Inmode Ltd (INMD) 2024 Q1 法說會逐字稿

Morning, and welcome to the InMode first quarter 2024 earnings results conference call.

早安，歡迎參加 InMode 2024 年第一季財報電話會議。 （操作員說明）。請注意此事件正在被記錄。我現在想將會議交給 Miri Segal,MS-IR LLC。請繼續。

(Operator Instructions).

Please note this event is being recorded.

I would now like to hand the conference over to Miri Segal,MS-IR LLC.

Please go ahead.

Thank you, operator, and everyone for joining us today.

感謝運營商以及大家今天加入我們。歡迎參加 InMode 2024 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和今天的收益發布中概述的安全港聲明。也與此呼叫有關。如果您尚未收到新聞稿副本，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導致實際結果與今天前瞻性陳述所表達的結果有重大差異。我們的歷史結果不一定代表未來的表現。因此，我們無法保證前瞻性陳述的準確性，也不承擔更新前瞻性聲明的義務，除非法律要求。

Welcome to InMode first quarter 2024 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.

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.

With that, I'd like to pass the call over to Moshe is roughly in Mode's CEO share.

說到這裡，我想將電話轉接給 Moshe，他大約在 Mode 的執行長份額中。請繼續。

Please go ahead.

Thank you, Miri, and to everyone for joining us.

謝謝你，米里，也謝謝大家加入我們。今天與我在一起的有我們的共同創辦人兼技術長 Michael 博士以及我們的財務長 Yair Malca。我們的北美總裁 Shakil Lakhani、我們的首席醫療官 Stewart Aduro 博士和我們的財務副總裁 Rafael Recombined。在我們準備好的發言之後，我們將隨時回答您的問題。

With me today are Dr. Michael clientele, our Co-Founder and Chief Technology Officer, Yair Malca, our Chief Financial Officer.

Shakil Lakhani, our President in North America, Dr. Stewart Aduro, our Chief Medical Officer, and Rafael recombine, our VP of Finance.

Following our prepared remarks, we will all be available to answer your question.

I would like to start with a review of developments during the first quarter.

我想先回顧一下第一季的進展。 2024 年初，我們推出了兩個全新的先進平台：IgniteRF 和 Optimus Max。同時，宏觀環境持續充滿挑戰，我們的經濟成長一直放緩至第一季。

In the beginning of 2024, we launched our two new and advanced platforms, IgniteRF and Optimus Max.

Meanwhile, the macro environment continued to be challenging and we experienced a slowdown all to the first quarter.

As a result, we decided to decrease our guidance for the year.

因此，我們決定降低今年的指導。我們認為，產業逆風也可能持續到第二季​​。我們很高興看到人們對我們的最新平台 Ignite IF 表現出濃厚的興趣和需求。點燃 RF 和 Optimus max。儘管這些平台占我們第一季銷售額的16%，但由於生產線正在進行建設導致庫存水準不足，交貨延遲。我們所有的努力都集中在履行訂單、促進和確保我們的庫存組合以及已經預訂新平台的客戶的需求。

We believe that industry headwinds may continue into the second quarter as well.

We're excited to see high level of interest and demand for our latest platforms the Ignite IF.

Ignite RF and the Optimus max.

Although these platforms accounted for 16% of our sales in Q1, delivery was delayed due to ongoing construction of manufacturing line that led to insufficient inventory levels.

All our efforts are focused on fulfilling orders, promoting and ensuring that our inventory mix, the needs of customers who have already pre order the new platform.

Let me expand on the new new line on the new line of platforms.

讓我在新系列平台上擴展新系列。 IgniteRF 是我們傳統射頻、輔助脂肪分解技術和微創平台的下一代產品，配備新的 Morpheus8 力手機和所有新的 Quantum RF & P。 Quantum RF 和 P 預計將於 2024 年下半年獲得 FDA 批准，並獲得 25 年專利保護。

IgniteRF is the next-generation of our legacy radio frequency, assisted lipolysis technology and minimally invasive platforms with the new Morpheus8 force handpiece and all the new Quantum RF & P's.

Quantum RF and P's are expected to be FDA cleared in the second half of 2024 and patent protected for 25 years.

Optimus Max is a multi-application platforms with Morpheus8 burst and noninvasive RSIPL. and laser-based treatments.

Optimus Max 是一個具有 Morpheus8 突發和非侵入性 RSIPL 的多重應用平台。和基於雷射的治療。我們預計這兩個平台將為我們公司的發展發揮重要作用。

We expect that these two platforms will play a significant role in our growth of our company.

Moving to capital allocation.

轉向資本配置。 Mood董事會已批准第三次股份購買計劃，最多837萬股。此外，我們保留所有其他選擇，包括探索策略併購機會、支付股利以及未來額外回購。

The mood Board of Director has approved a third share purchase program up to 8.37 million shares.

In addition, we keep all others option on the table, including exploring strategic M&A opportunities, paying dividend as well as additional future buybacks.

Before I conclude, I am pleased to announce to welcome Dr. Michael Anghel as new Chairman of the Board.

在結束發言之前，我很高興地宣布歡迎 Michael Anghel 博士擔任新董事會主席。 Michael 自 2019 年起擔任董事會成員，並曾在多家上市公司的董事會任職。他擁有豐富的財務和行政經驗，包括離開折扣投資有限公司；他的行政經驗包括擔任上市公司 DCM 的執行長。 Anghel 博士擁有哥倫比亞大學經濟學學士學位、MBA 學位和金融學博士學位。我們期待從他的財務和戰略專業知識中受益。

Michael has been a Board member since 2019 and he has served on the Board of several public companies.

He has significant financial and executive experience, including leaving the discount Investment Corporation Limited in is it his the executive experience includes serving as the CEO of DCM, a publicly traded company.

Dr.Anghel holds a BA in economics and an MBA and PhD of in finance from Columbia University.

We look forward to benefiting from his financial and strategic expertise.

Finally, regarding the current war situation in Israel and the status of our new platforms, management would like to assure investors that we prioritize the safety and the well-being of our employees and all of all of our team is safe.

最後，關於以色列當前的戰爭局勢和我們新平台的狀況，管理層希望向投資者保證，我們優先考慮員工的安全和福祉，並且我們所有團隊都是安全的。此外，由於該井的圍牆，新平台的組裝線可能需要更長的時間才能完成，新平台的交付可能會推遲到下半年。

In addition, due to the wall in this well assembly line of the new platforms may take longer to complete and new platforms delivery may be pushed to the second half of the year.

Now I would like to turn the call over to Shakil our President of North America.

現在我想把電話轉給我們的北美總裁沙基爾。沙基爾，請。

Shakil , please.

Thanks, Moshe, and everyone for joining us.

感謝摩西和大家加入我們。如前所述，InMode 並不能免受我們行業逆風的影響。然而，儘管成長放緩，我們很高興地報告，第一季的消耗品和服務年增 13%，達到 2,250 萬美元。再次證明了 InMode 品牌的需求和廣泛認可。我們對新的和改進的平台的熱情和需求感到興奮，我們相信未來將會有成長動力。

As mentioned, InMode is not immune to the headwinds in our industry.

However, despite the slowdown, we're pleased to report that consumables and service grew 13% year over year and accounted for $22.5 million in Q1.

Once again, testimony to the demand and widespread recognition of the InMode brand.

We are excited about the enthusiasm and demand for our new and improved platforms, and we believe there will be growth drivers for us going forward.

Considering the anticipated slower markets and market demand.

考慮到預期的市場放緩和市場需求。今年，我們在北美的銷售團隊中實施了變革。我們調整了基礎設施，以便在市場狀況改善時加速成長。作為擁有最多元化產品組合的美學領域的全球領導者，我們不斷吸引經驗豐富且有成就的銷售人員。我們才華橫溢、敬業的團隊仍然是推動我們未來成功的關鍵，我要感謝我們整個北美團隊的持續辛勤工作。我現在將把電話轉給 Yair，以更詳細地審查財務業績。

This year, we've implemented changes within our sales team in North America.

We've adjusted our infrastructure to position ourselves for accelerated growth when market conditions improve.

As a global leader in the aesthetic space with the most diversified portfolio, we continued to attract, seasoned and accomplished salespeople.

Our talented and dedicated team remains pivotal in driving our future success once again, I'd like to thank our entire North American team for their continued hard work.

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

Yair?

耶爾？

Thanks again, and hello, everyone.

再次感謝大家，大家好。感謝您加入我們。正如 Moshe 所提到的，本季度，我們推出了兩個新平台，並開始以預訂方式銷售。雖然我們還無法將這些股份確認為收入。我們決定提供預估結果，其中包括非公認會計準則結果、預購銷售額和相關費用。我們認為，預計業績更能反映了本季的業務活動。

Thank you for joining us.

As Moshe mentioned, this quarter, we launched two new platforms and started selling them on a pre-order basis.

While we could not yet recognize the shares as revenue.

We decided to provide pro forma results, which which add to the non-GAAP results, the preorder sales and the related expenses.

We believe that the pro forma results better reflect the business activity during the quarter.

Starting with the total revenue, InMode generated $80.3 million in the first quarter of 2024.

從總收入開始，InMode 在 2024 年第一季創造了 8,030 萬美元。 2024 年第一季的GAAP 和非GAAP 毛利率均為80%，預計毛利率為82%，而2023 年第一季為83%。 。

However, pro forma revenue was $96 million, which includes the preorders of new platforms not delivered yet.

GAAP and non-GAAP gross margin in Q1 2024 were 80%, while pro forma gross margin was 82% compared to 83% in Q1 of 2023.

In Q1, our minimally invasive technology platforms accounted for 84% of total revenues.

Moving to our international operations, first quarter sales of site outside of the US accounted for $38 million, representing 47% of total sales.

轉向我們的國際業務，第一季美國以外網站的銷售額為 3800 萬美元，佔總銷售額的 47%。與去年第一季相比下降了 14%。第一季度，歐洲是美國以外最大的營收貢獻者，銷售額創下歷史新高。支持我們的營運並確保未來的成長。目前，我們在全球擁有超過 248 名直接代表和 83 名經銷商的銷售團隊。

The 14% decrease compared to Q1 last year.

In Q1, Europe was the largest revenue contributor from outside the US and reached a record sales number.

To support our operations and to ensure future growth.

We currently have a sales team of more than 248 direct reps and 83 distributors worldwide.

GAAP operating expenses in the first quarter were $45.8 million, a 2% decrease year over year.

第一季 GAAP 營運費用為 4,580 萬美元，年減 2%。第一季銷售和行銷費用小幅下降至 3,980 萬美元，去年同期為 4,170 萬美元。這一下降歸因於 2024 年第一季的收入短缺。

Sales and marketing expenses decreased slightly to $39.8 million in the first quarter compared to $41.7 million in the same period last year.

This decrease attributed to the revenue shortfall in Q1 of 2024.

For next, we look at share-based compensation, which decreased to $4 million in the first quarter of 2024.

接下來，我們來看看以股票為基礎的薪酬，該薪酬在2024 年第一季下降至400 萬美元。 39%。

Gaap operating margin for Q1 was 23% compared to operating margin of 39% in the first quarter of 2022.

Non-gaap operating margin for the first quarter was 27% and pro forma operating margin was 35% compared to a non-GAAP operating margin of 43% in the first quarter of 2023.

GAAP diluted earnings per share for the first quarter were $0.28 compared to $0.47 per diluted share in Q1 of 2023.

第一季GAAP 稀釋每股收益為0.28 美元，而2023 年第一季為0.47 美元。季度為0.52 美元以非 GAAP 計算，2023 年第一季攤薄每股收益。截至 2024 年 3 月 31 日，我們再次以強勁的資產負債表結束本季度，該公司本季擁有現金和現金等價物、有價證券和存款 7.705 億美元。 Inmode 從經營活動中獲得了 2,410 萬美元的收入。

Non-gaap diluted earnings per share for this quarter were $0.32, and pro forma diluted earnings per share for this quarter were $0.45 compared to $0.52 per diluted share in the first quarter of 2023 on a non-GAAP basis.

Once again, we ended the quarter with a strong balance sheet as of March 31, 2024, the company had cash and cash equivalents, marketable securities and deposits of $770.5 million this quarter.

Inmode generated $24.1 million from operating activities.

Before I turn the call back to Moshe, I'd like to share with you our guidance for 2024 full year 2024, revenue will be $485 million to $495 million compared to previous guidance of $495 million to $505 million, non-GAAP gross margin between 82% and 84% compared to previous guidance of 83% to 85%.

在我將電話轉回Moshe 之前，我想與您分享我們對2024 年的指導，2024 年全年收入將為4.85 億美元至4.95 億美元，而之前的指導為4.95 億至5.05 億美元，非GAAP毛利率介於82% 和 84% 相比之前的指導值 83% 到 85%。非GAAP 營運收入在1.69 億美元至1.74 億美元之間，而先前的指引為2.17 億美元至2.22 億美元；非GAAP 每股攤薄收益在2.1 美元至2.5 美元之間，而先前的指引為2.0 美元和0.53 美元至2.57 美元。

Non-GAAP income from operations of between $169 million to $174 million compared to previous guidance of $217 million to $222 million, non-GAAP earnings per diluted share between $2.01 to $2.05 compared to previous guidance of $2.53 to $2.57.

I will now turn over the call back to Moshe and thank you.

我現在將把電話轉回摩西並謝謝你。

Thank you, Yair.

謝謝你，亞伊爾。

Operator, we're ready for Q&A.

接線員，我們已準備好進行問答。

(Operator Instructions)

（操作員說明）

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Thanks so much and appreciate you taking the questions.

非常感謝並感謝您提出問題。也許首先，當我們談論汽車應用程式時，我們談論最多的主題是您對行駛方向的信心，例如過去六到九個月對您來說最具挑戰性的主要因素，融資延遲等以及終端市場需求，您是否可以談談這種信心？然後我會進行一一跟進。

Maybe first in, the the topic that we talk most about when we do talk about in motors as the app your confidence in the direction of travel for things like the major factors that have been most challenging for you in the last six to nine months, the financing delays and the like and sort of end market demand, if you could talk about just that confidence?

And then I have one one follow-up.

You mean how confident are we on the on the market demand.

你的意思是我們對市場需求有多少信心。我沒有聽到問題。

I didn't hear the question.

Yes, sorry.

是的，抱歉。對穩定和改善的軌跡充滿信心，你所做的任何事情，你可以向投資者提供你預計今年會如何發揮作用的時間嗎？

Confidence in the trajectory of stabilization and improvement, anything that you did, you can give investors on sort of the timing of how you expect that to play out this year?

I'm clear at the beginning of the year at the beginning of 2024, I believe in the last earnings call, I said that we expect that the interest rate in the United States and all over the world will start to come down in the second half of 2024.

我在2024年初就明確了，我相信在上次財報電話會議上，我說我們預計美國和全世界的利率將在第二年開始下降2024 年一半。 ，租期為五年，一攬子租期為五年，今天在州際公路上，我對租賃融資很著迷，已經達到了非常高的水平。

Most of our doctors are financing their, you know, acquisition of capital equipment with that with a lease of five years a package lease of five years, the interstate today, I are on on fire on lease financing have reached a very high rate, something like 14% and 15%.

And that's something that a cause delay in the decision of the doctors we under the impression that maybe in the second half of the year, interest rate will go down and the interest rate on lease packages will go down as well.

這導致醫生的決定延遲，我們的印像是，也許在下半年，利率會下降，租賃套餐的利率也會下降。但在過去的幾個月裡，我們在四月看到，美國的通膨再次開始上升，而主席的聲明是，他不知道他將在哪裡停止削減開支。

But in the last months, what we have seen in April, that inflation in the United States starting to rise again and the announcement of the Chairman was that he doesn't know where he will stop cutting down the way.

Therefore, we are not sure that that will happen in the second half of the year.

因此，我們不確定這是否會在今年下半年發生。我們希望一旦這一次，經濟將開始再次成長，特別是當利率下降時，那麼我們相信我們將開始看到醫療領域的另一個勢頭。但現在，如果我們想關注第二季甚至第三季初，我們不會看到重大變化。我相信我在我的證詞中說過這些話。這是否回答你的問題？

We hope so once this one one, the economy will start to grow again, especially when the interest rates will go down, then we believe we will start to see another momentum in in the medical in the medical field.

But right now, if we want to focus the second quarter and maybe the beginning of the third quarter, we don't see a major change.

And I believe I said that in my in my in my testimony.

Does that answer your question?

Yes, very much.

是的，非常喜歡。這很有幫助。然後等等，我想，當你在等待你無法控制的事情時，其中一些你剛才描述的事情。也許可以談談你可以控制的事情。在接下來的幾個季度中，您可以在新產品發布方面取得什麼進展，您可以在地理上潛在地開展哪些活動，以抵消其中一些您剛剛描述的宏觀背景問題。

It's helpful.

And then and so on, I guess, while you're waiting for things that you can't control, which some of the things you just described.

Maybe talk if you could a little bit about things that you can control.

What can you advance in the next couple of quarters in terms of the new product launches, what can you events geographically potentially on to sort of offset some of them some of the kind of macro backdrop issues that you're that you just described.

Okay.

好的。我將描述基本上三個地點。第一個是我們正在嘗試與租賃公司合作，透過創建某種資金池來減輕租賃公司的風險，以便使他們能夠與他們分擔風險並使他們能夠為更多交易提供資金。我們在第一季就做到了這一點。它是成功的，部分成功的，但你不能將所有交易納入聯合計劃下，但這會有所幫助，因為我們擁有非常強大的資產負債表，我們可以與租賃公司分擔風險，以便使它們能夠實現為小額交易提供資金。我們做到了這一點，我相信我們將在第二季度繼續這樣做。

There are basically three venues that I will that I will describe.

The first one is we're trying to work with the leasing companies and work with them to ease that the risk of the leasing company by creating some kind of a pool in order to enable them in order to share the risk with them and enable them to finance more deals.

We did that in the first quarter.

It was successful, partially successful, but cannot you cannot include all the deals under the pool program, but that help because we have a very strong balance sheet and we can share the risk with the with the leasing company in order in order to enable them to finance small deals.

And we did that and I believe we will continue to do it in the second quarter.

The second venue is the new platforms.

第二個場地是新平台。總是有我們所說的第一批購買新設備的醫生，我們想出了兩個，我想說，突破新平台，突破到新平台上的技術。我們相信其中一些即使利息很高。即使這些平台是我們新的各種技術，我想說的是，使用那些他們將購買新設備的平台，這將有一點成長或維持創收，在第二季甚至第三季產生收入。

There are always what we call the first doctors to buy new equipment, we came up with two, I would say, breakthrough to new platforms, break to the technology onto new platforms.

And we believe that some of those even if the interest is high.

And even if those platforms are our new all kinds of technology, I would say use those that they will buy the new equipment and this will have a little bit the growth or maintaining the revenue generation generating revenue in the second and maybe on the third quarter.

The third venue is I'm sure everybody knows that in the late 2023, we have established two new subsidiaries, one in Germany that cover a cover or two as well and one in Japan.

第三個地點是，我相信每個人都知道，在 2023 年末，我們建立了兩家新的子公司，一家在德國，也涵蓋一兩個封面，一家在日本。於是這兩家子公司從第一季就開始工作了。它還沒有完全發揮動力。在這些國家適應學習曲線並建立勢頭需要時間。但當我們直接進行時，我們會認識到銷售的全部價值，而不僅僅是轉讓價格，因為我們是直接的。我想說這也有助於增加收入。除此之外，我認為我們無法做一些可能改變宏觀經濟的事情，我認為我們太小了，無法做這樣的事情。

So these two subsidiaries started to work on the first quarter.

It's not on a full momentum yet.

It's taking time to ride on the learning curve and build the momentum in those country.

But when we go direct, we recognize the full value of the of the of the of the sales and not just the transfer price because we are direct.

And that's also, I would say help to increase the top line.

Other than that, I don't think we can do something that might change the macroeconomics, I believe were too small to do something like that.

Yes, of course.

是的當然。非常感謝你的顏色。

Thanks so much for the color.

Danielle Antalffy of UBS.

瑞銀集團的丹妮爾·安塔菲。

Hi, everyone.

大家好。我是西蒙·伊根（Simon Egan）為丹妮爾（Danielle）代言。我只是想深入了解你們的營業利益率。看起來一般管理費用的增幅略高於預期。想知道你是否可以在那裡給一些顏色。

This is Simon Egan on for Danielle.

I just wanted to dig into your operating margin a little bit.

It looks like general administrative expenses ticked up a bit more than expected.

Wondering if you could just give some color there.

I don't think G&A was higher than the first quarter of 2023.

我認為 G&A 並不高於 2023 年第一季。上升的是行銷、行銷、銷售和行銷。這是因為旅遊業。一，我們知道，當你衡量百分比時，我們沒有削減行銷和銷售費用，我們繼續進行所有行銷活動和所有銷售活動，這基本上是去年年底我們制定預算或今年年初時計劃的，我們沒有說好吧，我們的銷售量減少了，我們削減了行銷和銷售。我們沒有。我們沒有削減研發。我們繼續按照年初的計畫進行研發。因此，當您將行銷費用和銷售費用合併時，您知道，固定成本和佣金，這不是固定成本，但固定成本是相同的。當你賣出 8000 萬美元或當你賣出 1.2 億美元左右時，以百分比計算，這個數字會高一點。

Our G&A is relatively very, very, I would say, slim or very low.

What went up was the marketing as marketing and sales and marketing.

And this is because of tourism.

One, we know when you measure percentage and we did not cut marketing and sales expenses, we continue to do all the marketing activity and all the sales activity that that basically was plan late last year when we develop the budget or the beginning of this year, we did not say okay, we're selling less were cutting marketing and sales.

We did not.

We did not cut R&D.

We continue to do the R&D as we planned in the beginning of the year.

So when you were marketing and sales expenses are combined, you know, fixed cost and and the commission, which is not fixed cost, but the fixed cost is the same.

When you sell $80 million or when you sell $120 million or so percentage wise, it's a little bit higher.

Second, the first quarter is usually a tough quarter as far as marketing expenses because we have at least three major events and the sales meeting of North America income in Europe and the distributor meeting and and therefore the cost of those marketing expenses are a little bit higher than in a regular quarter Overall if you look on the overall, if you look on the pro forma, our marketing and sales expenses.

其次，就行銷費用而言，第一季通常是一個艱難的季度，因為我們至少有三項重大活動以及北美收入在歐洲的銷售會議和經銷商會議，因此這些行銷費用的成本有點高高於常規季度整體來看，如果你看一下整體，如果你看一下預期的情況，我們的行銷和銷售費用。有了這個，根據我所說的一切，我相信一旦我們再次達到 1 億美元以上的收入，我們將能夠將其調整為原始數字或之前的數字，因為從百分比來看，它會下來。

And with that, with everything that I said, I believe that we will be able to adjust that to the original number or to the previous number in once we get once we once we reach again above $100 million of revenue because percentage-wise, it will come down.

That is really helpful.

這真的很有幫助。我想快速跟進一下您對今年產品發布的看法。我們應該如何看待其中一些平台對全年銷售的貢獻？您期望這些平台中的任何一個嗎？

And just a quick follow-up for you on thinking about the product launches this year.

How should we think about the contribution of some of these platforms to sales throughout the year?

And do you expect any of these platforms?

Well, second generation of minimally invasive.

嗯，第二代微創。通常，我不會說蠶食，因為蠶食和所有世代都需要很長時間，但在最初的幾年裡。已經超出了。另外，因為我們沒有停止銷售第一代 LCN。我們繼續出售它。我們現在只在少數國家推出了第二代。所有其他國家仍在銷售常規車身類型而不是 Ignite，或常規優化型而不是 Optimus max。

Usually, I would not say cannibalize because it will take long time to cannibalize and all generation, but in the first few years.

It's over and above.

It's in addition because we did not stop selling the first generation the LCN.

We continue to sell it.

We launched the second generation right now, only in few countries.

All the rest of the countries were still selling that the regular body type and not the Ignite or the regular optimized and not the Optimus max.

But yes, eventually some of South the doctor will prefer to buy the new generation, even if it's a little bit more expensive than to buy the old generation.

但是，是的，最終一些南方醫生會更願意購買新一代，即使它比購買舊一代貴一點。但老一輩總是有市場的。因此，我們保留兩條線，即頂線，即第二代和基線，即我想說的第一代，即車身類型平台和常規 Optimus。而且我相信這至少要花四、五年的時間。第一代將消失或被完全蠶食。

But there are always market for the old generation.

So we are keeping two lines the top line, which is the second generation and the baseline, which is the I would say, the first generation, which is which is the body type platforms and the regular Optimus.

And I believe that it will take at least four or five years before.

The first generation will disappear or fully cannibalized.

That's helpful.

這很有幫助。

Thank you.

謝謝。

Our next question comes from Caitlin Cronan of Cannacord Genuity.

我們的下一個問題來自 Cannacord Genuity 的 Caitlin Cronan。請繼續。

Please go ahead.

Hey, this is George on for Caitlin.

嘿，這是凱特琳的喬治。感謝您提出我們的問題，其中一些是基於最後一個問題的第一個問題。

Thanks for taking our questions and some are first ones kind of builds off the last question.

As we think about these new platforms, especially with the delays in delivery, how long do you see that kind of lasting throughout the year.

當我們考慮這些新平台時，特別是在交付延遲的情況下，您認為這種情況全年會持續多久。

And then more so looking at your guidance, how much of a contribution of these new platforms is preorders?

然後更重要的是看看您的指導，這些新平台的貢獻有多少是預購的？您目前的指導數字包含哪些內容？

What are accounted in your current guidance numbers

?

Regarding the first quarter, we believe that it will take at least the second quarter and the third quarter in order to fulfill all the preorders because remember in the third quarter, we still accepting orders for the new devices.

關於第一季度，我們認為至少需要第二季和第三季才能完成所有預訂，因為請記住，在第三季度，我們仍然接受新設備的訂單。我想說，我們仍然有 120 種設備或平台需要交付，這些設備或平台將預訂，因此將持續超過一個季度。我希望在第四季度一切都會順利進行，我們將交付系統而無需建立接受預訂單。所以年底前，我們的業務就會恢復正常。

And we still have something like, I would say, 120 devices or platforms that we have to deliver which will preorder, so which will last more than one quarter.

I hope that in the fourth quarter everything will be in line and we will deliver the system without any need to create to to accept preorders.

So before the end of the year, our business will go back to usual.

Now remind me the second, the second question.

現在提醒我第二，第二個問題。

Yes, just on the new platforms like the preorders, how much of that currently considered within your guide?

是的，僅在預購等新平台上，您的指南中目前考慮了多少？

I mean it was all considered within the guidance, I mean the guidance.

我的意思是，這一切都在指導中考慮，我的意思是指導。我們給出的指導考慮了第一季的預訂量。

The guidance that we gave took into account the preorders of Q1.

Okay.

好的。

Great.

偉大的。第二個問題，對於美國銷售團隊的變化，您還能提供更多的資訊嗎？

And then second question, any more color you can give on the sales force changes in the US?

Shakil, can you answer that?

沙基爾，你能回答嗎？

Yes.

是的。當然，我們的管理層實際上已經發生了一些變化。我們還增加了一個單獨的董事小組，其中有內部晉升，這反過來又會創造一些向上流動性，並且對於一些顯然應得的和那些將應得的人來說。因此，一旦事情發生一點變化，宏觀經濟環境變得對我們更有利一些。正如我之前在劇本中提到的，我們只是計劃反彈。所以我們顯然正在努力為此做好準備。我們正在努力前進。我們試著不做許多其他公司在這種情況下所做的事情，同時我們仍在努力控制資產負債表。因此，我們正在努力為事情反彈做好準備。

Sure, we've actually had some changes at the top of management.

We've also added a separate group of directors of which were internal promotions, which in turn will create some upward mobility and has for some of the people that have obviously deserve that and those who will be deserving it.

So once the once things change a little bit and the macroeconomic environment becomes a little more favorable for us.

We're just planning on that bounce back, as I mentioned in the script earlier.

So we're we're obviously trying to prepare for it.

We're trying to move forward.

We're trying not to do what many other companies do at times like this while we're still trying to control the balance sheet as well.

So we're trying to get primed for when things bounce back.

Next question comes from Mike Matson of Needham & Company.

下一個問題來自 Needham & Company 的 Mike Matson。請繼續。

Please go ahead.

Hey, everyone.

嘿大家。今天我是約瑟夫為麥克發言。我想也許你知道，其中一些可能已經被問過。所以很抱歉，我加入得很晚，但也許只是想了解製造設施的最新情況。您仍然面臨交貨時間的壓力，或者我猜情況是變得更好了還是更糟了？勞動力能力如何？我想這對預訂積壓有何影響？我只是想了解一下積壓訂單有多少，這或多或少只是需求與交貨時間和製造能力的減少之間的關係？

This is Joseph on for Mike today.

I wanted to maybe you know, some of these may have already been asked.

So apologies, I joined late, but wanted to maybe just get an update on the manufacturing facilities.

You're still seeing pressure from on delivery times or I guess has that gotten better or worse?

What's the labor capacity look like?

I guess how is that affecting the preorder backlog?

I just want to kind of get a gauge, how much is the order backlog, it's more or less just demand versus, you know, a reduced delivery times and manufacturing ability there?

Good we have two facilities, two manufacturing facilities in Israel, one into Iberia and one in a small city calming dynamic.

很好，我們有兩個工廠，兩個製造工廠位於以色列，一個位於伊比利半島，另一個位於一個平靜而充滿活力的小城市。我們正在生產這兩個工廠的所有產品，所以基本上，我們每條生產線的每條生產線都可以針對每種產品進行調整。所以這是一個完整的備份。

And we're manufacturing all the product in both of them so basically, every line that we have every manufacturing line can be adjusted to every product.

So it's a full backup.

Okay.

好的。這就是我們的設計方式。這就是我們建構它的方式，當我們進入新平台時，是的，我們有些延遲，這是因為以色列的情況。大家都知道這一點，你知道，而且陸軍是由預備役軍人組成的，因此，我們的一些員工被徵召了很長時間，這造成了製造方面的一些延誤，但我們正在抓住現在，我們實行兩班倒，以便趕上並創造足夠的庫存，使我們能夠充分交付每筆預訂單。

That's the way we design it.

And that's the way we build it, as we go to the new platforms, yes, we are in some delay and this is because of the situation in Israel.

Everybody knows on that, you know, and as well that the Army is that is built from a reserve duty and therefore, some of our employees were drafted for a long time, and that's created some delay in the manufacturing, but we're catching up right now, working two shifts in order to catch up and create enough inventory to enable us sufficiently to deliver every preorder.

But as I said, we will not we don't think it will take one quarter.

但正如我所說，我們不會，我們認為這不需要四分之一的時間。完成所有預購需要超過四分之一的時間，但這些訂單已經被接受或大部分已經付款。因此，我們 100% 確信我們將在接下來的三到六個月內交付 100% 的產品。

It will take more than one quarter to fulfill all the preorder, but these orders are already already been accepted or most of them already been paid.

So we are 100% sure that we will deliver 100% of them in the next, I would say, three to six months.

As far as as far as the manufacturing facility, we have capacity to double the sales last year.

就生產設施而言，我們有能力將去年的銷售額翻倍。我們基本上製造了6000多個系統。如果有必要，我們可以在不增加任何資本設備的情況下將生產水準或產能提高到 10,000 輛。只是運行這個來運行不止一艘船的生產線，所以物流和部件的採購沒有問題，因為物流問題有點延遲，這也是由於沃倫造成的。

We basically manufacture more than 6,000 system.

And if necessary, we can we can we can bring the production level or the production capacity to 10,000 without adding any capital equipment.

It's only to run this to run the production line more than one ship so as far as the logistic and the purchasing of component does no problem a little bit delay because of logistic issue do that due to the Warren as well.

But other than that, our building our safety inventory to make sure that the production line will never stop.

但除此之外，我們也建立了安全庫存，以確保生產線永遠不會停止。所以你知道，我們每天 24 小時都在工作，我們相信到目前為止，即使獎項已經運行了六個多月，我們仍然成功交付。我們唯一沒有按時交付的是那些預購訂單，但我們可以向投資者保證，所有這些訂單都將在我幾個月前所說的時間內發貨。我們將允許我們基本上恢復正常。

So you know, we're working on at 24 hours a day, and we believe our so far, even with the award that is running now for more than six months were successful delivery.

The only thing that we did not deliver on time are those preorders but we can assure the investors that all of these orders will be will be shipped within within a timeframe that I said before a few months.

And we will allow we'll basically we'll get back to normal.

Okay, great.

好的，太好了。是的，謝謝你的所有顏色。我想也許只是轉向新平台。因此，您正在為您的舊設備推出一些升級平台。我想你說過已經運往某些國家。所以我只是想得到一些信息，也許是一些使用過這些新平台的客戶的早期反饋，我想你之前說過，新的車身高，升級時面緊，有點降低了程序的複雜性。因此，我也很好奇，如果他們發現新平台易於使用，您可能會向我猜想的任何人銷售更多產品，而不是整形外科醫生，例如健康診所或類似的機構？

Yes, thanks for all that color.

I guess maybe just moving on to the new platform.

So you're launching some some upgraded platforms to your legacy, your legacy devices.

And I think you said that there been shipped to a certain number of countries.

And so I just wanted to maybe get some some info there maybe some early feedback from some of your customers who have used these new platforms as well as I think you said previously that the new bodies high and face tight on the upgrades kind of lower the procedure complexity.

And so I was also curious if maybe you've been selling more to, um, you know, anybody that's I guess, not a plastic surgeon so like health clinics or anything like that, if they found the new platform easy to use?

Absolutely.

絕對地。讓我開始吧。讓我從點燃開始。好的，Ignite 是我們的完整手術平台。我所說的完整手術平台的意思是，他們組織起來可以處理體型，臉部緊繃，我們稱之為第三代，但具有更高的能量，因為我們改進了手機，但這是我們為了緩解壓力而做的事情過程並使治療更快。

Let me start.

Let me start with the Ignite.

Okay, Ignite is our is the full surgical platforms.

What I mean by full surgical platforms, they organized can handle the body type, the face tight, what we call the third-generation, but with higher energy because we improved the handpieces, but that's something that we did in order in order to ease the process and make the treatment faster.

In addition, we have developed our new handpieces, which instead of two cannula they have only one cannula and the bipolar RF isn't the tip of the cannula that makes the doctor more flexible to reach any part in the body, much easier then then wind down with the regular RCL.

此外，我們還開發了新的手持零件，它不是兩個插管，而是只有一個插管，雙極射頻不是插管的尖端，這使得醫生可以更靈活地到達身體的任何部位，比以前更容易與常規 RCL 一起放鬆。

In addition to that, these platforms will include two new Morpheus handpieces, one for the face and one for the body and also the more fuels the Morpheus, which call now Morpheus8 built is a new generation technology.

除此之外，這些平台還將包括兩款新的 Morpheus 手機，一款用於臉部，一款用於身體，還有更多的 Morpheus 燃料，現在稱為 Morpheus8，是新一代技術。你可以去任何深度。您希望您可以在皮膚的每一拳中放置最多三個深度，您可以確定每天的能量水平。

You can go any depth.

You want you can place in any depth up to three in every in every punch of the skin, you can determine the level of energy in every day.

So for example, you can go to seven millimeter, deliver 50% of the energy go up to five millimeter, deliver 30% of the energy and go up to two millimeter deep in the skin and deliver 20% altogether one.

例如，您可以到達 7 毫米，輸送 50% 的能量；到達 5 毫米，輸送 30% 的能量；到達皮膚深處 2 毫米，總共輸送 20%。這是我們開發的另一項技術，Morpheus8 為臉部和身體打造的 24 針或 40 針手機能夠使用這兩種技術，我們稱之為突發和縮放。

So this is another technology that we develop and the Morpheus8 built handpieces for the face and for the body with 24 pins or with 40 pins are able to use these two technology, which we call burst and scale.

So this is one platform which we believe that it's a brake job.

因此，我們認為這是一個煞車工作的平台。這是一項突破性技術。這是以前沒有人做過的事情，得到了很好的保護，因為所有這些都受到了專利的保護，你知道現在我們可以指望25 年，儘管我不得不說，沒有人試圖侵犯我們的射頻輔助脂肪分解，自20 年初以來的體型專利。

It's a breakthrough technology.

It's something that nobody did before well protected because all covered with patents, which you know now we can count on 25 years, although I have to say that nobody has tried to infringe our radio frequency assisted lipolysis, the body type patent since the beginning of the 2026 when we stop promoting them and commercializing them in the United States.

The second platforms is the Optimus Max, basically the Optimus max.

第二個平台是 Optimus Max，基本上就是 Optimus max。這是一種新的設計，比普通的 Optimus 好得多，帶有可調節螢幕和手機，看起來更好一點，也有所不同。 IPL。件的能量增加了 25%，但該平台的設計目的是在未來能夠處理我們現在正在開發的其​​他一些手持零件，而常規 Optimus 則無法做到這一點。這是另一個平台，即新平台。

It's a new design, much nicer than the regular Optimus with adjustable screen with handpieces that look a little bit better and different.

The IPL. piece has 25% more energy, but this platform is designed to be able in the future to handle some other hand pieces that we're developing now, which the regular Optimus cannot.

So this is another platforms which is there, which is the new platforms.

Now, as I said before, we do not think that these two platforms will cannibalize the first generation means that the Optimus Max will cannibalize the Optimus or the Ignite will cannibalize the body type.

現在，正如我之前所說，我們不認為這兩個平台會蠶食第一代意味著Optimus Max會蠶食Optimus或Ignite會蠶食車身類型。它將超越它。

It will be over and above it.

So every doctors who wants to do more with more Morpheous will need to buy one of these two, you cannot use the new Morpheus handpiece on the old generation platforms.

因此，每位想要使用更多 Morpheus 做更多事情的醫生都需要購買這兩款手機之一，您無法在老一代平台上使用新的 Morpheus 手機。因此，這將促使醫生擁有兩個或更多兩個或三個不同的平台。

So that will push the doctors to have two or more two or three different platforms.

And that's good for us.

這對我們有好處。此外，正如我所說，我們現在正在美國推出它們。我們正在加拿大、歐洲、亞洲和其他地區進行監管工作，這需要時間。如您所知，例如在中國，巴西和 Visa 的新平台需要兩到三年的時間才能上市。對於區域點也可以採取同樣的方法，我們才剛開始。

In addition, as I said, we are now launching them in the US.

We're working on regulation in Canada, Europe, Asia and other territories will take time.

As you know, for example, in China, it takes two to three years to get the new platforms on the market in Brazil and Visa.

It can take the same about the area point and we just started.

So it will take a few years before these two platforms will be commercially available in all the countries, 96 countries that we are selling today, it's a process.

因此，這兩個平台需要幾年時間才能在所有國家/地區（我們今天正在銷售的 96 個國家）商業化，這是一個過程。這是一種醫療設備。這不是一勞永逸，你需要訓練，你需要創建臨床數據。你需要你需要，你需要有培訓中心，你需要發布。這個過程需要幾年時間才能充分發揮這些平台的能力。它將被利用。我回答了嗎？

It's a medical equipment.

It's not fire and forget you need to train, you need to create clinical data.

You need that you need, you need to have training centers are you need to publish.

It's a process that takes few years before the full capacity of those platforms.

It will be exploited.

Did I answer?

Yes, absolutely.

是的，一點沒錯。這些都非常有幫助。謝謝。

That was those all very helpful.

Thank you.

Maybe just just one more on I think I heard you discuss that they are providing loans for certain customers using your cash balances us going well, more just curious now that they said,

也許只是再問一個，我想我聽到你討論他們正在使用你的現金餘額為某些客戶提供貸款，我們進展順利，現在更好奇的是，他們說，--？

-- ?

I didn't say that we are providing loans where I didn't say that I said that we had an agreement with leasing companies to help them manage, you know, limited the risk and by creating a pool pool of money that in some cases, this can help the leasing company.

我沒有說我們正在提供貸款，我沒有說我說我們與租賃公司達成協議，幫助他們管理，你知道，限制風險，並通過創建一個資金池，在某些情況下，這可以幫助租賃公司。因此，為了使他們能夠在他們幫助融資的交易中承擔更多風險，我沒有說我們正在融資。客戶不是銀行。

So to enable them to take more risk in that in the deals that they are helping to finance, I didn't say that we're financing.

The customers were not were not a bank.

Sure, because you know, this is a we put together some programs, a risk sharing programs with some leasing companies in which under which we take a fraction of the risk and in return, they are willing to provide faster approval and basically buy deeper in terms credit profile of our customers.

當然，因為你知道，這是我們與一些租賃公司共同製定的一些計劃，一個風險分擔計劃，在該計劃下，我們承擔一小部分風險，作為回報，他們願意提供更快的批准，並且基本上可以更深入地購買我們客戶的信用狀況條款。

Okay.

好的。這比我的意思是澄清我的問題更有意義。非常感謝。

That makes much more sense than I mean that clears up my question.

Thank you very much.

This concludes our question and answer session.

我們的問答環節到此結束。我想將電話轉回給 Segal Scharia 先生，請他發表結束語。

I would like to turn the call back over to Mr. Segal Scharia for any closing remarks.

Okay.

好的。謝謝大家，也謝謝大家加入我們。我要感謝世界各地所有 InMode 員工繼續與我們合作。我要特別感謝以色列團隊，他們在我們今天面臨的挑戰時期日以繼夜地工作，並維持了該公司基本上正在執行的所有活動。

Thank you, everybody, and thank you everybody for joining us.

I want to thank all the InMode employees all over the world for continuing to work with us.

I want to thank especially for the Israeli team that worked days and nights during the challenging times that we're having today and and maintaining all the activities that that basically this company is performing.

Thank you again, and we'll see you again in August.

再次感謝您，我們八月再見。

The conference has now concluded.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。

Thank you for attending today's presentation, and you may now disconnect.