Inmode Ltd (INMD) 2025 Q1 法說會逐字稿

Good day and welcome to Inmode's first quarter 2025 earnings results conference call. All participants will be in listen-only mode. (Operator Instructions)Please note this event is being recorded. I would now like to turn the conference over to Miri Segal, CEO of MSIR. Please go ahead.

大家好，歡迎參加 Inmode 2025 年第一季財報電話會議。所有參與者將處於只聽模式。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給 MSIR 執行長 Miri Segal。請繼續。

Thank you operator and to everyone for joining us today. Welcome to Inmode 's first quarter 2025 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 harbour statement outlined in today's earnings release also pertains to this call.

感謝接線員以及今天加入我們的所有人。歡迎參加 Inmode 2025 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，今天的收益報告中概述的安全港聲明也適用於本次電話會議。

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 these expressed by the forward-looking statements made today.

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做出的前瞻性陳述所表達的結果有重大差異。

Our historical results are not necessarily indicative of future performance. As such, we can give no assurance as to the accuracy of our forward-looking statements and assume no obligation to update them, except as required by law. With that, I'd like to turn the call over to Moshe Mizrahi, CEO. Moshe, please go ahead.

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，並且不承擔更新這些陳述的義務，除非法律要求。說到這裡，我想把電話轉給執行長 Moshe Mizrahi。摩西，請繼續。

Thank you, Mary, and to everyone for joining us. With me today, our Dr. Michael Kreindel, our co-founder and Chief Technology Officer; Yair Malca, our Chief Financial Officer; and Rafael Lickerman, our VP of Finance. Following our prepared remark, we will all be available to answer your question.

謝謝瑪麗以及所有人的參與。今天和我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；以及我們的財務副總裁 Rafael Lickerman。在我們準備好發言之後，我們將隨時回答您的問題。

The medical aesthetic market continues to face headwinds driven primarily by ongoing macroeconomic uncertainty and soft consumer demand. Effective elective procedures, particularly in the surgical aesthetic segment, are often among the first to be pulled back during periods of economic slowdown. And we will, and we have seen that reflected in recent quarters across the last two years.

醫療美容市場持續面臨阻力，主要原因是持續的宏觀經濟不確定性和疲軟的消費者需求。在經濟放緩時期，有效的選擇性手術，尤其是外科美容領域的手術，往往是最早被取消的。我們會的，而且我們已經看到過去兩年最近幾季的情況已經反映出來了。

Patients are deferring treatment and providers are taking a more cautious approach to capital investment. Despite this new term pressure, we remain confident in the fundamental of our business. Consumer interest in minimally invasive aesthetic procedure continues to be solid, and we believe the demand will return as macro conditions stabilize and consumer confidence starts to grow.

患者正在推遲治療，醫療服務提供者對資本投資採取更謹慎的態度。儘管面臨新的壓力，我們仍然對業務的基本面充滿信心。消費者對微創美容手術的興趣持續濃厚，我們相信，隨著宏觀條件穩定和消費者信心開始增長，需求將會回升。

We made a deliverable decision as a company not to cut corners, not to reduce our workforce, and to remain committed to leading the industry because we believe that when the market rebound and demand will return, we will be ready to lead and benefit as we have in the past following major challenges.

作為一家公司，我們做出了一個切實可行的決定：不偷工減料，不裁員，並繼續致力於引領行業，因為我們相信，當市場反彈和需求回升時，我們將準備好引領行業並從中受益，就像我們過去在重大挑戰之後所做的那樣。

Later this year, we plan to unveil a new platforms designed for wellness market, further expecting the depth of our product portfolio. This addition reflects our ongoing strategy to diversify our offering and tap into a new segment. We look forward to sharing more detail as we approach the official launch.

今年晚些時候，我們計劃推出專為健康市場設計的新平台，進一步擴大我們的產品組合的深度。此次新增業務體現了我們持續的多元化產品和開拓新領域的策略。我們期待在正式發布之際分享更多細節。

As stated in the press release, we are proud to have completed our fifth share purchase program this month. Earlier this month, we purchased $6.95 million shares, totaling $127 million. In fact, over the past 12 months alone, we have returned more than $412 million to the shareholders through share purchase representing approximately 27% of our total capital.

正如新聞稿中所述，我們很自豪本月完成了第五次股票購買計劃。本月初，我們買了價值 695 萬美元的股票，總計 1.27 億美元。事實上，光是在過去的 12 個月中，我們就透過股票購買向股東返還了超過 4.12 億美元，約占我們總資本的 27%。

Finally, despite the macroeconomic challenges, we believe Inmode is uniquely positioned to lead through this cycle with a strong balance sheet, a diversified portfolio, and industry leading technology. Now, I would like to turn the call over to Yair, our Chief Financial Officer. Yair?

最後，儘管面臨宏觀經濟挑戰，我們相信，憑藉強勁的資產負債表、多元化的投資組合和行業領先的技術，Inmode 擁有獨特的優勢，可以引領這一周期。現在，我想將電話轉給我們的財務長亞伊爾。亞伊爾？

Thanks, Moshe and hello everyone. Thank you for joining us. I would like to review our Q1 2025 financial results in more detail. Starting with total revenue, Inmode generated $77.9 million in the first quarter of 2025, a decrease of 3% compared to the first quarter of last year. Gross margin was 78% on a GAAP basis sorry, compared to 80% in Q1 2024.

謝謝，Moshe，大家好。感謝您加入我們。我想更詳細地回顧一下我們 2025 年第一季的財務表現。從總收入開始，Inmode 在 2025 年第一季創造了 7,790 萬美元的收入，與去年第一季相比下降了 3%。根據 GAAP 計算，毛利率為 78%，而 2024 年第一季為 80%。

Non-GAAP gross margins were 79% in the first quarter compared to 80% in Q1 of 2024. In Q1, our minimally invasive platforms increased to be 87% of total revenues. Moving to our international operations, first quarter sales outside of the US accounted for $38 million or 49% of sales, a 1% increase compared to Q1 last year.

第一季非公認會計準則毛利率為 79%，而 2024 年第一季為 80%。第一季度，我們的微創平台收入佔總營收的 87%。轉向我們的國際業務，第一季美國以外的銷售額為 3,800 萬美元，佔銷售額的 49%，與去年第一季相比成長了 1%。

In Q1, Europe was the largest revenue contributor from outside the US and reached a record sales number. To support our operations and growth, we currently have a sales team of more than 281 direct reps and 76 countries through distributors worldwide. GAAP operating expenses in the first quarter were $45.3 million, a 1% decrease year over year.

第一季度，歐洲是美國以外最大的營收貢獻者，銷售額創下歷史新高。為了支持我們的營運和發展，我們目前擁有一支由 281 多名直接代表和遍布全球 76 個國家的經銷商組成的銷售團隊。第一季 GAAP 營運費用為 4,530 萬美元，年減 1%。

Sales and marketing expenses decreased to $39.7 million in the first quarter compared to $39.8 million in the same period last year. Share-based compensation decreased to $2.5 million in the first quarter of 2025. On a non-GAAP basis, operating expenses were $43.1 million in the quarter compared to $42.3 million in the same quarter of 2024, representing a 2% increase.

第一季銷售和行銷費用下降至 3,970 萬美元，去年同期為 3,980 萬美元。2025 年第一季度，股權激勵費用減少至 250 萬美元。以非公認會計準則計算，本季營運費用為 4,310 萬美元，而 2024 年同期為 4,230 萬美元，成長 2%。

The GAAP operating margin in Q1 was 20% compared to 23% in the first quarter of 2024 while non-GAAP operating margin in the first quarter was 23% compared to 27% in the first quarter of 2024. GAAP diluted earnings per share for the first quarter were $0.26 compared to $0.28 per diluted share in Q1 of 2024.

第一季的 GAAP 營業利潤率為 20%，而 2024 年第一季為 23%；第一季的非 GAAP 營業利潤率為 23%，而 2024 年第一季為 27%。第一季 GAAP 稀釋每股收益為 0.26 美元，而 2024 年第一季每股稀釋收益為 0.28 美元。

Non- GAAP diluted earnings per share for this quarter were $0.31 compared to $0.32 per diluted share in the first quarter of 2024. Once again, we ended the quarter with a strong balance sheet. As of March 31, 2025, the company had cash and cash equivalent marketable securities and deposits of $512.9 million. This quarter, I generated $14 million from operating activities.

本季非公認會計準則每股攤薄收益為 0.31 美元，而 2024 年第一季每股攤薄收益為 0.32 美元。我們再次以強勁的資產負債表結束了本季。截至 2025 年 3 月 31 日，該公司擁有現金及現金等價有價證券及存款 5.129 億美元。本季度，我從經營活動中獲得了 1,400 萬美元的收入。

As Moshe mentioned, we remain committed to delivering shareholder value and returning capital to our investors in a disciplined and strategic manner. In addition, we continue to evaluate all avenues for capital allocation, including additional share repurchases, potential dividends, and strategic M&A.

正如 Moshe 所提到的，我們仍然致力於以嚴謹和策略性的方式為股東創造價值並向投資者返還資本。此外，我們繼續評估所有資本配置途徑，包括額外的股票回購、潛在股利和策略併購。

Our report remained focused on minimized or maximized long term shareholder value while preserving the strength and flexibility of our balance sheet. Looking ahead, we expect the growing share of international markets along with the continued pressure in the US market to reduce operating margins by around 4% to 5%.

我們的報告仍然專注於最小化或最大化長期股東價值，同時保持資產負債表的實力和靈活性。展望未來，我們預計國際市場份額將持續成長，而美國市場將繼續面臨壓力，導致營業利潤率下降約 4% 至 5%。

In addition, with US tariffs at their current levels of 10%, we anticipate an impact of approximately 2% to 3% on our gross margins. As this situation remains fluid, we are closely monitoring developments and will adjust our forecast and strategy accordingly. Before I turn the call back to Moshe, I'd like to reiterate our guidance for 2025.

此外，由於美國關稅目前為 10%，我們預計這將對我們的毛利率產生約 2% 至 3% 的影響。由於情況仍在不斷變化，我們正在密切關注事態發展，並將相應地調整我們的預測和策略。在我將電話轉回給 Moshe 之前，我想重申我們對 2025 年的指導。

Revenues between $395 million to $405 million. Non-GAAP margins between 78% to 80% compared to previous guidance of 80% to 82%. Non- GAAP income from operations between $101 million to $106 million compared to previous guidance of $130 million to $135 million. Non-GAAP earnings per share between $1.64 to $1.68 compared to previous guidance of $1.95 to $1.99. I will now turn over the car back to Moshe.

營收在 3.95 億美元至 4.05 億美元之間。非公認會計準則利潤率介於 78% 至 80% 之間，而先前的預期為 80% 至 82%。非公認會計準則營業利潤在 1.01 億美元至 1.06 億美元之間，而先前的預期為 1.3 億美元至 1.35 億美元。非公認會計準則每股收益在 1.64 美元至 1.68 美元之間，而先前的預期為 1.95 美元至 1.99 美元。我現在將把車交還給 Moshe。

Thank you operator, we are ready for Q&A session.

謝謝接線員，我們已經準備好進行問答環節了。

(Operator Instructions)

（操作員指示）

Matt Miksic, Barclays Investment Bank

巴克萊投資銀行的 Matt Miksic

Hey, thanks, good morning. Thanks for taking the questions. So, maybe you just a follow up on this dynamic of mix, if you could kind of walk through, when that started to happen more significantly and how, mix across some of your product lines or capital versus consumable is playing into the new guide and I want (inaudible) quick follow up.

嘿，謝謝，早安。感謝您回答這些問題。因此，也許您只是對這種組合動態進行跟進，如果您可以大致介紹一下，當這種情況開始更顯著地發生時，以及如何在新指南中混合您的一些產品線或資本與消耗品，我想要（聽不清楚）快速跟進。

Well, I mean the slowdown that we're experiencing today started in the middle of 2023. It's already almost seven quarters. It started in the middle of 2023 when interest rates and inflation went up significantly in the United States. At that time, the leasing companies have raised the interest rate on leasing packages which, as you know is the main financing method for physicians, doctors, and clinicians to buy our equipment.

嗯，我的意思是，我們今天經歷的經濟放緩始於 2023 年中期。已經快七個季度了。它始於 2023 年中期，當時美國的利率和通貨膨脹率大幅上升。當時，租賃公司提高了租賃套餐的利率，正如你所知，這是醫生、醫生和臨床醫生購買我們設備的主要融資方式。

The typical interest rate was around 6%-7% on five years' lease package, and it went up to approximately 14% and 15% which this stop the slowdown in capital equipment expenditure, capital equipment purchasing by doctor. In addition to that, the consumer confidence went down in the last year, which also brought down that the numbers of the numbers of procedures that are being performed by doctors.

五年租賃套餐的典型利率約為 6%-7%，而現在則上升至約 14% 和 15%，這阻止了醫生在資本設備支出和資本設備購買方面的放緩。此外，去年消費者信心下降，也導致醫師執行的手術數量下降。

We have to remember that minimally invasive procedures are not a typical $300 or $400 laser treatment for hair removal or skin rejuvenation. It can cost thousands of dollars. I mean, if it's a minimally invasive RFAL could cost $4000, $5000 per treatment and also on the Morpheus, it's not a $300, $400.

我們必須記住，微創手術不是典型的花費 300 美元或 400 美元的除毛或皮膚嫩膚雷射治療。它可能要花費數千美元。我的意思是，如果是微創 RFAL，每次治療的費用可能為 4000 美元、5000 美元，而使用 Morpheus 則不是 300 美元、400 美元。

So people when a slowdown occurs, they try to postpone treatment which are relatively expensive in the in medical aesthetic, especially in the aesthetic surgical, and that's also did not help us. I can give you the numbers on Q1, we sold 237,000 disposable. Each disposable, it's probably maybe in some, in most cases is one treatment.

因此，當出現進展緩慢時，人們會嘗試推遲治療，因為在醫學美容方面，尤其是美容手術方面，治療費用相對較高，但這對我們沒有幫助。我可以給你第一季的數據，我們銷售了 237,000 個一次性產品。每次使用，可能在某些情況下，在大多數情況下，都是一次治療。

In maybe -- in Latin America and other places and they use it twice, but it's basically built to be a single-use disposable pill treatment. At the same time two years ago, at the end of the first quarter of 2023, we sold 240 or something like that 1,000. But we need to take into consideration that during the last two years, we have installed another close to 9,000 systems worldwide.

可能在拉丁美洲和其他地方，人們會使用兩次，但它基本上是一次性使用的藥丸治療方法。兩年前的同一時間，也就是 2023 年第一季末，我們賣出了 240 輛左右。但我們需要考慮到，在過去兩年中，我們在全球又安裝了近 9,000 個系統。

That means, that the average per doctor went down around, I would say 30% uses or 30% less treatment which are minimally invasives, and this is the main, I would say factor that determine how many patients are basically considering doing minimally invasive.

這意味著，我認為每位醫生的平均使用量下降了約 30%，或者說微創治療減少了 30%，我認為這是決定有多少患者基本上考慮進行微創治療的主要因素。

As of now, I have to say based on the first quarter and the start of the second quarter, we don't see the light at the end of the tunnel. We don't see the slowdown coming with some new momentum. We have introduced two new platforms to the market and usually when we introduce two new systems to the market, we see a new momentum.

截至目前，我不得不說，根據第一季和第二季初的情況，我們還沒有看到隧道盡頭的曙光。我們認為經濟放緩不會帶來新的動力。我們已經向市場推出了兩個新平台，通常當我們向市場推出兩個新系統時，我們會看到新的發展勢頭。

Currently since 2024, we do not see that yet, and that's the main reason why we are selling less than the first quarter in 2020, 2024. Even more than 80 versus 79 because on the first quarter '24, if everybody remember, we had the war in Israel and that's also suspended some of the cells.

目前自 2024 年以來，我們還沒有看到這一點，這也是為什麼我們的銷售額低於 2020 年、2024 年第一季的主要原因。甚至超過 80 對 79，因為在 24 年第一季度，如果大家還記得的話，我們在以色列發生了戰爭，這也導致一些牢房被暫停。

This quarter, we did not have any obstacle as the war to stop down or to slow down. So the first quarter of 2025, is not a good quarter for us, I have to say, but we are confident that once everything will get back to normal, we will close the gap and go back to normal growth.

本季度，我們沒有遇到戰爭停止或減緩的任何障礙。因此，我必須說，2025 年第一季對我們來說不是一個好季度，但我們相信，一旦一切恢復正常，我們就會縮小差距，恢復正常成長。

Now, so the mix has been going on for a while, but now we're seeing kind of the pull through of utilization mix that it would count for the additional comments in the press release and the guide is that is that if --

現在，這種混合已經持續了一段時間，但現在我們看到了利用率混合的拉動，這將計入新聞稿中的附加評論，而指導是，如果--

If you're talking about geographic mix, if you look at the 2023, 2024, US usually accounted for 62%, 63% of the total revenue, and this quarter it went down almost to 50%.

如果你談論的是地理分佈，那麼展望 2023 年和 2024 年，美國通常佔總收入的 62% 和 63%，而本季這一比例下降到了近 50%。

We definitely use is 50% and 50%. But again, that's percentage wise. The decline or the decrease in the US market was much more than the rest of the world.

我們肯定採用的是50%和50%。但再說一遍，這只是百分比。美國市場的下滑或減少幅度遠超過世界其他地區。

So, the headwinds that we're in the US are stronger, mainly because we are also the, one of the largest players in the US.

因此，我們在美國面臨的阻力更大，主要是因為我們也是美國最大的參與者之一。

Right, that is -- that's very helpful color. Just one quick follow up on the guide as well as the shortfall in Q1 one that you pronounced several weeks ago, holding the guide. Where in that dynamic do you expect is it stronger, trends US or is it some delayed deals in the US that'll come back? It gets you to holding the guidance.

對，那是——那是非常有用的顏色。只需對指南進行一次快速跟進，以及您幾週前宣布的第一季的不足，並持有指南。您認為這種動態中哪個面向會更加強勁，是美國的趨勢，還是美國一些被推遲的交易將會重新出現？它讓你掌握指導。

We try to be, we'll try to be optimistic. And we try to think about the market in the US that probably it will come back during 2024, but 2025. But to be honest with you, it all depends how the results on Q2 will look like.

我們盡力保持樂觀。我們試著想像美國市場可能會在 2024 年或 2025 年復甦。但老實說，這完全取決於第二季的結果如何。

If the results on Q2 will not be significantly higher than what we saw on Q1, we will have to lower the guidance because Q2 is much stronger than Q1 on a seasonality basis. Because Q1 after Q4 is always a slower quarter and Q2 is the strongest quarter.

如果第二季的業績沒有顯著高於第一季的業績，我們將不得不降低預期，因為從季節性來看，第二季的業績比第一季強勁得多。因為第四季之後的第一季總是比較慢，而第二季則是最強勁的季度。

So, we're waiting to see how Q2 will recover if I can say it this way, from Q1. Usually April is not the strongest month. So we don't see it yet, but May and June hopefully will be stronger. If we will do as we anticipate in Q2, we will maintain the guidance. If we're not, we'll have to touch it.

所以，我們正在等著看第二季將如何從第一季復甦，如果我可以這樣說的話。通常四月不是最強的月份。所以我們還沒看到，但希望五月和六月會更強勁。如果我們在第二季的表現符合預期，我們將維持這項指引。如果不是，我們就必須觸摸它。

Understood. Thank you so much.

明白了。太感謝了。

Danielle Antalffy, UBS

瑞銀集團（UBS）的丹妮爾·安塔爾菲（Danielle Antalffy）

Hey, good morning. Good morning, guys. Thanks so much for taking the question. Moshe, just to follow up on what you just said, thanks for all the color you're giving. I mean, I guess how much, and it's hard, there's no real precedent for the current times that we're in, but I'm thinking less specifically about the tariff impact and things like that.

嘿，早安。大家早安。非常感謝您回答這個問題。Moshe，我只是想跟進一下你剛才說的話，謝謝你提供的所有資訊。我的意思是，我猜有多少，而且很難，在我們所處的當前時代沒有真正的先例，但我沒有具體考慮關稅的影響和諸如此類的事情。

But how you guys are factoring in things like potential like weaker economic environment going forward or would that cause incremental downside pressure to the guidance, so thinking about will we or won't we go into a recession?

但是你們如何考慮諸如未來經濟環境疲軟等潛在因素，或者這是否會對指引造成增量下行壓力，所以想想我們是否會陷入衰退？

I know these are all questions right now, but a little bit more color on sort of the macro environment that you're factoring into the guidance reiteration there would be helpful. Thank you.

我知道這些都是現在的問題，但如果能更詳細地說明您在重申指導意見時考慮到的宏觀環境，將會很有幫助。謝謝。

Well, I believe, I believe we stay, we say that. I mean, we gave the guidance of $400 million or $395, $405 at the beginning of the year, when we knew that the first quarter is usually 80%, 20% of the year. So I mean 20% of $400 is $80 million. We did less. We did $77 or $78 million not far from the basic guidance that helps us to guide the year.

好吧，我相信，我相信我們會留下來，我們這麼說。我的意思是，我們在年初給了 4 億美元或 3.95 億美元、4.05 億美元的指導，而我們知道第一季通常佔全年的 80%、20%。所以我的意思是 400 美元的 20% 就是 8000 萬美元。我們做的少了。我們的支出為 7700 萬美元或 7800 萬美元，與指導我們全年業績的基本指導值相差無幾。

Typically Q2 should be much higher. I would say at least 25% to 25% or more% of Q1, because Q2 usually represents 25% or 26% up to 27% of the total year. And then Q3 is also a very slow one and Q4 is the strongest. So based on that, and the $77 or $78 million that we did, we decided not to lower the guidance at this stage, hoping that we will see some momentum in the next two quarters.

通常 Q2 應該要高得多。我認為至少佔第一季的 25% 到 25% 或更多，因為第二季通常佔全年的 25% 或 26% 到 27%。然後 Q3 也非常緩慢，而 Q4 是最強的。因此，基於這一點，以及我們所做的 7700 萬美元或 7800 萬美元，我們決定現階段不降低指導，希望在接下來的兩個季度中看到一些勢頭。

And I will say it again, if it will not happen in Q2, mean that Q2 will not be 25% to 26% of the year, meaning that it will not be above $100 million we will need to lower the guidance.

我再說一遍，如果第二季沒有實現這一目標，意味著第二季的銷售額不會佔全年銷售額的 25% 到 26%，也就是說銷售額不會超過 1 億美元，我們需要降低預期。

Okay. Got it that's helpful and just to confirm, I mean I know you guys are still investing in the business, but how -- and I appreciate that strategy very much. But how are you keeping, the sales force engaged at a time like this and maybe you could talk a little bit about how you did it during COVID and what practices you're implementing here from your learnings then? Thanks so much.

好的。明白了，這很有幫助，只是為了確認一下，我的意思是我知道你們仍在投資這項業務，但是如何——我非常欣賞這種策略。但是，在這樣的時期，您如何保持銷售人員的參與？也許您可以談談在 COVID 期間您是如何做到的，以及您根據當時的經驗教訓在這裡實施了哪些做法？非常感謝。

Well, the COVID time was totally different. In the COVID time, we stopped selling for almost four months, zero. And we took the risk because we said we are a growing company. We have a good sales team in the US, in Canada, and in some countries where we started subsidiaries, and we said we don't want to lose them.

嗯，新冠疫情時期的情況完全不同。在疫情期間，我們幾乎停止了四個月的銷售，零銷售。我們願意承擔風險，因為我們說我們是一家成長中的公司。我們在美國、加拿大以及一些設立子公司的國家擁有優秀的銷售團隊，我們表示不想失去他們。

Because it's all about people. I mean this is the talent. I mean, if we lose them like the other company, fire them and rehire them when the COVID will disappear or when with the COVID, then we might not be able to find them. They will go to other competitors. So, we kept everybody, and we took the risk. It cost us about $10 million a year.

因為這一切都與人有關。我的意思是這就是天賦。我的意思是，如果我們像其他公司一樣失去他們，解僱他們，等到新冠疫情消失或疫情持續時再重新僱用他們，那麼我們可能就找不到他們了。他們會去投奔其他競爭對手。因此，我們留住了所有人，並承擔了風險。我們每年花費約1000萬美元。

This time we're still selling. We did not stop selling. There was a slowdown, of course. It's more than 25% of what we sold per quarter in 2023, and the profit went down 50%, not 25% from $45 million a quarter to $21 million a quarter on a non-GAAP basis. That's a lot. But again we have the resources, and we made the same decision.

這次我們還在銷售。我們沒有停止銷售。當然，成長確實有所放緩。這超過了我們 2023 年每季銷售額的 25% 以上，利潤下降了 50%，而不是 25%，從非 GAAP 基礎的每季 4,500 萬美元下降到每季 2,100 萬美元。那太多了。但我們再次擁有資源，也做出了同樣的決定。

Although it's helping our profitability, we can cut costs, like $5 to $6 million a quarter by firing some of the engineers and stop developing or get rid of some of their salespeople. This type of behavior or this type of philosophy communicate something that not solid to the company because we're not a capital intensive company. We are a people intensive company and that's why we're taking again the risk.

雖然這有助於提高我們的獲利能力，但我們可以透過解僱一些工程師、停止開發或裁掉一些銷售人員來削減成本，例如每季削減 500 萬至 600 萬美元。這種行為或哲學向公司傳達了一些不牢固的訊息，因為我們不是一家資本密集型公司。我們是一家以人為本的公司，這就是我們再次承擔風險的原因。

Maybe it will help our profitability, but in the future if everything will go and I said if nobody knows, when and how long it will take. We don't know and we don't want to predict. We made the mistakes in the middle of 2024, and we said that in the second half of 2024, the markets will go back to normal, and it did it.

也許這將有助於我們的獲利，但未來如果一切都順利的話，我說如果沒人知道的話，什麼時候以及需要多長時間。我們不知道，也不想預測。我們在 2024 年中期犯了錯誤，我們說 2024 年下半年市場會恢復正常，事實也確實如此。

And we have to eat the statement that we said and we don't, we will not do it again. So right now, we continue to develop, we bring new product to the market. No, not in 2025. In 2025, we have probably another product to bring to the market, but in 2026, we'll see. One thing I want to say, in 2024, in the middle of the slowdown, we decided to be to bring two new products to the market, the Ignite and the OptimasMax.

我們必須收回我們說過的話，我們不會再這樣做了。所以現在，我們繼續開發，將新產品推向市場。不，2025 年還不行。2025 年，我們可能會推出另一款產品推向市場，但 2026 年，我們拭目以待。我想說的是，在 2024 年經濟放緩期間，我們決定向市場推出兩款新產品，Ignite 和 OptimasMax。

Now, this is because we thought maybe the market will get better. On a typical slowdown, it's not smart to bring your best product to the market to launch them. You have to wait, but we did it and we hope that, when the market will recover, we'll do better again.

現在，這是因為我們認為市場可能會變得更好。在典型的經濟放緩時期，將最好的產品推向市場並不是明智之舉。你必須等待，但我們做到了，我們希望，當市場復甦時，我們會再次做得更好。

Gotcha. Thank you for that.

明白了。謝謝你。

(Operator Instructions)

（操作員指示）

Matt Taylor Jefferies

馬特·泰勒·杰弗里斯

Hi, thank you for taking the question, sorry. So I did want to follow up on the guidance question and just ask more specifically what you're expecting for Q2 and the phasing for the rest of the year. And then my other question was on the tariffs if you could be specific about where the impact is coming from in your tariff guidance.

你好，謝謝你回答這個問題，抱歉。所以我確實想跟進指導問題，更具體地詢問您對第二季以及今年剩餘時間的階段的期望。然後我的另一個問題是關於關稅的，您是否可以具體說明關稅指導中的影響來自哪裡。

Okay, let's start with the guidance. We gave $400 million in the beginning of the year. We are, this is based on $80 billion in the first quarter or $81 or $82, something similar to that. $100 and $102 million on the second quarter. That's about let's say $185 and then another, I would say $90 million on the third quarter and the rest of the fourth quarter.

好的，我們開始指導。我們年初捐贈了4億美元。這是基於第一季的 800 億美元或 810 億美元或 820 億美元，類似的數字。第二季分別為 1 億美元和 1.02 億美元。大約是 1.85 億美元，然後我會說第三季和第四季剩餘時間的 9,000 萬美元。

That's the typical seasonality of this industry. I know in 2024 it did not happen. In 2023, the third and the fourth quarter behaved differently because that was the start of the slowdown. But if you go years ago, that was the typical seasonality for the medical aesthetic.

這是該行業典型的季節性。我知道 2024 年這並沒有發生。2023 年，第三季和第四季的表現有所不同，因為這是經濟放緩的開始。但如果你回顧幾年前，那就是醫學美容的典型季節性。

Now, and that's how we came up with the $400 million because we thought we want to stabilize the company. We did about close to $400 million in 2024 and we would like to repeat that number and if the market will behave differently, then we'll see what to do. If Q1, Q2 will be, and I'll be honest, Q1 will be $90 or $95 million we will lower the guidance, absolutely.

現在，我們就是這樣拿出 4 億美元的，因為我們認為我們想要穩定公司。我們在 2024 年的營收接近 4 億美元，我們希望重複這個數字，如果市場表現有所不同，那麼我們再看看該怎麼做。如果第一季、第二季的銷售額為 9,000 萬美元或 9,500 萬美元，說實話，我們絕對會降低預期。

There's no other way because we know what can happen in the third and the fourth quarter. The third quarter is usually slow because it's summertime. People don't do aesthetic procedure in the summer time. They go to, they go on vacation, and they spend the money there. And the fourth quarter is strong, the strongest one, but unfortunately on Q4 2024, it was a very slow down quarter. It did not help us.

沒有其他辦法，因為我們知道第三季和第四季會發生什麼。由於正值夏季，第三季通常發展較為緩慢。人們在夏天不做美容手術。他們去那裡度假並在那裡花錢。第四季表現強勁，是最強勁的季度，但不幸的是，2024 年第四季是一個成長非常緩慢的季度。它對我們沒有幫助。

So, this is how we calculate the guidance, and this is why we said, okay, we are less than what we anticipated in Q2, Q1. Are we going to lower the market or the target, the guidance or not? And finally we decided not to and wait for the second quarter. That was the internal decision that we made as the management.

所以，這就是我們計算指導的方式，這就是為什麼我們說，好吧，我們在第二季和第一季的業績都低於預期。我們是否要降低市場或目標或指導價？最後我們決定不這樣做，而是等到第二季。這是我們身為管理階層所做的內部決定。

Now, regarding the tariffs, the original tariff that was imposed on Israel was 17%. Now the business in the US is 50%. And the transfer price on which we're paying the tariff, let's say it's also 50%. So, the tariff effect 17% on 25%, you basically divide the tariffs, the 17% by four. That's a rough calculation math. So if it's 17%, it should be above a 4% effect on the gross margin and also on the bottom line.

現在，關於關稅，最初對以色列徵收的關稅是17%。目前美國業務佔50%。我們支付關稅的轉讓價格假設也是 50%。因此，關稅效應為 17% 對 25%，基本上就是將關稅（17% 除以 4）。這是一個粗略的計算。因此，如果這一比例為 17%，那麼對毛利率和底線的影響應該會超過 4%。

If it's not remain 17%, and it will be 10%, like what is the what is now because of the, as the President of the US decided to give some kind of relief for three months before we imposed everything. Then, if it's 10%, then it's between 2% to 3% apparently something like 2.5% on the on the gross margin and on the bottom line.

如果不是保持在 17%，那麼就會是 10%，就像現在的情況一樣，因為美國總統決定在我們實施一切措施之前給予三個月的某種救濟。那麼，如果是 10%，那麼毛利率和底線就在 2% 到 3% 之間，顯然是 2.5% 左右。

That's how we calculated that, but I want to tell you that everybody is confused, including the customs authorities in the United States, they don't know what to do. What is included software and non-software. If we buy components from the US, can we deduct them or not deduct them? There's uncertainty right now.

我們是這樣算的，但我要告訴大家，大家都很困惑，包括美國海關部門，他們也不知道該怎麼辦。包括什麼軟體和非軟體。如果我們從美國購買零件，可以扣除嗎？不能扣除嗎？目前存在不確定性。

Nobody explained. There's no rules. Nobody published something. We had discussed that with our PWC auditors, and they don't know. Everybody is guessing. So we need to wait and see some for some clarification.

沒人解釋。沒有規則。沒有人發表任何東西。我們曾與普華永道審計師討論過這個問題，但他們不知道。大家都在猜測。因此我們需要等待並觀察一些澄清。

Okay thanks for that. Maybe just one follow up on the guidance so it sounds like you're really forecasting, the market and the seasonality. I didn't hear anything about the new products. I mean, do you expect the new products to contribute to the guidance? How important are they to getting to the $400 million?

好的，謝謝。也許只是對指導進行一次跟進，所以聽起來你真的在預測市場和季節性。我沒有聽到任何有關新產品的消息。我的意思是，您是否期望新產品能為指導做出貢獻？他們對獲得 4 億美元有多重要？

Well, Matt, we're bringing a new product almost every year. And always the new products are, if we have like, for example, like now ten platforms, the new products are not 20% of the total, the new products are more than 20%.

嗯，馬特，我們幾乎每年都會推出一款新產品。而新產品總是存在的，比如說，如果我們有 10 個平台，那麼新產品就不會佔總數的 20%，而是佔 20% 以上。

And therefore it's always, the old products are less than 20% and the new products are a little bit more than 20%, but the total remains the same. When we're growing, then the new product are the winner and then contribute some of the growth. When we're not growing, we cannot anticipate that the new product will bring more than the average.

因此，舊產品的比例始終低於 20%，而新產品的比例略高於 20%，但總量保持不變。當我們成長時，新產品就是贏家，並貢獻一些成長。當我們沒有成長時，我們無法預期新產品會帶來比平均更多的收益。

Okay, great. Thanks for the color. I'll pass it on to the next person.

好的，太好了。謝謝你的顏色。我會把它傳給下一個。

Caitlin Cronin, Canaccord Genuity

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

Hi, thanks for taking the question. So I know you guys have noted expectations to maintain your sales force and spending, I mean, any kind of updated guidance for OpEx this year given the continued macro challenges.

你好，謝謝你回答這個問題。所以我知道你們已經注意到維持銷售隊伍和支出的期望，我的意思是，考慮到持續的宏觀挑戰，今年對營運支出有任何更新的指導嗎？

So you're talking the guidance on the operating profit?

所以您說的是營業利潤的指導嗎？

Which guidance you talk about?

您談論的是哪種指導？

Yeah, they just the operating expenses. I think you guys have talked about kind of maintaining, not letting anyone go and maintaining, sales and marketing type spend, but I mean any kind of updated expectations there.

是的，他們只是營運費用。我認為你們已經談論過維持、不讓任何人離開以及維持銷售和行銷類型的支出，但我的意思是任何更新的期望。

So, the expectation is that we'll continue to keep all the investment that we plan to do in the beginning of the year, including the expansion of the teams whether in the US or internationally where we open new subsidiaries.

因此，我們預計將繼續保持年初計劃進行的所有投資，包括擴大團隊，無論是在美國還是在國際上開設新的子公司。

This results in additional cost and as I mentioned regarding the changing the geographical revenue mix with US experiencing tougher headwinds than in the rest of the world that would have additional impact on their profitability at the end of the day, and we are expecting roughly around 4% to 5% impact only from that.

這會導致額外的成本，正如我所提到的，由於美國面臨的阻力比世界其他地區更大，因此改變地理收入結構最終會對他們的盈利能力產生額外的影響，我們預計這會產生大約 4% 到 5% 的影響。

Got it. Okay. And then any updates on the US management structure, Moshe? I know, you've been acting as the interim President of US, North America, any updates there?

知道了。好的。那麼，Moshe，美國管理結構有什麼最新消息嗎？我知道，您一直擔任美國北美臨時總統，有什麼最新進展嗎？

We have not yet hired a new President for the US or nominated somebody from within. I'm still the active, I would say, or the acting President of the US. I spend every month, few days in the US, and I'm doing it from Israel most of the time, but every month I'm in the US with the with the team.

我們尚未為美國聘請新總統，也沒有從內部提名人選。我想說，我仍然是美國現任或代理總統。我每個月都會在美國待幾天，而且大部分時間都在以色列，但每個月我都會和團隊一起在美國。

Got it. Thanks for taking the questions.

知道了。感謝您回答這些問題。

Mike Matson, Needham and Co.

麥克‧馬森（Mike Matson），Needham and Co.

Yeah, thanks so just one on the tariff. So it sounds like you're not assuming you're able to offset the tariff impact of price increases. So is that right? And I guess why not try to pass some of that through to your customers?

是的，謝謝，關於關稅我只想提一個。因此聽起來您似乎不認為自己能夠抵消價格上漲帶來的關稅影響。那麼這是對的嗎？我想為什麼不嘗試將其中的一些傳遞給您的客戶呢？

Well, we thought about it, Mike, but in a tough market like this, if we will go to the market and waste prices just because we're an Israeli company and not an American company and explain that that this is an import product and we have to waste prices, it will not help us.

嗯，麥克，我們考慮過這個問題，但是在這樣一個艱難的市場中，如果我們僅僅因為我們是一家以色列公司而不是一家美國公司就去市場浪費價格，並解釋說這是一種進口​​產品，我們必須浪費價格，這對我們沒有幫助。

You're not waiving prices in a market where the trend is down or where the slowdown, and when the market is very sensitive to price, especially when the interest rate on the leasing packages are high, and the monthly payments go higher again as well because of the interest rate. So, we have decided not to waste prices; not to waste prices because of the tariffs.

在市場趨勢下滑或放緩的情況下，您不會放棄價格，而且當市場對價格非常敏感時，尤其是當租賃套餐的利率很高時，並且由於利率的原因，每月還款額也會再次增加。所以，我們決定不浪費價格；不要因為關稅而浪費價格。

I mean, the only way, the only time that we're raising prices is when we bring new product to the market and if the new product is an upgrade for something similar that we sold, then maybe we can raise a little bit of the price. But other than that, from a marketing and commercial point of view, I don't think it will be smart right now for Inmode to go to the market and waste prices, let's say about 10%. No, it will not help.

我的意思是，我們提高價格的唯一方法、唯一時間就是當我們將新產品推向市場時，如果新產品是我們銷售的類似產品的升級版，那麼我們也許可以稍微提高價格。但除此之外，從行銷和商業角度來看，我認為 Inmode 現在進入市場並浪費價格（比如說 10% 左右）並不是明智之舉。不，這沒有幫助。

Okay, yeah, that makes sense. And then just the wellness platform that you mentioned, when do you expect to launch that and giving your commentary around kind of, better to have launches during, when the market's recovering or stronger. If that's something where you're going to maybe hold off until you see signs of improvement in the market?

好的，是的，這很有道理。然後就是您提到的健康平台，您預計什麼時候推出，並給出您的評論，最好在市場復甦或強勁的時候推出。如果您打算暫時擱置這一事項，直到您看到市場出現好轉跡象？

The two wellness products that we have today, one is the empower for women's health, for SUI and some vaginal treatment, and the other one is envisioned for dry eye and periorbital treatment. Both of them were still selling both of them.

我們今天擁有的兩種健康產品，一種是針對女性健康、SUI 和一些陰道治療的產品，另一種是針對乾眼症和眶周治療的產品。他們兩個仍然在賣這兩樣東西。

And by the way, we started to hire specific sales people just for this product, which was more medical than the others. But what we see now that those products, the revenue from those products went down in the same 20% or 25% that we're experiencing on the entire portfolio.

順便說一句，我們開始為這款產品招募專門的銷售人員，因為它比其他產品更具醫療性。但我們現在看到，這些產品的收入下降了 20% 或 25%，與我們整個產品組合所經歷的一樣。

Yes, sorry, Moshe. I was referring to the, I think you said earlier in the call that you're going to have a new platform for wellness.

是的，對不起，摩西。我指的是，我想您之前在電話中說過，您將會擁有一個新的健康平台。

Yes, sorry, I didn't know. We have a new product that we will bring to the market for wellness, and we will release the indication once we finish with the with the clinical study.

是的，對不起，我不知道。我們有一款新產品即將推向健康市場，一旦完成臨床研究，我們就會公佈其適應症。

It's going to be later this year. We are not sure exactly when we announce it once we decide.

預計會在今年晚些時候。一旦做出決定，我們還不確定何時公佈。

Okay, got it. Thank you.

好的，明白了。謝謝。

Sam Eiber, BTIG

Sam Eiber，BTIG

Hey, good morning, everyone. Thanks for taking the questions here. Maybe I could just start on a clarifying question on the tariff impact. Is that 2% to 3% on a full year basis? So if you assume those going to affect, maybe July 1, the impact would be closer to 1%. And then is that reflected in the 78% to 80% new gross margin guidance?

嘿，大家早安。感謝您在這裡回答問題。也許我可以先澄清一下有關關稅影響的問題。全年成長率是 2% 到 3% 嗎？因此，如果您假設這些會影響到 7 月 1 日，那麼影響將接近 1%。那麼這是否反映在 78% 至 80% 的新毛利率指引中？

No, we did not take it into account yet.

不，我們還沒有考慮到這一點。

Yes and yes and both. On both, yes, on both questions. Two to three on an overall assuming it remains 10%. If you go back to 17%, we will need to get back and update the guidance. We really hope it's going to stay at 10%, but no one really knows what's going on, until that administration makes its final decisions. And yes, we did count it into the existing guidance and assuming 10% tariffs from Q2 to Q4.

是的，是的，兩者都有。是的，關於這兩個問題。假設其仍為 10%，則總體而言有 2 到 3 個。如果回到 17%，我們將需要回去並更新指導。我們真的希望它能保持在 10%，但在政府做出最終決定之前，沒有人真正知道到底發生了什麼事。是的，我們確實將其計入現有指導，並假設第二季至第四季的關稅為 10%。

Okay, thank you for the clarification. Okay, that's helpful. And then maybe I can use my follow up on capital allocation. It sounds like, more to more to come for the rest of the year I guess anyway, how you're thinking about prioritizing share repurchases, dividends, M&A, and then any more details in terms of the tax impact if you were to do an additional share repurchase program, later this year?

好的，謝謝你的澄清。好的，這很有幫助。然後也許我可以利用我的後續資本配置。聽起來，我想今年剩餘時間還會有更多事情要做，您如何考慮優先考慮股票回購、股息、併購，然後如果您在今年晚些時候進行額外的股票回購計劃，在稅收影響方面還會有更多細節嗎？

Well, I will start from your last question. We're not considering right now to do another [show purchase]. Now, I'm just to take you through the history we started to do, share buyback about 2.5 years ago. We started when the stock was $50.60, and we bought already stock for $500 million. By the way, $508 million.

好吧，我將從你的最後一個問題開始。我們現在不考慮再做一次[顯示購買]。現在，我只是想向大家介紹我們大約兩年半前開始的股票回購的歷史。我們從股價為 50.60 美元時就開始買入，並且已經以 5 億美元的價格買入了股票。順便說一下，5.08億美元。

With the average price per share of all together, all the packages or all the programs, which was about four to five programs, the price per share that we purchased was close to $20 million a share, which is just to be precise, $19.95, $19.95.

以所有套餐或所有項目（大約四到五個項目）的每股平均價格計算，我們購買的每股價格接近 2000 萬美元，準確地說是 19.95 美元，19.95 美元。

Now, actually, from an investment point of view of the company, we actually invested $500 million but it did not help the stock price. The stock price on $15 today. So basically it was not the best investment from the corporation’s point of view, and I'm sure it was not the best investment from the shareholders' point of view. So, we need to think right now what to do because basically we left over with $500 million.

現在，實際上，從公司的投資角度來看，我們實際上投資了 5 億美元，但這並沒有幫助股價上漲。今日股價為 15 美元。所以從公司的角度來看，這基本上不是最好的投資，而且我確信從股東的角度來看，這也不是最好的投資。所以，我們現在需要考慮該怎麼辦，因為基本上我們還剩下 5 億美元。

We invested $5 or spent $500 million for buyback with no results. And to the shareholders and to the company, and if we want to do any acquisition which we believe that's something that we're considering, we don't want to be left with no cash or no money to do it. So right now, at that point after we bought 30% of the stock for $500 million, we're not considering another one in the near future.

我們投資了 5 美元或花了 5 億美元進行回購，但沒有任何結果。對於股東和公司來說，如果我們想進行任何我們認為正在考慮的收購，我們不想沒有現金或沒有錢去做這件事。所以現在，在我們以 5 億美元買了 30% 的股票後，我們不會考慮在不久的將來再買其他股票。

Okay, that's helpful and then maybe I could just squeeze the last one here just because it hasn't been asked yet about Europe and what you're seeing there that makes that market relatively stronger than maybe what you're seeing in the US and I guess how sustainable that strength is.

好的，這很有幫助，然後也許我可以在這裡擠出最後一個問題，因為還沒有人問到關於歐洲的問題，以及你在那裡看到的情況，這使得歐洲市場比你在美國看到的市場相對強勁，我想這種實力的可持續性如何。

What in Europe?

歐洲有什麼？

In Europe, the first quarter was better, as we made a lot of changes in the management of our subsidiaries and it's worked well and Europe now performing better than the US, per capita or per country. Prices in the in Europe are less than in the US per system.

在歐洲，第一季表現更好，因為我們對子公司的管理做出了許多改變，而且效果很好，現在歐洲的表現比美國更好，無論是按人均還是按國家計算。歐洲每個系統的價格低於美國。

And you have to take into consideration that in many countries in Europe we still sell to distributors. So we are recognizing only the transfer price. We are not recognizing the full price. We just -- in Europe, the credit is getting tighter because there was a sign of inflation in certain countries which will not help us.

而且你必須考慮到，在歐洲的許多國家，我們仍然向經銷商銷售產品。所以我們只承認轉讓價格。我們不承認全價。我們只是——在歐洲，信貸正在變得越來越緊縮，因為某些國家出現了通貨膨脹的跡象，這對我們沒有幫助。

And therefore we had to open a pool with the leasing company to help to share the risk with them like we do in the United States, the pool that we opened in 2024 for 6%. And we'll see. Hopefully it will help and it will keep the momentum or will keep some kind of growth in Europe and in to the distributors and through the subsidiaries.

因此，我們必須與租賃公司開設一個權益池，以幫助他們分擔風險，就像我們在美國所做的那樣，我們在 2024 年開設的權益池的利率為 6%。我們將拭目以待。希望它能夠有所幫助，並保持發展勢頭或在歐洲、分銷商和子公司保持某種成長。

Great, thanks for taking the questions.

太好了，感謝您回答這些問題。

Dane Reinhardt, Baird.

丹恩·萊因哈特，貝爾德。

Hey guys, thanks for the time here. Maybe a follow up on, I think Mike's question regarding pricing on the systems here. I know it sounds like you're not raising prices on kind of existing products, but you did mention that you would take price on the new products.

嘿夥計們，感謝你們在這裡的時間。也許是後續問題，我認為 Mike 的問題是關於這裡的系統定價。我知道這聽起來好像您不會提高現有產品的價格，但您確實提到您會對新產品進行定價。

And just kind of based on the math that you report out with systems revenue and new placements that you've installed kind of in the past few quarters, it does seem like there's been kind of a noticeable step up in ASPs, particularly in the US. So have you raised prices on those new OptimasMax and Ignite platforms and how does that seem to be kind of being received by your customers at this point?

根據您報告的系統收入以及過去幾季安裝的新設備數量，平均銷售價格似乎確實出現了明顯的上漲，尤其是在美國。那麼，你們是否提高了新的 OptimasMax 和 Ignite 平台的價格？目前你們的客戶對此有何反應？

We did not waste prices on the Ignite. The prices that we set up for the Ignite and OptimasMax in 2024, we did not change them because of the tariff. They are the same price. What I said is whenever we introduce a new system like OptimasMax to replace the Optimas, then the OptimasMax is priced a little bit higher than the Optimas.

我們沒有在 Ignite 上浪費價格。我們為 2024 年的 Ignite 和 OptimasMax 設定的價格，並沒有因為關稅而改變。它們的價格是一樣的。我說的是，每當我們推出像 OptimasMax 這樣的新系統來取代 Optimas 時，OptimasMax 的價格就會比 Optimas 高一點。

When we launched the Ignite to replace the body type, not to replace, to complement the body type, then we, the price for the Ignite was higher than the body type, the regular, the body type platforms. But when you bring new platforms on a new indication, then the prices need to be compatible to the market.

當我們推出 Ignite 來取代體型，而不是替換，而是補充體型時，Ignite 的價格高於體型、常規體型平台。但是當你在新的指示上引入新的平台時，價格就需要與市場相容。

And not prices that you want. I mean, and certain technology when we are unique, we can charge a little bit more, but this price, this market right now, it's very competitive and therefore we see no way or no reason to waste prices in the middle of the slowdown or just because of the tariffs.

並且不是您想要的價格。我的意思是，當我們的某些技術是獨一無二的時，我們可以收取更高的價格，但是這個價格，這個市場現在競爭非常激烈，因此我們認為沒有理由在經濟放緩期間或僅僅因為關稅而浪費價格。

Okay, thanks for that. Yeah, I just even clarifying that there was a price increase on like OptimasMax relative to Optimas, so, that's helpful. And then just my second follow up obviously US consumer confidence has kind of slowed here as we throughout the first quarter.

好的，謝謝。是的，我只是想澄清一下，相對於 Optimas，OptimasMax 的價格有所上漲，所以，這很有幫助。然後，我的第二個後續問題顯然是，在整個第一季度，美國消費者信心放緩。

So just from a cadence perspective, I know what you laid out through, kind of Q2 through Q4, but just within the first quarter itself, did you kind of see any worsening from, January to March and into April just as those US consumer confidence numbers have kind of weakened? Thanks again.

因此，僅從節奏的角度來看，我知道您從第二季度到第四季度的情況，但僅在第一季度內，您是否看到從 1 月到 3 月以及 4 月的情況有所惡化，就像美國消費者信心數據有所減弱一樣？再次感謝。

Well, the consumer confidence went down, isn't it? Yeah.

那麼，消費者信心就下降了，不是嗎？是的。

Yeah, it did, but, especially when it comes to capital equipment, most of the revenue is anyway in March. January and February are slow anyway. So, you cannot really make too much of comparing the cadence of the consumer confidence index during January to March and expect to see an impact throughout the quarter.

是的，但是，特別是對於資本設備而言，大部分收入都在三月。無論如何，一月和二月都很慢。因此，您不能過度比較 1 月至 3 月期間消費者信心指數的節奏，並期望看到整個季度的影響。

Most of the revenue every quarter, we generate most of the revenue in the last quarter of in the last month of the quarter. So, but it will be interesting to see how June and overall Q2 would look like compared to Q1.

每個季度的大部分收入，我們都是在最後一個季度或該季度的最後一個月產生的。因此，看看 6 月以及整個第二季度與第一季相比的情況如何將會很有趣。

Dane, does that answer your question?

丹恩，這回答了你的問題嗎？

Yes, that does. Thank you very much. I guess just maybe even one follow up here I'll tack on. I'm not sure if you answered it in the prior question, but what can you just remind us what again, potential act implications would be if you did do any sort of dividend, because I know you've kind of mentioned that. But it seems like, buybacks are off the table, maybe looking at M&A, but just remind us the tax implications if you did do a dividend.

是的，確實如此。非常感謝。我想也許我還會在這裡添加一條後續內容。我不確定您是否在前一個問題中回答了這個問題，但您能否再次提醒我們，如果您確實進行任何形式的分紅，潛在的行為影響是什麼，因為我知道您已經提到過這一點。但看起來，回購已經不在考慮範圍內，也許可以考慮併購，但請提醒我們，如果你確實派發股息，會產生什麼稅收影響。

On a dividend according to the Israeli tax law, you have to pay 20% dividend tax before you distribute the money. So for example, if you want to allocate $100 million for dividend, 20% check you send for the Israeli IRS is and $80 million to the shareholders.

根據以色列稅法，在分配股利之前，您必須繳納 20% 的股利稅。舉例來說，如果您想分配 1 億美元作為股息，那麼您寄給以色列國稅局的支票中有 20% 是股息，其餘 8000 萬美元是股息給股東。

Thank you Moshe.

謝謝你，Moshe。

Thank you. This concludes our question-and-answer session. I would now like to turn the conference back over to Moshe Mizrahy, Inmode CEO for closing remarks.

謝謝。我們的問答環節到此結束。現在，我想將會議交還給 Inmode 執行長 Moshe Mizrahy 來致閉幕詞。

Okay, thank you, operator. Thank you, Mary. I want to thank first our team, Inmode team worldwide that work very hard in the first quarter like always, knowing that they will slow down and that we have to perform. I want to thank all the shareholders for being with us in this earning call. As we said, we meet again sometime in June, in July. Hopefully, the market will improve by then and we will be a little bit more optimistic. Thank you all.

好的，謝謝接線生。謝謝你，瑪麗。首先，我要感謝我們的團隊，全球的 Inmode 團隊，他們像往常一樣在第一季非常努力地工作，我們知道他們會放慢速度，而我們必須表現出色。我要感謝所有股東參加本次收益電話會議。正如我們所說的，我們將在六月或七月的某個時候再次見面。希望到那時市場會好轉，我們會更樂觀一些。謝謝大家。

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

謝謝。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。