Inmode Ltd (INMD) 2020 Q4 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good day, and welcome to the InMode Ltd.

    美好的一天,歡迎來到 InMode Ltd.

  • Fourth Quarter and Full Year 2020 Conference Call.

    2020 年第四季度和全年電話會議。

  • (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。

  • Miri Segal-Scharia - CEO

    Miri Segal-Scharia - CEO

  • 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 Fourth Quarter and Full Year 2020 Financial Results Conference Call.

    歡迎大家參加 InMode 的第四季度和 2020 年全年財務業績電話會議。

  • With us on the line today are Mr. Moshe Mizrahy, Chairman of the Board and CEO; Dr. Michael Kreindel, Co-Founder and CTO; Mr. Yair Malca, CFO; Dr. Spero Theodorou, CMO; and Mr. Shakil Lakhani, President of InMode North America.

    今天和我們一起在線的是董事會主席兼首席執行官 Moshe Mizrahy 先生; Michael Kreindel 博士,聯合創始人兼首席技術官;首席財務官 Yair Malca 先生;首席營銷官 Spero Theodorou 博士;和 InMode 北美總裁 Shakil Lakhani 先生。

  • 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.

    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。

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

    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大不相同。

  • 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。

  • Moshe will begin the call with the business update and turn it over to Shakil Lakhani, InMode's President of North America to discuss our North American operations, followed by Yair Malca, InMode's CFO with an overview of the financials.

    Moshe 將以業務更新開始通話,然後將其轉交給 InMode 的北美總裁 Shakil Lakhani 討論我們的北美業務,然後由 InMode 的首席財務官 Yair Malca 概述財務狀況。

  • We will then open the call for the question-and-answer session.

    然後,我們將開啟問答環節。

  • I'll now turn the call to Moshe Mizrahy, InMode's CEO.

    我現在將電話轉給 InMode 的首席執行官 Moshe Mizrahy。

  • Moshe, please go ahead.

    摩西,請繼續。

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • Thank you, Miri, and thanks to all of you for joining our Fourth Quarter and Full Year 2020 Financial Results Conference Call.

    謝謝 Miri,也感謝大家參加我們的 2020 年第四季度和全年財務業績電話會議。

  • With me on the call today are Yair Malca, our CFO; Shakil Lakhani, our President of North America; Dr. Michael Kreindel, our Co-Founder and Chief Technology Officer; and Dr. Spero Theodorou, our Chief Medical Officer.

    今天和我一起打電話的是我們的首席財務官 Yair Malca;我們的北美總裁 Shakil Lakhani;我們的聯合創始人兼首席技術官 Michael Kreindel 博士;和我們的首席醫療官 Spero Theodorou 博士。

  • Also with me in Israel, Rafi Lickerman, our VP Finance.

    和我一起在以色列的還有我們的財務副總裁 Rafi Lickerman。

  • 2020.

    2020.

  • What a year it was.

    那是怎樣的一年。

  • I believe that we will all remember this year for the rest of our life.

    我相信我們都會在餘生中記住這一年。

  • I remember our earnings call in February 2020 before the crisis hit the market.

    我記得在危機襲擊市場之前我們在 2020 年 2 月召開的財報電話會議。

  • We all expected another momentous year, and none of us had a clue what would take place only 1 month later.

    我們都期待又一個重要的一年,但我們都不知道僅僅一個月後會發生什麼。

  • In March 2020, the world stood still.

    2020 年 3 月,世界靜止不動。

  • All of our sales activity stopped and not one of us knew how things would unfold.

    我們所有的銷售活動都停止了,沒有人知道事情會如何發展。

  • But as Churchill said, never let a good crisis go to waste.

    但正如丘吉爾所說,永遠不要浪費一場好的危機。

  • With that in mind, it took us a few days to recover and put together a worldwide plan based on 4 major decisions: one, not to lay off any of our employee; two, to continue to work business as usual in all other businesses disciplines other than sales; three, to help out InMode's supply chain at all level from component manufacturer through to our distributors so that they will also be able to operate in spite of the crisis; four, to use the time to upgrade our infrastructure worldwide and to train our team and our customers, doctors and prepare them for the day after the crisis.

    考慮到這一點,我們花了幾天時間才恢復過來,並根據 4 個主要決定制定了一項全球計劃:第一,不解僱我們的任何員工;二、繼續在銷售以外的所有其他業務領域照常工作;第三,幫助 InMode 從組件製造商到我們的分銷商的各級供應鏈,使他們在危機中也能正常運營;第四,利用這段時間升級我們在全球的基礎設施,培訓我們的團隊和我們的客戶、醫生,讓他們為危機過後的日子做好準備。

  • This strategy paid off big time when business began to get back to normal just before the summer.

    當業務在夏季前夕開始恢復正常時,這一策略獲得了巨大回報。

  • In the fourth quarter of 2020, InMode generated record revenue of $75.2 million, a 60% increase from the fourth quarter of 2019, a record of $36.1 million net income on a GAAP basis and $39.9 million of net income on a non-GAAP basis.

    2020 年第四季度,InMode 的收入達到創紀錄的 7520 萬美元,比 2019 年第四季度增長 60%,按 GAAP 計算的淨收入為創紀錄的 3610 萬美元,按非 GAAP 計算的淨收入為 3990 萬美元。

  • For the full year of 2020, InMode generated record revenue of $206.1 million, a 32% increase from the full year of 2019, a record net income of $75 million and $89.1 million of net income on a non-GAAP basis.

    2020年全年,InMode創造了創紀錄的2.061億美元收入,比2019年全年增長32%,創紀錄的淨收入為7500萬美元,按非美國通用會計準則計算的淨收入為8910萬美元。

  • In the full year 2020, approximately 62% of our revenue derived from our surgical platforms engaged in minimally invasive and subdermal ablative treatment.

    在 2020 年全年,我們約 62% 的收入來自我們從事微創和皮下消融治療的手術平台。

  • 32% derived from our recently introduced hand-free platform and only 6% from our traditional laser and noninvasive RF platforms.

    32% 來自我們最近推出的免提平台,只有 6% 來自我們的傳統激光和無創射頻平台。

  • The record revenue in the fourth quarter and the full year was driven by demand for our minimally invasive and hand-free proprietary electro-surgical bipolar RF technology.

    第四季度和全年創紀錄的收入是由對我們的微創和免提專有電外科雙極射頻技術的需求推動的。

  • The U.S. was a significant component in our performance, while international sales become a major growth engine with the full year 2020 international revenue more than doubling year-over-year.

    美國是我們業績的重要組成部分,而國際銷售成為主要的增長引擎,2020 年全年國際收入同比增長一倍多。

  • During the year, we saw accelerated demand from our new product launches as our hand-free devices enable social distancing and allow physicians to offer solutions that customers feel comfortable with while effectively treating the entire body and face.

    在這一年中,我們看到新產品發布的需求加速增長,因為我們的免提設備可以實現社交距離,並允許醫生提供讓客戶感到舒適的解決方案,同時有效地治療整個身體和麵部。

  • The success we have had, despite the outbreak of the global pandemic, is a testament to our organization, dedication and innovative technology.

    儘管爆發了全球大流行病,但我們取得的成功證明了我們的組織、奉獻精神和創新技術。

  • As we look back on our action in 2020, we are proud of the decision to not only retain our workforce during the COVID-19 pandemic, but expand our sales and marketing team, continue investing in our R&D and in our infrastructure and progress our regulatory processes in the U.S. and elsewhere around the world.

    當我們回顧 2020 年的行動時,我們為決定不僅在 COVID-19 大流行期間保留我們的員工隊伍,而且擴大我們的銷售和營銷團隊,繼續投資於我們的研發和基礎設施並推進我們的監管感到自豪美國和世界其他地方的流程。

  • We were confident in the future of InMode and saw this as an opportunity to cement ourselves as the market leader.

    我們對 InMode 的未來充滿信心,並將其視為鞏固我們作為市場領導者地位的機會。

  • As a result of our bold step, we were able to capture pent-up demand for our new and free and minimal invasive devices, Evoke, Evolve and Morpheus8.

    作為我們大膽舉措的結果,我們能夠抓住對我們新的免費微創設備 Evoke、Evolve 和 Morpheus8 被壓抑的需求。

  • Additionally, we were able to penetrate new medical categories such as OB/GYN, offering complementary solution to their practices.

    此外,我們能夠滲透到新的醫療類別,例如 OB/GYN,為他們的實踐提供補充解決方案。

  • As we introduce additional technologies in '21, we plan to expand into ophthalmology market while continuing to grow our presence in the plastic surgery, dermatology and OB/GYN communities.

    隨著我們在 21 年推出更多技術,我們計劃擴展到眼科市場,同時繼續擴大我們在整形外科、皮膚科和 OB/GYN 社區的影響力。

  • Our goal is to introduce 2 new platforms each year and continue to diversify our R&D pipeline to offer wellness aesthetic solution, address other medical indication and continue to innovate.

    我們的目標是每年推出 2 個新平台,並繼續豐富我們的研發渠道,以提供健康美學解決方案、解決其他醫學適應症並繼續創新。

  • Additionally, we plan to further expand our international sales and marketing operation, while focus on Europe and Asia-Pacific in 2021.

    此外,我們計劃進一步擴大我們的國際銷售和營銷業務,同時在 2021 年專注於歐洲和亞太地區。

  • Our initial success in this region give us confidence that we can capture market opportunity as the world gradually recover from the pandemic.

    我們在該地區的初步成功讓我們有信心,隨著世界逐漸從大流行中復蘇,我們可以抓住市場機會。

  • As we expand into a new region and medical categories, we plan to continue developing patent protection for our novel method in RF technology that differentiate our product portfolio.

    隨著我們擴展到新的地區和醫療類別,我們計劃繼續為我們的 RF 技術新方法開發專利保護,使我們的產品組合脫穎而出。

  • Also, we will continue to defend our existing intellectual property.

    此外,我們將繼續捍衛我們現有的知識產權。

  • The success of InMode so far has come from our innovation and ability to generate interest across medical communities for our platforms.

    迄今為止,InMode 的成功來自於我們的創新和為我們的平台引起整個醫學界興趣的能力。

  • The fact that our devices and platforms can effectively be performed in the doctor office without the need of anesthesia or any other invasive method has appealed to patient and physician alike.

    事實上,我們的設備和平台可以在醫生辦公室有效地進行操作,而無需麻醉或任何其他侵入性方法,這一事實吸引了患者和醫生的一致好評。

  • We will continue to deliver industry-leading solution using our unique technology to bridge the current significant treatment gap.

    我們將繼續使用我們獨特的技術提供行業領先的解決方案,以彌合當前巨大的治療差距。

  • Considering our successful performance in 2020, we are providing a full year 2021 guidance of revenue between $250 million and $260 million, non-GAAP gross margin between 84% and 86%.

    考慮到我們在 2020 年的成功表現,我們提供了 2021 年全年收入指引,收入在 2.5 億美元至 2.6 億美元之間,非 GAAP 毛利率在 84% 至 86% 之間。

  • Non-GAAP income from operation between $100 million and $104 million and a non-GAAP earnings per diluted share between $2.34 and $2.45.

    非 GAAP 運營收入在 1 億美元至 1.04 億美元之間,非 GAAP 每股攤薄收益在 2.34 美元至 2.45 美元之間。

  • Lastly, as part of our recently introduced corporate social responsibility, we place a high value on our employees, partners and stakeholders across the growing numbers of communities and market we operate in.

    最後,作為我們最近推出的企業社會責任的一部分,我們高度重視我們的員工、合作夥伴和利益相關者,這些利益相關者遍布我們運營的越來越多的社區和市場。

  • We aim to positively impact local economies in the U.S. and in the rest of the world and will continue to prioritize the health and welfare of our employee and customers.

    我們的目標是對美國和世界其他地區的當地經濟產生積極影響,並將繼續優先考慮我們員工和客戶的健康和福利。

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

    有了這個,我想把電話轉給我們在北美的總裁沙基爾。

  • Shakil?

    沙基爾?

  • Shakil Lakhani - President of North America

    Shakil Lakhani - President of North America

  • Thanks, Moshe, and hello, everyone.

    謝謝,Moshe,大家好。

  • We reported a record fourth quarter and full year in North America as accelerated demand for our new product launches led to record capital equipment and consumable volume.

    我們在北美報告了創紀錄的第四季度和全年,因為對我們新產品發布的加速需求導致創紀錄的資本設備和消耗品數量。

  • It was very encouraging to see high levels of consumable purchases coincide with capital equipment sales.

    看到高水平的消耗品採購與資本設備銷售同時發生,這是非常令人鼓舞的。

  • This clearly indicated that physicians were treating patients at pre-pandemic volumes and have successfully adapted to the restrictions of COVID-19.

    這清楚地表明,醫生正在以大流行前的數量治療患者,並已成功適應 COVID-19 的限制。

  • We were very pleased with the reception of our new products, Evolve, Evoke and Morpheus8.

    我們很高興收到我們的新產品 Evolve、Evoke 和 Morpheus8。

  • These products prove to be high in demand, not only by physicians, but also patients.

    事實證明,這些產品的需求量很大,不僅是醫生,還有患者。

  • The momentum we saw in the second half of 2020 supported our decision to continue investing in our sales and marketing organization back in March and April.

    我們在 2020 年下半年看到的勢頭支持我們在 3 月和 4 月繼續投資於我們的銷售和營銷組織的決定。

  • We were able to bring in some of the top talent from across the industry during the market contraction earlier this year.

    在今年早些時候的市場收縮期間,我們能夠從整個行業引進一些頂尖人才。

  • This enabled us to successfully capture the pent-up demand for our products following the easing of restrictions.

    這使我們能夠在放寬限制後成功抓住對我們產品的被壓抑的需求。

  • One of the key initiatives to keep physicians engaged during the pandemic was the use of technology.

    在大流行期間保持醫生參與的關鍵舉措之一是使用技術。

  • We introduced InMode University, our web-based educational resource for physician and aesthetic providers and created an impressive library of online tutorials and training content to sharpen the skills of our sales force and educate physicians on our newest products.

    我們推出了 InMode 大學,這是我們為醫生和美容提供者提供的基於網絡的教育資源,並創建了一個令人印象深刻的在線教程和培訓內容庫,以提高我們銷售人員的技能,並就我們的最新產品對醫生進行培訓。

  • The COVID-19 global pandemic accelerated consumer trends that were driven by efficiency, results and innovation, which are the core building blocks of our organization.

    COVID-19 全球大流行加速了由效率、結果和創新驅動的消費趨勢,這些是我們組織的核心組成部分。

  • Additionally, as the world transitions work and socialization to virtual meeting applications such as Zoom, people are spending more time than ever analyzing their appearances.

    此外,隨著世界將工作和社交活動轉變為 Zoom 等虛擬會議應用程序,人們花在分析自己外表上的時間比以往任何時候都多。

  • This trend, along with the flexibility of working remotely, have created the need and opportunity for patients to visit physician offices and request aesthetic procedures more frequently.

    這種趨勢,連同遠程工作的靈活性,為患者創造了更頻繁地訪問醫生辦公室和請求美容程序的需求和機會。

  • We believe that these trends are here to stay, and we will continue to provide our innovative solutions to physicians and patients.

    我們相信這些趨勢將持續下去,我們將繼續為醫生和患者提供我們的創新解決方案。

  • Coming out of 2020, our sales and marketing team has created a successful multi-pronged approach to introduce InMode's latest technologies.

    從 2020 年開始,我們的銷售和營銷團隊創造了一種成功的多管齊下的方法來引入 InMode 的最新技術。

  • Our ability to penetrate new offices in medical categories with new products is unparalleled, which is illustrated by our financial performance this year.

    我們以新產品滲透醫療類別新辦公室的能力是無與倫比的,我們今年的財務業績就說明了這一點。

  • Once again, we are proud of our team for the resilience and determination during this pandemic, and we are excited to take InMode's momentum into the new year.

    我們再次為我們的團隊在這場大流行期間的韌性和決心感到自豪,我們很高興將 InMode 的勢頭帶入新的一年。

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

    現在讓我將電話轉交給 Yair,詳細審查我們的財務業績。

  • Yair?

    耶爾?

  • Yair Malca - CFO

    Yair Malca - CFO

  • Thanks, Shakil.

    謝謝,沙基爾。

  • Good day, everyone.

    今天是個好日子。

  • Total revenue in the fourth quarter of 2020 increased 60% to $75.2 million with a gross margin of 86% on a GAAP basis.

    2020 年第四季度總收入增長 60% 至 7520 萬美元,按 GAAP 計算毛利率為 86%。

  • The increase in revenues was driven primarily by the expansion of InMode's direct sales organization in the United States and the continued momentum of InMode hands-free technology as well as the recently introduced Morpheus8 body fractional technology.

    收入增長的主要原因是 InMode 在美國的直銷組織的擴張以及 InMode 免提技術和最近推出的 Morpheus8 身體分數技術的持續發展勢頭。

  • Additionally, InMode continued to gain traction into international markets, with international revenues growing 102% year-over-year.

    此外,InMode 繼續獲得對國際市場的吸引力,國際收入同比增長 102%。

  • GAAP operating expenses in the fourth quarter of 2020 totaled approximately $29.2 million, a 27% increase from the fourth quarter of 2019.

    2020 年第四季度的 GAAP 運營費用總計約為 2920 萬美元,比 2019 年第四季度增長 27%。

  • Sales and marketing expenses increased 25.4% in the fourth quarter of 2020 compared to the fourth quarter of 2019.

    與 2019 年第四季度相比,2020 年第四季度的銷售和營銷費用增長了 25.4%。

  • Stock-based compensation increased to $3.2 million in the fourth quarter of 2020 compared to $2.4 million in the third quarter of 2020.

    基於股票的薪酬在 2020 年第四季度增加到 320 萬美元,而 2020 年第三季度為 240 萬美元。

  • This increase is due to higher than previously estimated vesting of our performance-based options as a result of our record revenue in the fourth quarter.

    這一增長是由於我們第四季度創紀錄的收入導致我們基於績效的期權的歸屬高於先前估計。

  • On a non-GAAP basis, operating expenses totaled approximately $26.1 million in the fourth quarter of 2020 compared to operating expenses of $22.7 million in the fourth quarter of 2019, an increase of 15.1%.

    按非美國通用會計準則計算,2020 年第四季度營業費用總額約為 2610 萬美元,而 2019 年第四季度營業費用為 2270 萬美元,增長 15.1%。

  • GAAP operating margin was 47% in the first quarter of 2020 compared to 38% in the fourth quarter of 2019.

    2020 年第一季度 GAAP 營業利潤率為 47%,而 2019 年第四季度為 38%。

  • Non-GAAP operating margin in the first quarter of 2020 was 51% compared to 39% in the fourth quarter of 2019.

    2020 年第一季度的非美國通用會計準則營業利潤率為 51%,而 2019 年第四季度為 39%。

  • This increase in non-GAAP operating margin was primarily attributable to decreased travel and marketing activities in the United States, such as events and conference participation due to restrictions caused by the COVID-19 pandemic.

    非 GAAP 營業利潤率的增長主要是由於美國的旅行和營銷活動減少,例如由於 COVID-19 大流行造成的限製而導致的活動和會議參與。

  • GAAP diluted earnings per share in the first quarter of 2020 were $0.85 compared to $0.46 per diluted share in the fourth quarter of 2019.

    2020 年第一季度 GAAP 稀釋後每股收益為 0.85 美元,而 2019 年第四季度為 0.46 美元。

  • Non-GAAP diluted earnings per share in the first quarter of 2020 were $0.94 compared to $0.46 per diluted share in the fourth quarter of 2019.

    2020 年第一季度非 GAAP 稀釋每股收益為 0.94 美元,而 2019 年第四季度為 0.46 美元。

  • We completed our fourth quarter with a strong balance sheet.

    我們以強勁的資產負債表結束了第四季度。

  • As of December 31, 2020, the company had cash and cash equivalents, marketable securities and deposits of $260.5 million.

    截至 2020 年 12 月 31 日,公司擁有現金及現金等價物、有價證券和存款 2.605 億美元。

  • On the cash flow front, the company generated $41.6 million from operating activities for the fourth quarter of 2020, driven by the record sales volume.

    在現金流方面,受創紀錄銷量的推動,公司 2020 年第四季度的經營活動產生了 4160 萬美元的收入。

  • Total revenue in the full year of 2020 grew 32% to a record of $206.1 million with a gross margin of 85% on a GAAP basis.

    2020 年全年總收入增長 32%,達到創紀錄的 2.061 億美元,按 GAAP 計算毛利率為 85%。

  • Year-over-year international revenue growth was 76% in 2020.

    2020 年國際收入同比增長 76%。

  • GAAP operating expenses in the full year of 2020 total approximately $102.4 million, a 33.9% increase from the full year of 2019.

    2020 年全年 GAAP 運營費用總額約為 1.024 億美元,較 2019 年全年增長 33.9%。

  • On a non-GAAP basis, operating expenses total $90.1 million in the full year of 2020 compared to operating expenses of $75 million in the year of 2019, an increase of 20.1%.

    按非美國通用會計準則計算,2020 年全年運營費用總計 9010 萬美元,而 2019 年運營費用為 7500 萬美元,增長 20.1%。

  • GAAP operating margin was 35% in the full year of 2020 compared to 38% for the full year of 2019.

    2020 年全年 GAAP 營業利潤率為 35%,而 2019 年全年為 38%。

  • Non-GAAP operating margin for the full year of 2020 was 42% compared to 39% for the full year of 2019.

    2020 年全年的非美國通用會計準則營業利潤率為 42%,而 2019 年全年為 39%。

  • This increase in non-GAAP operating margin was, as previously mentioned, attributable to decreased travel and marketing activities due to the pandemic.

    如前所述,非 GAAP 營業利潤率的增長是由於大流行導致的差旅和營銷活動減少。

  • GAAP diluted earnings per share in the full year of 2020 were $1.78 compared to $1.60 per diluted share in the full year of 2019.

    2020 年全年 GAAP 攤薄後每股收益為 1.78 美元,而 2019 年全年攤薄後每股收益為 1.60 美元。

  • Non-GAAP diluted earnings per share in the full year of 2020 were $2.11 compared to $1.63 per diluted share in the full year of 2019, an increase of 29.4%.

    2020 年全年非美國通用會計準則攤薄後每股收益為 2.11 美元,而 2019 年全年攤薄後每股收益為 1.63 美元,增長 29.4%。

  • On the cash flow front, the company generated $79.2 million from operating activities for the full year of 2020.

    在現金流方面,公司 2020 年全年的經營活動產生了 7920 萬美元的收入。

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

    有了這個,我會把電話轉回摩西。

  • Moshe?

    摩西?

  • Operator?

    操作員?

  • Operator

    Operator

  • This is the operator.

    這是運營商。

  • Moshe has disconnected.

    Moshe 已斷開連接。

  • We will connect in a minute.

    我們將在一分鐘內連接。

  • Just hold the line please.

    請等一下。

  • Yair Malca - CFO

    Yair Malca - CFO

  • Okay.

    好的。

  • Operator

    Operator

  • (Operator Instructions) Our first question today comes from Matt Taylor with UBS.

    (操作員說明)我們今天的第一個問題來自瑞銀的馬特泰勒。

  • Matthew Charles Taylor - Equity Research Analyst of Medical Supplies & Devices

    Matthew Charles Taylor - Equity Research Analyst of Medical Supplies & Devices

  • And congrats on a good quarter.

    祝賀一個好的季度。

  • So the first thing I wanted to start off with was just understanding the guidance for '21.

    所以我想開始的第一件事就是了解 '21 的指導。

  • The way I'll frame the question is you obviously had a very strong Q4, and you're at a $75 million run rate.

    我提出這個問題的方式是你顯然有一個非常強勁的第四季度,而且你的運行率是 7500 萬美元。

  • So can you talk to us about how you derived the $250 million to $260 million?

    那麼你能和我們談談你是如何獲得 2.5 億到 2.6 億美元的嗎?

  • That would imply average sales below that run rate.

    這意味著平均銷售額低於該運行率。

  • Was there some stuff that was onetime in Q4?

    是否有一些東西在第四季度曾經出現過?

  • Are you just being conservative to start the year?

    您是否只是在開始新的一年時比較保守?

  • Maybe you could talk about some of the ongoing trends and what you're seeing.

    也許你可以談談一些持續的趨勢和你所看到的。

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • Hi, Matt, this is Moshe.

    嗨,馬特,我是摩西。

  • I'm back again.

    我又回來了。

  • I was disconnected, sorry.

    我失聯了,抱歉。

  • Yes.

    是的。

  • I think so.

    我想是這樣。

  • The $75 million in the fourth quarter I believe that we gave you the -- how it was divided between the product.

    第四季度的 7500 萬美元,我相信我們給了你——它是如何在產品之間分配的。

  • It was something like 62% on minimal invasive and 30%-something on the hand-free.

    微創手術佔 62%,免提手術佔 30%。

  • The $260 million, we need to remember that we are going to add another 2 platforms.

    2.6 億美元,我們需要記住我們將添加另外 2 個平台。

  • So percentage-wise, I believe maybe the -- although they will grow on absolute numbers, but percentage-wise, maybe they are minimal invasive and the hands-free will go a little bit down.

    所以在百分比方面,我相信也許 - 雖然它們會在絕對數字上增長,但在百分比方面,也許它們是微創的並且免提會有所下降。

  • And the OB/GYN business will go up from a few percentage to something like maybe 7% to 9%.

    OB/GYN 業務將從幾個百分比上升到大約 7% 到 9%。

  • All the rest will stay the same.

    其餘的將保持不變。

  • The laser and the regular RF noninvasive will continue to be in the neighborhood of 5%.

    激光和常規無創射頻將繼續保持在 5% 左右。

  • Matthew Charles Taylor - Equity Research Analyst of Medical Supplies & Devices

    Matthew Charles Taylor - Equity Research Analyst of Medical Supplies & Devices

  • Okay.

    好的。

  • And can you comment on any trends you're seeing here early in '21?

    你能評論一下你在 21 年初在這裡看到的任何趨勢嗎?

  • Are you continuing to see strong demand for procedures and for capital?

    您是否繼續看到對程序和資金的強勁需求?

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • Oh, yes.

    哦是的。

  • Yes.

    是的。

  • The disposable that we're selling, we reached a record in Q4.

    我們銷售的一次性用品在第四季度創下了歷史新高。

  • And in the beginning of this year, so far, very strong demand for consumable which are being used, as you know, in the minimal invasive and ablative and also on the Votiva, the women health platform.

    在今年年初,到目前為止,對耗材的需求非常強勁,如您所知,用於微創和消融以及女性健康平台 Votiva。

  • So hopefully, and I'm -- and the way it looks like, we will break the record again in the Q1.

    所以希望,我是 - 看起來,我們將在第一季度再次打破記錄。

  • Shakil Lakhani - President of North America

    Shakil Lakhani - President of North America

  • And Matt, just to add there, as far as what we've seen momentum-wise, January is typically a slower month.

    而馬特,只是補充一下,就我們所看到的勢頭而言,1 月通常是一個較慢的月份。

  • We've seen some really good momentum come up in February here and normally February and March are kind of the bulk of Q1.

    我們已經看到 2 月份出現了一些非常好的勢頭,通常 2 月和 3 月是第一季度的大部分時間。

  • So it's tracking in a positive way.

    所以它以積極的方式進行跟踪。

  • Matthew Charles Taylor - Equity Research Analyst of Medical Supplies & Devices

    Matthew Charles Taylor - Equity Research Analyst of Medical Supplies & Devices

  • Maybe I'll just ask one more.

    也許我會再問一個。

  • So you highlighted this women's health offering.

    所以你強調了這種女性健康產品。

  • And I know you're beefing it up for a bigger launch here in '21.

    而且我知道您正在加強它,以便在 21 年在這裡進行更大的發布。

  • Can you talk about the components of that?

    你能談談它的組成部分嗎?

  • How you expect to market it and how it's differentiated from some of the other systems that are out there?

    您希望如何推銷它以及它與現有的其他一些系統有何不同?

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • Spero, can you answer that?

    斯佩羅,你能回答嗎?

  • Spero Theodorou - Chief Medical Officer

    Spero Theodorou - Chief Medical Officer

  • Sorry?

    對不起?

  • Shakil Lakhani - President of North America

    Shakil Lakhani - President of North America

  • Matt, why don't I start off, and I'll pass it over to Spero.

    馬特,為什麼我不開始,我會把它交給斯佩羅。

  • So basically, as we know, there's been -- in the past, there's basically been a lot -- they were worse in other companies and competitors in the space in the women's health and wellness market.

    所以基本上,正如我們所知,在過去,基本上有很多 - 在女性健康和保健市場領域,其他公司和競爭對手的情況更糟。

  • And many of them have actually left the space based on what happened 1.5 years, 2 years ago with the FDA.

    他們中的許多人實際上已經根據 1.5 年、2 年前與 FDA 發生的事情離開了這個空間。

  • However, we decided to invest very heavily with this.

    但是,我們決定為此投入大量資金。

  • And essentially what we're going to do, without giving away too much, as you know, what we would like to do in this case and with the technology that we'll be launching, is it will not just be a uni-focused product.

    本質上我們要做的是,在不放棄太多的情況下,如你所知,我們在這種情況下想要做的以及我們將要推出的技術,它不僅僅是一個以單一為中心的產品。

  • So we're not just going to have it focused on one aspect of the women's health and wellness.

    因此,我們不會只關注女性健康的某一方面。

  • The idea with this is to have a multi-pronged approach to it, where we can actually have multiple revenue streams for physicians and also beneficial ways of treating the women's health and wellness market.

    這樣做的想法是採用多管齊下的方法,我們實際上可以為醫生提供多種收入來源,也可以通過有益的方式治療女性健康和保健市場。

  • Spero, did you want to just add on to that?

    斯佩羅,你想補充一下嗎?

  • Spero Theodorou - Chief Medical Officer

    Spero Theodorou - Chief Medical Officer

  • Yes, I think -- Shak, thank you.

    是的,我想——Shak,謝謝。

  • Matt, great question.

    馬特,好問題。

  • Obviously everything we do here at InMode, we try to back up with solid science and publications and peer-reviewed journals.

    顯然,我們在 InMode 所做的一切,我們都試圖以紮實的科學、出版物和同行評審的期刊為後盾。

  • So when we attack these problems that have been plaguing women for a very long time, we stood back and we looked how can we approach it.

    因此,當我們解決這些長期困擾女性的問題時,我們退後一步,看看我們如何才能解決這個問題。

  • And that's been the focus of our research in R&D with [Mishka] for the last 2 years.

    在過去的兩年裡,這一直是我們與 [Mishka] 一起進行研發研究的重點。

  • So we finally got to the point where we feel confident enough to provide different elements of those solutions, which have not been addressed as well before.

    因此,我們終於到了我們有足夠信心提供這些解決方案的不同元素的地步,這些解決方案以前沒有得到解決。

  • And especially since the fact that, as we know, radio frequency is quite -- is very differentiated from lasers.

    特別是因為正如我們所知,射頻與激光非常不同。

  • So the fact that we can go deeper, we can remodel tissue and RF does not see pigment, I would say that's the core of what we're doing in the women's health.

    所以我們可以更深入,我們可以重塑組織並且 RF 看不到色素,我想說這是我們在女性健康方面所做工作的核心。

  • In addition to utilizing some of our technology, which have been so successful up to this point, such as Morpheus8 microneedling.

    除了利用我們迄今為止非常成功的一些技術,例如 Morpheus8 微針。

  • So bringing that into the women's health with expanded capabilities on the Morpheus8 platform, in addition to the EMS, which we have been very successful with on the Evolve platform.

    因此,除了我們在 Evolve 平台上非常成功的 EMS 之外,通過 Morpheus8 平台上的擴展功能將其帶入女性健康。

  • Both of those 2 core elements will be on -- will be part of the solution that we're providing women going forward, Matt.

    這兩個核心要素都將出現——將成為我們為女性提供的解決方案的一部分,馬特。

  • I'm sorry.

    對不起。

  • I'm not trying to be vague here, but we like to not get ahead of ourselves.

    我不想在這裡含糊其辭,但我們不想超前。

  • But I can tell you right now, we're very confident, just like all the products, when we launch with InMode, that they actually work, and that's our reputation in the market and certainly with clinicians and patients, and we'd like to keep it that way.

    但我現在可以告訴你,我們非常有信心,就像所有產品一樣,當我們推出 InMode 時,它們確實有效,這就是我們在市場上的聲譽,當然還有臨床醫生和患者的聲譽,我們希望保持這種狀態。

  • Operator

    Operator

  • (Operator Instructions) The next question comes from Kyle Rose of Canaccord.

    (操作員說明)下一個問題來自 Canaccord 的 Kyle Rose。

  • Kyle William Rose - Senior Analyst

    Kyle William Rose - Senior Analyst

  • Just a few for me.

    對我來說只有幾個。

  • I wanted to see if you could -- Shak, you talked about some of the strengthening of the commercial team that took place in 2020.

    我想看看你是否可以——Shak,你談到了 2020 年對商業團隊的一些加強。

  • Just wondered if you could help us understand that a little bit more.

    只是想知道您是否可以幫助我們更多地了解這一點。

  • Maybe where did you end from a headcount perspective?

    也許從員工人數的角度來看,你在哪裡結束?

  • And then how should we think about hiring moving forward?

    那麼我們應該如何考慮未來的招聘?

  • I mean is there any real white space left when we think about territories to build out?

    我的意思是,當我們考慮要擴展的領土時,是否還有真正的空白?

  • Do you need to build specialized teams to go after some of these specialized markets?

    您是否需要建立專門的團隊來攻克其中的一些專業市場?

  • Just help us understand how the sales force should trend over the coming 12 to 24 months.

    只需幫助我們了解銷售人員在未來 12 到 24 個月內的趨勢。

  • Shakil Lakhani - President of North America

    Shakil Lakhani - President of North America

  • Sure, Kyle.

    當然,凱爾。

  • Great question.

    很好的問題。

  • So I think, first and foremost, we ended up around 134 headcount for the year.

    所以我認為,首先,我們今年的員工人數約為 134 人。

  • We're definitely going to be adding for that.

    我們肯定會為此添加內容。

  • And when it comes to specialized sales force, it's tricky and based on my experience, it can go either way, but I think learning from some of the things in my past and in the team's past, I think the way we're going to look at this, Kyle, is we're going to take a hybrid approach to it.

    當談到專業銷售人員時,這很棘手,根據我的經驗,它可以採用任何一種方式,但我認為從我過去和團隊過去的一些事情中學習,我認為我們將要採用的方式看看這個,Kyle,我們是否要採用混合方法。

  • So there's -- in this business, it's very challenging to find people who can close capital equipment.

    因此,在這項業務中,找到能夠關閉資本設備的人非常具有挑戰性。

  • Luckily, we've found that formula.

    幸運的是,我們找到了那個公式。

  • We're going to take that integrated within that and kind of have a farming system similar to what you see in the major leagues.

    我們將把它整合到其中,並擁有一種類似於你在大聯盟中看到的農業系統。

  • So I think as we start to develop some of our people, all of our sales force, they all want upward mobility, and we know that and we support that 100%.

    所以我認為,當我們開始培養我們的一些員工、我們所有的銷售人員時,他們都希望向上流動,我們知道這一點,我們 100% 支持這一點。

  • And so I think in doing that, as they can kind of learn some of the skill sets that they need in order to actually close business and find business and so on and so forth.

    所以我認為在這樣做的過程中,他們可以學習一些他們需要的技能,以便真正關閉業務和尋找業務等等。

  • The women's health and wellness space is a very, very, very specialized sale.

    女性健康和保健空間是一個非常、非常、非常專業的銷售。

  • OB/GYNs, urologists, urogynecologists, this is within their scope of practice, right?

    婦產科醫生、泌尿科醫生、泌尿婦科醫生,這在他們的執業範圍內,對吧?

  • And within their scope of specialty.

    並且在他們的專業範圍內。

  • So we need to have people that can actually talk their lingo and understand what they're going to benefit from this.

    因此,我們需要有人能夠真正說出他們的行話並了解他們將從中受益。

  • So I think with that being said, we have a plan to do that.

    所以我認為話雖如此,我們有計劃這樣做。

  • But what we'd like to do is take a hybrid approach to it, see how that's going and then eventually transition into potentially specialized teams.

    但我們想做的是採用混合方法,看看進展如何,然後最終過渡到潛在的專業團隊。

  • Does that make sense, Kyle?

    這有意義嗎,凱爾?

  • Kyle William Rose - Senior Analyst

    Kyle William Rose - Senior Analyst

  • It does.

    確實如此。

  • That's very helpful.

    這很有幫助。

  • And then, Moshe, I wanted to circle back just on one of Matt's questions just with respect to guidance for the year.

    然後,Moshe,我想回到 Matt 提出的一個關於今年指導的問題。

  • And I appreciate you framing it out with respect to the product category.

    我很感激你根據產品類別來製定它。

  • But maybe just help us understand, I mean you exited in the second half of the year, particularly in Q4, with record numbers.

    但也許只是幫助我們理解,我的意思是你在今年下半年退出,特別是在第四季度,數量創歷史新高。

  • And guidance for the full year '21 is suggesting a little bit of a slowdown.

    21 年全年的指導意見表明經濟放緩。

  • I'm just trying to understand, is that more just is it still ongoing dynamics from COVID?

    我只是想了解,是否更多的是它仍然來自 COVID 的持續動態?

  • It's the timing of new product launches?

    是新品上市的時機?

  • Just because to get to that $250 million, $260 million, it does suggest a step down.

    僅僅因為要達到那 2.5 億美元、2.6 億美元,它確實建議下調。

  • Maybe help us understand what you're assuming as far as the puts and takes of what happens in '21.

    也許可以幫助我們了解您對 21 年發生的事情的假設。

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • Okay.

    好的。

  • Okay.

    好的。

  • I mean, as you probably noticed in the last 3 years, we were growing about $50 million, plus/minus $1 million or $2 million every year.

    我的意思是,正如您在過去 3 年中可能注意到的那樣,我們每年增長約 5000 萬美元,加上/減去 100 萬或 200 萬美元。

  • And basically growing from $206 million to $260 million, it's about the same $50 million.

    基本上從 2.06 億美元增長到 2.6 億美元,大約是 5000 萬美元。

  • So I know that when you calculate that on a $200 million percentage-wise, it's come a little bit less than what we did between 2019 and 2020.

    所以我知道,當你按 2 億美元的百分比計算時,它比我們在 2019 年至 2020 年期間所做的要少一些。

  • But overall, $50 million every year on medical equipment, when you have to deal with regulation on 27 different regulatory bodies around the world and you have to deal with that clinical studies and we have to deal with training, it's not a small number.

    但總的來說,每年有 5000 萬美元用於醫療設備,當你必須處理全球 27 個不同監管機構的監管,你必須處理臨床研究,我們必須處理培訓時,這不是一個小數目。

  • Introducing 2 platforms every year in addition to the growth in the existing portfolio by $50 million every year, that's something that we would like to beat that number.

    除了現有產品組合每年增長 5000 萬美元之外,每年推出 2 個平台,這是我們希望超過這個數字的事情。

  • And hopefully it will be above $260 million.

    希望它能超過 2.6 億美元。

  • But as far as the guidance, $260 million, which is $55 million more than 2020, we believe it's a fair growth, and we hope to achieve that and do even better than that.

    但就指導而言,2.6 億美元,比 2020 年多 5500 萬美元,我們認為這是一個公平的增長,我們希望實現這一目標,甚至做得更好。

  • I mean, it's easy to say fourth quarter of $75 million, let's multiply that by 4, and we'll get $300 million.

    我的意思是,說第四季度的 7500 萬美元很容易,讓我們將其乘以 4,我們將得到 3 億美元。

  • But I'm sure you remember, we discussed that several times before, there is some seasonality in this business.

    但我相信你記得,我們之前討論過幾次,這個行業有一些季節性。

  • And the fourth quarter is the strongest one, always.

    第四節總是最強的。

  • So taking the fourth quarter, which usually it's about 40% of the total year and multiplied it by 4 and expect us to do $300 million, hopefully we'll do it, but it's a little bit more than the guidance that we can give.

    因此,以第四季度為例,通常佔全年的 40% 左右,然後乘以 4,預計我們會做 3 億美元,希望我們能做到,但這比我們能給出的指導要多一點。

  • In addition to that, yes, you're right.

    除此之外,是的,你是對的。

  • The first quarter, we still see a lot of effect of the pandemic, especially in Europe.

    第一季度,我們仍然看到大流行的很多影響,尤其是在歐洲。

  • They are experiencing the second wave.

    他們正在經歷第二波。

  • I know that in the United States, things are getting better.

    我知道在美國,情況正在好轉。

  • But in South America, they are not getting better.

    但在南美洲,情況並沒有好轉。

  • And in some countries in Asia, things are getting better, but other countries like India are suffering.

    在亞洲的一些國家,情況正在好轉,但印度等其他國家卻在受苦。

  • So overall, we believe that the first quarter we will continue to see the effect of the pandemic.

    所以總的來說,我們相信第一季度我們將繼續看到大流行的影響。

  • And therefore, on the fourth quarter, as far as the budget is concerned, we took it into account.

    因此,在第四季度,就預算而言,我們將其考慮在內。

  • But overall, $260 million in 2021, it's a challenge, but we will beat it.

    但總的來說,2021 年 2.6 億美元,這是一個挑戰,但我們會戰勝它。

  • Kyle William Rose - Senior Analyst

    Kyle William Rose - Senior Analyst

  • And then just one final question for me, Shak or Spero.

    最後一個問題是我,Shak 或 Spero。

  • I think the one thing that surprised us in 2020 was the durability of the interest from patients as far as getting treatments.

    我認為 2020 年讓我們感到驚訝的一件事是患者對接受治療的興趣的持久性。

  • I think there's a lot of maybe conjecture or reasons for that -- why that might have happened.

    我認為可能有很多猜測或原因——為什麼會發生這種情況。

  • I just wanted to see if you maybe give us your thoughts on the pulse of the market as we head into 2021, particularly, hopefully, the market reopens, people are out doing more.

    我只是想看看您是否可以在我們進入 2021 年時告訴我們您對市場脈搏的看法,特別是希望市場重新開放,人們正在做更多的事情。

  • Do you expect there to continue to be a big focus on image and wellness and disposable income being allocated towards these type of procedures, just what you're seeing from the commercial field or your peers?

    您是否希望繼續將重點放在形象和健康以及分配給此類程序的可支配收入上,就像您從商業領域或同行中看到的那樣?

  • Shakil Lakhani - President of North America

    Shakil Lakhani - President of North America

  • Yes.

    是的。

  • No, great question, and I'll pass it over to Spero after to talk a little more from the patient perspective.

    不,很好的問題,我會在從患者的角度多談一點之後將其傳遞給 Spero。

  • But I think one of the things that we saw very early on with the pandemic is that we -- no one really knew how to deal with it, right?

    但我認為我們很早就在大流行病中看到的一件事是我們——沒有人真正知道如何應對它,對吧?

  • So it was foreign to everybody.

    所以這對每個人來說都是陌生的。

  • And I think once we got to the point where people learned how to -- you go from having 10 to 15 people sitting in your waiting room to now having people coming in, checking their temperature and then having them come in, it almost feels like a VIP type of experience for them, right?

    而且我認為,一旦我們到了人們學會如何做的地步——你從 10 到 15 個人坐在候診室,到現在有人進來,檢查他們的體溫,然後讓他們進來,幾乎感覺就像對他們來說是 VIP 類型的體驗,對吧?

  • So I think now that physicians have learned and patients have learned how to deal with the pandemic, they're a little more gun shy, and that's why we saw back in March and April things pretty much just went completely dead.

    所以我認為,現在醫生已經學會了,患者也已經學會瞭如何應對這種流行病,他們對槍支更加害羞了,這就是為什麼我們在 3 月和 4 月看到事情幾乎完全消失了。

  • And since then, fortunately, we haven't seen that.

    從那以後,幸運的是,我們還沒有看到。

  • I do think from what we've seen and what we've heard and based on our consumable sales, that we certainly have seen an uptick in procedures, which is great.

    我確實認為,從我們所看到和聽到的以及我們的消耗品銷售情況來看,我們確實看到了程序的增加,這很棒。

  • And I'll let Spero comment on why that might be.

    我會讓 Spero 評論為什麼會這樣。

  • Spero Theodorou - Chief Medical Officer

    Spero Theodorou - Chief Medical Officer

  • Well, I think it's a great question, right?

    好吧,我認為這是一個很好的問題,對吧?

  • I'm a practicing plastic surgeon, so I could tell you -- in New York, so I could tell you this much, there's a group of patients who've always had this done, no matter what.

    我是一名執業整形外科醫生,所以我可以告訴你——在紐約,所以我可以告訴你這麼多,有一群病人總是這樣做,不管怎樣。

  • That's an existing pool that's going to come in no matter what happens.

    這是一個現有的池,無論發生什麼情況都會進入。

  • What happened differently, and we've seen this reflected by the volume coming into the different offices across the country, which I'm in touch with, is there's a lot of new patients that never considered plastic surgery, never considered aesthetic medicine for themselves.

    發生了什麼不同的事情,我們已經看到這一點反映在進入全國不同辦公室的數量上,我接觸過,有很多新患者從未考慮過整形手術,從未考慮過自己的美容醫學.

  • And I think the reason is people have reconsidered a lot of things that are going on in their lives.

    我認為原因是人們重新考慮了他們生活中發生的很多事情。

  • This is a big full-stop for a lot of people.

    對很多人來說,這是一個很大的句號。

  • So yes, the disposable income, no question.

    所以是的,可支配收入,毫無疑問。

  • Yes, they're not traveling as much, not spending as much on restaurants and stuff like that.

    是的,他們沒有那麼多旅行,沒有那麼多在餐館和類似的東西上花錢。

  • So they do have disposable income, but I think there's a reset on the thought process, saying, you know what, I need to take of myself.

    所以他們確實有可支配收入,但我認為他們的思維過程需要重新調整,說,你知道嗎,我需要自食其力。

  • I need to work out, I need to do these things, and I need to look good, too.

    我需要鍛煉,我需要做這些事情,我也需要看起來不錯。

  • And a lot of self-reflection has found its way into expanding this aesthetic market.

    許多自我反省已經找到了擴大這個審美市場的方法。

  • So even though we saw -- we thought the volume was going to be sort of shifted since usually the volume for plastic surgery, the highest is in the spring.

    因此,即使我們看到 - 我們認為數量會發生變化,因為通常整形手術的數量最多,春季是最高的。

  • And usually in the fall, it sort of tapers off and we saw that pushed back.

    通常在秋天,它會逐漸減弱,我們看到它被推遲了。

  • And we thought that it would basically -- that's what it was, but it has continued.

    我們認為它基本上 - 就是這樣,但它一直在繼續。

  • And I think the continue -- the part -- the reason is, is that the market has expanded and people start to take care of themselves, and that's part of what we do as well.

    我認為繼續 - 部分 - 原因是,市場已經擴大,人們開始照顧自己,這也是我們所做工作的一部分。

  • So I don't anticipate any change in 2021.

    所以我預計 2021 年不會有任何變化。

  • I think that this has been a wonderful year for a lot of plastic surgeons, no matter how tough it has been, has really shown that, yes, people have sort of redetermined what their priorities are.

    我認為對於很多整形外科醫生來說,今年是美好的一年,不管它有多艱難,確實表明,是的,人們已經重新確定了他們的優先事項。

  • And believe it or not, this is one of them.

    信不信由你,這就是其中之一。

  • So the psychological factor of this pandemic has had a huge impact.

    所以這次大流行的心理因素產生了巨大的影響。

  • And as well I'm sure that you guys have heard about Zoom Face and Zoom call, so people are looking at themselves for hours on the computer has also helped us.

    而且我相信你們已經聽說過 Zoom Face 和 Zoom call,所以人們在電腦上花幾個小時看著自己也幫助了我們。

  • So we anticipate this trend to continue.

    因此,我們預計這種趨勢將繼續下去。

  • I think that the percentage of new patients is what's fueling this market.

    我認為新患者的百分比是推動這個市場的因素。

  • And I expect that to continue as things open up, especially if you consider the optimism behind that and the vaccinations will help that as well.

    我希望隨著事情的發展,這種情況會繼續下去,特別是如果你考慮到這背後的樂觀情緒,而疫苗接種也會對此有所幫助。

  • Does that answer your question?

    這是否回答你的問題?

  • Kyle William Rose - Senior Analyst

    Kyle William Rose - Senior Analyst

  • It absolutely does.

    確實如此。

  • Operator

    Operator

  • The next question comes from Jeff Johnson with Baird.

    下一個問題來自 Jeff Johnson 和 Baird。

  • Jeffrey D. Johnson - Senior Research Analyst

    Jeffrey D. Johnson - Senior Research Analyst

  • Three questions for me.

    三個問題問我。

  • Let me ask my -- I guess my first one, my own gating question on 2021 guidance.

    讓我問我——我猜是我的第一個問題,我自己關於 2021 年指南的門控問題。

  • I think what we're all trying to figure out here is we want to get the quarters right too, and I know you guys don't guide quarterly, but putting kind of pieces together, should we think about the first and maybe second quarter being down sequentially off fourth quarter by a good solid amount, 15%, 20%?

    我想我們在這裡都想弄清楚的是我們也想把季度做好,我知道你們不會每季度進行指導,但是把一些碎片放在一起,我們應該考慮第一季度,也許是第二季度第四季度連續下降 15%、20%?

  • And then how do you think about the second half of the year against these tough, tough comps and the big pent-up demand recovery?

    那麼你如何看待今年下半年面對這些艱難、艱難的競爭和被壓抑的需求大復蘇?

  • Is there solid growth you can put up year-over-year?

    您是否可以實現同比穩定增長?

  • Or should we really dial down our year-over-year growth expectations in the second half against those tough comps?

    還是我們真的應該降低下半年的同比增長預期以應對那些艱難的競爭?

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • Well, this is Moshe.

    嗯,這是摩西。

  • The first quarter of 2021, as compared to the first quarter of 2020, we will see a big growth.

    2021 年第一季度,與 2020 年第一季度相比,我們將看到大幅增長。

  • We will see a big growth.

    我們將看到巨大的增長。

  • And you always have to compare quarter-over-quarter.

    而且你總是必須逐季比較。

  • You cannot compare Q1, you cannot compare Q1 to Q4 -- Q1 2021 to Q4 2020, just because of seasonality of our business.

    你不能比較第一季度,你不能比較第一季度和第四季度——2021 年第一季度到 2020 年第四季度,只是因為我們業務的季節性。

  • But if you compare Q1 2021 and Q1 2020, you'll see a big growth.

    但如果你比較 2021 年第一季度和 2020 年第一季度,你會看到一個很大的增長。

  • That's something that we can assure you even in our budget.

    即使在我們的預算中,我們也可以向您保證這一點。

  • Regarding -- and again, as I said before, we still see the effects of the pandemic on Q1 2021 in certain part of the country, including in Canada and North America, but also in Europe and other countries.

    關於——正如我之前所說,我們仍然看到大流行對 2021 年第一季度對該國某些地區的影響,包括加拿大和北美,但也包括歐洲和其他國家。

  • We believe that starting Q2 2021, once most of the world will get the vaccine or at least we hope so, then we will see a big momentum start and the numbers for Q2, Q3 and Q4 will pass of course the Q2, Q3 and Q4 of 2020.

    我們相信,從 2021 年第二季度開始,一旦世界上大多數人都接種了疫苗,或者至少我們希望如此,那麼我們將看到一個巨大的勢頭,第二季度、第三季度和第四季度的數字當然會超過第二季度、第三季度和第四季度2020 年。

  • So overall, the growth of $55 million or close to $55 million year-over-year will spread over the fourth quarter.

    因此,總體而言,5500 萬美元或接近 5500 萬美元的同比增長將分佈在第四季度。

  • And quarter-over-quarter, we believe that we will see a nice growth between '21 and 2020 -- between '21 and 2020.

    與上一季度相比,我們相信我們將在 21 年至 2020 年之間——21 年至 2020 年之間看到良好的增長。

  • Did I answer your question?

    我回答你的問題了嗎?

  • Jeffrey D. Johnson - Senior Research Analyst

    Jeffrey D. Johnson - Senior Research Analyst

  • You did.

    你做到了。

  • And I guess one follow-up on that.

    我猜這是一個後續行動。

  • You mentioned the women's health care maybe growing to 8% to 9%, I think you said or maybe 7% to 9% of revenue, the numbers you gave.

    你提到女性醫療保健可能會增長到 8% 到 9%,我想你說的可能是收入的 7% 到 9%,你給出的數字。

  • If I do the quick math, that would suggest we're getting good growth out of that business this year up to maybe $20 million to $25 million contribution from that product versus only about $5 million in 2020.

    如果我快速計算一下,這表明我們今年從該業務中獲得了良好的增長,該產品的貢獻可能達到 2000 萬至 2500 萬美元,而 2020 年僅為 500 萬美元左右。

  • It kind of puts the MI RF or the minimally invasive and the hands-free growing closer to maybe 15% year-over-year for the year.

    這有點讓 MI RF 或微創和免提設備的年增長率接近 15%。

  • Is that just conservatism?

    這只是保守主義嗎?

  • Have we gone through kind of a big bolus of demand for the MI and the hands-free?

    我們是否經歷了對 MI 和免提設備的大量需求?

  • And now we have to dial our growth expectations down there, just how to kind of think about kind of your comments on the women's healthcare versus what that implies for the other 2 big platforms.

    現在我們必須降低我們的增長預期,只是如何考慮您對女性醫療保健的評論與其他兩個大平台的含義。

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • Well, we always try to be conservative.

    好吧,我們總是盡量保守。

  • We -- especially when we give guidance because we try to be conservative and do better than the guidance.

    我們 - 特別是當我們提供指導時,因為我們試圖保守並比指導做得更好。

  • And I think that's what we did in the last -- in the last -- since we're a public company.

    我認為這就是我們上次所做的——最後一次——因為我們是一家上市公司。

  • Now as we go to the women health, I believe, as we said, we intend to launch sometime in the second quarter another platforms for the women health, which called [Empower].

    現在,當我們談到女性健康時,我相信,正如我們所說,我們打算在第二季度的某個時候推出另一個女性健康平台,稱為 [Empower]。

  • And I think Dr. Spero Theodorou talked about all the modalities that these platforms will include.

    我認為 Spero Theodorou 博士談到了這些平台將包含的所有模式。

  • We are now doing clinical study and the initial results are showing are promising.

    我們現在正在進行臨床研究,初步結果顯示很有希望。

  • So we expect that that will go to something like 6%, 7% in 2021.

    因此,我們預計 2021 年這一比例將達到 6%、7% 左右。

  • Whether if it's $20 million or $50 million, time will say, but we will see an increase.

    無論是 2000 萬美元還是 5000 萬美元,時間會證明一切,但我們會看到增長。

  • One thing I want to remind you all, if you remember, the letter from the FDA in the middle of 2018 that actually brought the women health market almost to 0 across all the companies and that actually marketed products to the OB/GYN community, I want to remind you that we are the only company that responded to the FDA letter and received the letter from the FDA that allow us to continue to sell to this community.

    我想提醒大家一件事,如果你還記得的話,FDA 在 2018 年年中的一封信實際上使所有公司的女性健康市場幾乎為零,並且實際上向 OB/GYN 社區銷售產品,我想提醒您,我們是唯一一家回复 FDA 信函並收到 FDA 信函的公司,允許我們繼續向該社區銷售產品。

  • And we -- and this is the reason why we continue to develop product for new indication for the women health.

    而我們——這就是為什麼我們繼續為女性健康的新適應症開發產品的原因。

  • So yes, the OB/GYN and the women health market is the growth engine for us.

    所以是的,婦產科和女性健康市場是我們的增長引擎。

  • We intend to invest on it.

    我們打算投資它。

  • Also, as Shak described, in a special distinguished sales force, and we will take it seriously as we did with the plastic surgery and aesthetic and all the minimal invasive and the hand-free products that we have launched to the market in the last 2 years.

    此外,正如 Shak 所描述的,在一支特別傑出的銷售隊伍中,我們將認真對待它,就像我們在過去 2 年向市場推出的整形外科和美容以及所有微創和免提產品一樣年。

  • Jeffrey D. Johnson - Senior Research Analyst

    Jeffrey D. Johnson - Senior Research Analyst

  • And then maybe my last question, I just wanted to follow up on some comments Spero made about patient demand.

    然後也許是我的最後一個問題,我只是想跟進 Spero 就患者需求發表的一些評論。

  • It sounds like obviously some pent-up demand here in the second half and the disposable income and Zoom effect have been helping.

    聽起來下半年這裡顯然有一些被壓抑的需求,可支配收入和 Zoom 效應一直在提供幫助。

  • Has that been broad across the U.S., Spero?

    這在美國廣泛存在嗎,斯佩羅?

  • My question I guess more where we still see significant shutdowns in L.A., where maybe the service economy is still quite pressured in a place like Las Vegas, historically, big aesthetic markets in L.A., Las Vegas, is there still pent-up demand that could come out in 2021 in health?

    我的問題我想更多的是我們仍然看到洛杉磯的重大停工,在拉斯維加斯這樣的地方,服務經濟可能仍然承受著很大的壓力,從歷史上看,洛杉磯的大型美學市場,拉斯維加斯,是否仍然存在被壓抑的需求可能健康2021年出來?

  • Or do you feel like even in those markets you're hearing from some of your colleagues that demand has already rebounded quite a bit?

    或者您是否覺得即使在那些市場中,您也從您的一些同事那裡聽到需求已經反彈了很多?

  • Spero Theodorou - Chief Medical Officer

    Spero Theodorou - Chief Medical Officer

  • That's a really good question.

    這真是個好問題。

  • So the biggest markets traditionally for plastic surgery are New York, L.A., Miami, Texas.

    因此,傳統上整形手術的最大市場是紐約、洛杉磯、邁阿密和德克薩斯。

  • And I'm going to touch with all my colleagues.

    我將與我所有的同事聯繫。

  • The thing that really impacts is the -- when we had the closure of elective procedures.

    真正影響的是——當我們結束選舉程序時。

  • And that's what happened in March.

    這就是三月份發生的事情。

  • So if you have closure of elective procedures, at that point, you just really can't do anything.

    因此,如果您關閉了選擇性程序,那麼到那時,您真的無能為力。

  • So that has not been the case in California as far as the doctors I'm speaking to.

    因此,就我正在與之交談的醫生而言,加利福尼亞的情況並非如此。

  • And so the demand is still there.

    所以需求仍然存在。

  • They're still coming in.

    他們還在進來。

  • And will there be a pent-up demand after that?

    之後還會有被壓抑的需求嗎?

  • I'm sure.

    我敢肯定。

  • I'm sure, especially, New York and L.A. are probably the super strength in what they're doing.

    我敢肯定,尤其是紐約和洛杉磯可能是他們正在做的事情的超級力量。

  • The patients are still coming in.

    病人還在進來。

  • Will it be more afterwards?

    以後會更嗎?

  • It's hard to predict.

    很難預測。

  • I'm sure there are people who are scared, who are not probably coming in.

    我敢肯定有些人很害怕,他們可能不會進來。

  • So I anticipate once the vaccination process continues, just like everything else, I expect that trend to continue with it.

    因此,我預計一旦疫苗接種過程繼續進行,就像其他一切一樣,我希望這種趨勢會繼續下去。

  • And the ones that are actually are concerned that want their elective procedure done will probably feel a lot more confident to come through.

    那些真正擔心並希望完成選擇性程序的人可能會更有信心通過。

  • So if I had to answer the question in a simple way, yes, there is going to be pent-up demand in those markets.

    因此,如果我必須以簡單的方式回答這個問題,是的,這些市場將存在被壓抑的需求。

  • We expect it, anticipate it, but the volume right now has not been impacted the existing volume.

    我們期待它,期待它,但現在的數量並沒有受到現有數量的影響。

  • Everyone's doing quite well because of the fact that the elective procedures have not been stopped, which was very different back in March.

    每個人都做得很好,因為選修程序沒有停止,這在三月份是非常不同的。

  • Does that answer your question?

    這是否回答你的問題?

  • Jeffrey D. Johnson - Senior Research Analyst

    Jeffrey D. Johnson - Senior Research Analyst

  • It does.

    確實如此。

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • By the way, the numbers of disposable that we -- just a second.

    順便說一下,我們-- 一次性的數量。

  • Yes, the number of disposable that we sold until now from the beginning of the year are more than what we saw, I mean, in the first 1.5 month in the fourth quarter.

    是的,從年初到現在,我們售出的一次性用品數量比我們在第四季度的前 1.5 個月看到的還要多。

  • Operator

    Operator

  • (Operator Instructions) The next question comes from Asaf Barel Chandali with Oppenheimer.

    (操作員說明)下一個問題來自 Asaf Barel Chandali 和 Oppenheimer。

  • Asaf Barel Chandali - Analyst

    Asaf Barel Chandali - Analyst

  • And again, congratulations on a very impressive year.

    再一次,祝賀你度過了令人印象深刻的一年。

  • I guess maybe if we could just start on the new product launches, can you walk us through how you're seeing the timing of the launches as we move through 2021, so back half, front half, back half.

    我想也許如果我們可以開始新產品的發布,你能告訴我們你是如何看待我們在 2021 年的發佈時間的,所以後半部分,前半部分,後半部分。

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • Well, yes, we intend in 2021 to launch 2 products.

    嗯,是的,我們打算在 2021 年推出 2 款產品。

  • One, as I said, Empower for the OB/GYN.

    其中之一,正如我所說,為 OB/GYN 賦能。

  • This we have all the FDA approval already, and we're waiting for the clinical study and clinical proof.

    我們已經獲得了所有 FDA 的批准,我們正在等待臨床研究和臨床證明。

  • I think Spero gave some insight on all the studies that we're doing there.

    我認為 Spero 對我們在那裡進行的所有研究給出了一些見解。

  • We believe that this product will be launched sometime in the second quarter.

    我們相信該產品將在第二季度的某個時候推出。

  • We also intend to launch another platforms for the ophthalmology market, mainly for dry eye and some aesthetic eye upper and lower lid procedures.

    我們還打算為眼科市場推出另一個平台,主要用於乾眼症和一些眼部美容手術。

  • And that will come probably toward the end of the third quarter.

    這可能會在第三季度末出現。

  • We're still working on this platform.

    我們仍在這個平台上工作。

  • We don't have an FDA yet.

    我們還沒有 FDA。

  • It's in process.

    它正在處理中。

  • We've submitted for FDA approval.

    我們已提交 FDA 批准。

  • So that will come probably in the next 2 months.

    所以這可能會在接下來的 2 個月內到來。

  • In addition to that, we continue -- we are putting the production line for these platforms, which will be ready in the second quarter, starting to manufacturing.

    除此之外,我們繼續 - 我們正在為這些平台投入生產線,這些平台將在第二季度準備就緒,開始製造。

  • And hopefully that will be also on time.

    希望這也能準時進行。

  • Asaf Barel Chandali - Analyst

    Asaf Barel Chandali - Analyst

  • Okay.

    好的。

  • That's very helpful.

    這很有幫助。

  • I appreciate it.

    我很感激。

  • And maybe I guess on the competitive front and maybe just an opportunity for you guys to comment on it, I think we all appreciate the commentary on the healthy kind of demand for aesthetics broadly.

    也許我想在競爭方面,也許只是你們發表評論的機會,我想我們都欣賞對廣泛的健康美學需求的評論。

  • But as we look across the other public medical aesthetics comps, whether it be injectables or cryo or obviously even lasers, we're seeing relative weakness.

    但當我們審視其他公共醫學美容產品時,無論是注射劑還是冷凍療法,甚至顯然是激光療法,我們都看到了相對的弱點。

  • So if you guys maybe want to kind of take this as an opportunity to comment on how you're seeing, not just RF, but specifically your kind of solution is taking share and what the feedback is from physicians, that would be helpful.

    因此,如果你們可能想藉此機會評論你們的看法,不僅僅是 RF,而且特別是你們的解決方案正在分享以及來自醫生的反饋是什麼,那將是有幫助的。

  • Shakil Lakhani - President of North America

    Shakil Lakhani - President of North America

  • Sure.

    當然。

  • So I'll start off and I'll pass it over to Spero.

    所以我會開始,然後將它傳遞給 Spero。

  • So I mean we've definitely seen over the last 2 years, we've -- you're absolutely correct, there has been some decrease.

    所以我的意思是我們在過去兩年中肯定看到了,我們 - 你是絕對正確的,已經有所減少。

  • And obviously with anything like that, there's an opportunity, right?

    顯然,有這樣的機會,對吧?

  • And I think we've kind of seized that opportunity in doing what we've done.

    而且我認為我們在做我們所做的事情時已經抓住了這個機會。

  • Just in the global space, there have been -- a lot of the competitive issues have been based on consolidation within the industry as we've seen.

    正如我們所見,就在全球範圍內,許多競爭問題都是基於行業內的整合。

  • So private equity getting involved purchasing other companies, big pharma, so on and so forth.

    所以私人股本參與收購其他公司、大型製藥公司等等。

  • And I think what we've done is we -- this is what we do.

    我認為我們所做的就是我們——這就是我們所做的。

  • We specialize in capital equipment or consumable side of things.

    我們專注於資本設備或消耗品方面。

  • Our minimally invasive solutions, which no one really has per se.

    我們的微創解決方案,沒有人真正擁有。

  • And then we obviously have our hands-free, which is a competitive space.

    然後我們顯然有我們的免提,這是一個競爭空間。

  • But again, a lot of those companies have been gobbled up by larger companies.

    但同樣,其中很多公司都被大公司吞併了。

  • And I think they, at that point, lose focus on what they're trying to do and accomplish, and they don't really have a captain to navigate the ship.

    而且我認為他們,在那個時候,失去了對他們正在努力做和完成的事情的關注,他們並沒有真正的船長來駕馭這艘船。

  • And so I think that we've definitely created a situation where we can now come in and capitalize on this type of situation.

    所以我認為我們肯定已經創造了一種情況,我們現在可以進入並利用這種情況。

  • Spero, from a patient perspective, did you want to comment?

    斯佩羅,從病人的角度來看,你想發表評論嗎?

  • Spero Theodorou - Chief Medical Officer

    Spero Theodorou - Chief Medical Officer

  • Yes.

    是的。

  • I think -- Shak, thank you for saying all that.

    我想——Shak,謝謝你說了這麼多。

  • I think what's important here to understand is that we've identified what we call a treatment gap.

    我認為這裡需要理解的重要一點是我們已經確定了所謂的治療差距。

  • That's a concept.

    那是一個概念。

  • We noticed in the market, we found a unmet need.

    我們在市場上註意到,我們發現了未滿足的需求。

  • And what does that mean?

    那是什麼意思?

  • And I'll repeat again for the -- for people who don't know.

    我會再次重複 - 對於那些不知道的人。

  • So you have 2 ends of the spectrum.

    所以你有兩個極端。

  • You have the one end of the spectrum, we have major operations, plastic surgery operations taken care in the hospitals.

    你有一個極端,我們有大型手術,整形外科手術在醫院進行。

  • And then you also have, on the other side of the spectrum, you have a lot of these noninvasive procedures, lasers, et cetera, et cetera, which are not as effective as it can be.

    然後你也有,在光譜的另一邊,你有很多這些非侵入性程序,激光等等,等等,它們並不像它應該的那樣有效。

  • So you have a whole number of patients between 35 to 60, 55, 60 years old, which, a), are not bad enough to have a big operation.

    所以你有大量的患者,年齡在 35 到 60、55、60 歲之間,a) 還不足以進行大手術。

  • By being bad enough meaning they don't have enough skin laxity, they're not ready for the facelift.

    足夠糟糕意味著他們沒有足夠的皮膚鬆弛,他們還沒有為整容做好準備。

  • The same token, they've tried everything else, and it hasn't really worked.

    同樣的道理,他們已經嘗試了所有其他方法,但並沒有真正奏效。

  • And they're getting -- there is a fatigue component involved there, right?

    他們越來越——那裡涉及疲勞因素,對吧?

  • Getting fillers every 3 months, getting -- doing these lasers.

    每 3 個月進行一次填充,進行這些激光。

  • So finally, if they can find a procedure that will essentially tighten their skin or give them a long-lasting result in one session, a 45-minute session, even though it might be a higher price, at the end of the day, if you look at the number of continuing treatments over a period of time, financially even makes more sense just to have one procedure done, you're finished and it lasts for 8 to 10 years.

    所以最後,如果他們能找到一種可以從根本上收緊皮膚或在一次 45 分鐘的療程中給他們帶來持久效果的手術,即使它可能價格更高,但在一天結束時,如果你看看一段時間內持續治療的數量,在經濟上什至只完成一個程序就更有意義,你就完成了,它會持續 8 到 10 年。

  • So there's been a paradigm shift in the way people are looking at these things.

    所以人們看待這些事情的方式發生了範式轉變。

  • And a combination of what Shak mentioned, in addition to the fact that people are starting to smarten up, they're like if I'm having filler 3 times a year and I'm having these things done, and I put it all together, it's just easier for me to have something like this which is permanent and it looks good and looks great.

    結合 Shak 提到的,除了人們開始變得聰明這一事實之外,他們就像是如果我每年進行 3 次填充並且我完成了這些事情,然後我將它們放在一起,我更容易擁有這樣的東西,它是永久的,看起來不錯,看起來很棒。

  • So the minimally invasive approach to what we're doing is a paradigm shift in aesthetic medicine.

    因此,我們正在做的微創方法是美容醫學的範式轉變。

  • And that's why you're seeing the growth that you're seeing because we're able to penetrate these offices, but most importantly, give the patients what they really need.

    這就是為什麼你看到你看到的增長,因為我們能夠滲透到這些辦公室,但最重要的是,給病人他們真正需要的東西。

  • And the doctors are relieved because they don't have to explain themselves afterwards why this works, doesn't work.

    醫生們鬆了一口氣,因為他們不必事後解釋為什麼這有效,為什麼無效。

  • They're like, here you go.

    他們就像,給你。

  • And add to the fact that you have the hospitals and patients are afraid of hospitals, add to the fact that office-based procedures is where it's at, all these elements are what make us competitive, but also are changing the way the industry has been in the past.

    再加上你有醫院,病人害怕醫院,再加上基於辦公室的程序就在那裡,所有這些因素使我們具有競爭力,但也正在改變這個行業的方式在過去。

  • So I'm not surprised there's a weakness in other sectors aside from the aspects that Shak brought out.

    因此,除了 Shak 帶來的方面之外,其他部門存在弱點我並不感到驚訝。

  • It's also a combination of patients having what I call [further] fatigue, for example.

    例如,這也是我所說的 [進一步] 疲勞的患者的組合。

  • Asaf Barel Chandali - Analyst

    Asaf Barel Chandali - Analyst

  • Okay.

    好的。

  • That's very helpful.

    這很有幫助。

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • Asaf, this is Moshe.

    阿薩夫,這是摩西。

  • I believe we discussed that when we met in Israel, I think it's a mistake to compare us to the laser company.

    我相信我們討論過,當我們在以色列見面時,我認為將我們與激光公司進行比較是錯誤的。

  • You're fully familiar with them.

    你對他們完全熟悉。

  • I'm sure there are many private companies, but there are 3 public companies: Alma, Venus and Cutera.

    我敢肯定有很多私營公司,但有 3 家上市公司:Alma、Venus 和 Cutera。

  • And when you look on those 3 companies' performance in 2020 and you compare them to the performance of InMode in 2020, you understand the difference.

    當您查看這 3 家公司在 2020 年的表現並將它們與 InMode 在 2020 年的表現進行比較時,您就會明白其中的差異。

  • 95% of their business rely on one energy, which is the laser energy.

    他們95%的業務依賴一種能源,即激光能源。

  • Laser energy today is becoming a commodity, a commodity energy -- a commodity technology and a commodity product.

    今天的激光能源正在成為一種商品,一種商品能源——一種商品技術和商品產品。

  • They have no IP protection anymore, gross margin of about 50%, 55%, and all losing money, barely breakeven.

    他們已經沒有知識產權保護了,毛利率大約50%、55%,而且都在虧損,勉強盈虧平衡。

  • So we don't have -- our category, the new category that we have established, the minimally invasive surgical procedure, it's a new category.

    所以我們沒有——我們的類別,我們建立的新類別,微創外科手術,這是一個新類別。

  • I don't think we have a recognized comparable or recognized peer.

    我認為我們沒有公認的可比或公認的同行。

  • So I think we need to be judged based on our performance, not comparing to other company because most of the other laser companies are not doing well these days.

    所以我認為我們需要根據我們的表現來判斷,而不是與其他公司進行比較,因為這些天大多數其他激光公司都做得不好。

  • The market is saturated, there's overcapacity.

    市場飽和,產能過剩。

  • Prices of the system are going down.

    該系統的價格正在下降。

  • You can buy today the best laser for less than $60,000.

    今天,您可以以不到 60,000 美元的價格買到最好的激光器。

  • And the best IPL for -- from Korea for $30,000, $35,000.

    最好的 IPL——來自韓國,售價 30,000 美元,35,000 美元。

  • With this type of prices, they cannot make money.

    這樣的價格,他們賺不到錢。

  • So the strategy and the DNA of this company is to work on things that we will have intellectual property protection and also some uniqueness, and this is the reason why this category was established.

    所以這家公司的戰略和 DNA 是致力於我們將擁有知識產權保護和一些獨特性的事情,這就是這個類別成立的原因。

  • Asaf Barel Chandali - Analyst

    Asaf Barel Chandali - Analyst

  • Okay.

    好的。

  • Great.

    偉大的。

  • And just last question on my end.

    最後一個問題是我的最後一個問題。

  • So once again, exceptionally strong growth in the international business.

    因此,國際業務再次出現異常強勁的增長。

  • Can you give us -- you guys helped us out last quarter giving us some color on some of the underlying countries.

    你能給我們嗎 - 你們上個季度幫助了我們,讓我們對一些基礎國家有一些了解。

  • I mean I guess maybe most interesting would be any commentary you can get on how things are developing in China.

    我的意思是,我想也許最有趣的是你能得到的關於中國發展情況的任何評論。

  • Anything that you guys think is relevant.

    你們認為相關的任何事情。

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • Okay.

    好的。

  • Okay.

    好的。

  • I'll give you that.

    我會給你的。

  • Let's divide the answer into 3 answers.

    讓我們把答案分成 3 個答案。

  • One: currently, we have 5 -- outside North America, and I'm not including Canada, we have 5 fully-owned subsidiary, U.K., France, Spain, Australia and India.

    一:目前,我們有 5 個——在北美以外,我不包括加拿大,我們有 5 個全資子公司,英國、法國、西班牙、澳大利亞和印度。

  • All the rest, we're selling through distributors.

    所有其餘的,我們通過經銷商銷售。

  • So by the way, just to give you some idea, 85% of our sales is direct, North America and those 5 subsidiary.

    所以順便說一句,給你一些想法,我們 85% 的銷售額是直接的,北美和那 5 個子公司。

  • All the rest we sell through distributors.

    其餘的我們通過經銷商銷售。

  • In 2020, we built the company in France.

    2020年,我們在法國建立了公司。

  • And also we hired more direct people in the other subsidiaries.

    我們還在其他子公司僱用了更多直接人員。

  • We changed several distributors, but most important, we have received regulatory approvals in China, in Australia, in Korea and also in Brazil, and these are major countries that actually drive the growth in the international market.

    我們更換了幾個分銷商,但最重要的是,我們在中國、澳大利亞、韓國和巴西都獲得了監管批准,這些都是真正推動國際市場增長的主要國家。

  • We continue to invest heavily on regulatory bodies with regulatory processes in many countries.

    我們繼續大力投資監管機構,在許多國家/地區實施監管流程。

  • And don't forget, we have to deal with 27 countries, 27 languages and 27 different submission.

    別忘了,我們必須處理 27 個國家、27 種語言和 27 種不同的提交。

  • It is not everything FDA or see in Europe, but we continue to do it because we believe once all of our portfolio will be approved and will be cleared in those countries, it will grow there -- it will drive the growth.

    這不是 FDA 或在歐洲看到的一切,但我們繼續這樣做,因為我們相信一旦我們所有的產品組合都將在這些國家獲得批准並獲得批准,它將在那裡增長——它將推動增長。

  • So we work on 3 basic avenues: one, to enhance the distribution in certain countries like we did in Italy and Germany, to enhance our position with all of our subsidiaries in those countries where we go direct and continue to invest in regulatory processes in order to get all of our portfolio approved by most of the regulatory bodies around the world.

    因此,我們致力於 3 個基本途徑:第一,像我們在意大利和德國所做的那樣,加強在某些國家的分銷,加強我們在我們直接進入的國家的所有子公司的地位,並繼續投資於監管流程,以便讓我們所有的產品組合獲得全球大多數監管機構的批准。

  • These are something that we are doing parallel.

    這些是我們正在並行進行的事情。

  • And this is the reason why in 2020, the rest of the world have grown, as you said, more than 70% compared to 2019.

    這就是為什麼在 2020 年,世界其他地區如您所說,與 2019 年相比增長了 70% 以上。

  • And I believe that this process will continue in 2021.

    我相信這個過程將在 2021 年繼續。

  • Operator

    Operator

  • This concludes our question-and-answer session.

    我們的問答環節到此結束。

  • I would now like to turn the conference back over to Moshe Mizrahy for any closing remarks.

    現在,我想將會議轉回給 Moshe Mizrahy,聽取任何閉幕詞。

  • Moshe Mizrahy - Chairman & CEO

    Moshe Mizrahy - Chairman & CEO

  • Okay.

    好的。

  • Thank you, everybody, for joining us today.

    謝謝大家今天加入我們。

  • We hope that 2021 will continue the momentum that we have seen in the third and the fourth quarter.

    我們希望 2021 年能夠延續我們在第三和第四季度看到的勢頭。

  • We will do our best to meet the guidance or do even better than the guidance, come up with the new products and create value to the shareholders.

    我們將盡最大努力滿足指導或做得更好,推出新產品,為股東創造價值。

  • Thank you, everybody.

    謝謝大家。

  • Operator

    Operator

  • This conference has now concluded.

    本次會議現已結束。

  • 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。