Inmode Ltd (INMD) 2021 Q2 法說會逐字稿

Good morning, and welcome to the InMode Limited Second Quarter 2021 Earnings Conference Call.

早上好，歡迎來到 InMode Limited 2021 年第二季度收益電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Miri Segal of MS-IR.

我現在想將會議轉交給 MS-IR 的 Miri Segal。

Please go ahead.

請繼續。

Thank you, operator, and everyone, for joining us today.

感謝運營商和大家今天加入我們。

Welcome to InMode's Second Quarter 2021 Earnings Call.

歡迎來到 InMode 的 2021 年第二季度收益電話會議。

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.

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信息可能包含前瞻性陳述，今天的收益發布中概述的安全港聲明也適用於本次電話會議。

If you have not received a copy of the release, please direct yourself to the Investor Relations section of the company's website.

如果您沒有收到新聞稿的副本，請自行前往公司網站的投資者關係部分。

Changes in business, competitive, technological, regulatory and other factors could cause actual results to differ materially from these expressed by the forward-looking statements made today.

業務、競爭、技術、監管和其他因素的變化可能導致實際結果與今天所做的前瞻性陳述所表達的結果存在重大差異。

Our historical results are not necessarily indicative of future performance.

我們的歷史結果不一定代表未來的表現。

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.

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。

Today, with us are Moshe Mizrahy, InMode's Chairman of the Board and CEO, who will begin the call with a business update.

今天，InMode 的董事會主席兼首席執行官 Moshe Mizrahy 與我們一起，他將以業務更新開始電話會議。

Then he will turn the call over to Shakil Lakhani, InMode's President of North America to discuss our North American operations.

然後他會將電話轉給 InMode 的北美總裁 Shakil Lakhani，討論我們的北美業務。

Finally, Yair Malca, our CFO, will discuss the financials of the company.

最後，我們的首席財務官 Yair Malca 將討論公司的財務狀況。

With that, I'd like to pass the call to Moshe Mizrahy.

有了這個，我想把電話轉給 Moshe Mizrahy。

Moshe, please go ahead.

摩西，請繼續。

Thank you, Miri, and thank you, everyone, for joining our second quarter 2021 earnings call.

謝謝 Miri，也謝謝大家參加我們 2021 年第二季度的財報電話會議。

With me today are Dr. Michael Kreindel, our Co-Founder and Chief Technology Officer; Mr. Yair Malca, our CFO; Mr. Shakil Lakhani, our President of North America; Dr. Spero Theodorou, our Chief Medical Officer; and Rafael Lickerman, our VP, Finance.

今天和我在一起的是我們的聯合創始人兼首席技術官 Michael Kreindel 博士；我們的首席財務官 Yair Malca 先生；我們的北美總裁 Shakil Lakhani 先生；我們的首席醫療官 Spero Theodorou 博士；和我們的財務副總裁 Rafael Lickerman。

Following our presentation, we will all be available for Q&A.

在我們的演示之後，我們都可以進行問答。

For the second quarter of 2021, InMode is happy to report record revenue of $87.3 million, an increase of 184% compared to the second quarter of 2020.

對於 2021 年第二季度，InMode 很高興地報告了創紀錄的 8730 萬美元收入，與 2020 年第二季度相比增長了 184%。

Also this quarter, net income on a GAAP basis reached $40.9 million and $43.9 million on a non-GAAP basis.

同樣在本季度，按 GAAP 計算的淨收入達到 4090 萬美元，按非 GAAP 計算的淨收入達到 4390 萬美元。

During Q2 2021, sales of capital equipment accounted for 89% of our total revenue.

2021 年第二季度，固定設備銷售額占我們總收入的 89%。

The remaining 11% was derived for consumable and services, representing $9.5 million of a total revenue, a 22% increase compared to last year.

剩餘的 11% 來自消耗品和服務，佔總收入的 950 萬美元，比去年增長 22%。

Quarter-by-quarter, over the last -- of the past year, InMode has consistently posted sales of a record numbers of consumable.

在過去的一年中，逐個季度，InMode 的消耗品銷量一直創下歷史新高。

From Q2 2020 until today, sales of consumable have more than doubled.

從 2020 年第二季度到今天，耗材銷售額增長了一倍多。

This indicate that physician are successfully adopting our system with a greater frequency, paving the way for this segment to continue even more to contribute to our revenue.

這表明醫生正在更頻繁地成功採用我們的系統，為該細分市場繼續為我們的收入做出更多貢獻鋪平了道路。

This ongoing demand reflect how the minimally invasive aesthetic surgical space is growing.

這種持續的需求反映了微創美容手術空間的增長。

71% of our revenue was derived for minimally invasive and ablative procedures, 22% from our hand free devices and 7% from our traditional laser and noninvasive RF platform.

我們 71% 的收入來自微創和消融手術，22% 來自我們的免提設備，7% 來自我們的傳統激光和無創射頻平台。

The U.S. continued to be the biggest contributor to our top line, with the total sales reaching $56.4 million compared to $24.1 million in the same quarter last year.

美國仍然是我們收入的最大貢獻者，總銷售額達到 5640 萬美元，而去年同期為 2410 萬美元。

As part of our growth strategy and following our success in the United States market, we keep expanding globally.

作為我們增長戰略的一部分，繼我們在美國市場取得成功之後，我們繼續在全球擴張。

We continue to expand our sales network in all geographic market.

我們繼續擴大我們在所有地區市場的銷售網絡。

This quarter, Asia and Europe were top contributors.

本季度，亞洲和歐洲是最大的貢獻者。

Total sales outside U.S. were $30.9 million, more than triple what we reported during the same period last year.

美國以外的總銷售額為 3090 萬美元，是我們去年同期報告的三倍多。

This represents 35% of our total revenue compared with 22% of our total revenue in Q2 2020.

這占我們總收入的 35%，而 2020 年第二季度占我們總收入的 22%。

Currently, we operate in 68 countries, and we expect this numbers to grow.

目前，我們在 68 個國家開展業務，我們預計這一數字還會增長。

We generally manage 12 to 15 regulatory project globally at any given time.

我們通常在任何給定時間在全球範圍內管理 12 到 15 個監管項目。

Some of these project go behind aesthetic and are medically oriented.

其中一些項目落後於審美並以醫學為導向。

Presently, InMode R&D pipeline is comprised of dozen of project in our traditional area of activity in aesthetic surgery as well as in gynecology, ophthalmology and ENT and more.

目前，InMode 研發管道由我們傳統活動領域的數十個項目組成，包括美容外科以及婦科、眼科和耳鼻喉科等。

Our newest platforms, the Empower will be launched in August 15.

我們最新的平台 Empower 將於 8 月 15 日推出。

This platforms is expected to become the gold standard in women health and wellness.

該平台有望成為女性健康的黃金標準。

The Empower will expand our business and mark a major step for InMode into the gynecology market.

Empower 將擴大我們的業務，標誌著 InMode 進入婦科市場的重要一步。

Based on our successful performance in the first half of 2021, we have updated our full year 2021 revenue guidance and expect total revenue to be between $305 million to $315 million.

基於我們在 2021 年上半年的成功表現，我們更新了 2021 年全年收入指引，預計總收入將在 3.05 億美元至 3.15 億美元之間。

In addition, we intend to maintain a non-GAAP gross margin of 84% to 86% for this year.

此外，我們打算將今年的非美國通用會計準則毛利率維持在 84% 至 86% 之間。

We are continuing to make important progress in our ESG related activity.

我們將繼續在 ESG 相關活動中取得重要進展。

Today, we will be publishing our business and commercial ethics, interaction with health care professional guidelines and marketing ethics.

今天，我們將發布我們的商業和商業道德、與醫療保健專業指南和營銷道德的互動。

All will be posted on our website.

所有內容都將發佈在我們的網站上。

Finally, we continue to support the InMode workforce as we continue to comply with all local and regional health and safety regulation to protect the welfare of our employees and customers.

最後，我們繼續支持 InMode 員工，因為我們繼續遵守所有當地和地區的健康和安全法規，以保護我們員工和客戶的福利。

Now I would like to turn your attention to Shakil, our President in North America.

現在我想請大家注意我們的北美總裁 Shakil。

Shakil?

沙基爾？

Thank you, Moshe, and hello, everyone.

謝謝你，Moshe，大家好。

Once again, we delivered a record performance in the second quarter with exciting developments on several fronts.

我們在第二季度再次取得了創紀錄的業績，在多個方面取得了令人振奮的進展。

Strong sales from capital equipment drove revenue for the quarter to $87.3 million.

資本設備的強勁銷售推動本季度收入達到 8730 萬美元。

Consumables and services continued their consistent upward trajectory.

消費品和服務繼續保持一致的上升趨勢。

In light of lockdown limitations being lifted, North American physicians returned to some semblance of normal capacity and were able to treat more patients at a given time.

鑑於鎖定限制被解除，北美醫生恢復了一些表面上的正常能力，並且能夠在給定時間治療更多患者。

This had a direct impact on consumer demand and ultimately, more patients returned to physician offices seeking our treatments.

這對消費者需求產生了直接影響，最終，更多患者返回醫生辦公室尋求我們的治療。

We continue to see physicians adopting our platforms frequently and successfully.

我們繼續看到醫生頻繁且成功地採用我們的平台。

Moreover, pent-up consumer demand and industry trends in the aesthetic space enabled InMode to offset much of the market's postpandemic deficit.

此外，審美領域被壓抑的消費者需求和行業趨勢使 InMode 能夠抵消大流行後市場的大部分赤字。

As these demands and trends materialize and strengthen, consumers are seeking previously delayed treatments.

隨著這些需求和趨勢的實現和加強，消費者正在尋求以前延遲的治療。

During this time, our sales force has exceeded expectations, and we played a major role in transitioning the company to a new normal.

在此期間，我們的銷售隊伍超出了預期，我們在公司向新常態的轉變中發揮了重要作用。

We plan to reinforce our growth by hosting a number of in-person events throughout the year.

我們計劃通過在全年舉辦一些面對面的活動來加強我們的發展。

These events provide an opportunity to educate the medical and wellness community on the variety of InMode's minimally invasive and hands-free applications.

這些活動提供了一個機會，讓醫療和健康社區了解 InMode 的各種微創和免提應用程序。

As Moshe mentioned, we'll be launching our women's health and wellness platform Empower, which we're confident will be a one of a kind technology in the market.

正如 Moshe 提到的，我們將推出我們的女性健康平台 Empower，我們相信這將成為市場上獨一無二的技術。

Finally, we commend our North American team for the continued impressive performance, and we appreciate their loyalty and dedication and hard work.

最後，我們讚揚我們的北美團隊持續出色的表現，感謝他們的忠誠、奉獻和辛勤工作。

Their efforts were pivotal in helping us achieve another strong quarter.

他們的努力對於幫助我們實現另一個強勁的季度至關重要。

Now I'd like to hand over the call to Yair for a review of the financial results.

現在我想把電話轉給 Yair 以審查財務結果。

Yair?

耶爾？

Thanks, Shakil.

謝謝，沙基爾。

Good day, everyone.

今天是個好日子。

Total revenue in the second quarter of 2021 increased 184% year-over-year to $87.3 million, with a gross margin of 85% on a GAAP basis.

2021 年第二季度總收入同比增長 184% 至 8730 萬美元，按 GAAP 計算毛利率為 85%。

The increase in revenues was primarily due to the impact of the global COVID-19 pandemic, with significantly reduced economic activity and caused shutdowns in the U.S. during Q2 of 2020.

收入的增加主要是由於全球 COVID-19 大流行的影響，經濟活動顯著減少，並導致 2020 年第二季度美國停工。

Highlighting significant growth in each of our segments, year-over-year, minimally invasive and subdermal ablative technologies grew 247%, hands-free platforms increased by 64% and laser and noninvasive grew 397%.

突出顯示我們每個細分市場的顯著增長，與去年同期相比，微創和皮下消融技術增長了 247%，免提平台增長了 64%，激光和無創增長了 397%。

In addition, international sales continued to significantly increase year-over-year as we successfully implement our U.S. growth strategy across the globe.

此外，隨著我們在全球成功實施美國增長戰略，國際銷售額同比繼續大幅增長。

Geographically, we saw the highest growth rate in Asia and Europe, which increased by 253% and 467% year-over-year respectively.

從地域上看，亞洲和歐洲的增長率最高，分別同比增長 253% 和 467%。

Our capital equipment accounted for 89% of our revenue, while consumables and service revenue were 11%.

我們的固定設備占我們收入的 89%，而消耗品和服務收入佔 11%。

GAAP operating expenses in the second quarter of 2021 totaled approximately $33.1 million, an 84% increase from the second quarter of 2020.

2021 年第二季度的 GAAP 運營費用總計約為 3310 萬美元，比 2020 年第二季度增長 84%。

Sales and marketing expenses increased 97% in the second quarter of 2021 compared to the second quarter of 2020.

與 2020 年第二季度相比，2021 年第二季度的銷售和營銷費用增長了 97%。

Stock-based compensation increased to $2.9 million in the second quarter of 2021 compared to $1.2 million in the second quarter of 2020.

基於股票的薪酬在 2021 年第二季度增加到 290 萬美元，而 2020 年第二季度為 120 萬美元。

On a non-GAAP basis, operating expenses totaled approximately $30.4 million in the second quarter of 2021 compared to operating expenses of $17 million in the same quarter of 2020, an increase of 79%.

按非美國通用會計準則計算，2021 年第二季度運營費用總額約為 3040 萬美元，而 2020 年同期為 1700 萬美元，增長 79%。

GAAP operating margin was 48% in the second quarter of 2021 compared to 26% in the second quarter of 2020.

2021 年第二季度的 GAAP 營業利潤率為 48%，而 2020 年第二季度為 26%。

Non-GAAP operating margin in the second quarter of 2021 was 51% compared to 30% in the second quarter of 2020.

2021 年第二季度的非美國通用會計準則營業利潤率為 51%，而 2020 年第二季度為 30%。

This increase derived primarily from the interruption of the sales cycle in April and May 2020 by the COVID-19 pandemic, while the company continued to incur the non-variable sales and marketing expenditure during those months.

這一增長主要是由於 2020 年 4 月和 2020 年 5 月的銷售週期因 COVID-19 大流行而中斷，而該公司在這幾個月繼續產生不變的銷售和營銷支出。

In addition, the company's accelerated growth increased gross profit more than operating expenses, which translated to a higher operating margin for the quarter.

此外，公司的加速增長帶來的毛利潤增長超過了運營費用，這轉化為本季度更高的運營利潤率。

Also, in the second quarter of 2021, marketing activities were still lower-than-expected in some regions due to public health restrictions prompted by the COVID-19 pandemic.

此外，在 2021 年第二季度，由於 COVID-19 大流行引發的公共衛生限制，某些地區的營銷活動仍低於預期。

GAAP diluted earnings per share in the second quarter of 2021 were $0.95 compared to $0.21 per diluted share in the second quarter of 2020.

2021 年第二季度 GAAP 稀釋後每股收益為 0.95 美元，而 2020 年第二季度為 0.21 美元。

Non-GAAP diluted earnings per share in the second quarter of 2021 were $1.02 compared to $0.24 per diluted share for the same quarter of 2020.

2021 年第二季度非 GAAP 攤薄後每股收益為 1.02 美元，而 2020 年同期為 0.24 美元。

We completed the second quarter with a strong balance sheet.

我們以強勁的資產負債表結束了第二季度。

As of June 30, 2021, the company had cash and cash equivalents, marketable securities and deposits of $332.9 million.

截至 2021 年 6 月 30 日，公司擁有現金及現金等價物、有價證券和存款 3.329 億美元。

On the cash flow front, the company generated $46.8 million from operating activities for the second quarter of 2021.

在現金流方面，公司 2021 年第二季度的經營活動產生了 4680 萬美元的收入。

With that, I will turn the call back over to Moshe.

有了這個，我會把電話轉回摩西。

Thank you, Yair.

謝謝你，亞爾。

Thank you, Shakil.

謝謝你，沙基爾。

Operator, we are ready for Q&A.

接線員，我們準備好進行問答了。

(Operator Instructions) Our first question today will come from Travis Steed with Barclays.

（操作員說明）我們今天的第一個問題將來自巴克萊銀行的 Travis Steed。

Just curious if you could talk about some of the trends for the quarter and how July is shaping up.

只是好奇您能否談談本季度的一些趨勢以及 7 月的情況。

Just curious to think about how to think about Q3 and the difficult seasonality.

只是想想想如何看待 Q3 和艱難的季節性。

And particularly in light of your guidance, looking at the full year guidance, and basically, the full year assumes about 0% to 7% growth in the back half versus the front half, which is well below the 2019 trend.

特別是根據您的指導，查看全年指導，基本上，全年假設後半年與上半年相比增長約 0% 至 7%，這遠低於 2019 年的趨勢。

So I mean, if that was conservatism or if you're actually seeing something there on the seasonality part?

所以我的意思是，如果那是保守主義，或者你是否真的在季節性部分看到了一些東西？

Well, this is Moshe.

嗯，這是摩西。

I will try to answer the question.

我會盡力回答這個問題。

Usually, going forward, the third quarter is usually the slowest quarter of -- in this business.

通常，展望未來，第三季度通常是該業務中最慢的季度。

Because on the summertime, people takes vacation and patient do not like to do a major aesthetic procedure.

因為在夏季，人們休假，患者不喜歡做大的美容手術。

So the third quarter in Europe, month and a half, they're on vacation and in other countries as well.

所以第三季度在歐洲，一個半月，他們在度假，在其他國家也是如此。

So this -- the third quarter is the slowest one.

所以這個 - 第三季度是最慢的一個。

The fourth quarter is usually the strongest one for several reason, but this is what we see in the last 20 years, that I'm involved in the aesthetic -- in the medical aesthetic field.

出於多種原因，第四季度通常是最強的，但這是我們在過去 20 年中看到的，我參與了美學——在醫學美學領域。

As far as visibility, this business is no backlog business.

就知名度而言，這項業務沒有積壓業務。

So we don't have visibility.

所以我們沒有可見性。

We know who do we want to approach.

我們知道我們想接近誰。

We have the budget.

我們有預算。

We know what kind of marketing activity we're going to do this quarter and the fourth quarter.

我們知道我們將在本季度和第四季度進行什麼樣的營銷活動。

And the guidance that we gave between $305 million and $315 million, yes, you're right.

我們給出的指導意見在 3.05 億美元到 3.15 億美元之間，是的，你是對的。

It's conservative.

這是保守的。

But we try to be conservative and do a better numbers than given numbers that we will not be able to deliver.

但我們會盡量保守，並比我們無法提供的給定數字做得更好。

Do you think the Q3 revenue dollars will be able to grow versus Q2?

您認為與第二季度相比，第三季度的收入美元能夠增長嗎？

Or do you think they're going to be down versus Q2?

或者你認為他們會比第二季度下降嗎？

I don't know now.

我現在不知道。

It's just the end -- the first -- the beginning of the quarter.

這只是本季度的結束 - 第一個 - 開始。

We are not even 1 month out of the quarter.

我們距離本季度還不到 1 個月。

And I don't know.

我不知道。

We are growing overall.

我們在整體上成長。

In 2020, the third quarter was stronger than the second quarter, but this is because of the situation with the COVID.

2020年第三季度強於第二季度，但這是因為COVID的情況。

In the second quarter of 2020, during the months of March and April, most of the doctors around the world, not just in the United States, has closed their clinics.

2020 年第二季度，即 3 月和 4 月，世界各地的大多數醫生，不僅僅是美國，都關閉了他們的診所。

And basically, we had revenue for 1 month.

基本上，我們有 1 個月的收入。

And therefore, the third quarter, once the clinics opened was stronger than the second quarter than -- but 2020 is not the typical year as far as seasonality.

因此，第三季度，一旦診所開業，就會比第二季度強——但就季節性而言，2020 年並不是典型的一年。

What will happen this year?

今年會發生什麼？

I cannot say.

我不能說。

We're doing our best to do better than the second quarter, but it all depends on how the markets will behave, and of course, the seasonality of the aesthetic business.

我們正在盡最大努力比第二季度做得更好，但這完全取決於市場的表現，當然還有美容業務的季節性。

Okay.

好的。

And last question, I'll jump back in the queue.

最後一個問題，我會跳回到隊列中。

And that's on the hands-free, looks like as a percent of the U.S. revenue, it peaked here in Q2 of last year, around 46%, and now we're down to about 29%.

這是在免提設備上，看起來占美國收入的百分比，它在去年第二季度達到頂峰，約為 46%，現在我們下降到約 29%。

Just curious how you think about the hands-free growth moving forward?

只是好奇您如何看待未來的免提發展？

And as a percent of U.S. revenue or the growth overall?

占美國收入的百分比還是整體增長？

If you could give a U.S. versus OUS installed base number total, that'd be great, too.

如果您能給出美國與美國的安裝基數總數，那也很好。

Shakil, can you answer that?

沙基爾，你能回答嗎？

Yes, obvious.

是的，很明顯。

So we do see it actually continuing to be a strong portion of the segment.

所以我們確實看到它實際上繼續成為該細分市場的重要組成部分。

We also, as we mentioned, we do have Empower coming out.

正如我們所提到的，我們也確實推出了 Empower。

So of course, it's not going to be a cannibalistic technology in any which way.

所以當然，它不會以任何方式成為同類相食的技術。

However, I do still see the hands-free being a main driver.

但是，我仍然認為免提功能是主要驅動力。

Yair, if you want to jump in and answer the question regarding the installed base, that'd be great.

Yair，如果您想插手回答有關安裝基礎的問題，那就太好了。

Sure, absolutely.

當然，絕對。

We have 9,150 units installed base worldwide, out of which 4,650 in the U.S.

我們在全球擁有 9,150 台設備，其中 4,650 台在美國

Our next question will come from Matt Taylor with UBS.

我們的下一個問題將來自瑞銀的馬特泰勒。

I guess the first one, I just wanted to see if I could get more color on the quarter.

我猜是第一個，我只是想看看我是否可以在季度上獲得更多顏色。

We've gotten used to good results from you, but this was a particularly strong quarter.

我們已經習慣了你們的好成績，但這是一個特別強勁的季度。

And I wanted to know if there's anything special that happened?

我想知道是否發生了什麼特別的事情？

Were there any big orders or new countries?

有沒有大訂單或新國家？

Or was this just a continuation of momentum that we've seen building here?

或者這只是我們在這裡看到的勢頭的延續？

Well, Matt, this is Moshe.

嗯，馬特，這是摩西。

I think it's combination of everything that you mentioned.

我認為這是您提到的所有內容的組合。

We had strong quarters in several countries.

我們在幾個國家擁有強大的業務。

The leading countries were Korea, China, that the market is started to open.

領先的國家是韓國、中國，市場開始開放。

Russia, I would say that even the U.K. was very strong this year -- this quarter.

俄羅斯，我要說的是，即使是英國今年也非常強勁——這個季度。

In addition, of course, to the U.S. and Canada.

當然，還有美國和加拿大。

And also 2 countries in South America, Brazil and Mexico.

還有南美洲的2個國家，巴西和墨西哥。

We did very well, more than what we expected.

我們做得很好，超出了我們的預期。

So these are good news.

所以這些都是好消息。

And the good news is that OUS were growing faster than what we thought and faster than what we projected.

好消息是 OUS 的增長速度比我們想像的要快，也比我們預計的要快。

But overall, this quarter was strong because I believe the market is open due to the fact that in most countries, people start to understand that they have to live with the Corona and business back to usual.

但總的來說，本季度表現強勁，因為我相信市場是開放的，因為在大多數國家，人們開始明白他們必須忍受電暈，業務恢復正常。

In the United States, I would ask Shakil maybe to answer and tell you why -- how we did and what was the main reasons.

在美國，我可能會請 Shakil 回答並告訴你原因——我們是怎麼做的以及主要原因是什麼。

Yes, Matt.

是的，馬特。

So thanks for the question, of course.

當然，謝謝你的提問。

I do think that I've seen, particularly to the U.S. and Canada, we saw the same kind of demand that we had seen, of course, in Q2.

我確實認為我已經看到，特別是在美國和加拿大，我們看到了與我們在第二季度看到的同樣的需求。

But we've also -- a lot of the training that we've done as a group and as a team has really started to pay off.

但我們也——我們作為一個團隊和一個團隊所做的很多培訓已經真正開始產生回報。

A lot of our teams that we have set up throughout the country have been working synergistically to really get to the point where we now have a very, very solid force.

我們在全國各地建立的許多團隊一直在協同工作，真正達到了我們現在擁有一支非常非常強大的力量的地步。

And we're still growing that, which is great.

而且我們仍在增長，這很棒。

We also did see some of the in-person events, which I had mentioned earlier.

我們也確實看到了我之前提到的一些面對面的活動。

That was a very big driver, and we do have that back loaded into Q3 and Q4 as well.

這是一個非常大的驅動力，我們也確實將其加載到第三季度和第四季度。

So I think that will be a nice little push in there to really help us get to the next level.

所以我認為這將是一個很好的推動力，可以真正幫助我們達到一個新的水平。

Okay.

好的。

And I think we were all anticipating the Empower launch here in ophthalmology.

而且我認為我們都期待 Empower 在眼科領域的推出。

So I guess I was wondering if you could discuss, a, commercially, how should we think about those launches?

所以我想我想知道你是否可以從商業角度討論我們應該如何考慮這些發布？

How quickly can they ramped versus being gated by training or are these being new ophthalmologists, especially in new call point?

他們能以多快的速度提升而不是通過培訓來控制，或者這些是新的眼科醫生，尤其是在新的呼叫點？

And then can you discuss any data that you've seen around the different packages within Empower in ophthalmology that we could take home and think about how effective those technologies can be in different indications there?

然後，您能否討論一下您在 Empower 眼科領域的不同軟件包中看到的任何數據，我們可以將這些數據帶回家，並思考這些技術在不同適應症中的有效性如何？

Yes, sure, Matt.

是的，當然，馬特。

So I'll let Spero jump in on the second part of the question going towards the data.

因此，我將讓 Spero 進入問題的第二部分，即數據。

But when it comes to Empower and even the ophthalmology side of things, I think with Empower, the one thing that we've always done as a company when we started off with a minimally invasive technology, we got it in the right hands.

但是當談到 Empower 甚至是眼科方面的事情時，我認為 Empower 是我們作為一家公司在開始使用微創技術時一直在做的一件事，我們把它掌握在了正確的手中。

We like to make sure that it's obviously a tried proven technology.

我們想確保它顯然是一種久經考驗的技術。

So we've established that, which I'll let Spero jump in on.

所以我們已經確定了這一點，我會讓 Spero 參與進來。

But right now, as we launch it, we're not going to just rush to -- thankfully, we're in a position where we don't necessarily need another product to keep growing, but it's always great to have and which is why we're constantly innovating and introducing new technologies.

但是現在，當我們推出它時，我們不會急於——謝天謝地，我們處於這樣一個位置，我們不一定需要另一種產品來保持增長，但擁有它總是很棒的，而且它是為什麼我們要不斷創新和引進新技術。

However, with the women's health and wellness market, it's kind of been a market that has been -- it hasn't been touched in quite some time.

然而，對於女性的健康和保健市場，它有點像一個市場——它已經有一段時間沒有被觸及了。

And there's not been much focus on it.

並且沒有太多關注它。

So we see a huge window.

所以我們看到一個巨大的窗口。

When it comes to training and getting people kick started, it will be the same as all of our other technologies.

在培訓和讓人們入門方面，它與我們所有其他技術一樣。

So that's going to be a super smooth transition.

所以這將是一個超級平穩的過渡。

We do have some really, really good thought leaders that are already working with the technology and are very happy with what they're seeing so far.

我們確實有一些非常非常優秀的思想領袖，他們已經在使用這項技術，並且對他們目前所看到的感到非常滿意。

So again, we're not going to rush into this thing and just go gangbusters right off the bat.

所以再說一遍，我們不會急於做這件事，而是馬上就大刀闊斧。

But I do think it will help add to the numbers for Q3 and Q4, obviously.

但我確實認為這顯然有助於增加第三季度和第四季度的數字。

Spero, did you want to chime in on the data question?

斯佩羅，你想插話數據問題嗎？

Yes.

是的。

Sure.

當然。

Matt, good to hear from you.

馬特，很高興收到你的來信。

Thank you for your question.

謝謝你的問題。

I think it's important that just like in plastic surgery, where we set the foundation, differentiating ourselves between -- within the RF community, the fact that we have bipolar technology versus unipolar.

我認為這很重要，就像在整形手術中一樣，我們在這裡奠定了基礎，在 RF 社區中區分我們自己，事實上我們擁有雙極技術與單極技術。

And we did that in plastic surgery, and we show the fact that bipolar is certainly the way it's delivered, the way we're delivering it in our patented technology is far superior to unipolar devices.

我們在整形手術中做到了這一點，我們證明了雙極確實是它的交付方式，我們在我們的專利技術中交付它的方式遠遠優於單極設備。

Within the years, you saw that the companies that had unipolar basically have gone to the wayside and are no longer -- are not able to compete in this sector.

在這些年裡，你看到那些單極的公司基本上已經走到了一邊，不再能夠在這個領域競爭。

I'm not touching the laser, just talking about RFs right now.

我沒有接觸激光，現在只談論 RF。

So same thing in gynecology, women's health.

婦科、女性健康也是如此。

Our first study within a retrospective study and which is already published, came out last couple of weeks ago, and it showed the statistical difference between bipolar and unipolar.

我們在回顧性研究中的第一項研究已經發表，幾週前發表，它顯示了雙極和單極之間的統計差異。

So whatever unipolar devices are in the market, again, here we go, same thing.

因此，無論市場上有什麼單極設備，我們都一樣。

Bipolar is going to be a lot more effective and targeted and all the patents that InMode has make it a superior delivery platform.

Bipolar 將更加有效和更有針對性，InMode 擁有的所有專利使其成為卓越的交付平台。

That's our foundation to push off of.

這是我們推動的基礎。

Right off the bat, we have that security.

馬上，我們就有了那種安全感。

We know we have the right delivery system.

我們知道我們有正確的交付系統。

And what we're seeing now with the studies that have already performed over the last 2, 3 years, we're seeing women when it comes to SUI being dry a year out.

我們現在看到的是過去 2、3 年已經進行的研究，我們看到女性在 SUI 一年後變得乾燥。

And that's a big, big, big deal.

這是一件大事，一件大事。

In addition to that, we're also seeing that a lot of the symptoms of a overactive bladder are [stained] or gone for urgency and frequency.

除此之外，我們還看到許多膀胱過度活動症的症狀因尿急和尿頻而 [染色] 或消失。

We're not saying we have a treatment for that segment yet, but we're saying that the symptoms are markedly improved.

我們並不是說我們已經對那個部分進行了治療，但我們是說症狀明顯改善了。

And this is all per what we're hearing from our study group patients.

這完全是我們從研究組患者那裡聽到的。

And now that we're, as Shakil mentioned, have rolling it out to some of our luminaries, they're very, very excited about it.

正如 Shakil 所提到的，現在我們已經將它推廣到我們的一些名人身上，他們對此非常非常興奮。

So overall, I think we're in the right place to give the sales force what they need, the foundation they need to push off and go confidently into doctors' offices.

因此，總的來說，我認為我們處在正確的位置，可以為銷售人員提供他們所需要的東西，他們需要推動並自信地進入醫生辦公室的基礎。

We feel confident that we have a technology.

我們相信我們擁有一項技術。

Thankful to Mishka, and what he has developed with us that we can go into an office and say, if you're a premenopausal, you have a BMI of 30 and you're healthy and young and you have these issues of SUI and all this effect that have, we feel very confident that we can treat you, and we can help you out.

感謝 Mishka，以及他與我們一起開發的東西，我們可以去辦公室說，如果你是絕經前的人，你的 BMI 為 30，你很健康，很年輕，你有 SUI 等所有問題這種效果，我們非常有信心，我們可以治療你，我們可以幫助你。

And this is having a major impact in the markets that we're seeing the patients are lining up, just word-of-mouth because there simply hasn't been a really good solution up to now.

這對市場產生了重大影響，我們看到患者正在排隊，只是口耳相傳，因為到目前為止還沒有真正好的解決方案。

So as far as the data and the study is meant, we're very confident that we'll do really well with this.

因此，就數據和研究的意義而言，我們非常有信心我們會做得很好。

Ophthalmology, we're getting there.

眼科，我們到了那裡。

We know all our objective measurements are there.

我們知道我們所有的客觀測量都在那裡。

They're planning out just as we expected for dry eye.

正如我們對乾眼症的預期一樣，他們正在計劃。

But I'm not going to get into the details, get about the studies too much.

但我不打算深入細節，過多地了解研究。

Just saying that you're going along just as expected.

只是說你正在按照預期進行。

We're very happy with the way things are going.

我們對事情的進展感到非常滿意。

I hope that answers your question.

我希望這能回答你的問題。

Our next question will come from Kyle Rose of Canaccord Genuity.

我們的下一個問題將來自 Canaccord Genuity 的 Kyle Rose。

So I just want to start from maybe just a more thematic, big picture question.

所以我只想從一個更具主題性的大局問題開始。

You have really strong expense control again in the quarter.

您在本季度再次擁有非常強大的費用控制。

I mean there's no surprise there, given the -- this lower activity from a commercial perspective during COVID.

我的意思是，考慮到 COVID 期間從商業角度來看這種較低的活動，這並不奇怪。

But can you just maybe frame out OpEx expectations on a longer-term basis?

但是，您能否在長期基礎上製定 OpEx 預期？

I mean you've put a unquestionably stellar results, despite these restrictions in place in the pandemic.

我的意思是，儘管在大流行病中存在這些限制，但你已經取得了毫無疑問的出色結果。

I mean have your thoughts towards the spend required for this commercial model changed at all moving forward?

我的意思是，您對這種商業模式所需支出的看法在未來是否發生了變化？

I mean you just put up 51% non-GAAP operating margins and a record revenue quarter.

我的意思是你剛剛提出了 51% 的非 GAAP 營業利潤率和創紀錄的季度收入。

How much do you need to continue to spend to really drive this growth moving forward?

您需要繼續花費多少才能真正推動這種增長向前發展？

Well, this is Moshe.

嗯，這是摩西。

I think the typical P&L is what we are showing.

我認為典型的損益就是我們所展示的。

We will continue to maintain 85% gross margin.

我們將繼續保持85%的毛利率。

Although I have to say that it's become more difficult because all kind of expenses like shipping, logistic are going to the sky.

雖然我不得不說這變得更加困難，因為運輸、物流等各種費用都在飛漲。

And also, there was a problem with the supply chain of component around the world.

而且，全球零部件供應鏈也存在問題。

And we fight 24/7 every day in order to make sure that we will have enough component and subassembly to maintain the production line up and running and deliver every system that are older.

我們每天 24/7 都在戰鬥，以確保我們有足夠的組件和子組件來維持生產線正常運行並交付每個較舊的系統。

And at the same time, maintain the 84% to 86% on a non-GAAP basis gross margin.

同時，在非 GAAP 基礎上保持 84% 至 86% 的毛利率。

As far as R&D and G&A, it will stay the same.

至於研發和 G&A，它將保持不變。

And I don't think we have to measure them percentage-wise.

而且我認為我們不必按百分比來衡量它們。

We're spending around $2 million a quarter on R&D.

我們每個季度在研發上的支出約為 200 萬美元。

And that's enough in order to maintain the R&D pipeline of at least 2 indication, 2 platforms or 2 product every year.

這足以維持每年至少2個適應症、2個平台或2個產品的研發管線。

As far as G&A, I'm sure you can compare us to any other company in the field or in any other field and realize that we're very lean and mean and humble company.

就 G&A 而言，我相信您可以將我們與該領域或任何其他領域的任何其他公司進行比較，並意識到我們是非常精簡、卑鄙和謙遜的公司。

We have $1.50 million to $1.7 million per quarter on G&A.

我們每季度有 150 萬至 170 萬美元用於 G&A。

And the question is, how much we need to spend on marketing and sales?

問題是，我們需要在營銷和銷售上花費多少？

As we grow and as our business will go back to usual, I believe we will spend more on marketing and sales, especially on marketing.

隨著我們的成長以及我們的業務將恢復正常，我相信我們將在營銷和銷售方面投入更多，尤其是在營銷方面。

In the last 1.5 years, we spent less on marketing because the market -- the world was closed, no exhibition, no conferences.

在過去的 1.5 年裡，我們在營銷上的支出減少了，因為市場——世界是封閉的，沒有展覽，沒有會議。

Everything was done on the Zoom.

一切都在 Zoom 上完成。

Salespeople did not travel much.

銷售人員出差不多。

We managed.

我們處理。

Of course, we managed.

當然，我們成功了。

But as business will go back to normal, we will spend more on marketing.

但隨著業務恢復正常，我們將在營銷上投入更多。

And you should take into account something in the range of 37%, 38% marketing and sales expenses year-over-year.

而且你應該考慮到同比 37%、38% 的營銷和銷售費用。

All the rest will stay the same.

其餘的將保持不變。

So overall, the P&L structure, the typical P&L structure that we're showing today will remain even if it will continue to grow in the same pace that we did in the last few years.

因此，總的來說，我們今天展示的損益結構，即典型的損益結構將保持不變，即使它會繼續以與過去幾年相同的速度增長。

That's very helpful.

這很有幫助。

And then maybe can you talk just a bit about -- at least within North America, a great growth.

然後也許你能談談——至少在北美，一個巨大的增長。

How much of that is coming from historical core market when we think about plastics and derms?

當我們考慮塑料和真皮時，其中有多少來自歷史核心市場？

And how much of that is coming from some of the other medical specialties?

其中有多少來自其他一些醫學專業？

I know that will probably change as you launch the more therapeutic products moving forward.

我知道隨著您推出更多治療產品，這種情況可能會改變。

But where do we stand now with respect to the installed base in core versus noncore?

但是，關於核心與非核心的安裝基礎，我們現在處於什麼位置？

Yes.

是的。

Great question, Kyle.

好問題，凱爾。

So when it comes to core versus noncore, we obviously started off with a minimally invasive line and we penetrated the plastic surgery market.

因此，當談到核心與非核心時，我們顯然是從微創產品線開始的，我們進入了整形外科市場。

We continue to.

我們繼續。

It has great brand recognition.

它具有很高的品牌知名度。

Consumers are actually asking for a lot of the products by name, whether it's BodyTite or Morpheus8 or some of the hands-free technology.

消費者實際上要求很多產品的名稱，無論是 BodyTite 還是 Morpheus8 或一些免提技術。

But as we've rolled out some of the hands-free technology and some of the other things that are a little easier to implement, we've actually seen growth in a different number of categories in terms of specialties.

但隨著我們推出了一些免提技術和其他一些更容易實施的東西，我們實際上看到了不同數量的專業類別的增長。

So when it comes to the derm market, that was one of the goals that we had, we never really did too well in penetrating that market because the focus was on the plastics.

因此，當談到皮膚市場時，這是我們的目標之一，我們在滲透該市場方面從未真正做得很好，因為重點是塑料。

And slowly, we've really started to get some big names on board, and it started to kind of work out where things spread and word travels.

慢慢地，我們真的開始讓一些大人物加入，它開始在某種程度上解決事情傳播和文字傳播的問題。

Now when it comes to the noncore market, the noncore markets always -- when you talked about more therapeutic devices, of course, we're going to be approaching women's health and wellness specialties, some of the ophthalmology practices, so on and so forth.

現在談到非核心市場，非核心市場總是——當你談到更多的治療設備時，當然，我們將涉及女性健康和保健專業，一些眼科實踐，等等.

But one of the key things, which I've said in the past, is that as long as managed care insurance based medicine keeps going where it's going, overhead is not coming down, right?

但我過去說過的關鍵事情之一是，只要基於管理式醫療保險的醫療繼續發展，管理費用就不會下降，對吧？

In fact, it's increasing.

事實上，它正在增加。

And so as long as that's there, which I don't see that changing at any given time soon, we'll always have that market that we can actually penetrate.

因此，只要它存在，我認為在任何給定時間都不會很快改變，我們將始終擁有我們可以實際滲透的市場。

So the opportunities are endless when it comes to that.

因此，當涉及到這一點時，機會是無窮無盡的。

And then obviously, with the new products launching in the dose.

然後很明顯，隨著新產品的推出。

And then just one final question.

然後是最後一個問題。

I'll keep spreading that around.

我會繼續傳播它。

Spero, what are you seeing in your patient volumes with respect to demand and waiting lists?

Spero，在需求和等候名單方面，您從患者數量中看到了什麼？

Has there been any change in demand as the economy has reopened and perhaps patients are reallocating discretionary spend dollars towards vacations and activities like that?

隨著經濟的重新開放，需求是否有任何變化，也許患者正在將可自由支配的支出重新分配給假期和類似的活動？

Or are you still seeing robust demand in your practice?

還是您在實踐中仍然看到強勁的需求？

It's a great question.

這是一個很好的問題。

I'm based in New York City.

我住在紐約市。

And considering what's happened here, certainly would be reflective of certainly big and the urban cities as well.

考慮到這裡發生的事情，肯定會反映出大城市和城市。

Our demand is there.

我們的需求就在那裡。

It's really strange.

這真的很奇怪。

At this time of the years, things do start to slow down.

在這些年的這個時候，事情確實開始放緩。

And -- but it's coming in heavy.

而且——但它來勢洶洶。

It's coming in heavy and it continues to come heavy, which is unusual.

它來得很重，而且會繼續很重，這是不尋常的。

Last year, I'd say it was due to pent-up demand.

去年，我會說這是由於被壓抑的需求。

This year, even though traveling is coming back and people are starting to spend on other things, it's still not at a critical mass, I think.

今年，儘管旅行正在回歸併且人們開始在其他事情上花錢，但我認為它仍未達到臨界點。

There's still lot of people who are scared to rather stay home or not even go overseas or whatever they're doing.

仍然有很多人害怕呆在家裡，甚至不敢出國或做任何他們正在做的事情。

So yes, our demand is strong.

所以是的，我們的需求很強勁。

It's solid all the way into September.

一直持續到九月。

Waiting list, it's no different than -- at least here in New York, it's about a month out.

等候名單，這和——至少在紐約這裡沒什麼不同，大約要等一個月。

But we are surprised.

但我們很驚訝。

I can tell you this right.

我可以告訴你這一點。

I'm surprised it still carry on, but I think it has to do more with the fact that we're not quite there yet.

我很驚訝它仍在繼續，但我認為這與我們還沒有完全做到這一點這一事實有更多關係。

Considering the delta variant and all the scare that's caused, I think people are still cautious.

考慮到 delta 變體和由此引起的所有恐慌，我認為人們仍然持謹慎態度。

So what do they do?

那麼他們做什麼呢？

They're still staying home.

他們仍然待在家裡。

The majority of them are still are staying home, regardless of the increase in the travel industry, and they're spending on what we do.

儘管旅遊業在增長，但他們中的大多數人仍然待在家裡，他們在我們所做的事情上花錢。

The most interesting part here is, again, a lot of percentage of the patients, at least over 1/3 of the new patients coming in have never had anything done before.

這裡最有趣的部分再次是很多患者，至少超過 1/3 的新患者以前從未做過任何事情。

It's the first time they've considered.

這是他們第一次考慮。

So this has definitely opened to market, and I could say there's a lot of confidence.

所以這肯定已經向市場開放，我可以說有很大的信心。

We predicted that last year, and we're seeing it continue this year.

我們去年就預測到了這一點，今年我們將繼續看到它。

Just to add to what Spero said, I think the best way to measure is to show and to see how many disposables we are selling every quarter.

補充一下 Spero 所說的，我認為最好的衡量方法是展示並查看我們每個季度銷售了多少一次性用品。

We're getting close to 100,000 disposable every quarter.

我們每個季度都接近 100,000 個一次性用品。

And this is only for the surgical part for the minimally invasive and ablative because all the other equipment and platforms that we manufacture do not need disposable.

這僅適用於微創和消融的手術部分，因為我們製造的所有其他設備和平台都不需要一次性。

The hand-free that are not need disposable and also the others.

不需要一次性的免提和其他。

We're growing 20% quarter-over-quarter with the numbers of disposables that we are selling worldwide, worldwide.

我們在全球範圍內銷售的一次性用品數量環比增長 20%。

And that's a good measurement for the usage of the systems.

這是對系統使用情況的良好衡量。

Next question will come from Mike Matson with Needham & Co.

下一個問題將來自 Needham & Co. 的 Mike Matson。

So just on Empower, there is obviously a large population of OB/GYNs.

因此，僅在 Empower 上，顯然有大量的 OB/GYN。

How do you sort of plan to target the ones that are most likely to be interested in a product like this?

您如何計劃定位那些最有可能對此類產品感興趣的人？

And then do you have a sense of the fraction of the OB/GYN population that would consider this type of product?

那麼您是否了解會考慮此類產品的婦產科人群的比例？

Yes.

是的。

So good question.

好問題。

So we -- this isn't the first time that many of our North American sales force have been going out to the OB/GYN market.

所以我們——這不是我們的許多北美銷售人員第一次進入 OB/GYN 市場。

When MonaLisa Touch was launched back at Cynosure, there's a good percentage of people that had been through that launch.

當 MonaLisa Touch 在 Cynosure 重新發佈時，有相當一部分人已經通過了那次發布。

So this is different because we're going to be able to offer multiple different things when that just covered vaginal atrophy.

所以這是不同的，因為當覆蓋陰道萎縮時，我們將能夠提供多種不同的東西。

When it comes to what we're going to be doing here, there's going to be -- as we launch it, it will obviously get out there.

當談到我們將要在這裡做的事情時，將會有——當我們推出它時，它顯然會走出去。

But there's going to be a large number of different things that we're going to be able to do.

但是我們將能夠做很多不同的事情。

So when it comes down to going after them, typically, it's going to start with your OB/GYNs, your urologists and your urogynecologists.

因此，當涉及到追踪他們時，通常會從您的婦產科醫師、泌尿科醫生和泌尿婦科醫生開始。

Now the thing is, is that when you're targeting that market, the hardest hurdle for them is to understand that they can't get a patient to fork up $30 for their co-pay, yet they're going to spend $2,000, I'm trying to fix something.

現在的問題是，當你瞄準那個市場時，對他們來說最難的障礙是明白他們不能讓病人為他們的共付額支付 30 美元，但他們會花費 2,000 美元，我正在嘗試解決問題。

Because we've seen this before and because a lot of these solutions are more medical based and they improve quality of life and wellness significantly, we have seen that transition actually been quite smooth for that.

因為我們之前已經看到了這一點，並且因為很多這些解決方案更多地基於醫學並且它們顯著改善了生活質量和健康，所以我們已經看到過渡實際上非常順利。

So as we penetrate those markets, we've already gotten some of the key thought leaders, as I mentioned earlier, on board with this.

因此，當我們深入這些市場時，正如我之前提到的，我們已經獲得了一些關鍵的思想領袖的支持。

And that typically holds a lot of weight just to make the others feel comfortable.

這通常會承受很大的重量，只是為了讓其他人感到舒服。

But it has to be a good mix of academics and also people that can get up on a podium and speak, which we've been able to accomplish already.

但它必須是學者和可以站上講台發言的人的良好組合，我們已經能夠做到這一點。

Okay.

好的。

And then I didn't hear any mention of Envision and ophthalmology area.

然後我沒有聽到任何關於 Envision 和眼科領域的提及。

I think you were targeting to launch that also in the second half of this year.

我認為你的目標是在今年下半年推出它。

Is that still the case?

現在還是這樣嗎？

The Envision platforms, we are planning to launch sometime toward the end of the year.

我們計劃在今年年底推出 Envision 平台。

I have to say that we already received clearances for all the applicators from the FDA, and we are working on other countries as well.

我不得不說，我們已經從 FDA 獲得了所有塗藥器的許可，我們也在其他國家開展工作。

So if everything would be okay and the Corona next wave will not close countries, we will be able to launch it sometime November, December.

因此，如果一切順利，下一波冠狀病毒不會關閉國家，我們將能夠在 11 月、12 月的某個時候啟動它。

Okay.

好的。

And then this is probably a difficult question to answer, but how should we think about market penetration among the plastic surgeons and derms for the more aesthetic type products?

這可能是一個很難回答的問題，但我們應該如何考慮更美觀的產品在整形外科醫生和真皮中的市場滲透率？

I mean, look, I understand you're going into OB/GYN and ophthalmology, and those are your greenfield opportunities.

我的意思是，聽著，我知道你要去婦產科和眼科，這些都是你的綠地機會。

But you've sold a lot of units in the plastic surgery, thermal, all of the stall base has gotten quite big, but yet, you're seeing really strong growth still.

但是你已經賣掉了很多整形手術、熱療的單位，所有的攤位基數都變得相當大，但是，你仍然看到了非常強勁的增長。

But I guess my one fear is that that growth, just all of a sudden slows down unexpectedly because you kind of saturated the market.

但我想我的一個擔心是，由於市場已經飽和，這種增長會突然出人意料地放緩。

So based on the numbers, it doesn't seem like you're near that point, but I just wanted to see what you thought on that.

所以根據這些數字，你似乎還沒有接近那個點，但我只是想看看你對此有何看法。

No, that's a good question.

不，這是個好問題。

I mean I think the way to look at it is when it comes to penetrating the markets, and I mentioned that earlier in terms of dermatology.

我的意思是我認為看待它的方式是滲透市場，我之前在皮膚病學方面提到過這一點。

We have -- we actually don't have a super strong penetration in the derm world, but we've started to, of course, in the last 2, 3 quarters.

我們有——我們實際上在皮膚世界中沒有超強的滲透力，但我們已經開始，當然，在過去的 2、3 個季度。

So I don't -- keep in mind though, I think the biggest thing here to note is that we're not a one-trick pony, right?

所以我不——不過請記住，我認為這裡要注意的最重要的事情是我們不是只會一招的小馬，對吧？

So if we had just one product, and that's all we were going to sell, then yes, I'd understand concerns for penetration.

因此，如果我們只有一種產品，而這就是我們要銷售的全部產品，那麼是的，我會理解對滲透的擔憂。

However, I mean we have so many different platforms that can all do something different, which allows our sales force to go in and actually customize what makes sense for the practice.

然而，我的意思是我們有這麼多不同的平台，它們都可以做不同的事情，這讓我們的銷售人員能夠進入並實際定制對實踐有意義的東西。

And as you heard Moshe and myself mention, we've seen people consistently be able to actually introduce certain technologies into their practice.

正如你聽到 Moshe 和我自己提到的那樣，我們已經看到人們始終能夠將某些技術實際引入他們的實踐中。

And with the consumable numbers that Moshe had talked about, we do see people utilizing their units, which might sound rare, and that's kind of the whole point of this.

根據 Moshe 談到的消耗品數量，我們確實看到人們在使用他們的設備，這聽起來可能很少見，這就是這件事的全部意義所在。

But typically, when they get one unit and they do well with it, they want to add in a second or a third unit.

但通常情況下，當他們獲得一個單元並且使用得很好時，他們希望添加第二個或第三個單元。

And our post-sale team, which has done a phenomenal job, and our sales team, which has done a phenomenal job are trained in the sense that they know exactly what to do when, for the most part.

我們的售後團隊做得非常出色，而我們的銷售團隊做得非常出色，他們在大多數情況下都知道在什麼時候該做什麼。

So I think because we have so much different technology, and then obviously, the new stuff we're constantly innovating, that's why we're seeing this massive growth that we've had.

所以我認為，因為我們擁有如此多不同的技術，而且很明顯，我們不斷創新的新事物，這就是我們看到如此巨大增長的原因。

The companies that we've seen who've gone stagnant are either trying to get technology from overseas, rebranded, repackage.

我們看到停滯不前的公司要么試圖從海外獲取技術，要么重新命名，要么重新包裝。

There's been plenty of different companies that have just rebranded old technology, and that's not innovation, right?

有很多不同的公司剛剛重新命名了舊技術，這不是創新，對吧？

So I think because of Dr. Michael Kreindel and his brand in the way he creates these things, when we give him some ideas as to what the market needs, I think that's really a big differentiator.

所以我認為，由於 Michael Kreindel 博士和他創造這些東西的品牌，當我們給他一些關於市場需求的想法時，我認為這真的是一個很大的差異化因素。

And I think that's why we're -- frankly, we're not worried at all about oversaturation.

我認為這就是為什麼我們 - 坦率地說，我們根本不擔心過飽和。

Mike, this is Spero.

邁克，這是斯佩羅。

Really, just to answer your question, it's a plastic surgeon.

真的，只是為了回答你的問題，這是一個整形外科醫生。

I think what we've been used to in the past with energy-based devices, on average, in the plastic surgery market, you have a 10% penetration.

我認為我們過去習慣於使用基於能量的設備，平均而言，在整形外科市場，你有 10% 的滲透率。

That number hasn't really changed until we came along.

在我們出現之前，這個數字並沒有真正改變。

And the reason is there's a basic change in the way we're doing things for plastic surgeons.

原因是我們為整形外科醫生做事的方式發生了根本變化。

This is not just a one product that just like Shak mentioned, it's going to go away, and I'll come back.

這不僅僅是像 Shak 提到的一個產品，它會消失，我會回來。

Just like every plastic surgeon has a device, for example, for liposuction, that's a staple that's every operating room has that device.

就像每個整形外科醫生都有一個設備，例如，用於抽脂的設備，這是每個手術室都有該設備的主食。

We -- the whole goal here has always been from the very beginning, and that's why we took the hard road to approach this group first, is to make sure that our machines are the exact -- have the exact same sort of view.

我們 - 這裡的整個目標從一開始就一直是，這就是為什麼我們首先走上艱難的道路來接近這個群體，以確保我們的機器完全 - 具有完全相同的觀點。

In other words, you need a tiny device, you have to have this.

換句話說，你需要一個微型設備，你必須擁有這個。

It's standard.

這是標準的。

It becomes standard of care across the board.

它成為全面的護理標準。

And in that respect, energy-based devices, this is the first time we're getting so far into it because of that basic seismic change in the ability to tie in skin, we took the holy grail.

在這方面，基於能量的設備，這是我們第一次深入研究它，因為綁定皮膚的能力發生了基本的地震變化，我們獲得了聖杯。

So in that respect, we have a long way to go still.

所以在這方面，我們還有很長的路要走。

We're not resting on our laurels.

我們並沒有吃老本。

We have the early adopters.

我們有早期採用者。

Now we have the main plastic surgery, but we still have ways to go.

現在我們有了主要的整容手術，但我們還有很長的路要走。

We're not concerned about it.

我們不關心它。

And the innovation, of course, allowing the plastic surgeons to develop new operations, new ways of doing things, there's no -- that's the biggest benefit there is because when they're doing it themselves and developing new things for us because they're finding solutions and they're excited about it, that just drives growth exponentially.

當然，創新允許整形外科醫生開發新的手術、新的做事方式，這是最大的好處，因為當他們自己做並為我們開發新事物時，因為他們找到解決方案並且他們對此感到興奮，這只會以指數方式推動增長。

I just want -- this is Moshe.

我只想——這是摩西。

I just want to add on what Spero said.

我只想補充 Spero 所說的話。

In the United States, we started early in 2017, 2016.

在美國，我們早在2017年、2016年就開始了。

But on the ROW, we are in a very embryonic stage with plastic surgeon.

但在 ROW 上，我們正處於整形外科醫生的萌芽階段。

In those country where we have a clearance from the regulatory body, we're just starting to introduce it with a greater, I would say, momentum.

在我們獲得監管機構許可的那些國家，我們才剛剛開始以更大的勢頭引入它。

So we have -- overall, we have a long way to go in order to penetrate all the market.

所以我們 - 總的來說，要滲透所有市場，我們還有很長的路要走。

Our last question today will come from Jeff Johnson with Baird.

我們今天的最後一個問題將來自 Jeff Johnson 和 Baird。

Spero and Shak, maybe I could put some numbers or maybe you could help me put some numbers on some of the conversations that just took place, and I think all of that was very helpful.

Spero 和 Shak，也許我可以輸入一些數字，或者你可以幫我輸入一些剛剛發生的對話的數字，我認為所有這些都非常有幫助。

But if I look at your 4,650 installed U.S. base, and we know there is what, maybe 17,000 derm plastic and aesthetics in the U.S. That would say penetration rate about 25%, 27%, somewhere in there.

但如果我看看你們在美國安裝的 4,650 個基地，我們知道在美國可能有 17,000 個真皮塑料和美容產品。那就是那裡的某個地方的滲透率約為 25%、27%。

Obviously, some of those docs do own 2 platforms and things like that.

顯然，其中一些文檔確實擁有 2 個平台之類的東西。

So do you think that penetration right now is closer to 20% instead of mid- to upper 20s?

那麼您是否認為現在的滲透率接近 20%，而不是 20 多歲的中上層？

And then Spero, to your point, on standard of care, do you think that penetration, and I know it's tough to predict and I'm not -- wouldn't hold you to this, but can that get to 40%, 50% over the next 3 to 5 years or something?

然後 Spero，就你的觀點而言，就護理標準而言，你認為滲透率是多少，我知道這很難預測而且我不是 - 不會讓你堅持這一點，但它能達到 40%、50 % 在未來 3 到 5 年或什麼時候？

Just how to think about kind of the numbers today and where those numbers could go?

只是如何考慮今天的數字類型以及這些數字的去向？

Shak, you want to handle the first part, and I'll handle the first second part.

Shak，你想處理第一部分，我來處理第一部分和第二部分。

Thank you, Jeff.

謝謝你，傑夫。

It's a great question.

這是一個很好的問題。

Yes, great question, Jeff.

是的，好問題，傑夫。

So I think when you look at it, it is lower or closer towards the 20 -- lower 20% side of things.

所以我認為當你看它時，它會更低或更接近 20 - 事物的較低 20% 的一面。

So there is some upside there.

所以那裡有一些好處。

But like you talked about, some of these specialties do own 1 or 2 or multiple units.

但正如您所說，其中一些專業確實擁有 1 個或 2 個或多個單位。

Again, not to sound redundant, but going back to what I was saying is that there is -- if you have 17,000 of those core specialties, well, you started adding it up where you start doing the math and multiplying by 2, 3, 4 units, that number is a pretty big runway, right?

再一次，不要聽起來多餘，但回到我剛才說的是——如果你有 17,000 個這些核心專業，那麼，你開始把它加起來，然後乘以 2、3， 4 個單位，這個數字是相當大的跑道，對吧？

So I do think on that side of things.

所以我確實從這方面考慮。

With the plastics, with the derms, we've seen it happen.

對於塑料，對於真皮，我們已經看到了它的發生。

We've already been seeing it currently.

我們目前已經看到了。

And I think we're going to keep seeing that in the future just based on people being -- I think the key thing here is that physicians need to be successful with their technology.

而且我認為我們將在未來繼續看到這一點，只是基於人們——我認為這裡的關鍵是醫生需要在他們的技術上取得成功。

And if they're successful, they'll reinvest with us.

如果他們成功了，他們會再次投資我們。

And that's trying -- that's been a big key to the success from the last quarter and as we start gaining more brand recognition.

這正在嘗試 - 這是上個季度成功的重要關鍵，因為我們開始獲得更多的品牌認知度。

Spero, did you want to chime in on the second part there?

斯佩羅，你想參與第二部分嗎？

Yes.

是的。

So Jeff, it's an excellent question.

傑夫，這是一個很好的問題。

Your average plastic surgeon, the ones that do pure cosmetic surgery are a small minority, right?

你們一般的整形醫生，做純整容手術的是少數吧？

So majority of plastic surgeons out there do about 50% reconstructive or 50% cosmetic as their practice matures.

因此，隨著實踐的成熟，那裡的大多數整形外科醫生會進行大約 50% 的重建或 50% 的整容。

So our applications in their reconstructive world haven't even started.

所以我們在他們的重建世界中的應用甚至還沒有開始。

Skin tightening is not just a cosmetic thing for aesthetic surgery.

緊膚不僅僅是美容手術的美容項目。

It's overall has other applications everywhere.

總的來說，到處都有其他應用程序。

And as this technology starts to mature, as it starts to enter into the training centers, which we've already seen, it goes all back to -- if you look at the laser industry what Moshe has said, the major industry back in the '90s.

隨著這項技術開始成熟，當它開始進入我們已經看到的培訓中心時，它又回到了——如果你看看摩西所說的激光行業，主要行業回到了90 年代。

So RF, we think is superior in many ways.

因此，我們認為 RF 在很多方面都更勝一籌。

It goes deeper.

它變得更深。

We can modulate a lot of things.

我們可以調製很多東西。

So we're just in the beginning of the peak of a whole industry change.

所以我們正處於整個行業變革高峰的開始。

And if it wasn't the case, our competition wouldn't be trying to continuously try to develop RF, right?

如果不是這樣，我們的競爭對手就不會嘗試不斷嘗試開發 RF，對嗎？

So if you look at that and step back at the 30,000-foot view, do we have a runway because just like laser penetrated whole market segment of this type of doctors, we think RF has that potential runway as well.

因此，如果你看看它並退回到 30,000 英尺的視野，我們是否有一條跑道，因為就像激光滲透了這類醫生的整個細分市場一樣，我們認為 RF 也有這條潛在的跑道。

And we are -- with what we have and with the way our technology is protected and patented, it's all clear skies as far as that's concerned, Jeff.

而且我們 - 就我們擁有的東西以及我們的技術受到保護和專利的方式而言，就此而言，一切都是晴朗的天空，傑夫。

So to put things in perspective, Shak said absolutely the right thing, and I agree with him.

所以從正確的角度來看，沙克說的完全正確，我同意他的看法。

We have ways to go, and we're confident about that.

我們還有很長的路要走，我們對此充滿信心。

Yes.

是的。

Fair enough.

很公平。

And then last question for me.

然後是我的最後一個問題。

Just on the GYN market.

就在 GYN 市場上。

Hearing some of the SUI data points and overactive bladder.

聽到一些 SUI 數據點和膀胱過度活動症。

Is that the main way this new platform is going to be used?

這是這個新平台的主要使用方式嗎？

I know it will be the way you market it, obviously.

我知道這將是你推銷它的方式，很明顯。

How much do you think off-label use will be for other type of rejuvenation procedures, things like that, that we've heard about in the past?

您認為我們過去聽說過的其他類型的恢復活力程序等標籤外使用有多少？

Will the appeal be on both the therapeutic side and the cosmetic side?

在治療方面和美容方面都會有吸引力嗎？

Or is it -- is this really going to be focused on the therapeutic side only?

或者是——這真的只關注治療方面嗎？

Jeff, that's a great question.

傑夫，這是一個很好的問題。

As you know, we have to be very, very careful because of the history and the language that the FDA put out there.

如您所知，由於 FDA 在那裡發布的歷史和語言，我們必須非常、非常小心。

Cosmetic wise, we certainly, as you know, the American Society of Gynecology is against certain things in the cosmetic world for this respect.

在美容方面，我們當然，如您所知，美國婦科學會在這方面反對美容界的某些事情。

But there's always a demand for that.

但總是有這樣的需求。

I think to push, if you had to look at this platform as a Swiss army knife, it's got many modalities and many applications.

我想推動，如果你不得不把這個平台看作一把瑞士軍刀，它有很多模式和很多應用程序。

And we -- and our whole mantra of going into physician offices and saying, look, here is your core training.

我們 - 以及我們進入醫生辦公室並說，看，這是你的核心培訓的整個口頭禪。

Here is what you've done.

這是你所做的。

Here is a patient population that's already in your office.

這是您辦公室裡已有的患者群體。

Already, you're not taking advantage of them.

你已經沒有利用它們了。

In other ways, you don't have to go out and just sell your market this because you have a captive population, right?

在其他方面，你不必因為你有一個圈養人口就出去賣掉你的市場，對吧？

So every woman who delivers is a potential patient that's going to benefit from Empower's ability to therapeutically help propel the floor to help certain things like we discussed as well as solely move into cosmetic, right?

因此，每位分娩的女性都是潛在的患者，他們將從 Empower 的治療能力中受益，以幫助推動地板以幫助我們討論的某些事情以及完全進入美容領域，對吧？

At the end of the day, we're an aesthetics company.

歸根結底，我們是一家美容公司。

And introducing a platform into a segment where they can actually find a medical indication, use a medical indication and then slowly ease them into the cosmetic, that's been always our mantra.

並將平台引入一個細分市場，在那裡他們可以真正找到醫學適應症，使用醫學適應症，然後慢慢地將它們融入化妝品中，這一直是我們的口頭禪。

But if you're asking a specific question, is this platform, how this launch is little different than all the other ones?

但是如果你問一個具體的問題，這個平台，這次發布與所有其他平台有何不同？

Yes, we have a strong therapeutic thing that we're going after.

是的，我們正在追求一種強大的治療方法。

That's why it took us 3 years to do the studies right and bring the right key opinion leaders on board.

這就是為什麼我們花了 3 年的時間來正確地進行研究並讓正確的關鍵意見領袖參與進來。

Does that answer your question, Jeff?

這能回答你的問題嗎，傑夫？

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Moshe Mizrahy, Chairman and CEO, for any closing remarks.

我想將會議轉回給主席兼首席執行官 Moshe Mizrahy，聽取任何閉幕詞。

Thank you, operator.

謝謝你，運營商。

Again, I want to thank everybody who is on the line today that join us in the second quarter earning call.

再次，我要感謝今天在線參加我們第二季度財報電話會議的所有人。

I want to take all of our employee worldwide.

我想把我們所有的員工帶到世界各地。

I assume many of them are listening to us today.

我想他們中的許多人今天都在聽我們講話。

I want to thank to our investors for the trust and the loyalty.

我要感謝我們的投資者的信任和忠誠。

I want to thank all the management team of InMode who are on the line today and others.

我要感謝今天在線的InMode所有管理團隊和其他人。

And we all look forward for the third quarter to have you all joining us the same as today.

我們都期待著第三季度讓你們像今天一樣加入我們。

Thank you all.

謝謝你們。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。