Inmode Ltd (INMD) 2025 Q3 法說會逐字稿

Good day, and welcome to InMode's third quarter 2025 earnings results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Miri Segal, CEO of MS IR. Please go ahead.

大家好，歡迎參加 InMode 2025 第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我謹將會議交給微軟投資者關係部執行長米里·西格爾。請繼續。

Thank you, operator, and everyone, for joining us today. Before we begin, I would like to remind our listeners that certain information shared on this call may contain forward-looking statements and the safe harbor statement outlined in today's earnings release also pertains to this call.

感謝接線員，也感謝各位今天收看我們的節目。在開始之前，我想提醒各位聽眾，本次電話會議中分享的某些資訊可能包含前瞻性陳述，並且今天發布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 visit the Investor Relations section of the company's website. Changes in business, competitive, technological, regulatory and other factors could cause actual results to differ materially from those expressed by the forward-looking statements made today. Our historical results are not necessarily indicative of future performance.

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。商業、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所作的前瞻性聲明中表達的結果有重大差異。我們過往的業績並不一定預示著未來的表現。

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 Mizrahy, InMode's CEO. Moshe, please go ahead.

因此，我們無法保證前瞻性陳述的準確性，也不承擔更新這些陳述的義務，除非法律要求。接下來，我想把電話交給 InMode 的執行長 Moshe Mizrahy。莫舍，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 Chief Financial Officer; and Rafael Lickerman, our VP of Finance. Following our prepared remarks, we will all be available to answer your questions. The third quarter progressed in line with our expectation, even as we navigated a complex economic environment.

謝謝米莉，也謝謝各位的到來。今天與我一起出席的有：我們的聯合創始人兼首席技術官邁克爾·克雷德爾博士；我們的首席財務官亞伊爾·馬爾卡；以及我們的財務副總裁拉斐爾·利克曼。在發言結束後，我們將回答各位的問題。第三季進展符合我們的預期，儘管我們面臨複雜的經濟環境。

Our performance this quarter reflects the strength in our diversified portfolio and the disciplined execution of our strategy. We remain focused on expanding our presence in high-growth markets and position the company well into the future.

本季業績反映了我們多元化投資組合的優勢以及我們策略的嚴格執行。我們將繼續專注於擴大在高成長市場的業務，並為公司未來的發展奠定堅實的基礎。

This quarter, we expanded our global footprint with opening a new subsidiary in Argentina, an important milestone, our regional growth strategy. Establishing a local presence in this key market will allow us to better serve customers through direct engagement and localized support. We are now focused on obtaining final clinical clearances and expect to begin generating internal initial revenue by the end of 2025.

本季度，我們透過在阿根廷開設新子公司擴大了我們的全球業務版圖，這是我們區域成長策略的一個重要里程碑。在這個關鍵市場建立在地化機構，將使我們能夠透過直接互動和在地化支援更好地服務客戶。我們現在專注於獲得最終的臨床批准，並預計將於 2025 年底開始產生內部初始收入。

Following the earlier launch of our subsidiary in Thailand, we are actively building strong local team to drive sales, laying the groundwork for sustainable growth across both regions. As we noted in our Q2 update, we conducted a soft launch of the men wellness platforms to introduce it to selected users and early adopters, so we can gather initial clinical feedback. The full commercial rollout event took place during the third quarter and we expect the beginning of revenue contribution toward the end of the year. Finally, I'm excited to share some important news about a key leadership addition to our team. We recently appointed Michael Dennison as our President of North America.

繼我們在泰國成立子公司之後，我們正在積極組建強大的本地團隊來推動銷售，為兩個地區的可持續成長奠定基礎。正如我們在第二季更新中提到的，我們對男性健康平台進行了試運營，向部分用戶和早期採用者介紹該平台，以便收集初步的臨床回饋。全面商業推廣活動已於第三季舉行，我們預計在年底開始產生收入。最後，我很高興地與大家分享一個重要消息，我們團隊迎來了一位關鍵的領導成員。我們最近任命邁克爾·丹尼森為北美區總裁。

Michael is an entrepreneur-driven and award-winning sales leader who has built an impressive career in the medical aesthetic device industry, holding nearly every sales role along the way with over close to decade at InMode.

Michael 是一位充滿創業精神且屢獲殊榮的銷售領導者，他在醫療美容設備行業建立了令人矚目的職業生涯，在 InMode 工作近十年，幾乎擔任過所有銷售職位。

Michael advanced from District Sales Manager to Vice President of Sales, helping to grow revenue nationally, expand market share and build a strong distribution network across North America. Looking ahead, we recognize the challenges in the marketplace, but remain confident in our competitive advantages, including our strong financial position, diverse and innovative portfolio and trusted global brand. These strengths position us as the global leader in the minimally invasive aesthetic and wellness industry.

Michael 從區域銷售經理晉升為銷售副總裁，幫助公司在全國範圍內提高收入、擴大市場份額，並在北美建立強大的分銷網絡。展望未來，我們認識到市場面臨的挑戰，但仍然對我們的競爭優勢充滿信心，包括我們強大的財務狀況、多元化和創新性的產品組合以及值得信賴的全球品牌。這些優勢使我們成為微創美容和健康產業的全球領導者。

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

現在我想把電話交給我們的財務長亞伊爾。

Yair, please.

請叫我亞伊爾。

Thanks, Moshe, and hello, everyone. Thank you for joining us. I would like to review our Q3 2025 financial results in more detail. InMode generated revenues of $93.2 million. As a reminder, when comparing year-over-year results, last year's quarterly revenue of $130.2 million included $31.9 million in preorder sales.

謝謝你，莫舍，大家好。感謝您的參與。我想更詳細地回顧一下我們2025年第三季的財務表現。InMode公司創造了9,320萬美元的收入。提醒一下，在比較同比業績時，去年的季度營收為 1.302 億美元，其中包括 3,190 萬美元的預售收入。

Even with the traditional Q3 seasonality, consumables and service revenues were $19.9 million, up 26% year-over-year. This growth in consumables was driven primarily by markets outside of the US. Our minimally invasive platforms accounted for 75% of total revenues this quarter. Sales outside of the U.S. increased slightly to $40 million or 43% of overall sales, a 10% increase year-over-year.

即使考慮到傳統第三季的季節性因素，消費品和服務收入仍達到 1,990 萬美元，年增 26%。消費品產業的成長主要由美國以外的市場推動。本季度，我們的微創平台貢獻了總營收的 75%。美國以外的銷售額略有成長，達到 4,000 萬美元，佔總銷售額的 43%，較去年同期成長 10%。

The United States was the largest geographical revenue contributor, reaching $53.2 million. GAAP and non-GAAP gross margins in Q3 were 78%, down from 82% reported in Q3 2024. As expected, our third quarter gross margins were lower due to the anticipated impact of tariffs, which we had incorporated into our outlook. As part of our global expansion, we currently have 284 direct sales reps and distributors coverage in more than 73 countries. Sales and marketing expenses decreased to $44.9 million from $51.9 million in the same period last year.

美國是最大的地域收入貢獻者，達到 5,320 萬美元。 （GAAP）第三季非GAAP毛利率為78%，低於2024年第三季報告的82%。正如預期的那樣，由於關稅的預期影響（我們已將此因素納入預期），我們第三季的毛利率有所下降。作為我們全球擴張計畫的一部分，我們目前在超過 73 個國家擁有 284 名直銷代表和分銷商。銷售和行銷費用從去年同期的 5,190 萬美元減少到 4,490 萬美元。

The year-over-year decrease primarily reflects the reduction in sales between the two periods. GAAP operating expenses in the third quarter were $51.4 million, an 11% year-over-year decrease. On a non-GAAP basis, operating expenses were $49.1 million this quarter, down from $54.4 million, a 10% decrease year-over-year. GAAP operating margin was 22%, down from 37% in the third quarter of 2024. On a non-GAAP basis, operating margin reached 25% compared to 40% last year.

年比下降主要反映了兩個時期之間的銷售減少。第三季 GAAP 營運費用為 5,140 萬美元，年減 11%。以非GAAP準則計算，本季營運費用為4,910萬美元，低於去年同期的5,440萬美元，較去年同期下降10%。GAAP 營業利益率為 22%，低於 2024 年第三季的 37%。以非GAAP準則計算，營業利益率達25%，而去年為40%。

GAAP net income was $21.8 million, down from $50.9 million in the third quarter of 2024. On a non-GAAP basis, net income was $24.5 million, down from $54.9 million. GAAP diluted earnings per share for the third quarter were $0.34, down from $0.65 in Q3 of 2024. Non-GAAP diluted earnings per share was $0.38, down from $0.70 per diluted share in the third quarter of 2024. Share-based compensation declined to $2.7 million from $3.9 million in the third quarter of 2024.

GAAP淨收入為2,180萬美元，低於2024年第三季的5,090萬美元。以非GAAP準則計算，淨收入為2,450萬美元，低於5,490萬美元。第三季GAAP稀釋後每股盈餘為0.34美元，低於2024年第三季的0.65美元。非GAAP稀釋後每股收益為0.38美元，低於2024年第三季的稀釋後每股收益0.70美元。2024 年第三季度，股權激勵支出從 390 萬美元下降至 270 萬美元。

We ended the quarter with a strong balance sheet. As of September 30, 2025, the company had cash and cash equivalents, marketable securities and deposits of $532.3 million. This quarter, InMode generated $24.5 million in cash from operating activities.

本季末，我們的資產負債表表現強勁。截至 2025 年 9 月 30 日，該公司擁有現金及現金等價物、有價證券和存款 5.323 億美元。本季度，InMode 透過經營活動產生了 2,450 萬美元的現金。

Before I turn the call back to Moshe, I would like to reiterate our guidance for 2025. Revenues to remain between $365 million to $375 million, non-GAAP gross margins to remain between 78% to 80%, non-GAAP income from operations to remain between $93 million and $98 million, non-GAAP earnings per diluted share to remain between $1.55 to $1.59.

在將電話轉回給 Moshe 之前，我想重申我們對 2025 年的指導方針。營收將維持在 3.65 億美元至 3.75 億美元之間，非 GAAP 毛利率將維持在 78% 至 80% 之間，非 GAAP 營業收入將維持在 9,300 萬美元至 9,800 萬美元之間，非 GAAP 稀釋後每股收益將保持在 1.559 美元至 1.559 美元至 1.559 美元。

I will now turn over the call back to Moshe.

現在我將把通話轉回給莫舍。

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

謝謝你，亞伊爾。非常感謝。操作員，我們已準備好進行問答環節。請。

(Operator Instructions) Danielle Antalffy, UBS.

（操作說明）丹妮爾·安塔爾菲，瑞銀集團。

Congrats on a good quarter here. Just curious, Yair, as you look at the Q4, the implied Q4 guidance based on what you provided at the midpoint, you did beat Q3. So it implies a little bit of a lower Q4 number. But I was wondering if you could level set us, sort of, as we think about the exit rate here in 2025 and look ahead to 2026, how we should be thinking about sales growth next year given the lingering uncertainties out there, I think consensus is sort of in the mid-single digit range?

恭喜你們本季業績出色。亞伊爾，我只是好奇，你看第四季度，根據你之前給出的中期業績指引，你對第四季度的隱含預期是超過了第三季度。所以這意味著第四季業績可能會略有下滑。但我想知道，在考慮 2025 年的退出率並展望 2026 年時，您能否為我們設定一個大致的基準，考慮到目前仍然存在的不確定性，我們應該如何看待明年的銷售成長？我認為普遍的看法是，成長幅度在個位數中段？

I think it is a little bit too early for us to discuss guidance 2026. We would like to see how Q4 plays out before we discuss 2026. I think we would want to be somewhat conservative when we go into next year because of all the uncertainties, as you have mentioned. That's all I can say about 2026 at the moment.

我認為現在討論 2026 年的指導方針還為時過早。我們想先看看第四季的情況如何，然後再討論2026年的問題。正如您所提到的，考慮到明年有許多不確定因素，我認為我們應該採取較保守的策略。目前關於2026年，我只能說這麼多。

Okay. That's totally fair. I hear you. And then just the capital equipment environment, it looks like in Q3, international was weaker, US not as weak. But in the US specifically, we are in an environment now where interest rates are coming down.

好的。這完全合理。我明白了。然後是資本設備環境方面，看起來第三季國際市場疲軟，美國市場則沒那麼疲軟。但具體到美國，我們現在所處的環境是利率下降。

I mean, does this make you a little bit more optimistic as we look ahead to 2026, appreciating you want a conservative starting off point, but just maybe comments on hearing from customers? Is there increased interest now to purchase capital equipment as interest rates come down?

我的意思是，展望 2026 年，這是否讓您稍微樂觀一點？我知道您希望以保守的起點開始，但或許您也想聽聽客戶的意見？隨著利率下降，人們購買資本設備的興趣是否增加了？

So the interest rate has come down, but not enough to see that trickle in a meaningful way into the financing of the capital equipment in the US as hopefully it will continue to come down, then we will start see a more meaningful impact. And then hopefully, this will translate to additional or increase in capital equipment sales. And Moshe, go ahead.

所以利率已經下降了，但還不足以對美國的資本設備融資產生實質的影響，希望利率能繼續下降，這樣我們才能開始看到更有意義的影響。希望這能轉化為資本設備銷售額的增加。莫舍，你繼續吧。

No. What I wanted to say, it's not just in the United States. We don't see the end -- the light at the end of the tunnel as regard to financing capital equipment, especially medical equipment to clinics. I'm not talking about hospital and hospital is probably different. But as far as clinics who are buying capital equipment like for medical aesthetic or any other medical community, I mean, the interest rate on leasing are still very high.

不。我想說的是，這種情況不只發生在美國。我們看不到盡頭——看不到為資本設備（尤其是診所的醫療設備）融資的曙光。我說的不是醫院，醫院的情況可能不一樣。但就購買醫療美容或其他醫療領域大型設備的診所而言，租賃利率仍然很高。

I know that the interest rate went down twice in the United States, 0.5%. In Europe has not yet. So we believe that sometime in 2026, when the U.S. will lead the reduction of interest rate, it will come up to other territories, but we don't see it yet.

我知道美國的利率下降了兩次，每次下降0.5%。歐洲還沒有。因此，我們認為，到 2026 年美國率先降息時，其他地區也會效仿，但我們現在還沒有看到這種情況。

(Operator Instructions) Matt Miksic, Barclays.

（操作說明）馬特·米克西奇，巴克萊銀行。

I had one question on the ophthalmology initiative that you've been sort of pushing forward over the last couple of years. It ran into some of your folks at AO and the general sentiment around the conference and around those specialties is significant upswing in dry eye treatment and significant interest, particularly in the optometrist channel. I'm just wondering any color or updates you have on your strategy there, the progress, contribution, if you want to go there? And then I had one quick follow-up.

關於您在過去幾年裡一直大力推進的眼科計劃，我有一個問題。在AO會議上，我遇到了你們的一些同事，大家普遍認為，乾眼症治療正在顯著上升，尤其是在驗光師領域，人們對此表現出濃厚的興趣。我只是想了解你在那方面的策略、進展、貢獻，以及你是否打算進軍那個領域，有沒有什麼新的進展或消息？然後我還有一個簡短的後續問題。

Okay. Hi, this is Moshe. Well, let me answer your question on a couple -- two things. One, as regard to commercial and salespeople, we are separating the salespeople for the Envision from the rest of the aesthetic and starting 2026, it will be managed by a director who is responsible only for the Envision and the sales team will sell only to Envision to optometrists and also to ophthalmologists. We are making some progress with the American Optometrists Association.

好的。大家好，我是莫舍。好吧，讓我回答你的問題，主要有兩個面向。第一，關於商業和銷售人員，我們將 Envision 的銷售人員與美容部門的其他人員分開，從 2026 年開始，將由一位只負責 Envision 的總監管理，銷售團隊將只向驗光師和眼科醫生銷售 Envision 產品。我們與美國驗光師協會的合作取得了一些進展。

We have some agreements with them to do together some workshop in different state. And we started that at the second quarter, we continue on the third quarter and we have at least three events coming on the fourth quarter. In addition to that, as far as the ophthalmology, as you probably know, we still do not have the final clearance from the FDA to say that we're treating dry eye. We hopefully will -- we're still -- we negotiated with the FDA. I don't want to call it negotiated.

我們與他們有一些協議，將在不同的州共同舉辦一些研討會。我們從第二季開始，第三季繼續，第四季至少還有三項活動。此外，就眼科而言，您可能也知道，我們尚未獲得 FDA 的最終批准，因此我們無法聲稱我們正在治療乾眼症。我們希望能夠——我們仍在——我們一直在與FDA進行談判。我不想稱之為協商。

It was a discussion with the FDA as regard to the protocol that we will do during the study to get the indication. We are in the last stage. We're doing some safety tests right now on [Revit]. Hopefully, they will approve it before the end of the year and we will start the study next year. It's not going to be a very long study, because you need to show some immediate effect.

這是與 FDA 就我們在研究期間為獲得適應症而將要執行的方案進行的討論。我們已進入最後階段。我們現在正在進行一些安全測試。[Revit]。希望他們能在年底前批准，我們明年就能開始這項研究。這項研究不會持續很長時間，因為需要顯示出一些即時的效果。

Hopefully, sometime towards the second quarter of 2026, we will finalize the results of the study, submit the FDA. So sometime towards the second half of 2026, we will be able to clear the indication and claim dry eye. But right now, not only in the United States, we have enough data that show the significant competitive advantage of any other modalities that deal with dry eye and we sell it without the clearance, just because we're explaining how it's worked.

希望在 2026 年第二季左右，我們能夠最終確定研究結果，並提交給 FDA。因此，大約在 2026 年下半年，我們將能夠明確適應症並宣布乾眼症。但目前，不僅在美國，我們有足夠的數據表明，任何其他治療乾眼症的方法都具有顯著的競爭優勢，而我們卻在沒有獲得許可的情況下銷售這些方法，僅僅因為我們解釋了它是如何起作用的。

We do have the FDA clearance to the handpiece, either the Lumecca, the IPL or the bipolar RF. The two handpieces are already approved. So we sell it without the clear indication, but we have enough clinical data to show to the doctors and to the optometrists, they are also doctors, but they are ODs, to show them the advantage. And we are making progress. And hopefully, next year, once we have a distinguished and separated sales team, we will show better momentum.

我們已獲得FDA對手柄的批准，無論是Lumecca、IPL或雙極射頻手柄。這兩款手柄均已獲批准。因此，我們在沒有明確適應症的情況下銷售它，但我們有足夠的臨床數據向醫生和驗光師（他們也是醫生，但他們是驗光師）展示它的優勢。我們正在取得進展。希望明年，當我們擁有了一支傑出的、獨立的銷售團隊後，我們能夠展現出更好的發展勢頭。

That's very helpful. Just one, maybe zooming out to the broader business in aesthetics. Similar kind of question. When we all sort of, I think, have a sense of where you think the market is and waiting for sort of like this general sort of uptick or upswing in the cycle in the US. But in terms of new products, anything that you would call out in addition to this initiative and follow-through in optometry and ophthalmology that could start to kind of drive incremental growth in, say, early first half of '26, back half of '26? Any color on the pipeline would be super helpful.

那很有幫助。或許可以把目光放遠，看看更廣大的美學產業。類似的問題。我想，我們大家對市場現狀都有一種大致的了解，而且都在等待美國經濟週期出現某種普遍的上漲或上升趨勢。但就新產品而言，除了這項舉措以及在驗光和眼科領域的後續行動之外，您還有什麼其他建議可以推動2026年上半年或下半年出現漸進式增長嗎？管道上的任何顏色都會非常有幫助。

Well, we have some products coming to the -- we will launch early next year, mainly in the aesthetic, some new lasers that we bring to the market. I don't want just to reveal the type of lasers and what exactly these lasers do, but they are very complementary to our aesthetic, I would say, portfolio.

嗯，我們有一些產品即將上市——我們將在明年初推出，主要集中在美容領域，我們將推出一些新的雷射產品。我不想透露雷射的類型以及這些雷射的具體功能，但它們與我們的美學理念和產品組合非常契合。

Two of them will be introduced during the national sales meeting in the US sometime at the end of January '26. We will also present those two devices at IMCAS, which is the main conference in Europe, again, sometime in the beginning of February next year. Yeah, we currently have enough projects on the R&D pipeline, aesthetic and wellness and we will launch them two at a time.

其中兩款產品將於 2026 年 1 月底在美國舉行的全國銷售會議上推出。我們也將在明年二月初的IMCAS大會上再次展示這兩款設備，IMCAS是歐洲的主要會議。是的，我們目前在研發管線中有足夠多的項目，涵蓋美容和健康領域，我們將一次推出兩個項目。

(Operator Instructions) Caitlin Roberts, Canaccord Genuity.

（操作說明）凱特琳·羅伯茨，Canaccord Genuity。

It's Michelle on for Caitlin. Can you maybe talk more about your rationale for picking Michael Dennison for the new role of President of North America and what he is working to drive in the early days in the new position?

現在是米歇爾代替凱特琳上場。您能否詳細談談您選擇邁克爾丹尼森擔任北美總裁這一新職位的理由，以及他上任初期將致力於推動哪些方面的工作？

Yeah. Michael worked with us for more than 10 years. And before that, he used to work for Cynosure, which is another major company in medical aesthetics. He is relatively young, in the 40s. Basically, before he took the President position, he was Vice President for the East Coast of the U.S., doing very well.

是的。麥可與我們共事超過10年。在此之前，他曾在Cynosure工作，Cynosure是另一家大型醫療美容公司。他比較年輕，才四十多歲。基本上，在他擔任總統之前，他曾擔任美國東海岸的副總統，而且做得非常出色。

I would say the reason why we nominated him is because we didn't have -- we didn't want to have the East and West in the US. We want to combine all the territories under one management. And we thought Michael is the right guy to do it for InMode. And therefore, right now, we are combining all the territories under one manager, including Canada -- including Canada. And anything else that you want to know about him?

我認為我們提名他的原因是，我們不想──我們不想在美國出現東西方之分。我們希望將所有地區合併到一個管理之下。我們認為邁克爾是為 InMode 做這件事的合適人選。因此，目前我們將所有地區合併到一個經理的管理之下，包括加拿大——包括加拿大。你還想知道關於他的其他什麼資訊嗎？

I mean, he's well known. He knows the market, he knows the doctors. He knows everything about sales and marketing, many years of experience. As part of his taking the position of President, two VPs left. One was the VP West, which wanted to be a President, but we had to select only one; and also, the VP of Canada, and we're not hiring another VP for the West and VP for Canada.

我的意思是，他很有名。他了解市場，也認識醫生。他精通銷售和行銷，並擁有多年經驗。作為他就任總統的一部分，兩名副總統離職。其中一位是西部副總裁，他想當總裁，但我們只能選一位；還有一位是加拿大副總裁，我們不會再為西部和加拿大分別招募副總裁了。

We rather have some sales director in every territory. We divide the U.S. into six territories and Canada is the seventh one and they all report to Michael at that point. Next year, we might appoint some other position for strategic planning and other, but we want to keep the entire North America operation under one roof.

我們更傾向於在每個地區都配備銷售總監。我們將美國劃分為六個地區，加拿大是第七個地區，所有這些地區都向麥可報告。明年，我們可能會任命一些其他職位負責策略規劃和其他事務，但我們希望將整個北美業務集中在一個屋簷下。

That's great. And maybe one more from us on urology. How did the user meeting in late August go on the urology side? And have you begun rolling out the products or seeing revenue contribution? And then any commentary or directionality you could give us for your expectations for the urology business in 2026?

那太棒了。或許我們還可以再補充一篇關於泌尿科的文章。8 月下旬泌尿科用戶會議進行得如何？你們是否已經開始推出產品或看到產品帶來的收入貢獻？那麼，您對2026年泌尿科產業的預期能否給予一些評論或方向性建議呢？

Urology, I understand you mean the men wellness. Yes, I mean, the August event was a user meeting that we had in Chicago and it was with something like 800 doctors. And we introduced that with the 2 lectures and presenting some clinical data that we had at that time, which was good clinical results. And now we are launching it and every aesthetic rep can sell this device as well. We are not separating yet. We want to see what will be the results until the end of the year and the beginning of 2026 and we'll make the decision later.

泌尿科，我明白您指的是男性健康。是的，我的意思是，8 月的活動是我們在芝加哥舉辦的用戶會議，大約有 800 名醫生參加。我們透過兩場講座介紹了這一點，並展示了我們當時掌握的一些臨床數據，這些數據都顯示出了良好的臨床結果。現在我們正式推出這款產品，每位美容銷售代表都可以銷售這款設備。我們還沒有分居。我們想看看今年年底和 2026 年初的結果如何，然後再做決定。

Sam Eiber, BTIG.

Sam Eiber，BTIG。

It's Alex on for Sam. So I just had a quick question on the OUS business. And so you mentioned that you guys opened a new subsidiary in Argentina this quarter and also have been expanding your efforts in Thailand. So can you just talk more about the strength in OUS this quarter? And how can we think about it moving forward?

現在是Alex代替Sam上場。我有一個關於 OUS 業務的小問題。您提到貴公司本季在阿根廷開設了一家新的子公司，並且一直在擴大在泰國的業務。那麼，您能否再詳細談談本季度 OUS 的強勁表​​現？那麼，我們該如何展望未來呢？

You mean about the two subsidiaries that we opened this year?

您是指我們今年新開的那兩家子公司嗎？

And just OUS in general, like what are the trends there? Like how should we think about it, like for the end of the year and going into like '26? Like will it be more of the same or different?

還有，就美國海外地區（OUS）整體而言，那裡的發展趨勢是什麼？我們該如何看待這件事，例如今年年底以及即將到來的2026年？會和以前一樣還是會有所不同？

Okay. If you're talking about OUS in general, currently, we have -- we're selling in 88 to 90 countries, out of which in Europe, we have 5 subsidiaries that cover 10 countries, Italy; Spain that cover Portugal as well; Germany cover Austria as well; France is covering Belgium as well; and U.K. is covering Ireland and Scotland. So these are all direct operations that we have in those countries, something like 10 countries. In Asia, we have 4 countries: Australia, India, Japan and the new established Thailand.

好的。如果你指的是 OUS 整體而言，目前我們的產品銷往 88 到 90 個國家，其中在歐洲，我們有 5 家子公司，涵蓋 10 個國家：義大利；西班牙（也涵蓋葡萄牙）；德國（也涵蓋奧地利）；法國（也涵蓋比利時）；以及英國（覆蓋愛爾蘭和蘇格蘭）。所以這些都是我們在這些國家（大約10個國家）的直接營運業務。亞洲有四個國家：澳洲、印度、日本和新成立的泰國。

And we are currently not planning to -- in 2025, we are not planning to add more countries, not in Europe and not in Asia. The only one country that we have direct right now in Latin America is Argentina. And the base we build in Argentina is also responsible to manage all the distributors in Latin America.

我們目前沒有計劃——2025年，我們不打算增加更多國家，無論是歐洲還是亞洲。目前我們在拉丁美洲唯一擁有直接業務的國家是阿根廷。我們在阿根廷建立的基地也負責管理拉丁美洲的所有經銷商。

As far as managing the distributors in EMEA, Europe, Middle East and Africa, we have a base in London with the VP sitting there and he is responsible for all of this area. In North America, you know we have Michael Dennison managing all the North American operations, Canada and the US.

至於管理歐洲、中東和非洲地區的經銷商，我們在倫敦設有辦事處，副總裁在那裡辦公，他負責該地區的所有事務。在北美，麥可·丹尼森負責管理北美、加拿大和美國的所有業務。

And Israel is also a country where we are considering now going direct. We used to have two distributors, but we want to go direct starting 2026, because it's a home base and we want to sell direct here. It's important for us.

以色列也是我們正在考慮直接與之接洽的國家之一。我們以前有兩個分銷商，但我們希望從 2026 年開始直接銷售，因為這裡是我們的總部所在地，我們想在這裡直接銷售。這對我們來說很重要。

I don't know which country will develop in 2026 to become direct operation. We have not yet decided. We have several alternatives and we're exploring several opportunities, but we are just now focusing in the last two that we established in the last six months.

我不知道哪個國家會在2026年發展成直接運作的國家。我們尚未決定。我們有幾個替代方案，也正在探索幾個機會，但目前我們只專注於過去六個月中確定的最後兩個方案。

Mike Matson, Needham.

麥克馬特森，尼德姆。

This is Joseph on for Mike. I guess apologies if this was already asked, as I hopped on from a different call. But just looking at noninvasive growth, obviously, you guys had a really large quarter in the second quarter and dropped back down this quarter. I'm just kind of wondering how should we think about the lumpiness of this division? Is it -- was there just large orders in the second quarter and it's more stabilized from here out?

這裡是約瑟夫，替麥克報道。如果這個問題之前已經有人問過了，我先道個歉，因為我是從另一個電話會議接過來的。但僅從非侵入性成長來看，很明顯，你們在第二季度取得了非常大的業績，但本季又有所回落。我只是想知道我們應該如何看待這種劃分的不均衡性？是不是第二季訂單量很大，之後就比較穩定了？

Yeah. Any color there would be helpful.

是的。任何顏色都會有所幫助。

You mean on the noninvasive and non-ablative. That's correct?

你是說非侵入性和非消融性治療嗎？沒錯吧？

Yes.

是的。

Okay. Let me say something before. I would say that except one or two platforms that we sell, almost every platform that we sell has at least one invasive or ablative handpiece, either Morpheus, [body face] or the Ignite or the BodyTite. What we sell noninvasive, it's what we call the commodity type product like all the other competitors, diode laser, IPL, noninvasive RF, hands-free devices. We don't have -- we have a competitive advantage in this field and we would like it to grow, because we want to be one-stop shop to every doctor.

好的。首先我想說幾句。我想說，除了我們銷售的一兩個平台之外，我們銷售的幾乎每個平台都至少有一個侵入式或消融式手柄，無論是 Morpheus、[body face]、Ignite 還是 BodyTite。我們銷售的是非侵入式產品，我們稱之為像其他競爭對手一樣的商品型產品，例如二極體雷射、IPL、非侵入式射頻、免持設備。我們沒有——我們在這個領域擁有競爭優勢，我們希望這種優勢能夠擴大，因為我們希望成為每位醫生的一站式服務平台。

So if the doctor needs a complementary technology to our minimally invasive and ablative, we wanted to buy from us. So this is -- and currently, we are developing some new lasers which are noninvasive. So this doesn't mean that we are now doing only things that are ablative and invasive. Everything is getting the same attention and we're developing the noninvasive as well.

因此，如果醫生需要一種與我們微創和消融技術互補的技術，我們希望他們從我們這裡購買。所以，目前我們正在開發一些非侵入性的新型雷射。所以這並不意味著我們現在只做消融性和侵入性的事情。所有技術都受到同等重視，我們也正在開發非侵入性技術。

I don't know if I answered your question, but I believe that --

我不知道我是否回答了你的問題，但我相信…--

I would like to add that this year, Joseph, we -- the 2 new products that we added happened to be noninvasive, the CO2 that we added in the beginning of the year and men health that we added after. So this is the reason for the increase that you see in the noninvasive category for us.

我想補充一點，約瑟夫，今年我們新增的兩款產品恰好都是非侵入性的，分別是年初新增的二氧化碳檢測產品和之後新增的男性健康產品。這就是我們非侵入性治療類別業務成長的原因。

I see. So just a lot of orders for customers that were waiting for those new platforms and a lot of that was realized in the second quarter. No, that's helpful. And then maybe just one quick one, just touching on the consumables growth. I'm curious how many handpieces you guys sold in the quarter and just how you're thinking about growth there in procedures.

我懂了。因此，許多客戶都在等待這些新平台，而其中許多訂單在第二季都實現了。不，這很有幫助。然後或許可以簡單提一下消費品成長的情況。我很想知道你們本季賣出了多少台手機，以及你們是如何看待這方面的成長的。

In the third quarter of 2025, we sold about 230,000 disposable, which means onetime use tips, either for minimally invasive or ablative.

2025 年第三季度，我們售出了約 23 萬個一次性使用頭，用於微創或消融手術。

Okay. Great. That's helpful. So it looks like a sequential increase in the quarter. Okay. Yeah. That's all very helpful.

好的。偉大的。那很有幫助。所以看起來本季環比成長。好的。是的。這都很有幫助。

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

我們的問答環節到此結束。我謹將會議交還給 InMode 的執行長 Moshe Mizrahy，請他作總結發言。

Thank you, operator, and thank you, everybody, who attended this call. I want to thank the InMode team, especially in all the territories. And we hope that the fourth quarter, as always, will be the strongest one and we're looking forward to 2026. Thank you very much.

謝謝接線員，也謝謝所有參加這次通話的人。我要感謝 InMode 團隊，特別是所有地區的團隊成員。我們希望第四季度像往常一樣是最強勁的季度，我們期待2026年的到來。非常感謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。