InMode Ltd. (INMD) 2026 Q1 法說會逐字稿

Good day, and welcome to InMode's First Quarter 2026 Earnings Results Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Miri Siegel, CEO of MSIR. Please go ahead.

大家好，歡迎參加 InMode 2026 年第一季財報結果電話會議。(接線員指示)請注意，本活動將被錄音。現在我想把會議交給 MSIR 執行長 Miri Siegel。請開始。

Thank you, operator, and everyone for joining us today. Welcome to InMode's conference call. Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements, and the safe harbor statement outlined in today's earnings release also pertains to this call. If you have not received the copy of the release, please go to the Investor Relations section of the company's website.

謝謝接線員，也感謝各位今天加入我們。歡迎參加 InMode 的電話會議。在開始之前，我想提醒各位聽眾，本次電話會議中提供的部分資訊可能包含前瞻性陳述，而今日財報新聞稿中所載的安全港聲明同樣適用於本次電話會議。若您尚未收到該新聞稿副本，請前往公司網站的投資人關係（Investor Relations）專區。

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

商業、競爭、技術、法規及其他因素的變化，可能導致實際結果與今日所作之前瞻性陳述存在重大差異。我們的歷史結果不一定代表未來表現。因此，我們無法保證前瞻性陳述的準確性，亦不承擔更新該等陳述之義務，除非法律另有規定。

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

接下來，我想把電話交給執行長 Moshe Mizrahy。Moshe，請開始。

Thank you, Miris, and to everyone for joining us. With me today are Dr. Michael Quandel, our Co-Founder and Chief Technology Officer Yair Malka, our Chief Financial Officer and Mr. Mosheik Itzkovic, our Senior VP of Finance.

謝謝你，Miris，也感謝各位加入我們。今天與我一同出席的有 Dr.Michael Quandel，我們的共同創辦人暨技術長；Yair Malka，我們的財務長；以及Mosheik Itzkovic 先生，我們的資深財務副總裁。

Following our prepared remarks, we will be available to answer your question.

在我們的準備發言之後，我們將回答各位的提問。

We executed in line with our expectations in Q1, 2026. In addition, we're seeing early signs of stabilization, particularly in the U.S., and believe that this quarter reinforced our confidence that 2026 is moving in the right direction.

我們在 2026 年第一季的執行表現符合預期。此外，我們也看到初步的穩定跡象，特別是在美國，並認為本季進一步強化了我們對 2026 年正朝正確方向前進的信心。

I would like to start by reviewing InMode progress in North America. As we brought in new leadership at the end of Q3 2025, including new North American President and Vice President. While it's still early, the energy and culture shift are already having positive impact.

我想先回顧 InMode 在北美的進展。我們在 2025 年第三季末引進新的領導團隊，包括新的北美總裁與副總裁。雖然仍在早期階段，但能量與文化的轉變已經帶來正面影響。

We have transitioned. From our long-standing East-West structure to unify North American model, bringing Canada and both coasts under the same organization. This is driving the better coordination and clearer accountability.

我們已完成轉型。從長期以來的東西岸架構，轉為統一的北美模式，將加拿大與兩岸地區納入同一組織之下。這正帶來更好的協調與更清晰的責任歸屬。

We also implemented a key structure changes in January 1st, 2026. The Envision team. Our ophthalmology and optometry sales force now operate independently. This creates more focus models that we believe will support stronger execution over time.

我們也在 2026 年 1 月 1 日實施了關鍵的組織架構調整。Envision 團隊。我們的眼科與驗光銷售團隊現在獨立運作。這形成更聚焦的模式，我們相信將隨時間推進而支持更強的執行力。

March delivered particularly strong progress, reinforcing our confidence that these changes are beginning to bear fruit.

3 月帶來特別強勁的進展，進一步強化我們對這些變革開始開花結果的信心。

That said, we are looking for sustained consistency before calling it a long-term trend. On the international market, we continued to operate in over 100 countries, with most of our businesses driven by our direct sales through local offices and supported by distributor partnership.

話雖如此，在我們將其視為長期趨勢之前，我們仍希望看到持續且一致的表現。在國際市場方面，我們持續在超過 100 個國家營運，多數業務由我們透過當地辦公室的直營銷售所驅動，並由經銷商夥伴關係提供支援。

Europe remains a strong region for us with solid performance and meaningful room for continued growth. In Asia, performance is more mixed, consistent with what we saw last year.

歐洲仍是我們的強勁區域，表現穩健，且仍有相當大的持續成長空間。在亞洲，表現較為分歧，與我們去年所見一致。

Though we are making progress in key markets, including China, where we see significant long-term potential.

儘管如此，我們在包括中國在內的關鍵市場正取得進展，我們在那裡看到顯著的長期潛力。

On the laser. The Pico and the CO2 laser performed well recently introduced meaningful contribution to our Q1 revenue performance and are strategically important for our long-term growth.

關於雷射產品。Pico 與 CO2 雷射近期表現良好，並對我們第一季營收表現帶來具意義的貢獻，同時在我們的長期成長策略中也相當重要。

They expanded the range of procedures our position can offer to enable and to enable combination of treatment, which are increasingly in demand. Physicians are looking for comprehensive solution from a single partner, and these platforms support a one-stop shop office. They may put pressure on our gross margin, but they play a critical role in spreading our competitive position and deepening our customers' relationship.

它們擴大了我們平台可提供的療程範圍，並使療程組合成為可能，而這類組合式治療的需求正日益增加。醫師正在尋求由單一合作夥伴提供的完整解決方案，而這些平台支援診所的一站式配置。它們可能會對我們的毛利率造成壓力，但在擴大我們的競爭地位並深化與客戶的關係方面，扮演關鍵角色。

On the broader market environment. We are seeing signs of stabilization, demand for aesthetic procedures was again pressured in the first quarter of 2026 by microeconomic headwinds.

關於整體市場環境。我們看到穩定的跡象，但在 2026 年第一季，受總體經濟逆風影響，醫美療程需求再次承壓。

But as we have said many times before, we believe that the demand for aesthetic procedures will not go away. It may be deferred, but it will return. Now, let me turn the call over to Yair, the Chief Financial Officer, who will walk you through financial numbers. Yair.

但正如我們多次提到的，我們相信醫美療程的需求不會消失。它可能被延後，但終將回歸。現在我把電話交給財務長 Yair，由他帶各位回顧財務數字。Yair。

Thanks, Moshe, and hello, everyone. Thank you for joining us. As announced earlier this morning, I will step down as CFO and remain with the company as a consultant for the next six months to support a smooth transition.

謝謝你，Moshe，各位好。感謝各位加入我們。如同今天稍早宣布的，我將卸任財務長一職，並在未來六個月以顧問身分留任公司，以支持順利交接。

After nine years with the company, I am proud to have been part of its journey, from driving growth and supporting our expansion to helping lead our transition to the public market.

在公司九年期間，我很自豪能成為這段旅程的一部分，從推動成長與支持我們的擴張，到協助帶領我們轉型進入公開市場。

It's been a privilege to work closely with our dedicated employees and build a foundation of financial discipline and transparency.

能與敬業的員工密切合作，並建立財務紀律與透明度的基礎，是我的榮幸。

Even during recent macroeconomic headwinds, the company's strong financial position and resilience have enabled us to navigate challenges, including the global pandemic, while consistently prioritizing stability and our people.

即使在近期總體經濟逆風之下，公司強勁的財務狀況與韌性仍使我們得以因應挑戰，包括全球疫情，同時始終將穩定與我們的員工放在優先位置。

As I look ahead to new endeavors, I am confident that this disciplined and long-term approach will continue to guide the company's success.

展望未來的新挑戰，我相信這種嚴謹且著眼長期的方法將持續引領公司走向成功。

With that said, let's get to the Q1 results.

接下來，我們進入第一季的業績結果。

Starting with total revenue, INMU generated $82 million in the first quarter of 2026, up 5% from $77.9 million in the same quarter last year.

先看總營收，INMU 在 2026 年第一季創造 8,200 萬美元營收，較去年同期的 7,790 萬美元成長 5%。

Growth in Q1 was led by strong performance in the US market.

第一季的成長主要由美國市場的強勁表現所帶動。

Moving to our international operations, sales outside the U.S. Totaled $38.7 million in Q1, representing 48% of total sales and an increase of 2.65% compared to Q1 of last year.

再看國際營運，美國以外的銷售額在第一季合計為 3,870 萬美元，占總銷售額的 48%，較去年第一季成長 2.65%。

Gross margin in the first quarter of 2026 was 75% on a GAAP basis, compared to 78% in the first quarter of 2025.

2026 年第一季 GAAP 口徑的毛利率為 75%，相較 2025 年第一季的 78%。

Non-GAAP gross margins were 75% in the first quarter of 2026, compared to 79% in the first quarter of 2025.

2026 年第一季非 GAAP 口徑的毛利率為 75%，相較 2025 年第一季的 79%。

In Q1 2026, our minimally invasive technology platforms accounted for 77% of total revenues.

在 2026 年第一季，我們的微創技術平台占總營收的 77%。

To support our operations and growth, we currently have a sales team of more than 298 direct reps and 73 distributors worldwide.

為支持我們的營運與成長，我們目前在全球擁有超過 298 名直營業務代表與 73 家經銷商。

GAAP operating expenses in the first quarter were $51.5 million, a 13.7% increase year-over-year.

第一季的 GAAP 營業費用為 5,150 萬美元，年增 13.7%。

GAAP sales and marketing expenses increased to $42.9 million in the first quarter, compared to $39.7 million in the same period last year.

第一季 GAAP 銷售與行銷費用增至 4,290 萬美元，較去年同期的 3,970 萬美元增加。

The year-over-year increase was primarily driven by increased sales expenses tied to the restructuring of the North America Sales Organization. And end headcount expansion from 2025 subsidiary build-outs, along with higher commission expense, in line with a stronger sales performance.

年增主要由於與北美銷售組織重整相關的銷售費用增加所致。以及 2025 年子公司建置帶來的期末人員擴編，並且因銷售表現更強而產生較高的佣金費用。

Next, we look at share-based compensation, which increased to $2.7 million in the first quarter of 2026.

接下來我們看股權基礎薪酬，2026 年第一季增加至 270 萬美元。

On a non-GAAP basis, operating expenses were $47.8 million in the first quarter, compared to a total of $43.1 million in the same quarter of 2025, representing an 11.1% increase.

以非 GAAP 基礎計，第一季營業費用為 4,780 萬美元，較 2025 年同季合計 4,310 萬美元增加 11.1%。

GAAP operating margin for Q1 was 12%. Non-GAAP operating margin for the first quarter. Of 2026 was 17%, compared to 23% for the first quarter of 2025.

第一季 GAAP 營業利益率為 12%。非 GAAP 第一季營業利益率。2026 年為 17%，相較 2025 年第一季的 23%。

This decrease was primarily attributable to the increase in cost of goods and, as mentioned before, the new structure of the North America sales team implemented toward the end of 2025 and subsidiary establishments in the later part of 2025.

此一下降主要歸因於銷貨成本上升，以及如先前所述，於 2025 年底實施的北美銷售團隊新架構與 2025 年後期設立子公司。

GAAP diluted earnings per share for the first quarter were $0.18, compared to $0.26 per diluted share in Q1 of 2025. Non-GAAP diluted earnings per share for this quarter were $0.25, compared to $0.31 per diluted share in the first quarter of 2025. As of March 31, 2026, the company had cash and cash equivalents, marketable securities and deposits of $537.2 million.

第一季 GAAP 稀釋後每股盈餘為 0.18 美元，較 2025 年第一季每股稀釋後 0.26 美元為低。本季非 GAAP 稀釋後每股盈餘為 0.25 美元，較 2025 年第一季每股稀釋後 0.31 美元為低。截至 2026 年 3 月 31 日，公司持有的現金及約當現金、可出售證券及存款為 5.372 億美元。

We also returned meaningful capital to shareholders, repurchasing shares in the amount of $127.4 million during 2025 and $52.7 million year-to-date under our new 2026 repurchase program, representing 3.86 million shares this year.

我們也向股東回饋了可觀資本：2025 年回購股票金額為 1.274 億美元；在新的 2026 年回購計畫下，截至目前已回購 5,270 萬美元，相當於今年回購 386 萬股。

With this flexibility, we remain well positioned to pursue a full range of capital allocation opportunities. This quarter, InMode generated $15.4 million from operating activities.

憑藉這樣的彈性，我們仍具備良好條件，可把握各類資本配置機會。本季 InMode 由營運活動產生 1,540 萬美元。

Before I turn the call back to Moshe, I'd like to reiterate our guidance for 2026.

在我把電話交回 Moshe 之前，我想重申我們對 2026 年的財測指引。

Revenues between $365 million to $375 million, non-GAAP gross margin between 74% and 76%. Non-GAAP income from operations between $73 million and $78 million. Non-GAAP earnings per elusive share between $1.33 to $1.38. I will now turn over the call back to Moshe.

營收介於 3.65 億至 3.75 億美元，非 GAAP 毛利率介於 74% 至 76%。非 GAAP 營業利益介於 7,300 萬至 7,800 萬美元。非 GAAP 每股盈餘介於 1.33 至 1.38 美元。我現在把電話交回 Moshe。

Thank you.

謝謝。

Thank you very much. Operator, we're ready for Q&A.

非常感謝。接線員，我們準備進入問答。

We will now begin the question-and-answer session.(Operator Instructions) Mike Matson, Needham. Please go ahead.

我們現在開始問答環節。（接線員指示）Needham 的 Mike Matson。請開始。

Yair, Moshe, thank you very much for taking our questions. This is Joseph on from Mike.

Yair、Moshe，非常感謝你們回答我們的問題。我是 Joseph，代表 Mike。

And Yair, I wish you the best in your next ventures.

另外，Yair，祝你接下來的發展一切順利。

Maybe just a question on the next laser launch, I believe the Erbium laser. Can you remind us of the timeline of that, was that end of the year?

想請教下一款雷射的上市時程，我相信是鉺雷射（Erbium）。能否提醒我們時間表？是年底嗎？

And just comparing to, the [Pico] and the CO2 laser, is this product more just, filling a gap that can do a different procedure versus the Pico or CO2, or is it maybe much more differentiated? Just wondering how we should think about that, and then...

另外與 [Pico] 與 CO2 雷射相比，這個產品比較像是補足一個缺口、可執行不同療程，還是差異化程度更高？想了解我們應該如何看待它，然後……

Under the assumption that this launches at the end of the year, should we expect further impact to gross margin in 2027 from this increasing mix of laser platforms?

假設它在年底推出，是否預期 2027 年因雷射平台占比提高而對毛利率造成進一步影響？

You asked three questions about three different lasers.

你問了三個關於三種不同雷射的問題。

First, the laser that we introduced to the market in the beginning of this year, sometime in February, was not erbium, was pico laser.

第一，我們在今年年初、約 2 月導入市場的雷射不是鉺雷射，而是皮秒雷射（pico laser）。

The erbium laser is still under development, and we hope to finalize the development of the erbium, which is developed in Israel, and get into the FDA clearance sometime in the next month or two. So basically, we hope that by the end of this year, we will have it cleared by the FDA, and we can introduce it to the market.

鉺雷射仍在開發中，我們希望完成在以色列開發的鉺雷射研發，並在接下來一兩個月內進入 FDA 核准流程。因此基本上，我們希望在今年底前取得 FDA 核准，並將其導入市場。

Now, the third.

接著，第三個。

Laser that you mentioned, the CO2, the one that we're having today and selling today, which called the Solaria, it's a CO2 laser that we buy from U.S. Manufacturer with several modifications that we made it to be looks like and with the software of Elmod, and we sell it quite nicely throughout U.S. Not in Canada because they don't have Health Canada clearance to select in the U.S. So this product is being sold only. In the U.S. At the same time, we are developing our own CO2, which will enable us to expand the market and the territories to almost everywhere, but that will take time because regulation today, it's a long process, mainly in Europe when you have to clear it through the MDR and not the MDD process that recently changed.

你提到的 CO2 雷射，也就是我們目前正在銷售的那一款，名為 Solaria；這是一款我們向美國製造商採購的 CO2 雷射，我們做了若干修改，使其外觀與 Elmod 的軟體相匹配，並在美國市場銷售得相當不錯。不在加拿大銷售，因為他們沒有取得加拿大衛生部（Health Canada）的核准，才能在美國以外選擇銷售。因此這個產品目前僅在。美國。銷售。同時，我們也在開發自有的 CO2，這將使我們能把市場與銷售區域擴展到幾乎全球各地，但這需要時間，因為目前法規流程很長，尤其在歐洲，你必須依 MDR 而非近期變更的 MDD 流程來取得核准。

Anything else about those lasers?

關於這些雷射還有其他問題嗎？

No, I think that's all good and clear. Appreciate that. Maybe just one more follow-up question.

沒有，我想這些都很清楚了。謝謝說明。我再追問一個問題。

Just wondering how your newer direct subsidiaries, I think Thailand and Argentina were established in 2025, how have those. Been growing? And then could you also remind us on the timeline for China? I believe that was maybe one of the next targets for this year.

想請教你們較新的直營子公司，我記得泰國與阿根廷是在 2025 年成立的，它們的成長情況如何？另外也請提醒一下中國的時間表。我記得那可能是今年的下一個目標之一。

So maybe just what products you're targeting to get into China and then the timeline of when that could happen?

所以想了解你們打算以哪些產品切入中國，以及可能發生的時間點？

Let's start with Argentina. Argentina was established late 2025.

我們先從阿根廷開始。阿根廷是在 2025 年底成立的。

It took us some time, two months. To get all the clearances from the regulatory body in Argentina under our name in our subsidiary. Now everything is almost ready.

我們花了一些時間，大約兩個月。以我們子公司的名義，向阿根廷主管機關取得所有法規核准。現在幾乎都已就緒。

We have an office. We have one or two salespeople.

我們有辦公室。我們有一到兩位業務人員。

We have a clinical trainer. We have a manager. And hopefully, Q2 in 2026, we will see some results. Until now, it was.

我們有臨床訓練師。我們有一位經理。並且希望在 2026 年第二季看到一些成果。到目前為止，這是。

More like a setup, organizing all the regulatory clearances.

比較像是在做前置準備，把所有監管核准事項都整理到位。

Hopefully, Q2 in this year, they will start delivering sales as well.

希望今年第二季他們也會開始出貨並認列銷售。

Argentina is not very big country compared to Brazil and others, but we believe that there is a market there. There are major changes in the macroeconomics in Argentina recently. And we felt that this is the best time to establish a subsidiary there and go direct.

相較於巴西等國家，阿根廷不是很大的國家，但我們相信那裡有市場。阿根廷最近在總體經濟方面有重大變化。我們覺得現在是最佳時機在那裡設立子公司並直接經營。

Regarding China, in China, we continue to work on the medical field with our distributors, but we have decided, I don't know if everybody knows, but during the COVID, we have established a company in Guangzhou. Which was a sleeping company for all the time until today, and we decided right now to use this company, which is fully owned by us, to become the spa and aesthetic arm of InMode in China. We hired the manager and who's well acquainted with the spa and the aesthetic, not aesthetic. I would say the cosmetic more or less in China, and we're developing right now special products to distinguish the product line from the medical in order to penetrate this segment of the market in China.

至於中國，在中國我們持續與經銷商在醫療領域合作，但我們已決定——我不知道大家是否都知道——在新冠期間我們在廣州成立了一家公司。這家公司一直到今天都處於休眠狀態，而我們現在決定啟用這家由我們全資持有的公司，讓它成為 InMode 在中國的 SPA 與醫美事業部門。我們聘請了一位經理，他非常熟悉 SPA 與美學——不是醫美。我會說在中國更偏向化妝品領域，我們目前正在開發一些特殊產品，將產品線與醫療線區隔開來，以便切入中國這個市場區隔。

But it's not in full operation yet.

但目前還沒有全面運作。

Okay. Yes.

好的。是的。

Thank you very much for taking our questions.

非常感謝您回答我們的問題。

(Operator Instructions) Matt Miksic, Barclays

(接線員指示) Matt Miksic，巴克萊

Good morning. Thanks so much for taking that question.

早安。非常感謝您回答這個問題。

So, on ophthalmology.

那麼，關於眼科。

I was wondering if you could, and I've been hopping around between the calls, so apologies if it's already been covered, but maybe an update on, how the U.S. Sales reorg and management structure is driving that growth, what your plans are there, maybe what some of the early results you've seen there and some of the upcoming milestones, and I have one quick follow-up.

我想請問您是否可以——我一直在不同的電話會議之間來回切換，如果之前已經談過先跟您致歉——但能否更新一下，美國的銷售重整與管理架構如何帶動這項成長、你們在那邊的計畫是什麼、也許分享一些目前看到的初步成果與接下來的里程碑；我還有一個簡短的追問。

Well, I'm sure everybody knows that we have a platform which called Envision for the ophthalmology and optometry. By the way, 95% of the customers are not ophthalmologists, they are more optometrists, which are doing treatment to relieve dry eye.

我相信大家都知道，我們在眼科與驗光領域有一個名為 Envision 的平台。順帶一提，95% 的客戶不是眼科醫師，而是以驗光師為主，他們在做的是緩解乾眼的治療。

We're working on.

我們正在進行。

The study for the FDA to get clearance.

為了取得核准，我們正在做 FDA 的研究。

And therefore, right now, we don't market it under dry eye treatment, but rather on what we have the clearance. And this is increased blood circulation and built some collagen, which we know that also help for dry eye.

因此，目前我們不以「乾眼治療」來行銷，而是以我們已取得核准的適應症來推廣。也就是促進血液循環並生成一些膠原蛋白；我們知道這同樣也有助於乾眼。

The team is 30 salespeople and a manager.

團隊由 30 位業務人員和一位經理組成。

The manager is a director level. He reports to the President of North America. It's part of the North American team. It's not totally separate company.

這位經理是總監層級。他向北美總裁匯報。這是北美團隊的一部分。並不是完全獨立的公司。

It's not even a division.

甚至也不是一個事業部。

And they cover the entire U.S. They are not territory-based, they cover the entire U.S. And also supporting sales of Envision in Canada.

他們覆蓋全美。他們不是按區域劃分，而是覆蓋整個美國。同時也支援 Envision 在加拿大的銷售。

This is the first time that we separate the product and the first quarter that we have a special team selling one product from our portfolio.

這是我們第一次把這個產品獨立出來，也是第一季我們有一支專門團隊在我們的產品組合中只銷售單一產品。

We hope that this model will be successful.

我們希望這個模式會成功。

Because if yes, we might do it on other products as well in the future. But I believe it's very early to judge. It's only three months.

因為如果成功，未來我們也可能把這個做法用在其他產品上。但我認為現在判斷還太早。才三個月而已。

So far, it seems like that the concept is working. And although to be responsible for the entire U.S. And Canada with 30 people.

到目前為止，看起來這個概念是有效的。雖然要用 30 個人負責整個美國。以及加拿大。

It's a little bit big territory, but we did it. And we'll see. Let's see the results throughout the year, and then we'll decide if that's successful or not.

這個覆蓋範圍有點大，但我們做到了。我們再看看。讓我們看今年全年的結果，然後再決定這是否算成功。

That's great. Thanks. And just a question on -- and again, I'll make the same apology if you covered this -- the plans to repurchase shares, use of cash.

太好了。謝謝。另外一個問題是——同樣地，如果你們已經談過我也先致歉——關於回購股票、現金的運用計畫。

You've done a good job of putting that cash back to work, giving back to shareholders as volumes were slowing and the market was kind of cropping here.

在出貨量放緩、而市場有點盤整的時候，你們在把現金投入運用、回饋股東方面做得很好。

How does that strategy play out this year? How are you thinking about capital allocation at this point?

今年這個策略會如何展開？你們目前如何思考資本配置？

So this is Yair.

我是 Yair。

We started, as we announced the buyback plan earlier this year, and we started executing on that.

我們如同今年稍早宣布的回購計畫，已經開始執行。

And so far, we purchased over $3.8 million under that plan.

截至目前，我們在該計畫下已回購超過 380 萬美元。

8 million shares.

800 萬股。

And 8 million shares, sorry. Thank you. 3.8 million shares under the plan, and we continue to -- we plan to continue to execute on the plan.

以及 800 萬股，抱歉。謝謝。在該計畫下回購了 380 萬股，我們會繼續——我們計畫持續執行該計畫。

Other than that, most of you want to elaborate about capital allocations. I think all the options are on the table.

除此之外，關於資本配置你們大多希望我們再多說一些。我認為所有選項都在檯面上。

Well, we always say the same thing, all the options on the table. We are allowed to do 10% of the outstanding shares every year without paying dividend tax, and we're doing it year-over-year.

我們一直都說同樣的話：所有選項都在檯面上。我們每年在不需支付股利稅的情況下，依法可以回購流通在外股份的 10%，而我們也年復一年地這麼做。

So far, I would say once we completed this. 6.5 million shares, I believe it's another $2.5 million that we have to buy. We already did that six years, six times, and we returned $600 million to the shareholders.

到目前為止，我會說一旦我們完成這次——我記得是 650 萬股——我相信還有約 250 萬美元需要買回。我們已經做了六年、做了六次，累計向股東返還了 6 億美元。

If you ask me if that helped the share price, so far not. And therefore, it's always a question mark whether to continue or not to return. Capital to the shareholders with this type of operation only by buyback.

如果你問我這是否有幫助股價，到目前為止沒有。因此，是否要繼續、是否要用這種僅透過回購的方式把資本返還給股東，始終是一個問號。

Hopefully, now when the company continue to be a public company, I'm sure everybody knows that the last year, 2025, was a very tough year for InMoed because of the failed project that tried to sell the company without success.

希望現在公司繼續作為一家上市公司——我相信大家都知道，去年 2025 年對 InMoed 來說是非常艱難的一年，因為嘗試出售公司但未成功的專案失敗了。

And we remain public. I believe it's important also to the team and to the people who felt unsecure during very long time.

而我們仍然維持上市。我認為這對團隊以及那些長期感到不安的人也很重要。

And now maybe we will consider other way to allocate capital to the shareholders, M&A, dividend and others, everything is on the table and everything is open.

現在我們也許會考慮用其他方式把資本配置給股東：併購（M&A）、股利以及其他方式；所有選項都在檯面上，一切都開放。

Sam Eiber, BTIG

Sam Eiber，BTIG

Hi, good morning. Thanks for taking the questions and Yair. Just wanted to say thank you for all the access over the years. It was really nice getting to work together.

嗨，早安。感謝回答問題，Yair。只是想說，謝謝你這些年來提供的所有交流機會。能一起合作真的很愉快。

Hopping between a few calls this morning, so apologies if this question already got asked, but maybe just following back up on capital allocation.

今天早上在幾通電話之間來回切換，所以如果這個問題已經有人問過先說聲抱歉，但我想再追問一下資本配置。

Maybe diving a bit deeper in terms of appetite for M&A, I know it's something that you guys have always been considering, but haven't seen any kind of deals over the last several years. I guess, is that something that considering where markets are at this moment, willing to reevaluate or is it really more focused on still buybacks here?

也許更深入談談你們對併購（M&A）的意願。我知道這一直是你們在考慮的事情，但過去幾年似乎沒有看到任何交易。我想問的是，考量目前市場狀況，是否願意重新評估，還是說目前仍更著重在回購？

Well, I cannot say more than what I did.

嗯，我能說的就跟我之前說的一樣，沒有更多了。

Yes, M&A opportunities are being explored.

是的，我們正在探索併購機會。

We have nothing in any stage, but we're always checking because we believe that we did a lot of buyback and if we have a candidate or company to acquire. In order to synergize either on the product level or the technology level or the customer level, we will explore. The only problem is right now, private company prices are very high, and unfortunately, we are unable to acquire. We did two attempts, as to buy an injectable company and to buy a toxin company.

我們目前沒有任何案子進入任何階段，但我們一直在看，因為我們相信我們已經做了很多回購；如果有合適的候選標的或公司可收購，為了在產品層面、技術層面或客戶層面產生協同效應，我們都會去評估。唯一的問題是，目前私營公司的估值非常高，很遺憾我們無法收購。我們曾嘗試過兩次：一次想收購一家注射類公司，一次想收購一家肉毒毒素公司。

But we gave price, which was probably not the best for this company's shareholders. Therefore, it was not accepted. But we will continue to try.

但我們提出的價格，對這些公司的股東來說可能不是最好的。因此沒有被接受。不過我們會繼續嘗試。

The next question comes from Michael Toomey with Jefferies. Please go ahead.

下一個問題來自 Jefferies 的 Michael Toomey。請發問。

Hi, guys. This is Michael Toomey for Jefferies.

嗨，各位好。我是 Jefferies 的 Michael Toomey。

I just had a question on what you're seeing on the broader aesthetics market, not just the energy-based side, but you mentioned in the interest in injectables, but how's the broader aesthetic market growing today and any difference there between broad aesthetics, injectables and kind of energy-based devices?

我想問的是你們對更廣泛的醫美市場觀察到什麼，不只是能量型設備這一塊。你們提到對注射類產品有興趣，那目前整體醫美市場的成長如何？在整體醫美、注射類，以及能量型設備之間，有沒有看到任何差異？

Well, I believe that there are few injectable companies which are public companies. And if you look at them, you will realize that in the last -- in 2025, they didn't do that good, but they see some sign of momentum in 2026.

嗯，我認為有幾家注射類公司是上市公司。如果你看它們的表現，你會發現去年——在 2025 年——表現不算好，但在 2026 年看到一些動能的跡象。

One thing I want to say, I mean, the energy-based device companies. Are competing on the same marginal dollar that people have for static.

我想說一點，也就是能量型設備公司是在競爭人們可用於醫美的同一筆邊際支出。

And on the other side, other than energy-based devices, GLP-1 took a lot of money from this industry, a lot of money. And all the new products, boosters, biosimulators, exosomes, are also competing very toughly with energy-based devices.

另一方面，除了能量型設備之外，GLP-1 從這個產業帶走了很多錢，很多錢。而所有新產品——增效產品（boosters）、生物刺激劑（biosimulators）、外泌體（exosomes）——也都在非常激烈地與能量型設備競爭。

And some of them are doing very well.

其中一些表現得非常好。

Now, that means that in the future, and that's what we thought when we gave an offer to injectable companies, energy-based devices will need either strategically cooperation or M&A or mergers with other type of aesthetic solution in order to be a one-stop shop.

這表示未來——這也是我們在向注射類公司提出報價時所想的——能量型設備將需要與其他類型的醫美解決方案進行策略合作或併購或合併，才能成為一站式服務（one-stop shop）。

As of now, we know that several companies like Alma signed a distribution agreement with fillers.

就目前而言，我們知道像 Alma 這樣的幾家公司已經與填充劑簽了經銷協議。

I know that there's another Spanish company, Sinclair, that actually closed all the EBD operation and stayed only with the injectables, but I didn't see yet a major.

我也知道另外一家西班牙公司 Sinclair，實際上已經關閉所有能量型設備（EBD）業務，只保留注射類產品，但我還沒有看到一個主要的

Company that actually offer both energy-based device treatment and all the other, I would say, injectables, exosome, biosimulator and other stuff that also compete on the same dollar on which are the same, what I call aesthetic dollar.

公司能同時提供能量型設備治療，以及其他所有——我會說——注射類、外泌體、生物刺激劑和其他同樣在競爭同一筆支出、也就是我所謂「醫美支出」的產品。

And the reason for that, the main reason for that is that it's two different operations. You don't have an engineer that know how to develop EBD or pharma product and you don't have a salesman who knows how to sell energy-based device for $100,000 and at the same time to sell fillers or toxin for $100. It should need to be two separate operation. And in the future, I do believe that it will come.

原因在於，最主要的原因是這是兩種不同的營運模式。你不會有一位工程師同時懂得開發能量型設備或藥品；你也不會有一位業務同時懂得賣一台 10 萬美元的能量型設備，又同時賣 100 美元的填充劑或肉毒。這需要兩套獨立的營運。但我相信未來會出現這種整合。

Okay. That's great.

好的。很棒。

Thank you. And just to follow-up as well, with the gross margin new guides, anything you can comment on the phasing through the year?

謝謝。另外再追問一下，關於毛利率新的指引，你能否談談全年各期間的分布（phasing）？

On the what?

你說什麼？

Phasing?

分布（phasing）？

Phasing to the for the gross margin?

毛利率的分布（phasing）？

I mean, we believe it will stay the same, like 74%, 75%.

我的意思是，我們認為會維持不變，大概 74%、75%。

Okay.

好的。

Thank you.

謝謝。

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

我們的問答環節到此結束。我想把會議交回 InMode 執行長 Moshe Mizrahy，請他做結語。

Okay.

好的。

Thank you, everybody.

謝謝大家。

Thank you for being with us today.

謝謝大家今天與會。

Before I close the call, I want to thank to our Chairman, Dr. Micha Engel. Who worked with us for, I would say, eight years as a director and as a Chairman. We enjoyed him very much.

在我結束電話會議之前，我想感謝我們的董事長 Micha Engel 醫師。Micha Engel。他與我們共事——我想說——八年，擔任董事與董事長。我們非常喜歡與他共事。

He's leaving and I want to wish him success in the future. He was very helpful and very, he contributed a lot to Inmut.

他即將離任，我想祝他未來一切順利。他給了我們很大的幫助，也為 Inmut 做出了很多貢獻。

And the second guy that I want to thank. Personally and on behalf of the company is Yair Malka, Chief Financial Officer for nine years now, even before the IPO, correct, isn't it? Even before the IPO, we hired him. He did a great job, taking this company into an IPO and then maintaining everything that we need to do as a public company. With all the reporting, talking with investors, talking with analysts.

第二位我想感謝的人，以我個人以及公司名義，是 Yair Malka，我們的財務長（CFO），至今已九年，甚至在 IPO 之前，對吧？在 IPO 之前我們就聘用了他。他做得非常出色，帶領公司完成 IPO，並在成為上市公司後維持我們需要做的一切。包括所有申報、與投資人溝通、與分析師溝通。

So thank you, Ayir, for everything you did for us and all the contributions that you brought to this company. And I wish you success in your new career.

所以，Ayir，謝謝你為我們所做的一切，以及你為公司帶來的所有貢獻。也祝你在新的職涯一切順利。

Thank you very much. The war in Israel will end and everybody will go back to a normal life, including us.

非常感謝。以色列的戰爭會結束，大家都會回到正常生活，包括我們。

And we will continue to do our best.

我們會繼續盡我們最大的努力。

The conference is now concluded.

本次會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以掛線。