Inmode Ltd (INMD) 2021 Q1 法說會逐字稿

Good day, and welcome to the InMode Ltd. First Quarter 2021 Earnings Conference Call. (Operator Instructions). Please note, this event is being recorded.

美好的一天，歡迎來到 InMode Ltd. 2021 年第一季度收益電話會議。 （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. Please go ahead.

我現在想將會議轉交給 MS-IR 的 Miri Segal。請繼續。

Thank you, operator, and good day to everybody.

謝謝接線員，祝大家有個美好的一天。

I would like to welcome all of you to InMode's First Quarter 2021 Financial Results Conference Call.

歡迎大家參加 InMode 2021 年第一季度財務業績電話會議。

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 view it in the Investor Relations section of the company's website. Changes in business, competitive, technological, regulatory and other factors could cause actual results to differ materially from these expressed by the forward-looking statements made today. Our historical results are not necessarily indicative of future performance.

如果您沒有收到新聞稿的副本，請在公司網站的投資者關係部分查看。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。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。

Moshe Mizrahy, InMode's Chairman of the Board and CEO, will begin the call with the business update and pass it over to Shakil Lakhani, InMode's President of North America to discuss our North American operations.

InMode 的董事會主席兼首席執行官 Moshe Mizrahy 將以業務更新開始電話會議，並將其轉交給 InMode 的北美總裁 Shakil Lakhani 以討論我們的北美業務。

He will be followed by Yair Malca, InMode's CFO, with an overview of the financials. We will then open for the question-and-answer session. I'll now hand over the call to Mr. Moshe Mizrahy. Moshe, please go ahead.

隨後，InMode 的首席財務官 Yair Malca 將概述財務狀況。然後我們將開始問答環節。我現在將電話轉給 Moshe Mizrahy 先生。摩西，請繼續。

Thank you, Miri, and thanks to all of you for joining our first quarter 2021 financial results conference call.

謝謝 Miri，也感謝大家參加我們 2021 年第一季度財務業績電話會議。

With me on the call today are also Dr. Michael Kreindel, our Co-Founder and Chief Technology Officer; Dr. Spero Theodorou, our Chief Medical Officer; and Rafael Lickerman, our VP, Finance. All of us will be available for Q&A later.

今天與我通話的還有我們的聯合創始人兼首席技術官 Michael Kreindel 博士；我們的首席醫療官 Spero Theodorou 博士；和我們的財務副總裁 Rafael Lickerman。稍後我們所有人都可以進行問答。

In the first quarter of 2021, InMode generated revenue of $65.5 million, a 62% increase over the first quarter of 2020. First quarter record net income on a GAAP basis was $26.6 million and $29.3 million of net income on a non base -- on a non-GAAP basis. In Q1, 2021, we derived approximately 69% of our global revenue from InMode proprietary surgical technology platforms, engage in minimally invasive and subdermal ablative treatment. 24% derived from our hands-free platforms and 7% from our traditional laser and noninvasive RF platforms.

2021 年第一季度，InMode 的收入為 6550 萬美元，比 2020 年第一季度增長 62%。第一季度創紀錄的 GAAP 淨收入為 2660 萬美元，非基礎淨收入為 2930 萬美元——非 GAAP 基礎。 2021 年第一季度，我們約 69% 的全球收入來自 InMode 專有手術技術平台，從事微創和皮下消融治療。 24% 來自我們的免提平台，7% 來自我們的傳統激光和無創射頻平台。

We are happy to report that all segments continue to grow. The impressive growth in the first quarter was driven by demand for our minimally invasive proprietary platforms and the hands-free platforms. As the growing number of doctors are using our system.

我們很高興地報告所有細分市場都在繼續增長。第一季度令人印象深刻的增長是由對我們的微創專有平台和免提平台的需求推動的。隨著越來越多的醫生使用我們的系統。

In fact during the past year, the number of consumables sold has reached a new record every quarter. Overall, we have more than doubled the numbers of consumables sold in the last 4 quarters.

事實上，在過去的一年中，每個季度售出的耗材數量都創下了新紀錄。總體而言，我們在過去 4 個季度中售出的消耗品數量增加了一倍多。

This is an indication of an ever-growing use of our system. We continue to see demand from new and repeat patients seeking to improve how they look and how they feel. On a global scale, we are working to duplicate our success in the United States by expanding our sales capability and engaging with new distributors and countries to expand our international presence. Since the beginning of 2021, we have added 5 new distributors and 10 new countries to our international network.

這表明我們系統的使用越來越多。我們繼續看到新患者和老患者尋求改善外觀和感覺的需求。在全球範圍內，我們正在努力通過擴大我們的銷售能力並與新的分銷商和國家合作以擴大我們的國際影響力來複製我們在美國的成功。自 2021 年初以來，我們的國際網絡新增了 5 家經銷商和 10 個新國家。

Our excellent first quarter include international revenue growth of 123% year-over-year. As our revenue outside the U.S. grew from 24% in Q1, 2020 to 33% in Q1, 2021. Currently, our U.S. installed base totaled approximately 4,250 systems, which represent about 53% of our worldwide installed base of approximately 8,050 systems.

我們出色的第一季度包括國際收入同比增長 123%。隨著我們在美國以外的收入從 2020 年第一季度的 24% 增長到 2021 年第一季度的 33%。目前，我們在美國的安裝基數約為 4,250 個系統，占我們全球安裝基數約 8,050 個系統的約 53%。

While we expect continued growth in the U.S., we also anticipate even faster expansion in the OUS market. As we have yet to fully penetrate many markets across Asia, Latin America and Europe. Our North American sales team consists of 135 fully trained specialists and our global team totaled 156 individuals.

雖然我們預計美國會持續增長，但我們也預計 OUS 市場的擴張速度會更快。由於我們尚未完全滲透亞洲、拉丁美洲和歐洲的許多市場。我們的北美銷售團隊由 135 名訓練有素的專家組成，我們的全球團隊共有 156 人。

As for our installed base, we expect these numbers to organically increase as we expand our innovative technology to other parts of the world and enter new verticals. We are constantly working to get more regulatory approval across the globe to expand our product offering in each country. At any given time, we are engaged in at least 12 to 15 regulatory projects all the way from Brazil to China.

至於我們的安裝基礎，我們預計隨著我們將創新技術擴展到世界其他地區並進入新的垂直領域，這些數字將有機增長。我們不斷努力在全球範圍內獲得更多的監管批准，以擴大我們在每個國家/地區的產品供應。在任何時候，從巴西到中國，我們都參與了至少 12 到 15 個監管項目。

We're also expanding our verticals beyond aesthetic. As our R&D pipeline include over a dozen projects for other medical areas such as gynecology, ophthalmology, ENT, urology and several others. As part of our strategy, we expect to launch 2 new platforms this year in which our advanced bipolar RF technology will provide significant quality of life improvement.

我們也在將我們的垂直領域擴展到美學之外。由於我們的研發管道包括十幾個其他醫學領域的項目，例如婦科、眼科、耳鼻喉科、泌尿科等。作為我們戰略的一部分，我們預計今年將推出 2 個新平台，我們先進的雙極射頻技術將在其中顯著改善生活質量。

One of these platforms is called Empower, which we expect to launch in the third quarter of 2021. Empower will be the gold standard in women health and wellness, and we are excited to announce that it has earned FDA approval for all of its applicators.

其中一個平台稱為 Empower，我們預計將於 2021 年第三季度推出。Empower 將成為女性健康的黃金標準，我們很高興地宣布，它的所有塗藥器都已獲得 FDA 批准。

Based on our successful performance in the first quarter of 2021 and the visibility we have into the rest of 2021, we are increasing our full year 2021 revenue guidance range to be between $270 million to $280 million. And we intend to maintain a non-GAAP gross margin of 84% to 86%.

基於我們在 2021 年第一季度的成功表現以及我們對 2021 年剩餘時間的可見性，我們將 2021 年全年的收入指導範圍提高到 2.7 億美元至 2.8 億美元之間。我們打算保持 84% 至 86% 的非美國通用會計準則毛利率。

Lastly, we continue to support and augment our team worldwide, while complying with all local and regional health and safety guidelines for the welfare of our employees and customers.

最後，我們繼續支持和擴大我們在全球的團隊，同時遵守所有當地和地區的健康和安全準則，以保障我們員工和客戶的福利。

With that, I would like to turn the call over to Shakil, our President in North America. Shakil?

有了這個，我想把電話轉給我們的北美總裁沙基爾。沙基爾？

Thank you, Moshe, and hello, everyone. We delivered an impressive performance in the first quarter with sales reaching an all-time high in March as momentum for our minimally invasive and hands-free devices carried over into the new year.

謝謝你，Moshe，大家好。我們在第一季度取得了令人矚目的業績，三月份的銷售額創下歷史新高，這是我們微創和免提設備延續到新一年的勢頭。

The strength of our capital equipment sales during what is typically a seasonally slow quarter was driven by underlying demand for our in office-based procedures. This was demonstrated by another consecutive quarter of record consumable sales in North America, which more than tripled year-over-year. Doctors are using our systems with increased frequency, which is a great indication of the growing acceptance, endorsement and implementation of our technology.

在通常季節性緩慢的季度中，我們的資本設備銷售強勁是由對我們基於辦公室的程序的潛在需求推動的。北美的耗材銷售額連續一個季度創下歷史新高，同比增長兩倍多，證明了這一點。醫生們越來越頻繁地使用我們的系統，這很好地表明我們的技術越來越被接受、認可和實施。

In North America, we continued to build out our sales force and seamlessly integrated our new hires from 2020. Leveraging our online platform InMode University, our sales team was easily able to disseminate and expand knowledge of InMode's leading technology and stay connected to physicians across the country. As a result, the team successfully fulfilled the growing demand for our products as physicians and patients pursued effective, easy and frequently used social distancing-friendly aesthetic procedures in in-office-based settings.

在北美，我們繼續建立我們的銷售隊伍，並從 2020 年開始無縫整合我們的新員工。利用我們的在線平台 InMode 大學，我們的銷售團隊能夠輕鬆地傳播和擴展 InMode 領先技術的知識，並與整個地區的醫生保持聯繫國家。因此，隨著醫生和患者在辦公室環境中尋求有效、簡單且經常使用的社交距離友好型美容程序，該團隊成功地滿足了對我們產品不斷增長的需求。

Additionally, our now fully staffed post-sales support team was a significant driver of our consumable sales growth this quarter. As mentioned, each quarter, the volume of consumable sales continues to grow, and we believe that this trend will continue.

此外，我們現已配備齊全的售後支持團隊是本季度消耗品銷售增長的重要推動力。如前所述，每個季度，耗材銷量都在持續增長，我們相信這一趨勢將持續下去。

Looking further into 2021, we are excited to see a growing number of in-person events scheduled, yielding abundant opportunities for us to connect with the medical and aesthetic communities, as we bring our solutions to the market. Concurrently, with the upcoming launch of our women's health and wellness platform, we expect to introduce this technology to the women's health and wellness community later this year in order to build awareness and educate practitioners on the various medical applications available.

展望 2021 年，我們很高興看到越來越多的現場活動安排，在我們將解決方案推向市場的過程中，為我們提供了與醫學和美容界建立聯繫的大量機會。同時，隨著我們即將推出的女性健康和保健平台，我們預計將在今年晚些時候將這項技術引入女性健康和保健社區，以提高從業者的意識並就各種可用的醫療應用進行教育。

Furthermore, we will continue to recruit industry sales talent over the course of the year to fuel our ongoing growth. We are extremely proud of our North American team for all the hard work and dedication they put it on a daily basis. Their ability to execute and maintain a positive attitude during challenging times in the industry and our world has been extremely impressive, and we anticipate this trend to continue as we move forward.

此外，我們將在這一年中繼續招募行業銷售人才，以推動我們的持續增長。我們為我們的北美團隊每天的辛勤工作和奉獻精神感到非常自豪。他們在行業和我們的世界充滿挑戰的時期執行和保持積極態度的能力令人印象深刻，我們預計隨著我們的前進，這種趨勢將繼續下去。

Now let me hand over the call to Yair to review our financial results in detail. Yair?

現在讓我將電話轉交給 Yair，詳細審查我們的財務業績。耶爾？

Thanks, Shakil. Good day, everyone. Total revenue in the first quarter of 2021 increased 62% year-over-year to $65.5 million, with a gross margin of 85% on a GAAP basis. The increase in revenues was primarily attributable to continued strong demand for our platforms in the beginning of the new year, highlighting significant growth in each of our technologies, minimally invasive and subdermal ablative treatments grew 75%, hands-free platform increased by 33% and laser and noninvasive grew 68%. The growth in each of these technologies exemplifies how we've learned to adjust and operate in a world with COVID-19 and maintained growth across the board.

謝謝，沙基爾。今天是個好日子。 2021 年第一季度總收入同比增長 62% 至 6550 萬美元，按 GAAP 計算毛利率為 85%。收入的增長主要歸因於新年伊始對我們平台的持續強勁需求，突顯出我們每項技術的顯著增長，微創和皮下消融治療增長 75%，免提平台增長 33%，激光和無創增長了 68%。每一項技術的發展都體現了我們如何學會在 COVID-19 的世界中進行調整和運營，並保持全面增長。

In addition, international sales have increased dramatically year-over-year, as we successfully replicate our U.S. growth strategy on a global level. Geographically, we saw the highest growth rate in Asia and Europe, which increased by 273% and 63% year-over-year, respectively. Our capital equipment accounted for 88% of our revenue, while consumables and service revenue were 12%.

此外，隨著我們在全球範圍內成功複製我們的美國增長戰略，國際銷售額同比大幅增長。從地域上看，亞洲和歐洲的增長率最高，分別同比增長 273% 和 63%。我們的固定設備占我們收入的 88%，而消耗品和服務收入佔 12%。

GAAP operating expenses in the first quarter of 2021 totaled approximately $28.7 million, a 1.5% increase from the first quarter of 2020. Sales and marketing expenses increased 6.8% in the first quarter of 2021 compared to the first quarter of 2020.

2021 年第一季度 GAAP 運營費用總額約為 2870 萬美元，比 2020 年第一季度增長 1.5%。2021 年第一季度銷售和營銷費用比 2020 年第一季度增長 6.8%。

Stock based compensation decreased to $2.7 million in the first quarter of 2021 compared to $6.1 million in the first quarter of 2020. On a non-GAAP basis, operating expenses totaled approximately $26.2 million in the first quarter of 2021 compared to operating expenses of $22.3 million in the same quarter of 2020, an increase of 17.6%.

基於股票的薪酬從 2020 年第一季度的 610 萬美元減少到 2021 年第一季度的 270 萬美元。按非美國通用會計準則計算，2021 年第一季度的運營費用總額約為 2620 萬美元，而運營費用為 2230 萬美元與 2020 年同一季度相比，增長了 17.6%。

GAAP operating margin was 41% in the first quarter of 2021 compared to 15% in the first quarter of 2020. Non-GAAP operating margin in the first quarter of 2021 was 45% compared to 30% in the first quarter of 2020. This increase derived from the March 2020 interruption of the sales cycle by the COVID-19 outbreak and consequently marketing expenditure did not result in sales at the end of the first quarter of 2020.

2021 年第一季度的 GAAP 營業利潤率為 41%，而 2020 年第一季度為 15%。2021 年第一季度的非 GAAP 營業利潤率為 45%，而 2020 年第一季度為 30%。這一增長由於 2020 年 3 月 COVID-19 爆發中斷了銷售週期，因此營銷支出並未導致 2020 年第一季度末的銷售。

Also in the first quarter of 2021, marketing activities in the United States such as event and conference participation were still minimal due to public health restrictions prompted by the COVID-19 pandemic. And as a result, expenses were lower.

同樣在 2021 年第一季度，由於 COVID-19 大流行引發的公共衛生限制，美國的活動和會議參與等營銷活動仍然很少。結果，費用降低了。

GAAP diluted earnings per share in the first quarter of 2021 was $0.63 compared to $0.15 per diluted share in the first quarter of 2020.

2021 年第一季度 GAAP 稀釋後每股收益為 0.63 美元，而 2020 年第一季度為 0.15 美元。

Non-GAAP diluted earnings per share in the first quarter of 2021 was $0.69 compared to $0.30 per diluted share for the same quarter of 2020. We've completed the first quarter with a strong balance sheet.

2021 年第一季度非 GAAP 攤薄後每股收益為 0.69 美元，而 2020 年同期為 0.30 美元。我們在第一季度結束時擁有強勁的資產負債表。

As of March 31, 2021, the compound had cash and cash equivalents, marketable securities and deposits of $293.4 million. On a cash flow front, the company generated $24.8 million from operating activities for the first quarter of 2021.

截至 2021 年 3 月 31 日，該大院擁有現金和現金等價物、有價證券和存款 2.934 億美元。在現金流方面，該公司 2021 年第一季度的經營活動產生了 2480 萬美元的收入。

Lastly, I would like to highlight that this quarter, we have implemented additional metrics, including a breakdown of our revenue streams by geography, category and technology. This data is available in tables that accompany our filings. We believe that publishing this information will provide better transparency and will enhance investors' understanding of our business. With that I will turn the call back over to Moshe.

最後，我想強調的是，本季度，我們實施了額外的指標，包括按地域、類別和技術對我們的收入流進行細分。這些數據可在我們的文件隨附的表格中找到。我們相信，發布這些信息將提供更好的透明度，並增強投資者對我們業務的了解。有了這個，我會把電話轉回摩西。

Thank you, everybody. Thank you, Yair. Thank you, Shakil. Thank you, Miri. I believe now we have to start with the Q&A.

謝謝大家。謝謝你，亞爾。謝謝你，沙基爾。謝謝你，美里。我相信現在我們必須從問答環節開始。

(Operator Instructions) Our first question today will come from Matt Taylor with UBS.

（操作員說明）我們今天的第一個問題將來自瑞銀的馬特泰勒。

Congrats on a really nice outcome here in the quarter. So I appreciate you mentioned that March was a record month for the company. I was wondering if you could talk about any trends into the second quarter? And maybe just offer some views on how long you expect this elevated demand that we've been seeing from kind of the zoom boom or the pandemic lasting?

祝賀本季度取得了非常好的結果。所以我很感激你提到 3 月是公司創紀錄的月份。我想知道你是否可以談談第二季度的任何趨勢？也許只是就您預計我們從變焦熱潮或大流行病中看到的這種需求增加會持續多久發表一些看法？

Shakil, maybe you'll start from North America and then I will continue.

Shakil，也許你會從北美開始，然後我會繼續。

Sure, absolutely. Matt, so yes, I mean, I think, obviously, we expected some pent-up demand post pandemic, but I think based on what we've been able to do and accomplish with our -- we don't think it's really -- there's obviously a lot of good things going on with post-pandemic demand and patients wanting to get things done.

當然，絕對。馬特，所以是的，我的意思是，我認為，很明顯，我們預計大流行後會有一些被壓抑的需求，但我認為基於我們已經能夠做和完成的——我們認為這不是真的—— - 顯然，大流行後的需求和希望完成任務的患者正在發生很多好事。

But I do think that sticking to the core fundamentals of the business that we've always kind of followed is just nicely kind of added in as we've added on different new talent and develop some of the people that we -- when we went on our hiring frenzy. So I think it's kind of paid dividends moving forward.

但我確實認為，堅持我們一直遵循的業務核心基礎是很好的補充，因為我們已經增加了不同的新人才並培養了我們 - 當我們去的時候關於我們的招聘狂潮。所以我認為這是一種向前發展的支付紅利。

I do think that moving forward for the rest of the year, I think we do anticipate to see similar demand from patients. But again, I think it goes back to the fundamentals of InMode and how we've always kind of operated that we've just kind of put our heads down and kept doing what we do best. And I think that's why we've been able to continue to show such good growth.

我確實認為，在今年餘下的時間裡，我認為我們確實預計會看到患者的類似需求。但是，我認為這又回到了 InMode 的基本原理，以及我們一直以來的運作方式，我們只是低下頭，繼續做我們最擅長的事情。我認為這就是為什麼我們能夠繼續表現出如此良好的增長。

Matt, this is Moshe. Well, Apple was a very strong month internationally and also worldwide. I mean, usually, as you know, the second quarter is better than the first quarter as far as seasonality on this business, and we expect the second quarter to be strong as well.

馬特，這是摩西。好吧，Apple 在國際和全球範圍內都是一個非常強勁的月份。我的意思是，通常，如你所知，就這項業務的季節性而言，第二季度比第一季度好，我們預計第二季度也將表現強勁。

Although we have some countries worldwide, like Canada, India, some of the European countries, and of course, Latin America, Brazil and Mexico are not in a good shape.

儘管我們在全球範圍內有一些國家，如加拿大、印度、一些歐洲國家，當然還有拉丁美洲、巴西和墨西哥，情況並不好。

But I have to say that unlike March, April of 2020, people learn how to live with the COVID, and they don't stop seeing patients, doctors do not stop seeing patients and do not stop working in the clinic.

但我不得不說，與 2020 年 3 月、4 月不同，人們學會瞭如何與 COVID 一起生活，他們不會停止看病人，醫生不會停止看病人，也不會停止在診所工作。

So maybe it's a little bit slower than in certain countries than what we expected. But as I said, April was a good month, and we believe that, for example, in Europe, now they start to vaccinate on a full scale. Things will get better in May and June and the second quarter will be a good one as always.

因此，在某些國家/地區，它可能比我們預期的要慢一些。但正如我所說，四月是個好月份，我們相信，例如在歐洲，現在他們開始全面接種疫苗。 5 月和 6 月情況會好轉，第二季度將一如既往地好。

Got it. So I wanted to ask one about your sales force and the addition of these distributors. It seems like you continue to expand in North America. I was wondering if you could give us a more specific update there? And can you talk about the expansion to these additional countries' impressive OUS growth this quarter. Do you expect that to continue? And are you going to be adding any other countries this year?

知道了。所以我想問一個關於你的銷售隊伍和這些分銷商的問題。看起來你們在北美繼續擴張。我想知道您是否可以在那裡給我們提供更具體的更新？你能談談本季度這些額外國家令人印象深刻的 OUS 增長的擴展嗎？你希望這種情況繼續下去嗎？今年你打算增加任何其他國家嗎？

Well, yes, we are adding countries since the beginning of 2021, as I said in my talk, we added 10 new countries, relatively small countries because all the big countries are already covered. And all those small countries are being handled by 5 distributors, mainly in Europe, 1 country in Africa, another 1 country in the Middle East. We do not neglect them, although they are small countries, but we believe that if our presence will be covered -- now we are covering 63 countries -- 63 countries, including our subsidiary. In addition to that, as you know, we have bought out the partners in our joint venture company in China and also bid in the United K -- in the U.K.

嗯，是的，我們從 2021 年初開始增加國家，正如我在演講中所說，我們增加了 10 個新國家，這些國家相對較小，因為所有大國家都已經涵蓋在內。所有這些小國家都由 5 個分銷商處理，主要在歐洲，1 個非洲國家，另外 1 個中東國家。我們不會忽視他們，雖然他們都是小國，但我們相信，如果我們的存在將被覆蓋——現在我們正在覆蓋 63 個國家——63 個國家，包括我們的子公司。除此之外，如你所知，我們已經收購了我們在中國的合資公司的合作夥伴，並且還在英國競標——在英國。

So now these 2 subsidiaries are fully owned by us. That will enable us to invest more in these 2 countries since we are controlling the companies and the distribution. And we would like to add in all of our subsidiaries, more salespeople. The only subsidiary which is now a little bit stuck is India. Everybody know what's going on in India.

所以現在這兩家子公司是我們全資擁有的。這將使我們能夠在這兩個國家進行更多投資，因為我們控制著公司和分銷。我們想在我們所有的子公司中增加更多的銷售人員。現在有點卡住的唯一子公司是印度。每個人都知道印度發生了什麼。

We have a small subsidiary there, 6 people, but unfortunately, the situation in India right now, it's a standstill. Hopefully, within a month or 2, they will overcome it. We support them with any help that they need. We do not fire them or not lay them off because we want to keep the operation, we see a big potential there.

我們在那裡有一個小子公司，只有 6 個人，但不幸的是，印度目前的情況是停滯不前。希望在一兩個月內，他們會克服它。我們會提供他們需要的任何幫助。我們不會解僱他們或不解僱他們，因為我們想繼續運營，我們看到了巨大的潛力。

But in other countries, like in China and Korea, we're growing fast. As far as establishing additional subsidiaries, yes, we have a plan for another one in Europe, and maybe another one in Asia. Not sure if it will happen in the second quarter or the third quarter but this is something that we've planned to do.

但在其他國家，比如中國和韓國，我們發展得很快。至於建立額外的子公司，是的，我們計劃在歐洲再建一個，也許在亞洲再建一個。不確定它會在第二季度還是第三季度發生，但這是我們計劃做的事情。

Selling direct, right now most of our revenue coming from direct. I would say that if the international market cover $22 million out of the $65 million, $11 million came from direct operation and $11 million came from distributors. And we would like to increase the direct part as much as we can since when we sell direct, we recognize the full value, and we have a higher gross margin. That's the plan. Did I answer your question?

直接銷售，目前我們的大部分收入來自直接銷售。我想說，如果國際市場覆蓋 6500 萬美元中的 2200 萬美元，則 1100 萬美元來自直接運營，1100 萬美元來自分銷商。我們希望盡可能多地增加直接部分，因為當我們直接銷售時，我們承認全部價值，並且我們有更高的毛利率。這就是計劃。我回答你的問題了嗎？

Yes, that was great.

是的，那太好了。

Our next question will come from Kyle Rose, who is with Canaccord Genuity.

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

Congrats on a really strong quarter, everybody. I wanted to see if we could touch on one big picture question with respect to guidance. And then just a follow-on for first on the Shak's comments. On the big picture, you've obviously got major products launching this year. Empower, sounds like that's moved out a little bit from the Q2 into the Q3.

大家，祝賀一個非常強勁的季度。我想看看我們是否可以觸及一個關於指導的大局問題。然後是關於 Shak 評論的後續內容。從總體上看，您顯然今年推出了主要產品。 Empower，聽起來好像從第二季度移到了第三季度。

So maybe just help us understand what your guidance really contemplates from the contribution of new products in 2021? And how that mix shift of the technologies between MIS to hands-free will shift to include the new Empower platform?

那麼，也許只是幫助我們了解您的指南對 2021 年新產品貢獻的真正考慮是什麼？ MIS 與免提之間的技術混合轉變將如何轉變為包括新的 Empower 平台？

And then, Shak, you talked about really the post-sales support team helping drive consumables. Maybe just help us understand what that team looks like and kind of the contribution you can expect that focus to have moving forward on the consumable side of things?

然後，Shak，你真正談到了售後支持團隊幫助驅動消耗品。也許只是幫助我們了解該團隊的樣子以及您可以期望該重點在可消費方面取得進展的貢獻類型？

Shak, you can start.

沙克，你可以開始了。

Yes. So I'll start with the post sale, and then I'll hand it off to Moshe to handle some of the guidance related questions.

是的。所以我會從售後開始，然後我會把它交給 Moshe 來處理一些與指導相關的問題。

So yes, so we actually have 2 directors of acquiring operations who've done a phenomenal job putting together their teams. It's something that we couldn't roll out just all at once. It had to be something that was done nice and gradual. So as per my comments, our teams are fully now built out. We look to expand those as demand keeps on rising as consumable business keeps going. But I think that was a major driver for what we've been able to accomplish for them and their teams.

所以是的，所以我們實際上有 2 位收購業務主管，他們在組建團隊方面做得非常出色。這是我們不能一下子全部推出的東西。它必須做得很好，循序漸進。因此，根據我的評論，我們的團隊現在已經完全建立起來了。隨著消耗品業務的不斷發展，需求不斷上升，我們希望擴大這些業務。但我認為這是我們能夠為他們和他們的團隊取得成就的主要驅動力。

And it's -- again, the main thing that we're trying to do for our physicians and for our owners of our equipment is to basically provide them with the ability to try and pay off their units as soon as possible and generate the maximum amount of return on investment in the shortest period of time. We try not to promise anything crazy, but it is very important for us to try to do that. And in turn, just like anything else in life, if you do well on your first investment, you're going to reinvest.

而且它 - 再一次，我們試圖為我們的醫生和我們的設備所有者做的主要事情是基本上讓他們能夠嘗試盡快還清他們的單位並產生最大金額在最短的時間內收回投資。我們盡量不承諾任何瘋狂的事情，但嘗試做到這一點對我們來說非常重要。反過來，就像生活中的其他事情一樣，如果您在第一筆投資中表現出色，您就會進行再投資。

And we do have several physicians that are reinvesting with us because they're very happy with their first purchase and the support that they were given. Moshe, did you want to handle the guidance question for Kyle, please?

我們確實有幾位醫生對我們進行再投資，因為他們對第一次購買和獲得的支持非常滿意。 Moshe，你想為 Kyle 處理指導問題嗎？

Yes. The new guidance that we gave, $270 million to $280 million are mainly based on the existing portfolio. Even if we will launch the Empower in the third quarter, which we will, sometime at the end of the third quarter for the fourth quarter, we do not expect to sell many. Because when you launch a product, you do a soft launch and gradually, you increase the numbers of users, you want to make sure that everybody is well trained. You want to make sure that everybody know the protocols.

是的。我們給出的 2.7 億美元至 2.8 億美元的新指導主要基於現有投資組合。即使我們將在第三季度推出 Empower（我們將在第四季度第三季度末的某個時候推出），我們預計也不會賣出很多。因為當你發布一個產品時，你會進行軟啟動，然後逐漸增加用戶數量，你想確保每個人都接受過良好的培訓。你想確保每個人都知道協議。

We want to publish studies, continue to publish studies on the product. We want to introduce the product to luminary doctors. It's a process. It's not a consumer product. It's not file and forget. It's not something that you can put on the Internet, and then you get, I don't know, many millions of dollars of revenue. Every product that we launched in the U.S. first and then in Canada and then internationally, it's a gradual process, which we do it very carefully, to make sure that there was enough training centers, to make sure that there is enough doctors that can help other doctors to do the first treatment.

我們想發表研究，繼續發表關於產品的研究。我們想向杰出的醫生介紹該產品。這是一個過程。它不是消費品。這不是文件和忘記。它不是你可以放在互聯網上的東西，然後你會得到，我不知道，數百萬美元的收入。我們首先在美國推出的每一款產品，然後是加拿大，然後是國際，這是一個循序漸進的過程，我們非常小心地進行，以確保有足夠的培訓中心，確保有足夠的醫生可以提供幫助其他醫生先做治療。

So I don't anticipate a lot of revenue coming from the Empower in the fourth quarter, if we will launch it in the third quarter. But in 2022, hopefully, it will become one of our important platforms in our portfolio.

因此，如果我們在第三季度推出 Empower，我預計第四季度不會有很多收入。但希望到 2022 年，它將成為我們產品組合中的重要平台之一。

I mean, Kyle, sorry, just to add a little color on that, adding to what Moshe said. When it comes to Empower, we know that this market is a huge market.

我的意思是，Kyle，抱歉，我只是想在上面添加一點顏色，添加到 Moshe 所說的內容中。談到Empower，我們就知道這個市場是一個巨大的市場。

However, like everything we do at in mode, we like to appropriate -- we like to approach it very calculated.

然而，就像我們在模式中所做的一切一樣，我們喜歡適當——我們喜歡非常有計劃地接近它。

And we don't want to rush anything. So we're going to make sure that patients are going to be able to get exactly what they expect. Physicians are going to be able to get the patients that they are looking to treat and help change their lives.

我們不想倉促行事。因此，我們將確保患者能夠得到他們所期望的。醫生將能夠找到他們想要治療的患者，並幫助他們改變生活。

And it's a gigantic segment that has had a lot of eye off the ball for the last few years now. So I think we're -- like Moshe said, for 2022, I think we look at it as a very large potential. For this year, with the current products that we have, the minimally invasive, the hands-free and some of our traditional aesthetic. We have our hands full right now. So as we scale out and build out our sales force for the women's health and wellness, we do see some really good future upside, that I think we're going to be able to capitalize on.

這是一個巨大的細分市場，在過去幾年裡已經引起了很多關注。所以我認為我們 - 就像 Moshe 所說的那樣，對於 2022 年，我認為我們將其視為一個非常大的潛力。今年，我們現有的產品包括微創、免提和我們的一些傳統美學。我們現在忙得不可開交。因此，當我們擴大規模並擴大女性健康和保健的銷售隊伍時，我們確實看到了一些非常好的未來優勢，我認為我們將能夠利用這些優勢。

Okay. That's very helpful. And then just my last question was, I appreciate the updates as far as system placements, obviously making good progress there. Can you maybe just give us an update on the U.S. installed base, you've seen the really strong demand for consumables and procedures, both in your business, but then the broader aesthetics market, how much of those -- of that 4,050 account base in the U.S. is -- own multiple machines? How much of that is like core versus "noncore physicians?" Just trying to really understand that, particularly as you launch these products that are going to expand into additional medical specialties.

好的。這很有幫助。然後我的最後一個問題是，我很欣賞系統佈局方面的更新，顯然在那裡取得了很好的進展。你能不能給我們介紹一下美國安裝基礎的最新情況，你已經看到了對消耗品和程序的真正強勁需求，無論是在你的業務中，還是在更廣泛的美容市場，其中有多少 - 在 4,050 個客戶群中在美國是——擁有多台機器？其中有多少類似於核心醫生與“非核心醫生”？只是想真正理解這一點，特別是當您推出這些將擴展到其他醫學專業的產品時。

Sure. Yair, did you want to chime in on that?

當然。 Yair，你想插話嗎？

Sure. So we have 4,250 units installed. I would say about 20% of our accounts has more than 1 system.

當然。所以我們安裝了 4,250 台。我會說我們大約 20% 的賬戶擁有不止 1 個系統。

And most of them, I can comfortably say that they are core physicians.

他們中的大多數，我可以輕鬆地說他們是核心醫生。

Our next question will come from Jeff Johnson with R.W. Baird.

我們的下一個問題將來自 Jeff Johnson 和 R.W. Baird。

This is Dane on for Jeff. My first one is kind of piggy backing off Matt earlier. Just wondering if you can provide a little bit more insight kind of on the gaining of revenue over the remainder of this year.

這是傑夫的丹麥人。我的第一個是早些時候對 Matt 的小豬支持。只是想知道您是否可以提供更多有關今年剩餘時間收入的見解。

I mean even if we kind of assume fairly stable sequential revenue in 2Q versus 1Q, which I know Moshe mentioned 2Q is seasonally higher, that even implies kind of year-over-year revenue growth of 5% to 10% in the back half of this year, if my math is right. So obviously, we know 3Q recovered very quick and 4Q last year saw strong growth as well. But is that 5% to 10% growth kind of the way to think about the second half for now? Or is that a little bit of conservatism applied in there?

我的意思是，即使我們假設第二季度的連續收入與第一季度相比相當穩定，我知道 Moshe 提到第二季度季節性較高，這甚至意味著下半年收入同比增長 5% 至 10%今年，如果我的數學是正確的。很明顯，我們知道第三季度恢復得非常快，去年第四季度也出現了強勁增長。但現在考慮下半年的增長是 5% 到 10% 嗎？還是在其中應用了一點保守主義？

The 5% to 10% -- the 5% to 10% is not exactly the right way to look at it. Because if you think about it, in the second half of 2020, there was a lot of pent-up demand following the 3 months of the ban of electric procedures that we had in the U.S. between March, mid-March to June -- all the way to June. So a lot of the business that was supposed to happen during this quarter was pushed out to the second half of the year. So I'm not sure if to look at the second half of the year, it's the right way to analyze our business, it will be better to look at the full year picture. It will give you a better indication of what the growth would look like. Does that make sense?

5% 到 10% -- 5% 到 10% 並不是正確的看待方式。因為如果你想一想，在 2020 年下半年，在我們在 3 月、3 月中旬到 6 月期間美國實施了為期 3 個月的電子程序禁令之後，有很多被壓抑的需求——所有去六月的路。所以很多本該在這個季度完成的業務都被推到了下半年。所以我不確定是否要看下半年，這是分析我們業務的正確方法，看全年的情況會更好。它會讓您更好地了解增長情況。那有意義嗎？

Let me -- this is Moshe. Let me add to it. We have seasonality in our business. Of course, the fourth quarter is the strongest one, but the third quarter is a summertime. And in the summer time, certain territories are totally closed, like Europe and some others. And therefore, I said the second quarter is better than the first one, but the third quarter was slower.

讓我——這是摩西。讓我補充一下。我們的業務有季節性。當然，第四節是最強的，但第三節是夏季賽。在夏季，某些地區完全關閉，例如歐洲和其他一些地區。因此，我說第二季度比第一季度好，但第三季度更慢。

2020 was not a typical year at all. So we cannot determine the seasonality based on 2020. 2020, the third quarter was strong because nobody -- everybody was locked down for 3 months, and they wanted to go to work instead of going vacationing on the summertime.

2020 年根本不是典型的一年。所以我們無法根據 2020 年確定季節性。2020 年第三季度表現強勁，因為沒有人——每個人都被封鎖了 3 個月，他們想去工作而不是在夏季度假。

And therefore, I hope that 2021, hopefully, once the COVID will disappear, will start to be more typical year.

因此，我希望 2021 年，希望 COVID 消失後，將開始成為更典型的一年。

What I said is that the second quarter is better than the first one. This is typically what happened in the aesthetic market. Now the $270 million to $280 million, this is what we see right now based on visibility that we have. And just to remind everybody that we don't have backlog. It's not a backlog company. We don't have the backlog for the second quarter.

我說的是第二季比第一季好。這通常是美容市場上發生的事情。現在是 2.7 億美元到 2.8 億美元，這是我們現在根據我們所擁有的知名度所看到的。只是提醒大家，我們沒有積壓。它不是積壓的公司。我們沒有第二季度的積壓。

Everything that we sell in the second quarter come on the second quarter. It's not something that we have a backlog and we start the quarter with that amount of U.S. dollars as far as revenue. I hope that it's more clarifying it now.

我們在第二季度銷售的所有產品都會在第二季度上市。這不是我們有積壓的事情，我們在本季度開始時就收入而言是那麼多美元。我希望它現在更清楚了。

Yes. That was very helpful. And then my second question was just kind of be from a geographic perspective, following up there. Just wondering if you can provide any details on markets that you think could be probably the most meaningful growth drivers for this year and then maybe even into next?

是的。這很有幫助。然後我的第二個問題只是從地理角度出發，跟進那裡。只是想知道您是否可以提供您認為可能是今年乃至明年最有意義的增長驅動力的市場的任何細節？

Okay. That's a good question. Well, one of the most important driver on the international market is the regulation per country. I'm sure you know that in the United States, there's one regulatory body, which is the FDA, but internationally, we're dealing in any given time with 27 different regulatory bodies, all the way from ANVISA in Brazil to CFDA in China.

好的。這是個好問題。好吧，國際市場上最重要的驅動力之一是每個國家/地區的法規。我相信你知道，在美國，只有一個監管機構，即 FDA，但在國際上，我們在任何特定時間都與 27 個不同的監管機構打交道，從巴西的 ANVISA 到中國的 CFDA .

Now we submit approval for all of our platforms, but it takes some time. ANVISA, it's the longest one in Brazil. China is becoming a very long process. I can tell you right now, in China, we have only 3 out of our 9 platforms already been approved. And we're working on the other six, how long it will take, we don't know. In ANVISA, the same, 3 out of the 9, and we continue to submit studies and application and all kind of tests that they require. Once this is -- once the regulation is clear per country then you open additional market. It's not just territory. Even if you have the territory, it depends how big is your portfolio in this country.

現在我們提交所有平台的批准，但這需要一些時間。 ANVISA，它是巴西最長的。中國正在成為一個非常漫長的過程。我現在可以告訴你，在中國，我們的 9 個平台中只有 3 個已經獲得批准。我們正在研究其他六個，需要多長時間，我們不知道。在 ANVISA 中，9 個中有 3 個是一樣的，我們繼續提交研究和申請以及他們要求的各種測試。一旦這是 - 一旦每個國家/地區的法規明確，那麼您就可以打開額外的市場。這不僅僅是領土。即使你有地盤，也要看你在這個國家的投資組合有多大。

So the 3 growth drivers that we have internationally right now that most of the big countries are already covered, is regulation, okay?

所以我們目前在國際上擁有的 3 個增長動力，大多數大國已經涵蓋，監管，好嗎？

And second, establishing a very -- what we need is a base of luminary doctors that will use the system and training centers for other doctors. That takes time, exactly the same process like we did in the United States.

其次，建立一個非常——我們需要的是一個傑出醫生基地，該基地將使用該系統和培訓其他醫生的中心。這需要時間，與我們在美國所做的過程完全相同。

What I said in my talk is we believe that the international market, percentage-wise will grow faster than the U.S. market. Because in the U.S. market, we started in 2015. Once we got the first FDA on the international market, we started 3 years later, basically. We saw here and there, but we started to invest money 3 years later. And right now, our OUS versus U.S. is 66% versus 33%.

我在演講中所說的是，我們相信國際市場的百分比增長速度將快於美國市場。因為在美國市場，我們是從2015年開始的。一旦我們在國際市場上獲得第一個FDA，我們基本上是在3年後開始的。我們到處看到，但 3 年後我們開始投資。而現在，我們的 OUS 與美國的比例分別為 66% 和 33%。

I believe that within 2 years, it will be %60, %40.

我相信在 2 年內，它會是 %60，%40。

Okay. Just wondering, are there any specific countries that maybe you haven't touched on earlier before that we could see kind of additional growth coming from?

好的。只是想知道，是否有任何特定的國家可能是您之前沒有接觸過的，我們可以看到來自這些國家的額外增長？

Yes. There's 4 countries which we believe in 2021 will deliver well for us. China, Korea, Brazil and hopefully, Germany.

是的。我們相信有 4 個國家在 2021 年會為我們帶來良好的表現。中國、韓國、巴西，希望還有德國。

These are slow countries in 2020. And I hope that in 2021, they will deliver better. We invest heavily on those 4 countries because there was a big market there.

這些國家在 2020 年進展緩慢。我希望在 2021 年，他們會表現得更好。我們在這 4 個國家投入了大量資金，因為那裡有很大的市場。

(Operator Instructions) Our next question will come from Asaf Barel Chandali, who's with Oppenheimer.

（操作員說明）我們的下一個問題將來自奧本海默的 Asaf Barel Chandali。

And again, congratulations on the exceptional performance. So I guess, kind of echoing other people's statements, we appreciate the high level of disclosure on the segment reporting. Staying here on international, we know it takes some time on some of the approval in other regions, and you made it very clear that Brazil and China are particularly challenging, but hands-free remains a very small portion of the international business, what kind of opportunities you guys see over the long-term in introducing some of the hands-free products?

再次祝賀您的出色表現。所以我想，有點呼應其他人的說法，我們讚賞分部報告的高水平披露。留在國際上，我們知道其他地區的一些批准需要一些時間，你說得很清楚巴西和中國特別具有挑戰性，但免提仍然是國際業務的一小部分，什麼樣的你們在推出一些免提產品方面看到了長期的機會嗎？

Okay. Thank you. Thank you for the question, Asaf.

好的。謝謝。謝謝你的問題，阿薩夫。

Yes, you're right. The hands-free devices are not yet penetrated on the international market. And the reason for that is that in 2020, the international market all the way from South America, Asia and Europe were hit heavily by the corona. And we have decided internally, not to launch this product, the hands-free product in this country and spend the marketing money that we wanted because we felt like it's not -- the timing is not good.

你是對的。免提設備尚未進入國際市場。而其原因在於，2020年，從南美、亞洲、歐洲一路走來的國際市場都受到了新冠病毒的重創。我們已經在內部決定，不在這個國家推出這款免提產品，也不會花費我們想要的營銷資金，因為我們覺得這不是——時機不對。

Right now, we're starting to do it again. And we take it into the countries. The Evoke and Evolve are not yet approved in most of the countries in Europe, Asia and also in South America, we're in the process. For example, in China and Brazil, our 2 main markets, it's not yet approved, but it's in the process. In other countries, it's already been approved. In Europe, only part of it is approved, and we're still waiting for the approval of the others.

現在，我們又開始這樣做了。我們將其帶入各個國家。 Evoke 和 Evolve 尚未在歐洲、亞洲和南美洲的大多數國家/地區獲得批准，我們正在處理中。例如，在我們的兩個主要市場中國和巴西，它尚未獲得批准，但正在審批中。在其他國家，它已經獲得批准。在歐洲，只有一部分獲得批准，我們還在等待其他人的批准。

But once we get the approval country by country, if the opportunity will present itself as far as the status of the COVID, we will launch the platforms, these 2 platforms, Evoke and Evolve.

但是，一旦我們逐個國家獲得批准，如果有機會就 COVID 的狀態展示自己，我們將啟動平台，這兩個平台，Evoke 和 Evolve。

And hopefully, it will be the same success like in the United States. But the delay was made because of the situation of the COVID. And because of the decision we made, not to spend the marketing money that we had budgeted for the Evoke and Evolve on the international market because we felt like that we will spend the money, but the acceptance will not be as high as we want.

希望它能像在美國一樣取得成功。但是延遲是由於 COVID 的情況造成的。而且由於我們做出的決定，不將我們為 Evoke 和 Evolve 預算的營銷資金花在國際市場上，因為我們覺得我們會花這筆錢，但接受度不會像我們想要的那麼高。

Okay. Great. That's very clear. It's helpful. And this is a pretty broad question. But I imagine it will become of kind of increasing importance as we move forward.

好的。偉大的。這很清楚。這很有幫助。這是一個相當廣泛的問題。但我想隨著我們的前進，它會變得越來越重要。

The company has demonstrated very clearly that it knows how to develop technology for the medical aesthetics market and deliver very strong sales performance on it.

該公司已經非常清楚地表明，它知道如何為醫學美容市場開發技術並在該市場上實現非常強勁的銷售業績。

How should we be thinking about your approach to the nonaesthetics market, whether it be in terms of the target kind of use cases, how you've gone about selecting them, maybe if there are any kind of critical differences in your sales approach? And just any color there on how you guys would be looking to execute it.

我們應該如何考慮您對非美學市場的方法，無論是在目標用例類型方面，您是如何選擇它們的，也許您的銷售方法是否存在任何重大差異？以及你們希望如何執行它的任何顏色。

Spero, I think this question is for you. Can you answer that?

斯佩羅，我想這個問題是給你的。你能回答嗎？

Sure. My understanding is, so your question is how we're approaching the nonaesthetic market. Is that your question?

當然。我的理解是，所以你的問題是我們如何進入非美容市場。那是你的問題嗎？

Yes.

是的。

So I want to bring up a reminder that a large part of InMode's sales force came from Cynosure. Shak had actually commented on that in a little more detail and gave some color. That's important because both Shak and I worked with Cyno back in the day and with the launch of MonaLisa at that time, a large part of the sales force is really comfortable and used to actually sign that product in women's health.

所以我想提醒一下，InMode 的很大一部分銷售人員來自 Cynosure。實際上，Shak 對此進行了更詳細的評論，並給出了一些顏色。這很重要，因為 Shak 和我都曾與 Cyno 一起工作過，當時隨著 MonaLisa 的推出，很大一部分銷售人員真的很舒服，並且習慣於在女性健康產品上簽名。

So Shak, you certainly talked about that part. But as far as the KOLs and the network we've put together to go into that, it's very different than aesthetics. You need some real heavy-duty research because the aspects of what we're trying to accomplish are not aesthetic or more functional like SUI and stuff like that.

所以Shak，你當然談到了那部分。但就 KOL 和網絡而言，我們將它們放在一起進行研究，這與美學有很大不同。你需要一些真正的繁重的研究，因為我們試圖完成的方面不像 SUI 那樣美觀或更實用。

So about 2, 3 years ago, 2 years ago when all the issues happened with the FDA, Moshe and the whole team doubled down on their studies instead of running for the gates. And that's what you're going to see coming out this year is the benefit of doing that.

所以大約 2、3 年前，2 年前，當 FDA 發生所有問題時，Moshe 和整個團隊加倍研究他們的研究，而不是奔赴大門。這就是你今年將看到的是這樣做的好處。

So investing in the studies, investing in the research and accomplishing things, we believe, we feel very strongly about moving forward is going to be a combination of that. So a very strong KOL network that's already in place. And I think top-notch. And an experienced sales force that's already done women's health and wellness in the past. Shak, you might want to give a little color on that.

因此，投資於研究、投資於研究和完成事情，我們相信，我們非常強烈地認為向前邁進將是這兩者的結合。因此，一個非常強大的 KOL 網絡已經到位。而且我認為是一流的。以及一支經驗豐富的銷售隊伍，過去曾從事過女性健康和保健方面的工作。沙克，你可能想給它一點顏色。

Yes. So very good question. I think the main thing to understand is that we've always -- although our consumable growth has been impressive and it's continuing, and we will continue to do that, we've always been a capital equipment company. And as long as we can provide physicians with treatments that patients are seeking, whether it's aesthetics or it's medical that our cash pay payments or treatments, sorry. We know how to position that side of the business and how to basically help physicians generate additional revenue and income.

是的。非常好的問題。我認為要了解的主要事情是我們一直 - 儘管我們的消耗品增長令人印象深刻並且還在繼續，我們將繼續這樣做，但我們一直是一家資本設備公司。只要我們能夠為醫生提供患者正在尋求的治療，無論是美學還是醫療，我們的現金支付或治療，對不起。我們知道如何定位這方面的業務，以及如何從根本上幫助醫生產生額外的收入和收入。

So when you look at what's going on with reimbursements and managed care medicine, there hasn't been 1 year for, I don't know, how many years where reimbursements haven't stayed the same or gone down. Meanwhile, people have their overhead and expenses, staying the same or if not right now, increasing.

所以當你看看報銷和管理式醫療的情況時，我不知道有多少年報銷沒有保持不變或下降。與此同時，人們的間接費用和支出保持不變，或者如果不是現在，則會增加。

And so I think as long as that still stays in place and things don't change on that end, which I don't foresee any of that happening, we're always going to have a place to be able to get in, help some of these physicians generate additional revenue to their businesses and to their practices. And at the same time helping patients achieve certain things that they want to do.

所以我認為只要它仍然存在並且事情不會改變，我預計不會發生任何事情，我們總會有一個地方可以進入，幫助其中一些醫生為其業務和實踐帶來額外收入。同時幫助患者實現他們想做的某些事情。

So whether it's in the GYN market or the ophthalmology market or wherever we're going. We have a very good understanding of how to distribute this equipment. That's not an issue. It's a plug-and-play with everything else that we do right now, but I think like Spero said, a lot of it and like Moshe said earlier, a lot of this is going to come down to building some awareness in terms of procedures and what type of treatment options that you can get out there. And we also have an expertise in that.

因此，無論是在 GYN 市場還是眼科市場，或者我們要去的任何地方。我們非常了解如何分發此設備。那不是問題。這是我們現在所做的所有其他事情的即插即用，但我認為就像 Spero 所說的那樣，其中很多，就像 Moshe 早些時候所說的那樣，其中很多將歸結為在程序方面建立一些意識以及您可以獲得哪些類型的治療方案。我們在這方面也有專長。

So frankly, it's different. I'm not going to say they're identical, it's different, but it is a plug and play. And it's not our first time doing it because we have experience with that from previous products at previous companies.

坦率地說，這是不同的。我不會說它們是相同的，它是不同的，但它是即插即用的。這不是我們第一次這樣做，因為我們在以前公司的以前的產品中有過這樣的經驗。

Okay. Great. That's very helpful. Last question on my end. The company has done really an exceptional job selling and kind of executing, performing throughout COVID. I'll just once again point out kind of some of the other medical aesthetics comps maybe struggling on a relative basis. What is the company doing in terms of online sales presence that maybe can carry through post-COVID?

好的。偉大的。這很有幫助。我這邊的最後一個問題。該公司在整個 COVID 期間的銷售和執行方面確實做得非常出色。我只是再次指出其他一些醫學美學組合可能會在相對基礎上苦苦掙扎。就可能可以在 COVID 後進行的在線銷售業務而言，公司正在做什麼？

Yes. So I discussed InMode University. Obviously, it's a platform that we have, which not only helps train our people internally, but it also provides physicians with updated techniques and tips and things that they can actually apply to their practices. So as much as I would prefer to stay away from talking about other comps because I think we kind of stand out in our own way.

是的。所以我討論了 InMode 大學。顯然，這是我們擁有的一個平台，它不僅有助於在內部培訓我們的員工，而且還為醫生提供更新的技術和技巧以及他們可以實際應用到他們的實踐中的東西。因此，儘管我更願意遠離談論其他組合，因為我認為我們有點以自己的方式脫穎而出。

I think from our perspective, the way we look at this is it's actually back to business as usual pre-COVID in terms of our approach and how we're actually targeting and marketing to doctors. So we've made some changes to obviously cater to the new world, as you might call it. But at the same time, I do think it's very important to note that we are now seeing business and activity getting back to exactly or very similar to what it was beforehand. So the online stuff we've obviously been able to do, like I said, with InMode University and getting that out there, and we invested in that platform, of course, and it's paid off very well.

我認為從我們的角度來看，我們看待這個問題的方式實際上是在我們的方法以及我們如何實際定位和營銷醫生方面恢復到 COVID 之前的正常業務。所以我們做了一些改變，顯然是為了迎合新世界，正如你所說的那樣。但與此同時，我認為非常重要的一點是，我們現在看到業務和活動正在恢復到與之前完全或非常相似的狀態。所以我們顯然已經能夠做的在線事情，就像我說的那樣，通過 InMode University 並將其推廣到那裡，我們當然投資了那個平台，並且得到了很好的回報。

But you now have things, and I mentioned in my script, but in-person meetings and events, those things are starting to happen almost like back to business is regular, right? Different things that we're doing. And just keeping people safe when we do have crowds of people.

但是你現在有一些事情，我在我的劇本中提到過，但是面對面的會議和活動，這些事情開始發生，幾乎就像恢復正常一樣，對吧？我們正在做的不同的事情。當我們確實有人群時，只是保證人們的安全。

We've taken all these kind of precautions in terms of how we actually implement it into the business and our business world. So I think that's helped out, and we'll see it continue that way. And again, we'll continue to assimilate as things change.

就我們如何將其實際實施到業務和我們的商業世界而言，我們已經採取了所有這些預防措施。所以我認為這有所幫助，我們會看到它繼續這樣下去。再一次，隨著事情的變化，我們將繼續同化。

Yes. And another reason why we're successful now post-COVID, is the way we treated all of our employees worldwide. Some of our competitors without mentioning name, when the crisis started, decided to save money by firing their salespeople, R&D people and others because they said they don't know what will happen. We decided differently. We decided that we want to keep everybody as a family, even if it will cost us money. And even if for 3 months, we did not sell.

是的。我們現在在 COVID 之後取得成功的另一個原因是我們對待全球所有員工的方式。我們的一些未提及姓名的競爭對手在危機開始時決定通過解僱他們的銷售人員、研發人員和其他人來節省資金，因為他們說他們不知道會發生什麼。我們的決定不同。我們決定要讓每個人都像家人一樣，即使這會花費我們很多錢。即使 3 個月，我們也沒有出售。

But we continued to work, as Shakil said, on training on the InMode University. We continued to develop products. We continued to train the sales team and the doctors on a virtual way. And we waited to see what will happen. And once the crisis on June last year, start to show some endpoint, it was like a bullet train. Everybody run to the market and capture market share, while the other competitors or what you call the comp start to hire people and retrain them and lose another 3 months. I think that was a very good and important decision in the United States made by Shakil and supported by myself. And it's -- and the payback, we see the payback post-COVID in a big way.

但正如 Shakil 所說，我們繼續致力於 InMode 大學的培訓。我們繼續開發產品。我們繼續以虛擬方式培訓銷售團隊和醫生。我們等著看會發生什麼。一旦去年 6 月的危機開始顯示出一些終點，它就像一列子彈頭列車。每個人都奔向市場並奪取市場份額，而其他競爭對手或您所說的競爭者開始僱用人員並重新培訓他們，又損失了 3 個月。我認為這是沙基爾在美國做出的、我本人支持的一個非常好的、重要的決定。而且它——以及回報，我們在很大程度上看到了 COVID 後的回報。

Okay. Great. Yes. Really, a credit to you guys, really the whole team for pulling through the -- a very difficult period with that.

好的。偉大的。是的。真的，感謝你們，真的是整個團隊度過了一段非常困難的時期。

Appreciate that. Thank you.

感謝。謝謝。

Our next question will come from [Stephen Kay] with Steve K Financial.

我們的下一個問題將來自 [Stephen Kay] 和 Steve K Financial。

One of your users in the United States is called the Rose Clinic. And it looks like they're -- they've got some kind of a dual approach in helping some of their clients. There's a product called Renuvion skin tightening. That they're using with Morpheus8, do you have a product like the Renuvion that could compete with them so that you are capturing that -- both processes that are being offered to their clients or patients?

您在美國的一位用戶叫做 Rose Clinic。看起來他們 - 他們在幫助他們的一些客戶時採用了某種雙重方法。有一種產品叫做 Renuvion 緊緻肌膚。他們正在與 Morpheus8 一起使用，您是否有像 Renuvion 這樣的產品可以與他們競爭，以便您捕捉到這一點——這兩個過程都提供給他們的客戶或患者？

Yes, we actually do, do that. I'll let Dr. Theodorou comment on that a little further here.

是的，我們確實這樣做了。我會讓 Theodorou 博士在這裡進一步評論一下。

So radiofrequency is what we specialize in, of course, and our BodyTite platform is our star product, right, which we started off with and what our patents protect, which is bipolar radiofrequency. The biggest differentiator here is you're able to control the temperature, acquire it and control it and taking that energy and causing skin tightening and contraction for tightening.

所以射頻是我們的專長，當然，我們的 BodyTite 平台是我們的明星產品，對，我們開始使用它，我們的專利保護的是雙極射頻。這裡最大的區別是你能夠控制溫度，獲得它並控制它並吸收能量並導致皮膚收緊和收縮以收緊。

So of course, there are other companies that are trying to do the same and following that line. But unfortunately, when you don't have an endpoint and a temperature, scientific temperature that you know that you're getting tightening, you're basically all over the place.

所以當然，還有其他公司正在嘗試做同樣的事情並遵循這條路線。但不幸的是，當你沒有終點和溫度，你知道你正在收緊的科學溫度時，你基本上到處都是。

So there's definitely -- when you're in the front and you're leading and you're putting a lot of effort into research, there are going to be companies that are trying to come after us to try and duplicate that sort of thing. So very different product from ours in that respect.

所以肯定有 - 當你處於領先地位並且你正在領導並且你正在投入大量精力進行研究時，將會有一些公司試圖在我們之後嘗試並複制那種東西.在這方面與我們的產品截然不同。

So not necessarily what I would recommend for my patients because I'm also a practicing plastic surgeon. So to answer your question certainly, that company, interesting product, but they have a long way to go to catch up with what 10 years of research we put in place to accomplish what we needed to do.

所以不一定是我會推薦給我的病人，因為我也是一名執業整形外科醫生。所以肯定地回答你的問題，那家公司，有趣的產品，但他們還有很長的路要走，才能趕上我們為完成我們需要做的事情而進行的 10 年研究。

Okay. One follow-up, if I may.

好的。一個後續行動，如果可以的話。

The pharmaceutical companies are advertising heavily and have been doing so for some years directly to the public with the apparent result or hoped for result being that those patients will then go to their doctors and say, do you have such and such a drug that you can -- I saw advertised on TV. It looks like it's a great drug.

製藥公司大量做廣告，多年來一直直接向公眾做廣告，其明顯的結果或希望的結果是，這些患者會去看他們的醫生，說，你有這樣的藥物嗎？ -- 我在電視上看到廣告。看起來這是一種很棒的藥物。

Has that type of marketing to drive sales to your physicians been considered?

是否考慮過這種類型的營銷來推動對您的醫生的銷售？

Yes. Great question, Steve. So we're never -- if you look at our balance sheet, we're never going to be that company that's going to spend more than what we make, right? That's just -- it's the fundamental DNA of our company. However, we do -- if you look at some of the celebrity endorsers that we've had in the past, Paula Abdul, some of the other organic ways of now using social media to really grow the business and doing that for our physicians is definitely a big part of what I mentioned earlier with the post-sale support team, they're all over that. So we definitely do take an approach. Again, we're not going to be the company to go out and spend more than what we can make throwing all kinds of money into advertisements and this and that. But I do think that we've done a -- we've spent a lot of time actually looking into those types of things and how we can effectively get direct-to-consumer in the smartest and quickest ways possible.

是的。好問題，史蒂夫。所以我們永遠不會——如果你看一下我們的資產負債表，我們永遠不會成為支出超過收入的公司，對吧？那隻是 - 這是我們公司的基本 DNA。然而，我們確實這樣做了——如果你看看我們過去的一些名人代言人，Paula Abdul，現在使用社交媒體真正發展業務並為我們的醫生做的其他一些有機方式是絕對是我之前提到的售後支持團隊的重要組成部分，他們都在做這件事。所以我們肯定會採取一種方法。再一次，我們不會成為一家出去花更多錢的公司，把各種各樣的錢投入廣告等等。但我確實認為我們已經做了 - 我們花了很多時間實際研究這些類型的事情以及我們如何能夠以最聰明和最快的方式有效地直接面向消費者。

So I think we've looked at some of our options that we have, and we've started to utilize them. And if you look at what we talked about through our consumable growth, the reason it's doubling and tripling over time is simply because we are starting to apply some of these things in there. Does that answer your question?

所以我認為我們已經研究了我們擁有的一些選擇，並且我們已經開始利用它們。如果你看看我們通過消耗品增長談論的內容，它隨著時間的推移翻了一番和三倍的原因僅僅是因為我們開始在那裡應用其中的一些東西。這是否回答你的問題？

Yes, it does. With 10 million Americans turning 65 every day, it seems like your market has got a long ways to go.

是的，它確實。每天有 1000 萬美國人年滿 65 歲，看來您的市場還有很長的路要走。

We hope so, Steve.

我們希望如此，史蒂夫。

Well. I think it's important, just to add some color here. The holy grail of plastic surgery is the ability to tighten skin without causing scars. And there's no one that's gone farther along that path. We're not there yet, but we're further along than anyone else.

出色地。我認為這很重要，只是在這裡添加一些顏色。整形手術的聖杯是能夠在不造成疤痕的情況下收緊皮膚。沒有人在這條道路上走得更遠。我們還沒有到那一步，但我們比任何人都走得更遠。

So that's something that -- that's a take-home message as to where we're heading and what we've done so far, and that's why it's resonating so well with physicians. And especially to your marketing question, we allow the physicians -- when you have a good product and the patients like it and they're getting results, they push it out on their own social media and on their own channels. And that's a lot more effective because, first, it's true. And second, it saves us money in many ways because we allow our customers to speak for us. So going down the road of a huge budget for consumer marketing, certainly, companies have done it successfully.

所以這就是 - 這是關於我們前進的方向和我們到目前為止所做的事情的帶回家的信息，這就是為什麼它在醫生中引起如此大的共鳴。特別是對於你的營銷問題，我們允許醫生——當你有一個好的產品並且患者喜歡它並且他們得到了結果時，他們會在他們自己的社交媒體和他們自己的渠道上推出它。這更有效，因為首先，這是真的。其次，它在很多方面為我們節省了資金，因為我們允許客戶為我們說話。因此，在為消費者營銷投入巨額預算的道路上，當然，公司已經成功地做到了。

But I think that getting an organic base and foundation of what we're doing, so adoption is actually quite effective. So we're quite content with that.

但我認為，獲得我們正在做的事情的有機基礎和基礎，所以採用實際上是非常有效的。所以我們對此非常滿意。

And more credible, too, I would add.

我還要補充一點，而且更可信。

Ladies and gentlemen, this will conclude our question-and-answer session. I'd like to turn the conference back over to Moshe Mizrahy, CEO, for any closing remarks.

女士們，先生們，我們的問答環節到此結束。我想將會議轉回給首席執行官 Moshe Mizrahy，聽取任何閉幕詞。

Thanks again, thank you all for joining our first quarter earnings call. I want to thank to all of our employees worldwide.

再次感謝，感謝大家參加我們的第一季度財報電話會議。我要感謝我們在全球的所有員工。

They help us to achieve what we have -- what we're achieving quarter-over-quarter. I also want to thank our investors for the trust they're giving us. I hope that we will continue to please them and to deliver what they expect. I want to thank my management team with me on the line today who participate in the call and helped to facilitate that.

他們幫助我們實現我們所擁有的——我們每季度都在實現的目標。我還要感謝我們的投資者給予我們的信任。我希望我們將繼續取悅他們並提供他們所期望的。我要感謝今天與我一起在線的我的管理團隊，他們參與了電話會議並幫助促成了這一會議。

I want to see all of you again in August, in the second quarter earnings call, which probably will be on the first week of August. Thank you for everything.

我想在 8 月的第二季度財報電話會議上再次見到你們所有人，這可能會在 8 月的第一周舉行。謝謝你為我做的一切。

Now I will turn it to the operator.

現在我會把它交給接線員。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。