Inmode Ltd (INMD) 2024 Q3 法說會逐字稿

Good day and welcome to the Inmode third quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Inmode 2024 年第三季財報電話會議。（操作員說明）請注意此事件正在被記錄。

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

我現在想將會議交給 MS-IR 執行長 Miri Segal。請繼續。

Thank you, operator, and everyone for joining us today. Welcome to Inmode's third 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 visit the investor relations section of the company's website.

感謝運營商以及大家今天加入我們。歡迎參加 Inmode 2024 年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，今天的收益發布中概述的安全港聲明也與本次電話會議有關。如果您尚未收到新聞稿副本，請造訪公司網站的投資者關係部分。

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

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，並且不承擔更新前瞻性聲明的義務，除非法律要求。

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

說到這裡，我想將電話轉接給執行長 Moshe Mizrahy。摩西。請繼續。

Thank you, Miri and to everyone for joining us. With me today, Dr. Michael Kreindel, our Co-founder and Chief Technology Officer; Yair Malca, our CFO, our Medical Director and VP of Medical Affairs; Dr. Eran Krieger and Rafael Lickerman, our VP of Finance. Following our prepared remark, we will be available for Q&A.

謝謝你，米里和大家加入我們。今天和我在一起的還有我們的共同創辦人兼技術長 Michael Kreindel 博士； Yair Malca，我們的財務長、醫療總監兼醫療事務副總裁； Eran Krieger 博士和我們的財務副總裁 Rafael Lickerman。在我們準備好的發言之後，我們將接受問答。

During the third quarter, macroeconomic headwinds continued to impact our performance as reflected in our financial results. A decrease in minimal invasive treatment and a slowdown in platform sales led to less than expected sales in consumable and platforms in Q3 which in turn led us to revise our full year guidance.

第三季度，宏觀經濟逆風持續影響我們的業績，這反映在我們的財務表現上。微創治療的減少和平台銷售的放緩導致第三季度耗材和平台的銷售低於預期，這反過來又導致我們修改了全年指導。

We are optimistic about the early endorsement of our two new platforms, IgniteRF and Optimus Max. We hope that as macroeconomic environment improve, particularly in easing interest rate and faster financial approval from leasing companies, more physicians will recognize the benefit and efficacy of these new platforms.

我們對 IgniteRF 和 Optimus Max 這兩個新平台的早期認可感到樂觀。我們希望隨著宏觀經濟環境的改善，特別是利率的放鬆和租賃公司更快的財務審批，更多的醫生將認識到這些新平台的好處和功效。

I would like to elaborate on our decision this quarter to reorganize some aspects of our corporate structure. As part of these management changes, we had to release some members of the management of the US and replace certain management in the UK, Spain and France. We believe these management changes are essential for aligning our target market with the right company structure.

我想詳細說明我們本季重組公司結構某些方面的決定。作為這些管理層變動的一部分，我們不得不釋放美國的一些管理層成員，並更換英國、西班牙和法國的某些管理層。我們相信這些管理變革對於使我們的目標市場與正確的公司結構保持一致至關重要。

Additionally, we are segmenting the North American market into separate roles for the US and Canada allowing us to focus on specific needs each geographic area. We are making additional changes that will in ROW -- that will better reflect our activities. Finally, regarding the situation in Israel, we want to assure everyone that our top priority remains the safety of our employees. We have overcome challenges relating to production and we take pride in our employees dedication in working longer shifts to upload customers commitment.

此外，我們將北美市場細分為美國和加拿大的不同角色，使我們能夠專注於每個地理區域的特定需求。我們正在對 ROW 進行額外的更改，這將更好地反映我們的活動。最後，關於以色列的局勢，我們想向大家保證，我們的首要任務仍然是員工的安全。我們克服了與生產相關的挑戰，我們為員工長時間輪班以履行對客戶的承諾而奉獻的奉獻精神感到自豪。

Now, I would like to turn the call to over Yair Malca, our CFO, to review the financial results in more detail.

現在，我想將電話轉給我們的財務長 Yair Malca，以更詳細地審查財務表現。

Thank you, Moshe and hello everyone. Thank you for joining us. Starting with total revenue in more, generated $130.2 million in the third quarter of 2024 out of which $31.9 million was generated from pre-orders received in the first half of 2024. This leaves us with $98.3 million of net sales received in Q3. GAAP and non-GAAP gross margins in Q3 was 82%.

謝謝你，摩西，大家好。感謝您加入我們。首先，2024 年第三季的總收入為 1.302 億美元，其中 3,190 萬美元來自 2024 年上半年收到的預訂單。這使得我們在第三季收到的淨銷售額為 9,830 萬美元。第三季 GAAP 和非 GAAP 毛利率為 82%。

Moving to our international operations, third quarter sales outside of the US accounted for $36.4 million representing 28% of total sales, a 19% decrease compared to Q3 last year. To support our operations and to ensure future growth, we currently have a sales team of more than 250 direct reps and 83 distributors worldwide. GAAP operating expenses in the third quarter were $57.9 million a 2% increase year-over-year.

轉向我們的國際業務，第三季美國以外的銷售額為 3,640 萬美元，佔總銷售額的 28%，比去年第三季下降 19%。為了支持我們的營運並確保未來的成長，我們目前在全球擁有一支由 250 多名直接代表和 83 名經銷商組成的銷售團隊。第三季 GAAP 營運費用為 5,790 萬美元，較去年同期成長 2%。

Sales and marketing expenses increased to $51.9 million in the third quarter compared to $50.8 million in the same period last year. This increase was primarily driven by our recent management change costs, higher commissions as well as additional spending on trade shows and workshops activities in Q3 of 2024. Next we look at share based compensation which decreased to $4 million in the third quarter of 2024. GAAP operating margin for Q3 was 37% compared to an operating margin of 38% in the third quarter of 2023.

第三季銷售和行銷費用增至 5,190 萬美元，而去年同期為 5,080 萬美元。這一增長主要是由於我們最近的管理變革成本、更高的佣金以及 2024 年第三季貿易展覽和研討會活動的額外支出。接下來我們來看看以股票為基礎的薪酬，該薪酬在 2024 年第三季減少至 400 萬美元。第三季的 GAAP 營業利潤率為 37%，而 2023 年第三季的營業利潤率為 38%。

Non-GAAP operating margin for the third quarter was 40% compared to a non-GAAP operating margin of 43% in the third quarter of 2033. GAAP diluted earnings per share for the third quarter was $0.65 compared to $0.54 per diluted share in Q3 of 2023. Non-GAAP diluted earnings per share for this quarter were $0.70 compared to $0.61 per diluted share in the third quarter of 2023. Once again, we ended the quarter with a strong balance sheet. As of September 30, 2024, the company had cash and cash equivalents, marketable securities and deposits of $684.9 million. This quarter InMode generated $34 million from operating activities.

第三季非 GAAP 營運利潤率為 40%，而 2033 年第三季非 GAAP 營運利潤率為 43%。第三季 GAAP 攤薄每股收益為 0.65 美元，而 2023 年第三季攤薄每股收益為 0.54 美元。本季非 GAAP 攤薄每股收益為 0.70 美元，而 2023 年第三季攤薄每股收益為 0.61 美元。我們再次以強勁的資產負債表結束了本季。截至2024年9月30日，該公司擁有現金和現金等價物、有價證券和存款為6.849億美元。本季 InMode 的營運活動創造了 3,400 萬美元的收入。

Regarding our second share repurchase program for 2024, as of today, we have acquired 3.2 million shares at an average price of $15.86 per share. As for future capital allocation plans, we continue to carefully review and evaluate all options and we will provide updates as soon as we have news to report.

關於我們 2024 年第二次股票回購計劃，截至今天，我們已以每股 15.86 美元的平均價格收購了 320 萬股股票。至於未來的資本配置計劃，我們將繼續仔細審查和評估所有選項，一旦有訊息報告，我們將立即提供更新。

Before I turn the call back to Moshe, I'd like to share with you our guidance for 2024 full year 2024 revenue to be between $410 million and to $420 million compared to prior guidance of $430 million to $440 million. Non-GAAP gross margin between 81% and 82% compared to prior guidance of 82% to 84%. Non-GAAP income from operations to be between $140 million and $145 million compared to prior guidance of $150 million to $155 million.

在我將電話轉回Moshe 之前，我想與您分享我們對2024 年全年收入的指導，即2024 年全年收入在4.1 億美元至4.2 億美元之間，而之前的指導為4.3 億至4.4億美元。非 GAAP 毛利率介於 81% 至 82% 之間，而先前的指引為 82% 至 84%。非 GAAP 營運收入將在 1.4 億至 1.45 億美元之間，而先前的指引為 1.5 億至 1.55 億美元。

Non-GAAP earnings per diluted share remains the same as in previous guidance at $1.92 to $1.96.

非 GAAP 攤薄每股收益與先前的指引相同，為 1.92 美元至 1.96 美元。

I will now turn over the call back to Moshe.

我現在將把電話轉回給摩西。

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

謝謝你，亞伊爾。非常感謝。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。

Great. And I just want a question on the full year EPS guidance and understanding the impact of the buyback. You've talked often in the past about investing through this cycle and yet, obviously were able to kind of offset some of the reduction in sales with some element of cost control. So you can maybe talk a little bit about, where some of those cost controls are coming through and then I have one follow up.

偉大的。我只想問一個有關全年每股收益指引和了解回購影響的問題。您過去經常談論在這個週期中進行投資，但顯然能夠透過某些成本控制來抵消部分銷售額的下降。因此，您也許可以談談其中一些成本控制的實施情況，然後我會進行後續追蹤。

Well, in Q3 we did not have a lot of, we didn't do any cost cutting or cost control. Actually we continue business as usual in R&D, marketing, et cetera and we did not lay out any employee. In addition, we spent a little bit more on the manufacturing due to the war in Israel. So we need to work overtime and that cost us a little bit more money. I don't think we did any cost control or cost sharing or cost cutting in Q3. This is the structure of our profitability and although it went a little bit down the gross margin and the EBIT, but that's natural because of the slowdown and the war on Israel.

嗯，在第三季我們沒有太多，我們沒有做任何成本削減或成本控制。實際上我們在研發、行銷等方面還是照常進行，沒有安排任何員工。此外，由於以色列的戰爭，我們在製造業方面的支出增加了一些。所以我們需要加班，這花了我們更多的錢。我認為我們在第三季沒有進行任何成本控製或成本分攤或成本削減。這就是我們的獲利結構，雖然毛利率和息稅前利潤略有下降，但由於經濟放緩和對以色列的戰爭，這是很自然的。

Well, it's impressive and congrats on managing through that the end of the year. Maybe just as a follow up, any color or comments you can provide or thoughts on the turn, the potential turn, the timing of a kind of improvement in some of the end markets, particularly in the US in this cycle that we're kind of managing through right now? Thanks.

嗯，這令人印象深刻，恭喜您在今年年底順利完成了這項任務。也許只是作為後續行動，您可以提供任何顏色或評論，或者對轉折、潛在轉折、某些終端市場改善的時機的想法，特別是在美國，在這個週期中，我們很友善管理現在嗎？謝謝。

Well, in the beginning of this year we thought that in the third quarter we will start seeing some relief on the slowdown. But to be honest, unfortunately we don't see any change in the slowdown, especially not in the interest rate on lease packages and we don't see that on the fourth quarter as well. So I hope that it will start sometime next year. I don't think it will be on the first and maybe the second quarter. We don't know and we don't want to say anything on that because in the last two quarters earning calls we said we believe it will start in the third quarter, but as I said, we don't see it yet.

今年年初，我們認為第三季經濟放緩將開始緩解。但說實話，不幸的是，我們沒有看到經濟放緩的任何變化，特別是租賃套餐的利率，我們在第四季度也沒有看到這種情況。所以我希望它能在明年某個時候開始。我認為第一季不會，也可能是第二季。我們不知道，也不想對此發表任何評論，因為在過去兩個季度的財報電話會議中，我們表示相信它將在第三季度開始，但正如我所說，我們還沒有看到這一點。

Thanks so much for the color.

非常感謝你的顏色。

Mike Matson, Needham and Company.

麥克馬森，李約瑟公司。

Hi guys. This is Joseph on from Mike. If maybe you could give us a little color on how maybe the last rate cuts helped leasing in your business and looking forward into 2025, can you kind of frame us how another rate cut, maybe a similar size would help customers financing or do you think maybe the financing problem is going to be alleviated by multiple rate cuts from here, not just one?

嗨，大家好。這是麥克的約瑟夫。如果您可以向我們介紹一下上次降息如何幫助您的租賃業務以及展望 2025 年，您能否向我們介紹另一次降息（也許類似的規模）將如何幫助客戶融資，或者您認為也許融資問題將透過從這裡開始的多次降息而得到緩解，而不僅僅是一次？

Well the rate cuts or the interest cut, the general one did not affect yet the lease interest rate, the lease package that doctors buying with our equipment with. It's still very high and the process take much longer because leasing company want to make sure that they are giving money to the right people.

嗯，降息或降息，一般來說還沒有影響租賃利率，醫生購買我們設備的租賃套餐。它仍然非常高，而且過程需要更長的時間，因為租賃公司希望確保他們將錢提供給合適的人。

As we said last quarter, we helped with doing some pool and sharing some of the risk with the leasing company. But as you can see the results on the third quarter we did less than $100 million when the expectation was to go to $104 million, $105 million or whatever and we did only $98 million which is less than what we expected. So and I don't want to guess and tell you that it will start slowing down or the interest rate will start coming down sometime in the beginning of next year. We really don't know.

正如我們上季度所說，我們幫助做一些池並與租賃公司分擔一些風險。但正如你所看到的第三季度的結果，當預期達到1.04 億美元、1.05 億美元或其他數字時，我們的收入還不到1 億美元，而我們只完成了9800 萬美元，低於我們的預期。因此，我不想猜測並告訴您，經濟將開始放緩，或者利率將在明年初的某個時候開始下降。我們真的不知道。

Okay. Yeah, that's helpful. And then I guess maybe around gross margin. How can you guys, or what is your expectation around returning to the mid-80s gross margin is at the current revenue level, is a lot of this being driven by overtime and what have you in the manufacturing facilities? Do you need consumable to really return to growth to get back to the mid-80s?

好的。是的，這很有幫助。然後我猜可能是毛利率左右。你們怎麼能，或者你們對目前收入水準恢復到 80 年代中期毛利率的期望是多少，這很大程度上是由加班推動的嗎？您是否需要消耗品才能真正恢復成長以回到 80 年代中期？

I don't think we will go to the mid-80s, which what 85% or 86%? It would be very difficult. I still believe that 80% to 82%, it's a nice gross margin for a company like us being the size of InMode today. Cost of transportation goes up. The war in Israel which lasts too long does not help us with cost, does not help us with the manufacturing process. So going back to 85% maybe in the future, but we don't see 85% in the fourth quarter and not in 2025.

我不認為我們會到80年代中期，哪個85%或86%？這將是非常困難的。我仍然相信 80% 到 82%，對於像我們這樣擁有今天 InMode 規模的公司來說，這是一個不錯的毛利率。運輸成本上升。以色列的戰爭持續太久，對我們的代價沒有幫助，對我們的製造過程也沒有幫助。因此，未來可能會回到 85%，但我們預計第四季不會達到 85%，2025 年也不會。

Okay. Thank you very much.

好的。非常感謝。

Caitlin Cronin, Canaccord Genuity

凱特琳‧克羅寧 (Caitlin Cronin)，Canaccord Genuity

Hi, thank you for taking the questions. Just a quick one. Not sure if I heard if you guys said, but if you could just give us the US consumables growth for the quarter that would be great.

您好，感謝您提出問題。只是快一點。不確定我是否聽到你們說過，但如果你們能給我們提供本季美國消費品的成長情況，那就太好了。

No, the contrary, we know the consumable in the US went down, not up and the total was again less what expected. And I said that in my speech because less minimally invasive treatment are being made right now. Now the reason for that is that our treatment with InMode equipment it's relatively expensive treatment. It's on thousands of dollars and not hundreds of dollars. So we believe the macroeconomics also reflect in that and also did not help doctors to do more treatment. And therefore we have realized that doctors in North America are making 40% less treatment than last year.

不，相反，我們知道美國的消費品價格下降，而不是上升，總量再次低於預期。我在演講中這麼說是因為現在正在進行較少的微創治療。原因是我們使用 InMode 設備進行治療是相對昂貴的治療。是幾千塊錢，不是幾百塊。所以我們認為宏觀經濟也反映在這一點上，也沒有幫助醫生做更多的治療。因此，我們意識到北美醫生的治療費用比去年減少了 40%。

Okay, makes sense. And then I think you mentioned in your preannouncement press release about moving some operations away from Israel. Can you provide a little more color on what that means, the timing where, when?

好吧，有道理。然後我想你在預告新聞稿中提到了將一些業務從以色列轉移出去。您能否提供更多資訊來說明這意味著什麼、時間地點、時間？

Currently we're manufacturing only in Israel. We have two major facilities and three smaller ones which makes subcomponent, but the two main one are assembling the product. We have all to remember that in order to manufacture medical platforms or medical device which has to be regulated by 27 different regulatory bodies around the world; it's not so easy to find a facility that can handle it. We try to explore several opportunities with some companies in Europe.

目前我們僅在以色列生產。我們有兩個主要設施和三個較小的設施用於製造子組件，但兩個主要設施用於組裝產品。我們必須記住，為了製造醫療平台或醫療設備，必須受到全球 27 個不同監管機構的監管；要找到可以處理它的設施並不容易。我們嘗試與歐洲的一些公司探索一些機會。

Mainly in Europe, so it will be close to us. If we go to China, it's almost impossible to control, but unfortunately we have no facility that can handle our product with the right regulatory approval from those regulatory bodies and therefore even with the war in Israel, we believe we can manage from Israel. Although it's difficult and there's uncertainty. I agree, but no, we have no other alternative.

主要在歐洲，所以會離我們很近。如果我們去中國，幾乎不可能控制，但不幸的是，我們沒有設施可以在獲得這些監管機構的正確監管批准的情況下處理我們的產品，因此即使以色列發生戰爭，我們相信我們可以在以色列進行管理。儘管這很困難並且存在不確定性。我同意，但是不行，我們別無選擇。

Tommy Han, Baird.

湯米漢，貝爾德。

Great. Thanks so much for taking the questions. Your U.S. systems installation number this quarter jumped to 610 versus 350 last quarter by [RMATH]. Does that third quarter systems place number include all of the pre orders delivered in the third quarter or were those pre-orders booked in the first half of the year? And could you remind us how you counted the old system you placed in offices in anticipation of the delivery of the pre-orders? Thanks.

偉大的。非常感謝您提出問題。本季您的美國系統安裝數量躍升至 610 個，而上季為 350 個[數學]。第三季的系統訂單數量是否包括第三季交付的所有預訂單，還是上半年預訂的預訂單？您能否提醒我們，您如何計算在辦公室中放置的舊系統以預計交付的預訂單？謝謝。

I believe on the third quarter we delivered all the pre orders. We don't have more pre-orders to deliver.

我相信第三季我們交付了所有預購訂單。我們沒有更多的預訂單需要交付。

Yeah, we exclude them from the install base installation in the first half of the year and we include everything in Q3.

是的，我們在上半年將它們排除在安裝基礎安裝之外，並將所有內容都包含在第三季。

As you can see, the total gap number is $130.2 million, out of which $32 million are pre-ordered. The net sales of the fourth quarter, as I said before, was only $98 million less than expected, but we managed to deliver all the rest.

如您所見，缺口總額為 1.302 億美元，其中 3,200 萬美元為預購。正如我之前所說，第四季的淨銷售額僅比預期少了 9,800 萬美元，但我們設法交付了其餘的全部。

Perfect. Thanks for clearing that up. System ASP also jumped up to 140,000 from 115,000 previously. Were there any one timers driving that or have you been able to take price with your new systems? Thanks for the questions.

完美的。感謝您澄清這一點。系統平均售價也從先前的 115,000 躍升至 140,000。是否有任何計時器在推動這一點，或者您是否能夠對新系統進行定價？感謝您的提問。

I mean the new system, the Ignite and the Optimus Max, just because this is some early bird, we can charge a little bit more, we raise the prices a little bit and that helps us with the price per platforms. But I believe looking forward it will be difficult to maintain the same price per platforms. But we are raising prices a little bit on the new platforms. We cannot raise prices on the current portfolio.

我的意思是新系統，Ignite 和 Optimus Max，只是因為這是一些早起的鳥兒，我們可以收取更多費用，我們提高一點價格，這有助於我們提高每個平台的價格。但我相信，展望未來，每個平台的價格將很難維持相同。但我們在新平台上稍微提高了價格。我們無法提高目前投資組合的價格。

Sam Eiber, BTIG.

薩姆·艾伯，BTIG。

Hi, good morning everyone. Thanks so much for taking the questions here. Maybe I can start on some of the changes to the commercial organization. It sounded more of a realignment and maybe splitting up some territories a little bit differently, but I guess any changes to the go to market strategy? Is the selling approach any differently or is it really just a realignment in terms of territories?

嗨，大家早安。非常感謝您在這裡提出問題。也許我可以開始對商業組織做一些改變。這聽起來更像是重新調整，也許有些地區的劃分略有不同，但我想市場策略有什麼變化嗎？銷售方式是否有什麼不同，或只是地域方面的重新調整？

Well, it depends. In Europe we changed management in Spain, UK and France and the reason why we changed management in these two countries because we basically were not happy with the results and the dedication of the management on those territory. And therefore we have decided that we need to change them and we hire new management. And I believe that the new management are more dedicated and more eager to succeed.

嗯，這取決於。在歐洲，我們更換了西班牙、英國和法國的管理階層，之所以更換這兩個國家的管理階層，是因為我們基本上對這些地區的結果和管理階層的奉獻精神不滿意。因此我們決定需要改變它們並聘請新的管理層。我相信新的管理階層會更加敬業，並且更加渴望成功。

In the United States, it's a little bit different story. In the United States, we will leave two major VP Sales, one earlier in the year and one right now, and the President and the Chief Medical Officer, which was replaced with the VP Clinical Affairs in Israel. The President of North America, Shakil was with us for almost seven years. He did a great job. And after seven years of doing the same in the same position, I thought it will be we need to make some changes in order to realign the organization. So right now we don't have a President in North America.

在美國，情況略有不同。在美國，我們將留下兩名主要的銷售副總裁（一名是今年早些時候的，一名是現在的），以及總裁和首席醫療官，後者由以色列的臨床事務副總裁取代。北美總裁沙基爾與我們一起工作了近七年。他做得很好。經過七年在同一職位上做同樣的事情後，我認為我們需要做出一些改變來重新調整組織。所以現在我們北美沒有總統。

Canada reported directly to me, and the two new VPs for the East and for the West in the United States are also reporting to me. So actually in the meantime, I'm also the President of North America. I intend to spend at least week every month in Irvine in our office and visit doctors and the territories and work with them in order to realign the organization. In the meantime, I want to keep it that way. I'm not looking for President for the United States. Canada will continue to report to me until we found what exactly organizational changes we want to make with the new portfolio and with the current portfolio. It takes time, but we're in the process.

加拿大直接向我匯報，美國東部和西部的兩位新副總統也向我報告。所以其實同時，我也是北美地區的總統。我打算每個月在爾灣的辦公室至少待一周，拜訪醫生和地區，並與他們合作，重新調整組織。同時，我想保持這種狀態。我不是尋找美國總統。加拿大將繼續向我匯報，直到我們找到我們想要對新的投資組合和當前的投資組合進行哪些具體的組織變革。這需要時間，但我們正在這個過程中。

Okay, that makes a lot of sense. And may be just following up on some of the newer products, we'd love to just hear any early feedback. Maybe you've heard from some of the early customers that adopted IgniteRF and Optimus Max. I guess, how many of these are upgrades versus new customers that that are now excited about the new platforms? And I guess just the third part of the question is that allowing you to maybe go beyond of the core plastic surgeons that you've typically gone after. Thanks for taking the questions.

好吧，這很有道理。可能只是跟進一些較新的產品，我們很樂意聽到任何早期反饋。也許您已經從一些採用 IgniteRF 和 Optimus Max 的早期客戶那裡聽說過。我想，其中有多少是針對現在對新平台感到興奮的新客戶的升級？我想問題的第三部分是讓你可能超越你通常追求的核心整形外科醫生。感謝您提出問題。

Well, the two platforms are different. The first one, there is IgniteRF. It's minimally invasive and ablative platforms mainly for surgeon, plastic surgeon, aesthetic surgeon, dermatologist, any doctor who can perform surgical procedure. The second platform, the Optimus Max, it's more, I would say a platforms with different type of hand pieces all the way from laser IPL and also ablative with the Morpheus. We did not do any upgrade yet or maybe very little. We sold most of them to new doctors or to doctors who wanted a second system.

嗯，兩個平台不一樣。第一個是 IgniteRF。它是微創和消融平台，主要針對外科醫生、整形外科醫生、美容外科醫生、皮膚科醫生以及任何可以進行外科手術的醫生。第二個平台，Optimus Max，我想說的是，它是一個具有不同類型手持件的平台，從雷射 IPL 一直到使用 Morpheus 燒蝕。我們還沒有進行任何升級，或者可能很少。我們將其中大部分賣給了新醫生或想要第二個系統的醫生。

We will put together a promotion on the fourth quarter and maybe early next year to do some kind of an upgrade to doctors who are having the body type, which will be replaced with the IgniteRF and the Optimus, which will be replaced with the Optimus Max.

我們將在第四季度甚至明年初進行促銷活動，對身體類型的醫生進行某種升級，將用 IgniteRF 和 Optimus 取代，後者將用 Optimus Max 取代。

Really helpful. Thanks for taking the questions.

真的很有幫助。感謝您提出問題。

This concludes our question and answer session. I would like to turn the call over to Moshe Mizrahy, Inmode's CEO, for any closing remarks.

我們的問答環節到此結束。我想將電話轉給 Inmode 執行長 Moshe Mizrahy，讓其發表結束語。

Well, thank you everybody. Thank you to all the shareholders, to all of InMode employees in Israel and worldwide, especially, I want to thank the Israeli employees that as everybody know, the headquarters and the two manufacturing facilities are -- I don't want to call it this way, but they are close to the border, to the north border and the war is here and they are still coming to work and everybody is dedicated so we can continue to serve our customers. I want to thank all InMode customers for the loyalty. I want to thank all the luminary doctors and looking forward to see you in the next earning call. Hopefully in Israel it will be a better day.

嗯，謝謝大家。感謝所有股東，感謝以色列和世界各地的所有 InMode 員工，特別是我要感謝以色列員工，眾所周知，總部和兩個製造工廠是——我不想這樣稱呼它方式，但他們靠近邊境，靠近北部邊境，戰爭就在這裡，他們仍然來工作，每個人都很敬業，這樣我們就可以繼續為我們的客戶服務。我要感謝所有 InMode 客戶的忠誠。我要感謝所有傑出的醫生，並期待在下次電話會議中見到您。希望以色列的日子會更好。

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，您現在可以斷開連接了。