Inmode Ltd (INMD) 2024 Q4 法說會逐字稿

Good day, and welcome to the InMode fourth quarter and full year 2024 earnings results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 InMode 2024 年第四季和全年收益業績電話會議。（操作員指示）請注意，此事件正在記錄中。

I would now like to turn the conference over to Miri Segal, CEO of MS-IR, to review the Safe Harbor statement for today's call. Please go ahead.

現在，我想將會議交給 MS-IR 執行長 Miri Segal，來審查今天電話會議的安全港聲明。請繼續。

Thank you, operator, and to everyone for joining us today. Welcome to InMode's fourth quarter and full year 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 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.

謝謝接線員，也謝謝今天加入我們的所有人。歡迎參加 InMode 2024 年第四季和全年財報電話會議。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，今天新聞稿中概述的安全港聲明也與本次電話會議有關。如果您尚未收到該新聞稿的副本，請造訪公司網站的投資者關係部分。

Changes in business, competitive, technological, regulatory and other factors could cause actual results to differ materially from those expressed in 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會導致實際結果與今天前瞻性陳述中表達的結果有重大差異。我們的歷史表現不一定能代表未來的表現。因此，我們無法保證我們的前瞻性聲明的準確性，並且不承擔更新它們的義務，除非法律要求。

With that, I'd like to turn the call over to Moshe Mizrahy, InMode's CEO. Moshe, please go ahead.

接下來，我想將電話轉給 InMode 的執行長 Moshe Mizrahy。摩西，請繼續。

Thank you, Miri, and to everyone for joining us. With me today are Dr. Michael Kreindel, our Co-Founder and Chief Technology Officer; Yair Malca, our CFO, and Rafael Lickerman, our VP of Finance. Following our prepared remarks, we will all be available to answer your questions.

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

The fourth quarter of 2024 was indeed challenging for InMode as we navigate intense headwinds in the aesthetic industry, which were compounded by broader macroeconomic factor. Despite this optical, we stayed focused and productive in 2024, driving innovation and maintaining a strong emphasis on R&D. We launched two new platforms in 2024. The IgniteRF and OptimasMax, which are both breakthrough technology, though it took longer to reach the market due to the extended training cycle and increased complexity of the tools and the manufacturing line. Now that the delivery challenges are behind us, we are optimistic that these platforms will see better adoption in 2024.

2024 年第四季對 InMode 來說確實充滿挑戰，因為我們面臨著美容產業的巨大阻力，而更廣泛的宏觀經濟因素又加劇了這種阻力。儘管如此，2024 年我們仍保持專注和高效，推動創新並保持對研發的高度重視。我們在 2024 年推出了兩個新平台。IgniteRF 和 OptimasMax 都是突破性技術，但由於培訓週期延長以及工具和生產線複雜性增加，它們需要更長的時間才能進入市場。現在，交付挑戰已經過去，我們樂觀地認為這些平台將在 2024 年得到更廣泛的應用。

The IgniteRF platforms provide a comprehensive range of radio frequency solution to address a variety of aesthetic and surgical needs. At the heart of the platforms, is the QuantumRF piece, a breakthrough technology that deliver RF energy to deeper tissue layers, achieving remarkable results while maintaining a minimally invasive approach. As we previously mentioned, the IgniteRF is an upgrade from our popular -- of our popular body type platforms. And its feature nine advanced technology that facilitate soft tissue contraction at multiple tissue depth for optimal outcomes.

IgniteRF平台提供全面的射頻解決方案，以滿足各種美容和手術需求。該平台的核心是 QuantumRF技術，這是一項突破性的技術，可以將射頻能量傳送到更深的組織層，在保持微創方法的同時實現顯著的效果。正如我們之前提到的，IgniteRF 是我們廣受歡迎的體型平台的升級版。其採用九種先進技術，可促進多個組織深度的軟組織收縮，以獲得最佳效果。

I would like to provide some color on the second platform, the OptimasMax. It is a versatile multi-application platforms that deliver more energy and superior heat distribution, resulting in fast more efficient results. Since time is one of the doctors most valuable assets, our solution allow physicians to perform more treatment per day, which translates to seeing higher numbers of patients. Both platforms are still in the early stage of revenue, but early feedback from doctors worldwide has been positive. We hope that we can update about our progress in the coming quarters.

我想對第二個平台 OptimasMax 提供一些介紹。它是一個多功能的多應用平台，可提供更多的能量和更好的熱量分佈，從而快速獲得更有效率的結果。由於時間是醫生最寶貴的資產之一，我們的解決方案使醫生每天能夠進行更多的治療，從而可以治療更多的患者。兩個平台均處於盈利初期，但來自全球醫生的早期回饋都是正面的。我們希望能夠在接下來的幾個季度內更新我們的進展。

As you may know, InMode has a long history of leading the industry in innovation and Pioneer across several technologies. We have maintained our leadership position in the aesthetic market with continuously introducing new and exciting technology and platforms. In fact, in 2025, we plan to launch two new platforms, the fractional laser CO2 and another platform for the medical market. We will be able to share more information as we approach the launch.

您可能知道，InMode 長期以來一直引領業界創新並在多項技術領域中處於領先地位。我們不斷推出新穎、令人興奮的技術和平台，維持了在美學市場的領導地位。事實上，我們計劃在 2025 年推出兩個新平台，即點陣雷射 CO2 平台和另一個針對醫療市場的平台。隨著發布的臨近，我們將能夠分享更多資訊。

Our fractional laser CO2 platforms focused on the popular facial rejuvenation and resurfacing market. And when added to our Morpheus technology, the patients receive noticeable results and smoother and more useful skin results with a minimal downtime. Since physicians like to bundle the Morpheus treatment with the CO2 laser, we expect this FDA approved technology to gain more traction later this year. As a result of our extensive portfolio and innovative product, compound with our streamlined organization structure in line with expansion strategy, InMode is well positioned to continue our leading market position, generate superior margins and benefit once condition will recover.

我們的分段式二氧化碳雷射平台專注於熱門的臉部年輕化和重塑市場。當加入我們的 Morpheus 技術後，患者可以獲得明顯的效果，皮膚變得更加光滑和實用，停機時間極短。由於醫生喜歡將 Morpheus 治療與二氧化碳雷射結合起來，我們預計這項經 FDA 批准的技術將在今年稍後獲得更多關注。由於我們擁有廣泛的產品組合和創新的產品，再加上符合擴張策略的精簡組織結構，InMode 完全有能力繼續保持領先的市場地位，獲得卓越的利潤率，並在形勢復甦時獲益。

We are confident in our operation and the ability to meet the demand. We have long relationship with three subcontractors located in Israel, none of which have had any significant delay and maintain relationships with multiple suppliers of major component.

我們對我們的營運和滿足需求的能力充滿信心。我們與位於以色列的三家分包商保持了長期合作關係，這些分包商都沒有出現過重大延誤，並且與多家主要零件供應商保持合作關係。

In 2024, we returned more than $285 million to shareholders via repurchasing, representing approximately 19% of our share capital and more than double our fiscal year 2024 free cash flow. As we mentioned in today's press release, we are happy to report that our Board has approved a new tax-efficient shares for repurchase program of up to 10% of our share capital to be executed over the next three to six months. Together with our 2024 repurchases, this represents approximately 27% of our shares capital to be bought within less than 15 months.

2024 年，我們透過回購向股東返還了超過 2.85 億美元，約占我們股本的 19%，是 2024 財年自由現金流的兩倍多。正如我們在今天的新聞稿中提到的，我們很高興地報告，我們的董事會已經批准了一項新的稅收優惠股份回購計劃，該計劃最多可回購我們股本的 10％，並將在未來三到六個月內執行。加上我們 2024 年的回購，這意味著我們將在不到 15 個月的時間內購買約 27% 的股本。

Given our strong free cash flow generation and our confidence in our business, we are also exploring in consultation with our financial, legal and tax advisers returning a significant amount of capital by the end of the year to create future value to our shareholders. We continue to evaluate our options to enhance shareholders' value as part of a balanced, disciplined approach to capital allocation. We believe this latest decision reflects our strong confidence in the company's future and commitment to delivering value for our shareholders.

鑑於我們強勁的自由現金流產生能力和對業務的信心，我們也正在與財務、法律和稅務顧問協商，探討在年底前返還大量資本，為股東創造未來價值。作為平衡、嚴謹的資本配置方法的一部分，我們將繼續評估提高股東價值的選擇。我們相信這項最新決定反映了我們對公司未來的堅定信心以及為股東創造價值的承諾。

Now I would like to turn the call over to Yair, our Chief Financial Officer. Yair, please.

現在我想將電話轉給我們的財務長亞伊爾。請叫我亞爾。

Thanks, Moshe, and hello, everyone. Thank you for joining us. Starting with total revenue, InMode generated $97.9 million in the fourth quarter of 2024, with a gross margin of 79% on a GAAP basis. For full year 2024, revenue totaled $394.8 million, a decrease of 20% compared to 2023. Non-GAAP gross margin remained the highest in the industry, and within our target range at 80% for the fourth quarter and 81% for the full year of 2024. In Q4 and in the full year of 2024, our minimally invasive technology platforms accounted for 86% and 87%, respectively, of our total revenues. For the full year of 2024, consumables and service accounted for 20% of revenue, an increase from 16% in 2023.

謝謝，Moshe，大家好。感謝您加入我們。從總收入開始，InMode 在 2024 年第四季創造了 9,790 萬美元的收入，以 GAAP 計算的毛利率為 79%。2024 年全年營收總計 3.948 億美元，較 2023 年下降 20%。非公認會計準則毛利率仍保持行業最高水平，且在我們的目標範圍內：第四季為 80%，2024 年全年為 81%。第四季及2024年全年，我們的微創技術平台分別占我們總營收的86%及87%。2024年全年，消耗品及服務佔收入的20%，高於2023年的16%。

Moving to our international operations. Fourth quarter sales outside the US accounted for $35.2 million, or 36% of sales, a 23% decrease compared to Q4 last year. This decrease was across all regions. For the full year of 2024, sales outside the US accounted for $150 million or 38% of sales, a 19% decrease compared to 2023. To support our operations and growth, we currently have sales team of more than 260 direct reps and 87 distributors worldwide. GAAP operating expenses in the fourth quarter was $49.8 million and $204.5 million for the full year, a 10% and 5% decrease year-over-year, respectively.

轉向我們的國際業務。第四季美國以外地區的銷售額為 3,520 萬美元，佔銷售額的 36%，較去年第四季下降 23%。所有地區均出現此下降。2024 年全年，美國以外地區的銷售額為 1.5 億美元，佔銷售額的 38%，與 2023 年相比下降 19%。為了支持我們的營運和成長，我們目前在全球擁有由 260 多名直接代表和 87 名經銷商組成的銷售團隊。第四季 GAAP 營業費用為 4,980 萬美元，全年 2.045 億美元，分別較去年同期下降 10% 和 5%。

Sales and marketing expenses increased slightly to $44.7 million in the fourth quarter compared to $49.5 million in the same period last year. For the full year of 2024, sales and marketing expenses totaled $181.4 million, down from $193 million in 2023. The year-over-year decrease was primarily due to lower sales commissions resulting from a decline sales and a reduction in share-based compensation. These decreases were partially offset by increases in salaries, trade shows expenses and other marketing costs.

第四季銷售和行銷費用略微增加至 4,470 萬美元，而去年同期為 4,950 萬美元。2024 年全年銷售和行銷費用總計 1.814 億美元，低於 2023 年的 1.93 億美元。年比下降主要由於銷售額下降導致銷售佣金降低以及股權激勵減少。這些減少部分被工資、貿易展費用和其他行銷成本的增加所抵消。

Next, we look at share-based compensation, which decreased to $3.4 million in the fourth quarter of 2024 and $16.6 million in the full year of 2024. On a non-GAAP basis, operating expenses were $46.8 million in the fourth quarter compared to a total of $49.5 million in the same quarter of 2023, representing a 6% decrease. For 2024, non-GAAP operating expenses were $189.8 million compared to $194.1 million in 2023.

接下來，讓我們來看看股權激勵費用，2024 年第四季下降至 340 萬美元，2024 年全年降至 1,660 萬美元。以非公認會計準則計算，第四季營運費用為 4,680 萬美元，而 2023 年同期總計 4,950 萬美元，下降 6%。2024 年非 GAAP 營業費用為 1.898 億美元，而 2023 年為 1.941 億美元。

GAAP operating margin for Q4 and for 2024 was 28%. Non-GAAP operating margin for the fourth quarter and for full year 2024 was 32% and 33% compared to 45% for the fourth quarter of 2023 and for full year 2023. GAAP diluted earnings per share for the first quarter were $1.14 compared to $0.64 per diluted share in Q4 of 2023, and $2.25 in 2024 compared to $2.30 in 2023. Non-GAAP diluted earnings per share for this quarter were $0.42 compared to $0.71 per diluted share in the fourth quarter of 2023 and $1.76 for 2024 compared to $1.57 for 2023.

第四季和 2024 年的 GAAP 營業利潤率為 28%。2024 年第四季和全年非 GAAP 營業利潤率分別為 32% 和 33%，而 2023 年第四季和 2023 年全年均為 45%。第一季 GAAP 稀釋每股收益為 1.14 美元，而 2023 年第四季每股稀釋收益為 0.64 美元，2024 年每股稀釋收益為 2.25 美元，而 2023 年為 2.30 美元。本季非公認會計準則每股攤薄收益為 0.42 美元，而 2023 年第四季每股攤薄收益為 0.71 美元，2024 年每股攤薄收益為 1.76 美元，而 2023 年為 1.57 美元。

Once again, we ended the quarter with a strong balance sheet. As of December 31, 2024 company had cash and cash equivalents, marketable securities and deposits of $596.5 million. This quarter, InMode generated $32.4 million from operating activities.

我們再次以強勁的資產負債表結束了本季。截至 2024 年 12 月 31 日，本公司擁有現金和現金等價物、有價證券和存款 5.965 億美元。本季度，InMode 的營運活動創造了 3,240 萬美元的收入。

Because of our strong balance sheet and free cash flow, we completed our fourth share repurchase program approved last September in the fourth quarter, buying back $135 million or 7.7 million ordinary shares, out of which $120 million were purchased during Q4. This is in addition to the share repurchase program approved back in May for 8.4 million ordinary shares. In total, we repurchased 16 million ordinary shares or $285 million under these programs in 2024, earning capital to our shareholders in a tax-efficient manner.

由於我們強勁的資產負債表和自由現金流，我們在第四季度完成了去年 9 月批准的第四次股票回購計劃，回購了 1.35 億美元或 770 萬股普通股，其中 1.2 億美元是在第四季度購買的。這是對 5 月批准的 840 萬股普通股回購計畫的補充。總體而言，我們在 2024 年根據這些計劃回購了 1,600 萬股普通股，即 2.85 億美元，以節稅的方式為我們的股東賺取資本。

As part of our financial update, I'd like to highlight a significant onetime tax adjustment. Over the years, our US subsidiary has accumulated a federal tax loss carry forward of approximately $203 million and a state tax loss carry forward of about $165.5 million. These primarily stem from employee stock option exercises that generated tax deductions exceeding recognized compensation expenses. After reviewing our cumulative income in recent years and evaluating the realizability of deferred tax assets, we released the valuation allowance related to our US net deferred tax assets. This led to the recognition of deferred tax assets of $55.1 million. It's important to note that this amount has been adjusted for non-GAAP purposes.

作為我們財務更新的一部分，我想強調一次重大的一次性稅收調整。多年來，我們的美國子公司累計聯邦稅虧損結轉約 2.03 億美元，州稅虧損結轉約 1.655 億美元。這些主要源自於員工股票選擇權行使所產生的稅收減免超過了已確認的薪酬費用。在審查了我們最近幾年的累積收入並評估了遞延所得稅資產的可實現性後，我們釋放了與美國淨遞延所得稅資產相關的估值準備。這導致確認了5,510萬美元的遞延所得稅資產。值得注意的是，該金額已根據非公認會計準則進行了調整。

Before I turn the call back to Moshe, I'd like to reiterate our guidance for 2025. Revenue between $395 million and $405 million; non-GAAP gross margin between 80% and 82%; non-GAAP income from operations between $130 million and $135 million, non-GAAP earnings per diluted share between $1.95 and $1.99.

在我將電話轉回給 Moshe 之前，我想重申我們對 2025 年的指導。營收在 3.95 億美元至 4.05 億美元之間；非公認會計準則毛利率在 80% 至 82% 之間；非公認會計準則下營業利潤在 1.3 億美元至 1.35 億美元之間，非公認會計準則下每股攤薄收益在 1.95 美元至 1.99 美元之間。

I will now turn the call back to Moshe.

我現在將電話轉回給 Moshe。

Thank you, operator. We are ready for question.

謝謝您，接線生。我們已經準備好回答問題了。

(Operator instructions)

（操作員指令）

Danielle Antalffy, UBS Equities

瑞銀股票部門 Danielle Antalffy

I just wanted to, Moshe, get your further thoughts on capital deployment new share repurchase. But you guys have been transparent in the past also being opportunistic on the M&A front. Just curious if that's still the case? And then just one follow-up after that.

Moshe，我只是想了解你對資本部署新股回購的進一步想法。但你們過去一直很透明，在併購方面也採取機會主義做法。只是好奇情況是否仍然如此？此後僅需一次跟進。

Well, as you know, we are always exploring M&A opportunities. Once it's come, we will report that we did. So far, we are not able to find something that we can buy or very synergetic to us. And therefore, we have decided to start expanding the buyback. In 2024, we bought $285 million of shares back from the market. And now we announced another 10%, which I believe will accumulate to another $120 million, maybe a little bit more depending on the share price.

嗯，如您所知，我們一直在探索併購機會。一旦到達，我們就會報告。到目前為止，我們還沒有找到可以購買或對我們有協同作用的東西。因此，我們決定開始擴大回購。2024年，我們從市場上回購了價值2.85億美元的股票。現在我們宣布再增加 10%，我相信這將累積達到 1.2 億美元，或許還會更多，取決於股價。

Again, if opportunity will present itself which will be either complementary to our product line or synergetic to our client or something that had to do with the aesthetic that we do not make, I mean in the energy-based devices, which are similar to what we are doing, we will explore it and report. But right now, we have nothing in the pipeline.

再說一次，如果出現機會，要么是對我們的產品線的補充，要么是對我們的客戶產生協同作用，要么是與我們未曾做過的美學有關的東西，我的意思是在與我們正在做的事情類似的基於能源的設備中，我們會進行探索並報告。但目前我們還沒有製定任何計劃。

Okay. Got it. And then my follow-up question -- I mean I assume you guys are seeing the sort of leading economic indicators that we see. But -- is there anything that you are seeing under the surface there? We now have a new administration in place here in the United States, the news flow is pretty volatile there, though, too. Are you seeing anything that gives you any comfort in a potential economic sort of turnaround here at some point in 2025? Appreciating I don't think that's what's reflected in your guidance. But just curious qualitatively what you might be seeing if there's anything that gives you some optimism or reason for optimism here?

好的。知道了。然後是我的後續問題——我的意思是，我假設你們看到了我們所看到的那種領先經濟指標。但是──你看到表面之下有東西嗎？現在美國已經有了新政府，但那裡的新聞流也相當不穩定。您是否看到一些跡象讓您對 2025 年某個時候可能出現的經濟好轉感到安心？欣賞我不認為這是你的指導所反映的內容。但只是好奇，從品質上講，您可能會看到什麼，這裡有沒有什麼讓您感到樂觀或有理由樂觀？

Well, so far, the answer is no. We don't see the light at the end of the tunnel, unfortunately. And we don't see it in the beginning of 2025. Not in our business. Maybe in other businesses, they can see something. But we try to estimate when the economic market or the macroeconomics will improve something, and we said that it might happen in the second quarter of 2024. I'm sure you remember that. But it was -- we were wrong. It didn't happen. Unfortunately, the second half of 2024 was also not a good one for InMode. We don't want to do any estimation at that point, we would like to work and if something will come, maybe when interest rates will go down and we see some kind of improvement, we will report.

嗯，到目前為止，答案是否定的。不幸的是，我們看不到隧道盡頭的光亮。我們在 2025 年初還看不到它。這不屬於我們的業務。也許在其他行業，他們可以看到一些東西。但我們試圖估計經濟市場或宏觀經濟何時會出現一些改善，我們說這可能會在 2024 年第二季發生。我確信你記得這一點。但事實是——我們錯了。這並沒有發生。不幸的是，2024 年下半年對 InMode 來說也不是一個好半年。我們不想在那時做任何估計，我們願意努力工作，如果有事情發生，也許當利率下降並且我們看到某種改善時，我們就會報告。

Matt Nikic, Barclays.

巴克萊銀行的馬特‧尼基奇 (Matt Nikic)。

So one on the sort of management structure. I know you made some changes in the fall and sort of talking about, I think, realigning the senior management team and sales and marketing and maybe CMO kind of structure against your -- the markets that you're going after. So wondering if you could give us an update as to how that's proceeding? What we should expect to hear see about it? And then I have one follow-up.

這是一個關於管理結構的話題。我知道您在秋季做出了一些變動，我想是在談論重新調整高階管理團隊以及銷售和行銷部門，或許還有 CMO 架構，以適應您所追求的市場。所以想知道您是否可以向我們介紹一下事情的進展？我們應該期待聽到什麼消息？然後我還有一個後續問題。

Well, all the material changes that we have done were implemented in 2024. I believe we discussed that a quarter ago, we changed management in three countries in Europe, Spain, UK and France just because we felt that the existing management was not eager enough, was not within the market right and we freshed all of this. In addition to that, we have nominated a guide to be a Vice President that manage actually the all five subsidiaries in Europe. It's a new position that we added because we believe that distribution and subsidiaries are working differently. And we would like to emphasize the direct sales and get it as much as we can because it will allow us to be close to the doctor and also to recognize the full value of our sales.

嗯，我們所做的所有重大變革都是在 2024 年實施的。我相信我們一個季度前就討論過，我們更換了歐洲三個國家（西班牙、英國和法國）的管理層，只是因為我們覺得現有的管理層不夠積極，不符合市場要求，所以我們更換了所有這些。除此之外，我們也任命了一位副總裁，負責實際管理歐洲所有五家子公司。這是我們增加的新職位，因為我們認為分銷和子公司的運作方式不同。我們希望強調直銷，並盡可能地進行直銷，因為這將使我們能夠貼近醫生，同時也能充分認識到銷售的價值。

In the United States, as you know, and we report that, we change management. Basically, we released the President and two Vice President of Sales. And we refreshed again within the organization. We did not bring people from the outside. We have two new Vice President of Sales, one for the East, one for the West. And also, we made a little bit different allocation as far as territory between the East and the West to maximize the ability of the reps and the directors.

在美國，正如你所知，我們也報告過，我們正在改變管理。基本上，我們解雇了總裁和兩位銷售副總裁。我們再次對組織內部進行了更新。我們沒有帶外面的人來。我們有兩位新的銷售副總裁，一位負責東部地區，一位負責西部地區。此外，我們對東西部地區的分配也做了些許不同，以最大限度地發揮代表和董事的能力。

We do not have yet President for the US or to North America because Canada is the same. And we're still looking for -- to find somebody. Currently, I'm also the President of North America, and I spent a few days a month in the US and working with them on a daily basis. So as far as management, I'm carrying out the position of the President of North America.

我們還沒有選出美國總統或北美總統，因為加拿大也是如此。我們仍在尋找某人。目前我也是北美地區的總裁，每個月都會在美國待幾天，每天和他們一起工作。就管理而言，我擔任北美總裁一職。

As far as Asia, recently, we changed the VP who are responsible for the countries in Asia with another guy from the industry, not within the organization, but from the industry. And we hope to do some changes there. I'm flying tomorrow to visit seven countries in Asia with him to go over country by country and determine the budget for 2025 and the strategy for 2025. And I hope that this region will deliver more than it used to. Did I answer your question?

就亞洲而言，最近，我們把負責亞洲國家的副總裁換成了另一個來自該行業的人士，不是組織內部的，而是來自該行業的。我們希望在那裡做出一些改變。我明天要和他一起飛往亞洲七個國家，逐一審查這些國家並確定 2025 年的預算和 2025 年的策略。我希望這個地區能夠比過去做出更多貢獻。我回答你的問題了嗎？

Very helpful. Kind of overview of everything you've done. So thanks for that. And then just, Yair, for you or for you, Moshe, if you could help us understand, looking at 2025 and this uptick in interest and traction and volume both in procedures and then hopefully in equipment that we're all kind of looking for and waiting for and asking about. Maybe help us understand the cadence that you expect, not predicting when volumes will pick up, but is it patient flow and then a month or two later, its system demand? Or is it quarter or two later, it's system demand? Maybe help us understand how your business inflects if we get to the other side of this cycle here?

非常有幫助。對你所做過的一切進行概述。非常感謝。然後，Yair，或 Moshe，如果您能幫助我們理解，展望 2025 年，人們的興趣、牽引力和數量都會上升，無論是在程序方面，還是在設備方面，我們都在尋找、等待和詢問。也許可以幫助我們了解您預期的節奏，而不是預測何時數量會增加，而是患者流量，然後一個月或兩個月後，它的系統需求？還是一兩個季度後，是系統需求？也許可以幫助我們了解當我們到達這個週期的另一端時您的業務將如何變化？

Okay. Good question. Well, what happened in 2024 is that, first, we saw at least 20% to 25% decrease in the demand for minimally invasive procedures. Now we know that because we sell the disposable and we can see how many disposable we sold. And don't forget, as we install additional equipment in the market, we anticipate -- we believe that the total numbers of disposable should grow, but it did not. It went down, mainly in the United States.

好的。好問題。那麼，2024 年發生的情況是，首先，我們看到對微創手術的需求至少下降了 20% 到 25%。現在我們知道了，因為我們銷售一次性用品，我們可以看到我們銷售了多少一次性用品。而且別忘了，隨著我們在市場上安裝更多的設備，我們預計——我們相信一次性用品的總數應該會增加，但事實並非如此。它確實下降了，主要是在美國。

Second, the interest rate for leasing, which is the method by which doctors are buying equipment during the inflation time in 2024 went up to a range of 12% to 14% on an annual basis, which is very high that, combined with the fact that doctors see less patient basically brought up the decrease in total revenue of 20% that we experienced in 2024.

其次，租賃（醫生在 2024 年通貨膨脹期間購買設備的方式）的利率按年上漲至 12％ 至 14％，這個利率非常高，再加上醫生看的病人減少，基本上導致了我們在 2024 年經歷的總收入下降了 20％。

Now for the future. For the future, I believe two things need to happen. If the interest rate will go down, the interest rate on leasing will go down. Once that happened and people and patient will start going back to the doctor to get minimally invasive. One thing I want to say here. A treatment of morphine or treatment of quantum or treatment of face type are not similar to a treatment of hair removal with laser. I mean these are $1,000 treatment and not $100 treatment. And people tend to delay that once they don't feel comfortable with the macroeconomics.

現在談論未來。對於未來，我相信需要發生兩件事。如果利率下降，租賃利率也會下降。一旦發生這種情況，人們和患者就會開始回到醫生那裡接受微創治療。這裡我想說一件事。嗎啡治療、量子治療、臉型治療與雷射除毛治療並不相似。我的意思是這些治療費用為 1,000 美元，而不是 100 美元。一旦人們對宏觀經濟感到不滿意，他們就會傾向於推遲這項措施。

So once customers will start going back to the doctor office, and we will see that based on the numbers of disposal that we will sell to the doctors, and the interest rate will go down. At that point, we will see a turnaround. Currently, we don't see it yet.

因此，一旦顧客開始回到醫生辦公室，我們就會根據向醫生出售的處置數量看到利率下降。到那時，我們將看到轉機。目前，我們還沒有看到它。

Michael Sarcone, Jeffrey.

麥可·薩科內，傑弗裡。

This is Mike on for Matt this morning. I guess just first one to start more of a modeling type question, but we didn't see typical seasonality through the quarters in 2024. Was wondering if you can give us just some color on how you're thinking about seasonality in 2025?

今天早上，由邁克 (Mike) 代替馬特 (Matt) 主持。我想這只是第一個開始更多建模類型的問題，但我們沒有看到 2024 年各季度的典型季節性。想知道您是否可以向我們介紹一下您對 2025 年季節性的看法？

Yes, that's you're spot on with why we were kind of surprised in 2024. We expected Q4. We expected to see typical seasonality in 2024, especially in what we used to kind of pro forma numbers. And Q4 was not the strongest quarter of the year. I do want to believe that in 2025, the overall numbers would look the same as 2024, but we probably should go back to more traditional seasonality this year, where Q1 is usually the slowest quarter of the year. Q2 is a strong quarter. Q3, because of the fact that this summertime, it's somewhere a soft quarter. And then Q4 should return to be the strongest quarter of the year.

是的，這就是我們對 2024 年感到驚訝的原因。我們預計第四季。我們預計 2024 年將出現典型的季節性，尤其是在我們習慣的形式化數字中。第四季並不是今年表現最強勁的一個季度。我確實希望相信 2025 年的總體數字將與 2024 年相同，但今年我們可能應該回到更傳統的季節性，其中第一季通常是一年中最慢的季度。第二季表現強勁。Q3，由於今年夏季，因此這是一個較為疲軟的季度。第四季應該會成為今年最強勁的一個季度。

Got it. And then just the last one for me. And Moshe, I think you might have mentioned this kind of reading in between the lines. You said you have multiple suppliers for the strategic components of your systems. I guess just in light of all the volatility we're seeing around potential tariffs and when they may be implemented. Could you just maybe give us some comments around supply chain risk and how InMode thinking about what could happen if there are potential tariffs put in place either Canada, Mexico or China?

知道了。對我來說，這是最後一個了。還有 Moshe，我想你可能在字裡行間提到過這種解讀。您說過，你們系統的策略部件有多個供應商。我想，只是考慮到我們看到的潛在關稅及其實施時間的所有波動。您能否就供應鏈風險給我們一些評論，以及 InMode 如何看待如果加拿大、墨西哥或中國徵收關稅將會發生什麼？

Well, I mean, right now, we don't suffer with any change in the tariff and duty and import taxes to Israel. Some of the components are made in Israel, so we don't have any problem. Some of the assemblies are made in Israel. Some we buy from the US, the good stuff, like diode laser, et cetera. And I hope that we will not see a 25% tariff like Canada and Mexico, I believe that the relationship between Israel and the United States are, in a sense, a good relationship, and it will not happen to us.

嗯，我的意思是，現在，我們不會因為以色列的關稅和進口稅的任何變化而受到影響。有些零件是在以色列製造的，所以我們沒有遇到任何問題。其中一些組件是在以色列製造的。有些是我們從美國購買的，是好東西，例如二極體雷射等等。而且我希望我們不會看到像加拿大和墨西哥那樣徵收25%的關稅，我相信以色列和美國之間的關係在某種意義上是良好的關係，這種事情不會發生在我們身上。

The fact that we have multiple suppliers in a different part of the world give us some protection as well. Because if something will happen in one country, then we can buy it from another country. The component that we're using, except maybe three or four are exclusive to one supplier. We have many -- not many. We have at least two, three suppliers that we work with in order to negotiate prices and lead time, et cetera, but -- and we maintain all of them, and they know that they are in competition with others. So if something will happen in the tariff structure vis-a-vis Israel, we are ready for that. It will probably will not affect us.

事實上，我們在世界不同地區擁有多家供應商，這也為我們提供了一定的保護。因為如果一個國家發生某種事情，那麼我們就可以從另一個國家購買。我們使用的組件（可能有三、四個除外）都僅由同一家供應商提供。我們有很多——不是很多。我們與至少兩三家供應商合作，以協商價格和交貨時間等，但是 - 我們保留所有供應商，他們知道他們正在與其他供應商競爭。因此，如果對以色列的關稅結構發生改變，我們已經準備好了。它可能不會影響我們。

Caitlin Cronin, Canaccord Genuity.

Canaccord Genuity 的 Caitlin Cronin。

Just one on consumables. So I think global consumable services down about single digits year-over-year. What about the US consumables and services for the quarter?

僅一個關於消耗品。因此我認為全球消耗品服務年減約個位數。本季美國消耗品和服務情況如何？

Well, the 20% that we lost in 2024 were equal in all the territories, 20% in North America and 20% in ROW. Certain countries in Europe did well, but the overall, if you count all Europe or all Latin America or the US and Canada, it's about 19% to 20% in each territory.

嗯，我們在 2024 年損失的 20% 在所有地區是相同的，北美為 20%，其他地區為 20%。歐洲某些國家表現不錯，但總體而言，如果算上整個歐洲或整個拉丁美洲或美國和加拿大，每個地區的成長率約為 19% 到 20%。

Great. And just some more color on the capital return that you were talking about for this year and what that would entail and if it would all be tax efficient?

偉大的。您能再詳細談談今年的資本回報嗎？

The first 10% that we announced, this is pretty much the same 10% that we try to do every year. We believe it's going to be tax efficient. As for future capital allocation program, we will need to wait and see, and we will report that. We, of course, in discussions with experts and advisers, both on the tax world and the financial world. And -- we would like to try to do it as tax efficient as possible. But we will know only once we finalize it and report back to investors.

我們宣布的第一個 10% 與我們每年嘗試實現的 10% 基本相同。我們相信這將具有稅收效率。至於未來的資本配置計劃，我們還需要拭目以待，並會報告。當然，我們會與稅務界和金融界的專家和顧問進行討論。並且——我們希望盡量提高稅收效率。但我們只有在最終確定並向投資者報告後才會知道。

I believe -- just to add to what Yair said. In Israel, a buyback is considered by the Israeli IRS as paying dividend. And therefore, you need to pay 20% tax. We tried to do it in the most efficient way with some prewilling from the IRS, et cetera. So we do the best we can to buy back shares without paying dividend tax.

我相信——只是想補充一下 Yair 所說的話。在以色列，以色列國稅局將回購視為支付股利。因此您需要繳納20%的稅。我們嘗試以最有效的方式來完成這件事，並獲得了一些國稅局等機構的預先同意。因此，我們盡最大努力回購股票而不繳納股利稅。

Michael Matson, Needham and Company.

麥可‧馬森 (Michael Matson)，尼德漢姆公司。

I guess, first, the EPS guidance that you guys are providing, does that account for the share repurchases that you're guiding to as well?

我想，首先，你們提供的每股盈餘指引是否也考慮了你們所指導的股票回購？

No. We usually don't account for future share repurchase program when we put guidance out.

不。我們在發布指引時通常不會考慮未來的股票回購計畫。

All right. Got it. And then it sounds like in 2024, you called out there were some supply chain challenges in addition to lower demand. So I mean I don't know if it's possible to separate those two issues, but -- was there a situation where you could have sold more systems if your supply chain have been functioning better? Or was it really just purely an issue of demand not being there?

好的。知道了。聽起來，在 2024 年，除了需求下降之外，還存在一些供應鏈挑戰。所以我的意思是，我不知道是否有可能將這兩個問題分開，但是——如果您的供應鏈運作得更好，您是否可以銷售更多的系統？或者這真的只是一個缺乏需求的問題？

Okay. This is Moshe. Well, just due to the war in Israel, on the first quarter, on the second quarter, because our major facilities are in what we call the war zone in the north, we had some delays in manufacturing. But as you remember, we worked two or three shifts a day on the third quarter, and we have supplied a $30 million of preorders that we received on the first and the second quarter. Q4, everything was back to normal and we delivered everything within a week or 10 days.

好的。這是摩西。嗯，只是由於以色列的戰爭，在第一季度，在第二季度，因為我們的主要設施位於我們所謂的北部戰區，所以我們的製造有些延誤。但您記得，第三季我們每天工作兩到三班，並且已經供應了第一季和第二季收到的 3000 萬美元的預訂單。Q4，一切恢復正常，我們在一周或十天內交付了所有貨物。

So the decrease in revenue did not come because of logistics or supply chain or the war in Israel or disability to manufacture. We have two production lines, each one of -- two production facilities, each one came capable to produce all of our platforms and disposable. So we didn't see any issue even during the months of the war to deliver. Sometimes it was back order and we supply them no later than one quarter. So most of the decrease in the revenue came because of a slowdown in the US and in Europe and high interest rate. And basically macroeconomics and the fact that people, not enough people went to the doctor to get treatment.

因此，收入的減少並不是因為物流或供應鏈或以色列戰爭或製造業障礙造成的。我們有兩條生產線，每條生產線都有兩個生產設施，每個生產設施都能夠生產我們所有的平台和一次性產品。因此，即使在戰爭的幾個月中，我們也沒有發現任何問題。有時是積壓訂單，我們會不遲於一個季度供應。因此，收入的下降主要是因為美國和歐洲經濟放緩以及高利率。基本上，宏觀經濟學和事實是，人們去看醫生接受治療的人不夠多。

Okay. So it sounds like it maybe affected the quarterly sequencing, but kind of on an annual basis, you sort of caught up to where you would have otherwise been, I guess. Is that a fair way to summarize it?

好的。因此，聽起來它可能會影響季度排序，但從年度角度來看，你大概已經趕上了原本應該達到的水平。這是一個公平的總結嗎？

That's correct.

沒錯。

Okay. All right. And then finally, just on the existing installed base, do you have any sense for how old those machines are on average? And what I'm getting at is could we start to see some sort of replacement cycle here at some point, particularly now that you're watching some new platforms or I guess, upgraded or advanced platforms with --

好的。好的。最後，僅在現有的安裝基礎上，您是否知道這些機器的平均使用年限是多少？我的意思是，我們是否會在某個時候開始看到某種替換週期，特別是現在你正在關註一些新的平台，或者我想，升級或先進的平台--

Well, we have something like 7,000 systems installed worldwide, out of which 12,000 in the United States. And I would say that all this -- the system on the mat is from probably in the US from 2017. So they are not very old. Don't forget, this is an RF system. And if you maintain it right and you buy a service contract from us, you can keep it, I don't know, more than 15 years.

我們在全球安裝了大約 7,000 個系統，其中 12,000 個在美國。我想說的是，所有這一切——墊子上的系統可能源自 2017 年的美國。所以他們並不太老。別忘了，這是一個射頻系統。如果您妥善保養牠，並且從我們這裡購買服務合同，那麼您可以保留它，我不知道，超過 15 年。

We do see doctors are buying second machine because of the new generation that we brought to the market. For example, OptimasMax versus Optimas, Ignite versus BodyTite. And doctor wants to go to the newest version and keep the old one so they can work parallel in two rooms on two patients. But I don't think there is any -- there's any instate or any system that's on the market that are not being used. We see from all of the systems, we believe they're still working.

我們確實看到醫生們正在購買第二台機器，因為我們向市場推出了新一代機器。例如，OptimasMax 與 Optimas、Ignite 與 BodyTite。醫生希望使用最新版本並保留舊版本，以便他們可以在兩個房間同時為兩名患者進行治療。但我不認為——市場上有任何現有或現有的系統未被使用。從所有系統來看，我們相信它們仍在運作。

And I'll add to that for 2025, we do plan to introduce some promotions for upgrade -- upgrading some of the old systems, the one that out there in the field for more than five years. So the doctors did paid off, and we are going to come up with some attractive promotions for them to upgrade to, especially the new OptimasMax and the new Ignite.

我還要補充一點，到 2025 年，我們確實計劃推出一些升級促銷活動——升級一些舊系統，也就是那些已經投入使用五年多的系統。所以醫生確實得到了回報，我們將為他們提供一些有吸引力的促銷活動，尤其是新的 OptimasMax 和新的 Ignite。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

I guess just gross margin questions, last a couple -- maybe some multi-part gross margin question. But in the fourth quarter, gross margin below that 80% level. Is that just manufacturing efficiencies from the lower volumes? Obviously, you've been dealing with the Israel war. Is it that? Is it higher cost on the supply chain -- or sorry, higher discounting you might be doing in the quarter? Just what pushed that gross margin in the fourth quarter maybe below that 80% level?

我想只是毛利率問題，最後幾個問題——也許是一些由多個部分組成的毛利率問題。但第四季度，毛利率低於80%的水平。這僅僅是由於產量較低而帶來的生產效率嗎？顯然，你一直在處理以色列戰爭。是那樣嗎？是不是供應鏈成本更高了？那麼，是什麼原因導致第四季的毛利率可能低於 80％ 的水平呢？

Well, our gross margin in 2024 was above 80%. Now we need to remember that we're manufacturing hardware and not software. Prices of components, subassemblies and logistic and supply chain went up significantly in 2024. But we manage to be more efficient, although we lost 2% or 3% on the gross margin was still above 80%. The gross margin in 2024 was not because of the war or inefficient in the logistics. We're still very efficient in the logistics and in the manufacturing.

嗯，我們 2024 年的毛利率超過 80%。現在我們需要記住，我們製造的是硬體而不是軟體。2024年，零件、組件、物流和供應鏈的價格將大幅上漲。但我們設法提高了效率，雖然損失了2%或3%，但毛利率仍然在80%以上。2024年的毛利率並不是因為戰爭或物流效率低。我們的物流和製造方面仍然非常有效率。

We lost 2%, first, because revenue went down by 20%. And we did not cut personnel and we did not cut people. And there is always fixed cost in any product, which we maintain because that's the IP of the product -- of the company. And therefore, I believe that's one of the reason why we lost, I don't know, maybe 1% or 2%. The second reason is we did not waste prices and prices of component and some assembly went up in 2024. We believe that in 2025, once we see a new momentum, we will be able to recover 2%, 3% on the gross margin.

首先，我們損失了2%，因為收入下降了20%。我們沒有裁員，也沒有裁減人員。任何產品都有固定成本，我們維持這筆成本是因為這是產品（公司）的智慧財產權。因此，我相信這是我們損失的原因之一，我不知道，也許是 1% 或 2%。第二個原因是我們沒有浪費價格，零件價格在2024年上漲了。我們相信在2025年，一旦我們看到新的勢頭，我們將能夠恢復2%、3%的毛利率。

Okay. And then I guess two follow-ups on that, Moshe. One, so as we're hopefully moving beyond the Israeli war, you don't believe that's going to help just from a workflow efficiency standpoint, anything like that, that alone not enough to pick up, number one, in gross margin? And number two, as you introduce the CO2 laser, my understanding with the history of the company is that one of the things that's helped those gross margins in the 80s and solid gross margins for capital equipment is that the RF technology is relatively low cost to manufacture, especially relative to the ASP in the field to the system. So is CO2 laser manufacturing, is it a lower gross margin product? Are the input costs and of the system more expensive than RF?

好的。然後我想對此還有兩個後續問題，Moshe。第一，我們希望能夠擺脫以色列戰爭的陰影，您認為從工作流程效率的角度來看，這是否會有所幫助？第二，正如您介紹的二氧化碳雷射器，根據我對該公司歷史的理解，80 年代毛利率和資本設備穩固毛利率的因素之一是，射頻技術的製造成本相對較低，尤其是相對於系統現場的 ASP 而言。那麼CO2雷射製造是不是毛利率較低的產品呢？該系統的投入成本是否比RF更昂貴？

Well, good question. You asked two questions. One, I mean, all of that the war and the cease fire will continue, essentially on the North. So we will not go back to war situation. As you know, we're in the north, and that was war zone up to three months ago or even something like that. Your second question regarding the gross margin on RF versus laser, the RF, the gross margin is higher because to manufacture laser cost more. And therefore, the gross margin that we report is the average between all the RF, IPL, laser and all the other platforms that -- all the other indications that we cover in each platform.

嗯，好問題。你問了兩個問題。首先，我的意思是，戰爭和停火都將繼續，主要是在北方。所以我們不會回到戰爭狀態。如你所知，我們在北方，那裡三個月前還是戰區，甚至類似情況。您的第二個問題是關於射頻與雷射的毛利率，射頻的毛利率更高，因為製造雷射的成本更高。因此，我們報告的毛利率是所有 RF、IPL、雷射和所有其他平台（每個平台涵蓋的所有其他適應症）的平均值。

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Maybe just following up on the last question. Anything on timing you can say for the CO2 laser. It sounded like you already do have FDA approval. And then if I'm reading your commentary right, that's going to be a multi-application platform with Morpheus. I just love to hear how you're positioning that in the marketplace.

也許只是繼續回答最後一個問題。對於二氧化碳激光，您可以說任何有關時間的事情。聽起來你已經獲得了 FDA 的批准。如果我理解你的評論沒有錯的話，那將是 Morpheus 的一個多應用平台。我很想聽聽您是如何在市場上定位它的。

No, the CO2 laser is only CO2, cannot carry any RF. It's a laser device. Timing, hopefully, we will start seeing a traction in the US market because Currently, we have only FDA. We don't have other regulation on this platform. I mean for other countries. And therefore, some time to the end of the first quarter and the beginning of the second quarter.

不可以，二氧化碳雷射只是二氧化碳，不能攜帶任何射頻。這是一個雷射設備。時間上，希望我們能開始看到美國市場的吸引力，因為目前我們只有 FDA。我們對這個平台沒有其他規定。我指的是其他國家。因此，距離第一季結束和第二季開始還有一段時間。

Okay. That's helpful. And I think it's been a couple of quarters since we heard any updates on some of the adjacent products like in Power and Envision. Just wondering the latest on how some of those are doing over the last couple of quarters?

好的。這很有幫助。我認為我們已經有幾個季度沒有聽到關於一些相鄰產品（如Power和Envision）的任何更新了。只是想知道過去幾季裡其中一些公司的最新表現如何？

Well, like the full portfolio, 2024, Envision and Empower went down also around 20%. And therefore, I mean, once the market will pick up, we will see some increase on this medical or so-called medical products as well.

嗯，就像整個投資組合一樣，2024 年，Envision 和 Empower 也下跌了約 20%。因此，我的意思是，一旦市場回暖，我們也會看到這種醫療或所謂的醫療產品的成長。

This concludes our question-and-answer session. I would like to turn the conference back over to Moshe Mizrahy, InMode's CEO, for closing remarks.

我們的問答環節到此結束。我想將會議交還給 InMode 執行長 Moshe Mizrahy，請他致最後一句話。

Thank you, operator. Thank you, Miri. I would like to thank everybody who is on the line for -- I would like to thank all InMode employees worldwide, the Israeli team and the US team and other teams around the world, either a subsidiaries team or agent. I'm sure that many of them on the line. We do hope that 2025 will be a better year than 2024. We don't see it yet, but hopefully, it will come in the next following months. Thank you, everybody.

謝謝您，接線生。謝謝你，米莉。我要感謝每一位在線上的人——我要感謝全球所有 InMode 員工、以色列團隊、美國團隊以及全球其他團隊，無論是子公司團隊還是代理商。我確信其中有很多人上線了。我們確實希望 2025 年會比 2024 年更好。我們還沒有看到它，但希望它會在接下來的幾個月內出現。謝謝大家。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。