's separate work. I am a practicing plastic surgeon, so it's not necessarily InMode sponsored the work I do. It's completely different. But as physicians and we have to be leaders in what we do. And the concern with the fillers is real. We were the first to the group that I did the study with proved that fillers do block lymphatics. And that study is coming out soon. But how does that impact?

是的，當然。那是另一項工作。我是一名執業整形外科醫生，所以我所做的工作不一定是由 InMode 贊助的。這是完全不同的。但身為醫生，我們必須在我們所做的事情上發揮領導者的作用。而對於填充物的擔憂也是真實存在的。在與我一起進行研究的團隊中，我們是第一個證明填充物確實會阻塞淋巴系統的團隊。這項研究即將公佈。但這會產生什麼影響？

Well, we do have doctors that are using InMode's technology. Morpheus is a combination with hyaluronic based. There's a doctor in LA, his name is coming [Kaman Pasha]. He is doing great with it as a 2-year waiting list. So overall, we had to step back, I think that what's going to happen in the next 2 to 3 years as patients and especially women, be the majority of these patients are having fillers are going to look -- it's going to be a push towards biologics. Whether that's fat, whether it's a filler that's not hyaluronic based with a lot of cross-linking.

嗯，我們確實有一些醫生正在使用 InMode 的技術。 Morpheus 是一種以透明質酸為基礎的組合。洛杉磯有一位醫生，他的名字是[Kaman Pasha]。雖然已經等待了兩年，但他表現得非常好。所以總的來說，我們必須退一步考慮，我認為在未來的 2 到 3 年內，隨著患者，特別是女性患者中的大多數使用填充劑，我們將會看到——這將推動生物製劑的發展。無論是脂肪，還是非透明質酸基且具有大量交聯的填充物。

Patients are going to be seeking more natural sort of things. And are we looking at all these things in what, of course, we are. But that has to do specifically with the trends. And I think that if you look at any device in plastic surgery, it takes about 20 years for it to start having problems. The same thing happened with implants back in the past. So I personally feel strongly about it.

患者將會尋求更自然的東西。當然，我們是從什麼角度來看這些事情的呢？但這與趨勢具體相關。我認為，如果你看一下整形外科中的任何設備，它大約需要 20 年才會開始出現問題。過去植入物也發生過同樣的事情。所以我個人對此有強烈的感受。

This is not representing InMode's a certain thoughts or this is something I've done independently, but as my position in this company, it's important that we always take good care of patients. We find the best treatments for them. And InMode does have that reputation that our equipment works. So in that line, whatever we're looking for in the past in M&A has to usually go along those lines as well. So did that answer your question more or less?

這並不代表 InMode 的某種想法，也不代表我獨立做的事情，但作為我在這家公司的職位，始終照顧好患者非常重要。我們為他們找到最好的治療方法。而且 InMode 確實因我們的設備有效而享有盛譽。因此，從這個角度來看，我們過去在併購中尋找的任何內容通常也必須遵循這些想法。那麼這或多或少回答了你的問題嗎？

Yes. That's great.

是的。那太棒了。

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to Moshe Mizrahy, Chairman and CEO, for closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議交還給董事長兼執行長 Moshe Mizrahy，請他致最後一句話。

Thank you, operator. Again, thanks to all of you who participated in this earnings call. I would like to thank all InMode employees worldwide that work hard on the third quarter, facing the challenging that we have discussed today. Especially, I want to thank all the InMode team in Israel under this war situation, working every day, sometime 16 hours a day in order to make sure that we will comply with all the promises that we make worldwide, deliver on time. We all hope that Q4 will get better as far as the market. Usually, Q4 is stronger. We have some challenge to hit the number for Q4 in order to be within the target that we gave. But we're doing everything we can, as always, to meet that. Again, thank you all. Bye-bye.

謝謝您，接線生。再次感謝參加本次財報電話會議的所有人。我要感謝全球所有 InMode 員工在第三季努力工作，面對我們今天討論的挑戰。我特別要感謝以色列的所有 InMode 團隊，在這種戰爭情況下，他們每天都在工作，有時甚至一天工作 16 個小時，以確保我們能夠履行在全球範圍內做出的所有承諾並按時交付。我們都希望第四季的市場狀況會好轉。通常來說，Q4 更為強勁。為了達到我們設定的目標，我們在第四季要達到這個數字面臨一些挑戰。但我們會一如既往地竭盡全力去實現這一目標。再次感謝大家。再見。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。現在您可以斷開連接，享受美好的一天。