Inmode Ltd (INMD) 2024 Q1 法說會逐字稿

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

早安，歡迎參加 InMode 2024 年第一季財報業績電話會議。（操作員指令）。請注意，該事件正在被記錄。現在我想將會議移交給 Miri Segal，MS-IR LLC。請繼續。

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

感謝接線員以及今天加入我們的所有人。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報告中概述的安全港聲明。也與此通話有關。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 is roughly in Mode's CEO share. Please go ahead.

說到這裡，我想把電話轉給 Moshe，他大致上是 Mode 的 CEO 份額。請繼續。

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

謝謝你，Miri，也謝謝大家的參與。今天和我一起的還有我們的聯合創始人兼首席技術官邁克爾博士和我們的首席財務官亞爾·馬爾卡。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 recomm。在我們準備好發言之後，我們將隨時回答您的問題。

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

我想先回顧一下第一季的發展。2024 年初，我們推出了兩個全新先進的平台 IgniteRF 和 Optimus Max。同時，宏觀環境持續充滿挑戰，我們在第一季經歷了經濟放緩。

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

因此，我們決定下調今年的業績預期。我們認為產業逆風可能還會持續到第二季​​。我們很高興看到人們對我們的最新平台 Ignite IF 的高度關注和需求。點燃 RF 和 Optimus max。雖然這些平台在第一季佔了我們銷售額的16%，但由於生產線正在建設中導致庫存不足，導致交貨延遲。我們所有的努力都集中在履行訂單、推廣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。

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

讓我詳細闡述新系列平台的新產品線。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，配備了新的 Morpheus8 力手柄和所有新的 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 年的專利保護。

Optimus Max is a multi-application platforms with Morpheus8 burst and noninvasive RSIPL. and laser-based treatments. We expect that these two platforms will play a significant role in our growth of our company.

Optimus Max 是一個多應用平台，具有 Morpheus8 爆發和非侵入式 RSIPL。以及基於雷射的治療。我們期待這兩個平台將在我們公司的發展中發揮重要作用。

Moving to capital allocation. 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.

轉向資本配置。情緒董事會已批准第三次股票購買計劃，最多可購買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的回購。

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

最後，我很高興地宣布歡迎 Michael Anghel 博士擔任新董事會主席。麥可自 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管理經驗，包括於 2009 年離開折扣投資有限公司 (Discount Investment Corporation Limited)。Anghel 博士擁有哥倫比亞大學經濟學學士學位、金融學工商管理碩士學位和博士學位。我們期待從他的財務和戰略專業知識中受益。

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. 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.

最後，關於以色列目前的戰爭局勢和我們新平台的現狀，管理層想向投資者保證，我們優先考慮員工的安全和福祉，我們整個團隊都是安全的。此外，由於該井壁的原因，新平台的組裝線可能需要更長時間才能完成，新平台的交付可能會推遲到下半年。

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

現在我想將電話轉給我們的北美總裁沙基爾 (Shakil)。請叫我沙基爾。

Thanks, Moshe, and everyone for joining us. 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.

感謝 Moshe 以及所有人的加入我們。如上所述，InMode 並不能免受行業逆風的影響。然而，儘管成長放緩，我們仍很高興地報告，第一季消耗品和服務年增 13%，達到 2,250 萬美元。再次證明了InMode品牌的需求和廣泛認可。我們對我們全新改進的平台的熱情和需求感到非常興奮，我們相信這將是我們未來成長的動力。

Considering the anticipated slower markets and market demand. 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.

考慮到預期的市場放緩和市場需求。今年，我們對北美銷售團隊進行了改變。我們已經調整了基礎設施，以便在市場條件改善時實現加速成長。作為美學領域最多元化產品組合的全球領導者，我們不斷吸引經驗豐富且有成就的銷售人員。我們的才華橫溢、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努力。我現在將把電話交給亞爾，讓他更詳細地審查財務結果。

Yair?

亞伊爾？

Thanks again, and hello, everyone. 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.

再次感謝，大家好。感謝您加入我們。正如 Moshe 所說，本季我們推出了兩個新平台並開始以預購方式銷售。雖然我們還不能將這些股票確認為收入。我們決定提供預測結果，該結果加上非公認會計準則結果、預購銷售額和相關費用。我們相信，預測結果能更好地反映本季的業務活動。

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

從總收入開始，InMode 在 2024 年第一季創造了 8,030 萬美元的收入。然而，預計收入為 9,600 萬美元，其中包括尚未交付的新平台的預訂。2024 年第一季的 GAAP 和非 GAAP 毛利率均為 80%，而預測毛利率為 82%，而 2023 年第一季為 83%。第一季度，我們的微創技術平台佔總營收的84%。

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

轉向我們的國際業務，第一季美國以外地區的銷售額為 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收入貢獻者，銷售額創下了歷史新高。支持我們的營運並確保未來成長。我們目前在全球擁有由 248 名直接代表和 83 名經銷商組成的銷售團隊。

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

第一季 GAAP 營業費用為 4,580 萬美元，年減 2%。第一季銷售和行銷費用略微下降至 3,980 萬美元，而去年同期為 4,170 萬美元。這一下降歸因於 2024 年第一季的收入短缺。

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

接下來，讓我們來看看股權激勵費用，在 2024 年第一季減少至 400 萬美元。第一季的 Gaap 營業利潤率為 23%，而 2022 年第一季的營業利潤率為 39%。第一季非公認會計準則營業利益率為 27%，預測營業利益率為 35%，而 2023 年第一季非公認會計準則營業利潤率為 43%。

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

第一季 GAAP 稀釋每股收益為 0.28 美元，而 2023 年第一季每股稀釋收益為 0.47 美元。本季非公認會計準則每股攤薄收益為 0.32 美元，本季預測每股攤薄收益為 0.45 美元，而 2023 年第一季非公認會計準則每股攤薄收益為 0.52 美元。我們再次以強勁的資產負債表結束了本季度，截至 2024 年 3 月 31 日，本季度公司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。

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%. 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.

在我將電話轉回給 Moshe 之前，我想與大家分享我們對 2024 年全年的指導，2024 年收入將達到 4.85 億美元至 4.95 億美元，而之前的指導值為 4.95 億美元至 5.05 億美元，非 GAAP 毛利率將在 82% 至 84% 之間，而 84% 為 84%。非公認會計準則下的營業利潤在 1.69 億美元至 1.74 億美元之間，而先前預期為 2.17 億美元至 2.22 億美元；非公認會計準則下的每股攤薄收益在 2.01 美元至 2.05 美元之間，而之前預期為 2.53 美元至 2.57 美元。

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

現在我將把電話轉回給 Moshe，並向您表示感謝。

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)

（操作員指令）

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

Thanks so much and appreciate you taking the questions. 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.

非常感謝您回答這些問題。首先，我們談論最多的話題是汽車應用，您對出行方向的信心，例如過去六到九個月對您來說最具挑戰性的因素，融資延遲等，以及終端市場需求，您能談談這種信心嗎？然後我有一個後續問題。

You mean how confident are we on the on the market demand. I didn't hear the question.

你的意思是我們對市場需求有多少信心。我沒聽清楚問題。

Yes, sorry. 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?

是的，抱歉。對穩定和改善軌蹟的信心，無論您做了什麼，您能否向投資者提供您預計今年將如何實現的時間表？

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. 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%.

我很清楚，在 2024 年初，我相信在上次財報電話會議上，我說過，我們預計美國和世界各地的利率將在 2024 年下半年開始下降。我們的大多數醫生都透過五年的租賃來融資購買資本設備，五年的一攬子租賃，今天州際的租賃融資已經達到了非常高的利率，大約 14% 和 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. 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.

這導致醫生的決定被推遲，我們認為也許在今年下半年，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，我們看到四月美國的通膨率又開始上升，而主席宣布他不知道何時會停止削減通膨。

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

因此，我們不確定今年下半年是否會發生這種情況。我們希望，一旦經濟開始再次成長，特別是當利率下降時，我們相信我們將開始看到醫療領域的另一個發展勢頭。但目前，如果我們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一點。這回答了你的問題嗎？

Yes, very much. 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.

是的，非常喜歡。這很有幫助。然後等等，我想，當你等待你無法控制的事情時，就會發生你剛才描述的一些事情。也許可以談談你可以控制的事情。就新產品發布而言，您在接下來的幾個季度可以取得哪些進展？

Okay. 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.

好的。我主要要描述的場地有三個。第一個是，我們正嘗試與租賃公司合作，透過建立某種形式的資金池來減輕租賃公司的風險，以便他們能夠分擔風險，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，但你不能把所有的交易都納入資金池計劃，但這有幫助，因為我們有非常強大的資產負債表，我們可以與租賃公司分擔風險，以使他們能夠為小額交易提供資金。我們做到了這一點，我相信我們會在第二季度繼續這樣做。

The second venue is the new platforms. 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.

第二個會場是新平台。我們總是會有所謂的第一批購買新設備的醫生，我想說，我們提出了兩個建議，就是突破新平台，將科技推向新平台。我們相信，其中一些即使利息很高。即使這些平台是我們的各種新技術，我想說，使用那些技術，他們將購買新設備，這將在第二季甚至第三季帶來一點成長或保持收入成長。

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. 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.

第三個地點是，我相信大家都知道，在 2023 年末，我們將建立兩個新的子公司，一個在德國，也涵蓋一個或兩個封面，一個在日本。所以這兩家子公司第一季就開始工作了。它還沒有完全達到高潮。在這些國家，需要時間來掌握學習曲線並累積發展動能。但是當我們直接經營時，我們會認識到銷售的全部價值，而不僅僅是轉移價格，因為我們是直接經營的。我想說這也有助於提高營業額。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。

Yes, of course. Thanks so much for the color.

是的當然。非常感謝這個顏色。

Danielle Antalffy of UBS.

瑞銀的丹妮爾‧安塔菲 (Danielle Antalffy)。

Hi, everyone. 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.

大家好。丹尼爾的扮演者是西蒙伊根 (Simon Egan)。我只是想稍微了解一下你的營業利益率。看起來一般管理費用比預期略有增加。想知道您是否可以提供一些顏色。

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

我認為 G&A 不會高於 2023 年第一季。我想說，我們的 G&A 相對來說非常非常少，或者說非常低。行銷作為行銷和銷售和行銷而上升。這是因為旅遊業。首先，我們知道，當你衡量百分比時，我們並沒有削減行銷和銷售費用，我們繼續進行所有的行銷活動和所有的銷售活動，這基本上是我們去年年底制定預算或今年年初時計劃的，我們並沒有說好的，我們的銷售額減少了，而是削減了行銷和銷售費用。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，當你將行銷和銷售費用合併時，你知道，固定成本和佣金不是固定成本，但固定成本是相同的。當你賣出 8,000 萬美元或 1.2 億美元左右時，從百分比來看，它會稍微高一些。

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. 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.

其次，就行銷費用而言，第一季通常是一個艱難的季度，因為我們至少有三個重大活動，北美銷售會議、歐洲銷售會議和經銷商會議，因此這些行銷費用的成本比常規季度略高。透過以上這些，我相信，一旦我們的收入再次達到 1 億美元以上，我們就能夠將其調整為原始數字或先前的數字，因為從百分比來看，這個數字會下降。

That is really helpful. 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?

這確實很有幫助。我只是想快速跟進一下您對今年產品發布的思考。我們應該如何看待其中一些平台對全年銷售的貢獻？您期待這些平台嗎？

Well, second generation of minimally invasive. 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.

嗯，第二代微創。通常，我不會說蠶食，因為蠶食所有世代需要很長時間，但在最初幾年。這已經超出範圍了。另外因為我們沒有停止銷售第一代 LCN。我們繼續銷售它。我們目前僅在少數國家推出了第二代。所有其他國家仍在銷售常規體型而非 Ignite 或常規優化型而非 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. 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.

但是的，最終南方的一些醫生會更願意購買新一代產品，即使它比購買舊一代產品稍微貴一點。但老一輩總是有市場的。因此，我們保留兩條產品線：頂線，即第二代；基線，也就是第一代，即車身類型平台和常規的 Optimus。我相信這至少需要四、五年的時間。第一代將會消失或被徹底蠶食。

That's helpful.

這很有幫助。

Thank you.

謝謝。

Our next question comes from Caitlin Cronan of Cannacord Genuity. Please go ahead.

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

Hey, this is George on for Caitlin. Thanks for taking our questions and some are first ones kind of builds off the last question.

嘿，這是喬治，代替凱特琳。感謝您回答我們的問題，其中一些問題最初是圍繞上一個問題提出的。

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，特別是交付延遲，您認為這種情況會持續多久。

And then more so looking at your guidance, how much of a contribution of these new platforms is preorders? What are accounted in your current guidance numbers ?

然後進一步看看您的指導，這些新平台的預訂貢獻有多少？你們目前的指導數字中考慮了哪些因素？

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. 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.

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，因為記得在第三季度，我們仍然接受新設備的訂單。我們還有大約 120 台設備或平台需要交付，這些設備或平台將接受預訂，因此這將持續一個多季度。我希望在第四季度一切都能順利進行，我們將交付系統而無需創建來接受預訂。所以在年底之前，我們的業務將會恢復正常。

Now remind me the second, the second question.

現在提醒我第二個問題。

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

是的，僅在預訂等新平台上，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. The guidance that we gave took into account the preorders of Q1.

我的意思是這一切都在指導範圍內考慮，我指的是指導。我們給出的指導考慮了第一季的預訂單。

Okay.

好的。

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

偉大的。第二個問題，可以詳細介紹一下美國銷售團隊的變化嗎？

Shakil, can you answer that?

沙基爾，你能回答這個問題嗎？

Yes. 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.

是的。當然，我們的高階管理確實發生了一些變化。我們還增加了一個單獨的董事小組，這些董事都是透過內部提拔的，這反過來會創造一些向上的流動性，並且對一些顯然值得獲得這種待遇的人和那些將要獲得這種待遇的人來說也是如此。因此，一旦情況發生一點變化，宏觀經濟環境就會對我們變得更加有利。我們只是在計劃反彈，就像我之前在劇本中提到的那樣。因此我們顯然正在為此做好準備。我們正在努力前進。我們試圖避免像其他許多公司在這種時候那樣做，同時我們仍在努力控制資產負債表。因此，我們正在為情勢的反彈做好準備。

Next question comes from Mike Matson of Needham & Company. Please go ahead.

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

Hey, everyone. 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?

嘿，大家好。今天由約瑟夫代替麥克主持。我想也許你知道，其中一些問題可能已經被問過了。所以很抱歉，我加入晚了，但可能只是想了解一下製造設施的最新情況。您仍然看到交貨時間方面的壓力，或者我猜情況變好了還是變壞了？勞動能力怎麼樣？我猜這會對預訂積壓產生什麼影響？我只是想得到一個衡量標準，訂單積壓量是多少，這或多或少只是需求，而不是交貨時間和製造能力的減少？

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

很好的是，我們有兩個工廠，兩個製造工廠在以色列，一個在伊比利亞，一個在一個充滿活力的小城市。我們在這兩家工廠生產所有的產品，所以基本上，我們的每條生產線都可以適應每種產品。所以這是一個完整的備份。

Okay. 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.

好的。這就是我們的設計方式。這就是我們建構它的方式，當我們轉向新平台時，是的，我們遇到了一些延遲，這是因為以色列的情況。大家都知道這一點，而且陸軍是由預備役組成的，因此，我們的一些員工被徵召了很長時間，這導致製造過程中出現一些延誤，但我們現在正在迎頭趕上，我們實行兩班倒，以趕上進度並創造足夠的庫存，使我們能夠充分交付每一份預訂單。

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

但正如我所說，我們不會，也不認為這會佔用一個季度的時間。完成所有預訂單需要一個多季度的時間，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，我們將在未來三到六個月內 100% 地交付所有產品。

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

就製造設施而言，我們有能力使去年的銷售額翻倍。我們基本上生產超過 6,000 個系統。如果有必要的話，我們可以在不增加任何資本設備的情況下將生產水準或生產能力提高到 10,000。只需運行這條生產線，多艘船就可以，因此就物流和零件採購而言，不會出現任何問題，由於沃倫的原因​​，物流問題會稍微延遲。

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

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。你知道，我們每天 24 小時都在工作，我們相信，到目前為止，即使獎項已經頒發了六個多月，我們也成功交付了。我們唯一沒有按時交付的是那些預訂單，但我們可以向投資者保證，所有這些訂單都將在幾個月前我說的時間內發貨。我們基本上將恢復正常。

Okay, great. 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?

好的，太好了。是的，感謝所有這些顏色。我想也許只是轉向新的平台。因此，您要為您的舊設備推出一些升級平台。我認為您說過它們已經運往一定數量的國家。因此，我只是想獲得一些信息，也許是從一些使用這些新平台的客戶那裡獲得一些早期反饋，我想您之前也說過，新機構的高度和緊繃的升級降低了程序的複雜性。所以，我還很好奇，您是否可能向除了整形外科醫生之外的任何人（例如健康診所或類似機構）銷售了更多產品，他們是否發現新平台易於使用？

Absolutely. 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.

絕對地。讓我開始吧。讓我先從 Ignite 開始。好的，Ignite 是我們的完整手術平台。我所說的完整的手術平台，它們可以處理各種體型、各種面部緊緻度，我們稱之為第三代，但能量更高，因為我們改進了手柄，但這是我們為了簡化過程、加快治療速度而做的事情。

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柄，它只有一個套管針而不是兩個套管針，雙極射頻不是套管針的尖端，這使醫生能夠更靈活地到達身體的任何部位，比使用常規 RCL 更容易。

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. 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.

除此之外，這些平台將包括兩個新的Morpheus手柄，一個用於臉部，一個用於身體，以及更多的燃料Morpheus，現在稱為Morpheus8，是一種新一代技術。你可以到達任意深度。您希望您可以在皮膚的每一拳中放置任意深度最多三拳，這樣​​您就可以確定每天的能量水平。

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. 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.

舉例來說，您可以深入到七毫米，輸送 50% 的能量；深入到五毫米，輸送 30% 的能量；深入皮膚兩毫米深處，總共輸送 20% 的能量。這是我們開發的另一項技術，Morpheus8 打造的臉部和身體手柄有 24 針或 40 針，能夠使用這兩種技術，我們稱之為突發和縮放。

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

因此，我們認為這是一個起煞車作用的平台。這是一項突破性的技術。這是以前沒有人做過的事情，因為所有技術都受到專利的保護，現在我們可以依靠專利獲得 25 年的保護，但我不得不說，自 2026 年初我們停止在美國推廣和商業化我們的射頻輔助脂肪分解技術和體型專利以來，沒有人試圖侵犯我們的專利。

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

第二個平台是Optimus Max，基本上就是Optimus max。這是一種新設計，比普通的 Optimus 好看得多，配有可調節螢幕，手柄看起來更美觀、更與眾不同。印度超級聯賽。零件的能量增加了 25%，但這個平台的設計目的是為了將來能夠處理我們現在正在開發的一些其他手動零件，而常規的 Optimus 無法做到這一點。這是另一個平台，即新平台。

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. It will be over and above it.

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，這意味著 Optimus Max 會蠶食 Optimus 或 Ignite 會蠶食機身類型。它將超越它。

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

因此，每個想要使用 Morpheus 做更多事情的醫生都需要購買這兩款中的一款，您無法在舊一代平台上使用新款 Morpheus 手柄。因此這將促使醫生擁有兩個或兩個以上或三個不同的平台。

And that's good for us. 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.

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。我們正在製定加拿大、歐洲、亞洲和其他地區的監管規定，這需要時間。如您所知，例如在中國，新平台需要兩到三年的時間才能在巴西和 Visa 市場上推出。它可以採取與區域點相同的方式，我們才剛剛開始。

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. 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?

因此，這兩個平台需要幾年時間才能在所有國家（我們今天在 96 個國家進行銷售）商業化，這是一個過程。這是一種醫療設備。您需要進行的培訓並不是一勞永逸的，您需要建立臨床數據。你需要你就需要，你需要有培訓中心你就需要發布。這些平台的容量需要幾年才能充分發揮。它將被利用。我回答了嗎？

Yes, absolutely. That was those all very helpful. Thank you.

是的，絕對是如此。這些都是非常有幫助的。謝謝。

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, -- ?

也許還有一點，我想我聽到你討論過，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，只是很好奇，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. 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.

我沒有說我們提供貸款，我沒有說我們與租賃公司達成協議，幫助他們管理，限制風險，並透過建立資金池，在某些情況下，這可以幫助租賃公司。所以，為了使他們能夠在他們幫助融資的交易中承擔更多風險，我並沒有說我們正在融資。客戶不是銀行。

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，風險共擔計劃，我們承擔一部分風險，作為回報，他們願意提供更快的批准，並且基本上在客戶的信用狀況方面購買更深層次的產品。

Okay. That makes much more sense than I mean that clears up my question. Thank you very much.

好的。這比我的意思更有意義，解答了我的疑問。非常感謝。

This concludes our question and answer session. I would like to turn the call back over to Mr. Segal Scharia for any closing remarks.

我們的問答環節到此結束。我想將電話轉回給西格爾·沙裡亞先生，請他做最後發言。

Okay. 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.

好的。謝謝大家，謝謝大家的加入我們。我要感謝世界各地所有 InMode 員工一直與我們合作。我要特別感謝以色列團隊，他們在我們今天面臨的挑戰時刻日夜工作，並維持這家公司正在進行的所有活動。

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

再次感謝您，我們將於八月再見面。

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

會議現已結束。感謝您參加今天的演示，現在您可以斷開連接了。