InMode Reports Record Fourth Quarter and Full Year 2019 Financial Results
Quarterly Revenues of $47 Million Represent 63% Year over Year Growth
YOKNEAM, Israel, Feb. 18, 2020 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced financial results for the fourth quarter and full year ended December 31, 2019.
Fourth Quarter 2019 Highlights:
- Record quarterly revenue of $47 million, an increase of 63% compared to the fourth quarter in 2018
- GAAP net income attributable to InMode Ltd. of $19.0 million, compared to a $0.2 million loss attributable to InMode Ltd. in the fourth quarter in 2018; *non-GAAP net income attributable to InMode Ltd. of $19.3 million
- GAAP and *non-GAAP fully diluted earnings per share of $0.46
- Total cash position of $193.4 million as of December 31, 2019, including cash and cash equivalents, marketable securities and short-term bank deposits
Full Year 2019 Highlights:
- Record full year revenue of $156.4 million, an increase of 56% as compared to 2018
- GAAP net income attributable to InMode Ltd. of $61.1 million, a 173% increase year-over-year; *non-GAAP net income attributable to InMode Ltd. of $62.4 million, a 95% increase year-over-year
- GAAP fully diluted earnings per share of $1.60, an increase of 158% as compared to 2018; *non-GAAP fully diluted earnings per share of $1.63, an increase of 81% year-over-year
- 68% increase in international (non-U.S.) revenue as compared to 2018
U.S. GAAP Results (U.S. dollars in thousands, except for per share data) | ||||
Q4 2019 | Q4 2018 | FY 2019 | FY 2018 | |
Revenues | $47,002 | $28,783 | $156,361 | $100,162 |
Gross Margins | 87% | 86% | 87% | 85% |
Net Income (Loss) Attributable to InMode Ltd. | $19,038 | $(213) | $61,145 | $22,371 |
Earnings (Loss) per Diluted Share | $0.46 | $(0.01) | $1.60 | $0.62 |
Non-GAAP Results | ||||
Q4 2019 | Q4 2018 | FY 2019 | FY 2018 | |
Net Income Attributable to InMode Ltd. | $19,311 | $7,826 | $62,390 | $31,916 |
Earnings per Diluted Share | $0.46 | $0.22 | $1.63 | $0.90 |
*Please refer to "Use of non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are part of this release. Non-GAAP results exclude stock-based compensation, legal settlements and loss contingencies related to sublicense agreement, as well as related tax adjustments.
Management Comments
In 2015, the U.S. Food and Drug Administration ("FDA") cleared InMode's new and proprietary Bipolar Radio Frequency technology, which enabled further development and marketing of Subdermal Adipose Remodeling Devices (SARD – BodyTite, FaceTite, AccuTite and Morpheus8). With this new technology, InMode introduced a new category: "Minimally Invasive and Subdermal Ablative Aesthetic Surgery", that enables physicians to provide solutions to patients that do not want to suffer from the shortcomings of full plastic surgery yet would like to obtain comparable results ("Treatment Gap patients").
The success of InMode's Subdermal Adipose Remodeling Devices (SARD) in the minimally invasive and subdermal ablative space inspired InMode to apply the same principles of facial and body reshaping to the non-invasive market in a hands-free application. As such, InMode developed two FDA-cleared distinct hands-free platforms: the Evolve for body and the Evoke for face.
The introduction of Evolve and Evoke to the market created yet another new category within the aesthetic market: "Hands-Free Aesthetic Procedures." Currently, these two proprietary and protected categories (aesthetic surgery and hands-free aesthetic procedures) are expected to be the primary growth engines for InMode in the coming years.
As for global reach - InMode continues to develop the U.S. and international markets through its network of subsidiaries and distributors. In addition, InMode continues to work on clinical and obtaining regulation approval in various countries, recently receiving ANVISA clearance from Brazil, and additional approvals in the U.S. (FDA), Canada, Taiwan and other countries in Eastern Europe.
2020 Financial Outlook
Management provided an outlook for the full year of 2020, the period ending December 31, 2020. Based on current estimates, management expects:
- $190 million to $198 million in revenue
- 85%-87% in Gross Margins
- *Non-GAAP Income from Operations - $76 million to $80 million
- *Non-GAAP Earnings per Diluted Share - $1.85 - $1.93
This outlook is not guarantee of future performance and stockholders should not place under reliance on such forward-looking statements. See "Forward-Looking Statements" for additional information.
Fourth Quarter 2019 Financial Results
Total revenues for the fourth quarter of 2019 were $47.0 million, an increase of 63% as compared to the fourth quarter in 2018. This growth was driven primarily by the continued expansion of InMode's direct sales organization in the United States. Additionally, InMode continued to gain traction in international markets, with international revenue growing 71% year-over-year.
Gross margin for the fourth quarter of 2019 was 87% compared to a gross margin of 86% in the fourth quarter of 2018.
GAAP operating margin for the fourth quarter of 2019 was 38%, compared to 5% in the fourth quarter of 2018. *Non-GAAP operating margin for the fourth quarter of 2019 was 39%, compared to 33% in the fourth quarter of 2018. This increase is primarily attributable to the increase in our gross profit exceeding the increase in our operating expenses as a result of the company's accelerated growth.
InMode reported GAAP net income attributable to InMode Ltd. of $19.0 million, or $0.46 per diluted share in the fourth quarter of 2019. This is compared with GAAP net loss attributable to InMode Ltd. of $(0.2) million, or $(0.01) per diluted share, in the fourth quarter of 2018. The loss in the fourth quarter of 2018 was due to a one-time provision for a settlement agreement InMode entered into in January 2019. On a *non-GAAP basis, InMode reported net income attributable to InMode Ltd. of $19.3 million, or $0.46 per diluted share in the fourth quarter of 2019 compared to $7.8 million, or $0.22 per diluted share, in the fourth quarter of 2018.
Full Year 2019 Financial Results
Total revenues for 2019 were $156.4 million, an increase of 56% as compared to 2018. This growth was driven primarily by the continued expansion of InMode's direct sales organization in the United States. In addition, InMode has been gaining traction in international markets, with international revenue growing 68% year-over-year.
Gross margin for 2019 was 87% compared to a gross margin of 85% in 2018.
GAAP operating margin for 2019 was 38%, compared to the operating margin of 23% in 2018. *Non-GAAP operating margin for 2019 was 39%, compared to the operating margin of 33% in the full year of 2018. InMode reported GAAP net income attributable to InMode Ltd. of $61.1 million, or $1.60 per diluted share in 2019. This is compared with GAAP net income attributable to InMode Ltd of $22.4 million, or $0.62 per diluted share, in 2018. On a *non-GAAP basis, InMode reported net income attributable to InMode Ltd. of $62.4 million, or $1.63 per diluted share, in the full year of 2019 compared to net income attributable to InMode Ltd. of $31.9 million, or $0.90 per diluted share, in the full year of 2018.
As of December 31, 2019, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $193.4 million, of which approximately $70 million in net proceeds were raised in InMode's initial public offering.
*Please refer to "Use of non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are part of this release. Non-GAAP results exclude stock-based compensation, legal settlements and loss contingencies related to sublicense agreement, as well as related tax adjustments.
Use of Non-GAAP Financial Measures
In addition to InMode's operating results presented in accordance with GAAP, this release includes certain non-GAAP financial measures including non-GAAP net income, non-GAAP fully diluted earnings per share and non-GAAP operating margin. Because these measures are used in InMode's internal analysis of financial and operating performance, management believes that they provide greater transparency to investors of management's view of InMode's economic performance. Management also believes the presentation of these measures, when analyzed in conjunction with InMode's GAAP operating results, allows investors to more effectively evaluate and compare the performance of InMode to that of its peers, although InMode's presentation of its non-GAAP measures may not be comparable to other similarly-titled measures of other companies. Schedules reconciling each of these non-GAAP financial measures are provided as a supplement to this release. We have not provided a reconciliation of non-GAAP financial measures included in "2020 Financial Outlook" to the corresponding GAAP financial measure on a forward-looking basis due to the potential variability, limited visibility and unpredictability.
Conference Call Information
Mr. Moshe Mizrahy, Chairman and Chief Executive Officer, and Mr. Yair Malca, Chief Financial Officer, will host a conference call today, February 18, 2020, at 9 a.m. Eastern Time.
To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your call five minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number.
U.S. Toll-Free Dial-in Number: 1-866-777-2509
Israel Toll- Free Dial-in Number: 1-80-921-2373
International Dial-in Number: 1-412-317-5413
At:
9 a.m. Eastern Time
6 a.m. Pacific Time
4 p.m. Israel Time
The conference call will also be webcast live from a link on InMode's website at https://inmodemd.com/investors/. A replay of the conference call will be available from February 18, 2020 at 12 p.m. Eastern Time to March 3, 2020 at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:
Replay Dial-in TOLL-FREE: 1-877-344-7529
Replay Dial-in Canada TOLL-FREE: 855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 10137694
A replay will also be available for 90 days on InMode's website at https://inmodemd.com/investors/.
About InMode
InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio-frequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically-accepted minimally-invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode, please visit www.inmodemd.com.
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the future performance described "2020 Financial Outlook". Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategy plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements contained in our prospectus (included in the Registration Statement on Form F-1, filed with the Securities and Exchange Commission (File No. 333-232615), as amended) and our future public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
INMODE LTD. | ||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||
(U.S. dollars in thousands, except for per share data) | ||||
(Unaudited) | ||||
Three months ended | Year Ended | |||
2019 | 2018 | 2019 | 2018 | |
REVENUES | 47,002 | 28,783 | 156,361 | 100,162 |
COST OF REVENUES | 6,045 | 3,939 | 20,238 | 15,057 |
GROSS PROFIT | 40,957 | 24,844 | 136,123 | 85,105 |
OPERATING EXPENSES: | ||||
Research and development | 1,587 | 1,354 | 5,699 | 4,180 |
Sales and marketing | 20,127 | 12,521 | 66,848 | 44,622 |
General and administrative | 1,265 | 1,656 | 3,958 | 4,814 |
Legal settlements and loss contingencies | - | 8,000 | - | 8,000 |
TOTAL OPERATING EXPENSES | 22,979 | 23,531 | 76,505 | 61,616 |
INCOME FROM OPERATIONS | 17,978 | 1,313 | 59,618 | 23,489 |
Finance income (expenses), net | 1,159 | (487) | 2,423 | 136 |
INCOME BEFORE TAXES | 19,137 | 826 | 62,041 | 23,625 |
INCOME TAXES | 165 | 1,045 | 883 | 1,260 |
NET INCOME | 18,972 | (219) | 61,158 | 22,365 |
Less: Net income (loss) attributable to non-controlling interests | (66) | (6) | 13 | (6) |
NET INCOME (LOSS) ATTRIBUTABLE TO INMODE LTD. | 19,038 | (213) | 61,145 | 22,371 |
NET INCOME (LOSS) PER SHARE (1): | ||||
Basic | 0.58 | (0.01) | 2.09 | 0.82 |
Diluted | 0.46 | (0.01) | 1.60 | 0.62 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | ||||
Basic | 32,781 | 26,682 | 29,232 | 26,614 |
Diluted | 41,639 | 35,052 | 38,059 | 35,007 |
(1) The number shares have been adjusted retroactively for a 1-for-1.789 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated July 24, 2019.
INMODE LTD. | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(U.S. dollars in thousands, except for per share data) | ||
(Unaudited) | ||
December 31, 2019 | December 31, 2018 | |
Assets | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 44,727 | 24,721 |
Marketable securities | 120,144 | 26,532 |
Short-term bank deposits | 28,491 | 10,045 |
Accounts receivable, net of allowance for doubtful accounts | 6,628 | 7,008 |
Other receivables | 3,810 | 2,495 |
Inventories | 9,408 | 6,963 |
TOTAL CURRENT ASSETS | 213,208 | 77,764 |
NON-CURRENT ASSETS: | ||
Accounts receivable | 374 | 544 |
Deferred offering costs | - | 895 |
Deferred income taxes, net | 1,899 | 1,309 |
Operating lease right-of-use assets | 1,369 | - |
Property and equipment, net | 935 | 544 |
Other investments | 600 | - |
TOTAL NON-CURRENT ASSETS | 5,177 | 3,292 |
TOTAL ASSETS | 218,385 | 81,056 |
Liabilities and shareholders' equity | ||
CURRENT LIABILITIES: | ||
Accounts payable | 3,702 | 4,509 |
Contract liabilities | 15,587 | 5,755 |
Other liabilities | 13,205 | 9,165 |
Accrued contingencies | - | 10,000 |
TOTAL CURRENT LIABILITIES | 32,494 | 29,429 |
NON-CURRENT LIABILITIES: | ||
Contract liabilities | 3,813 | 3,982 |
Other liabilities | 1,494 | 771 |
Operating lease liabilities | 744 | - |
Deferred income taxes, net | 37 | 11 |
TOTAL NON-CURRENT LIABILITIES | 6,088 | 4,764 |
TOTAL LIABILITIES | 38,582 | 34,193 |
REDEEMABLE NON-CONTROLLING INTEREST | - | 2,187 |
TOTAL SHAREHOLDERS' EQUITY | 179,803 | 44,676 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 218,385 | 81,056 |
INMODE LTD. | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(U.S. dollars in thousands, except for per share data) | |||||
(Unaudited) | |||||
Three months ended | Year Ended | ||||
2019 | 2018 | 2019 | 2018 | ||
CASH FLOWS FROM OPERATING | |||||
Net income (loss) | 18,972 | (219) | 61,158 | 22,365 | |
Adjustments required to reconcile net income | |||||
Depreciation and amortization | 88 | 53 | 302 | 184 | |
Share-based compensation expenses | 358 | 181 | 1,557 | 1,947 | |
Allowance for doubtful accounts | (55) | 10 | 78 | (33) | |
Loss (gains) on marketable securities, net | 3 | 101 | 3 | (21) | |
Changes in fair value of marketable | - | 504 | - | 291 | |
Finance income, net | (440) | (45) | (835) | (45) | |
Deferred income taxes, net | (383) | (424) | (594) | (592) | |
Changes in operating assets and liabilities: | |||||
Decrease (increase) in accounts receivable | 1,046 | (191) | 449 | (571) | |
Increase in other receivables | (666) | (1,100) | (1,316) | (1,171) | |
Increase in inventories | (913) | (1,352) | (2,445) | (1,891) | |
Increase (decrease) in accounts payable | (667) | 21 | 92 | 541 | |
Increase in other liabilities | 1,676 | 2,898 | 4,094 | 2,631 | |
Increase in contract liabilities | 8,400 | 1,024 | 9,663 | 5,251 | |
Increase (decrease) in accrued | - | 8,000 | (10,000) | 8,000 | |
Net cash provided by operating activities | 27,419 | 9,461 | 62,206 | 36,886 | |
CASH FLOWS FROM INVESTING | |||||
Investment in short-term deposit | (13,500) | (5,000) | (47,810) | (10,000) | |
Proceeds from short-term deposit | 11,000 | - | 29,500 | - | |
Purchase of fixed assets | (175) | (88) | (693) | (381) | |
Other investments | (600) | - | (600) | - | |
Purchase of marketable securities | (82,802) | (15,800) | (165,423) | (38,346) | |
Proceeds from sale of marketable securities | 54,471 | 15,576 | 72,574 | 18,988 | |
Net cash (used in) investing activities | (31,606) | (5,312) | (112,452) | (29,739) | |
CASH FLOWS FROM FINANCING | |||||
Proceeds from initial public offering of | - | - | 69,784 | - | |
Exercise of options | 74 | 10 | 389 | 186 | |
Net cash provided by financing activities | 74 | 10 | 70,173 | 186 | |
EFFECT OF EXCHANGE RATE | 135 | (64) | 79 | (205) | |
NET INCREASE (DECREASE) IN CASH | (3,978) | 4,095 | 20,006 | 7,128 | |
CASH AND CASH EQUIVALENTS AT | 48,705 | 20,626 | 24,721 | 17,593 | |
CASH AND CASH EQUIVALENTS AT | 44,727 | 24,721 | 44,727 | 24,721 | |
INMODE LTD. | |||||
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||
(U.S. dollars in thousands, except for per share data) | |||||
(Unaudited) | |||||
Three months ended | Year Ended | ||||
2019 | 2018 | 2019 | 2018 | ||
Revenues by Geography: | |||||
United States | 36,386 | 22,565 | 124,199 | 81,063 | |
International | 10,616 | 6,218 | 32,162 | 19,099 | |
Total Net Revenue | 47,002 | 28,783 | 156,361 | 100,162 | |
U.S. as percentage of total revenue | 77% | 78% | 79% | 81% | |
INMODE LTD. | |||||||
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF | |||||||
INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
(U.S. dollars in thousands, except for per share data) | |||||||
(Unaudited) | |||||||
Three months ended | Three months ended | ||||||
GAAP | Stock Based | Non-GAAP | GAAP | Stock Based | Legal settlements | Non-GAAP | |
REVENUES | 47,002 | - | 47,002 | 28,783 | - | - | 28,783 |
COST OF REVENUES | 6,045 | (32) | 6,013 | 3,939 | (2) | - | 3,937 |
GROSS PROFIT | 40,957 | 32 | 40,989 | 24,844 | 2 | - | 24,846 |
OPERATING EXPENSES: | |||||||
Research and development | 1,587 | (13) | 1,574 | 1,354 | (52) | - | 1,302 |
Sales and marketing | 20,127 | (271) | 19,856 | 12,521 | (114) | - | 12,407 |
General and administrative | 1,265 | (42) | 1,223 | 1,656 | (13) | - | 1,643 |
Legal settlements and loss | - | - | - | 8,000 | - | (8,000) | - |
TOTAL OPERATING | 22,979 | (326) | 22,653 | 23,531 | (179) | (8,000) | 15,352 |
INCOME FROM OPERATIONS | 17,978 | 358 | 18,336 | 1,313 | 181 | 8,000 | 9,494 |
Finance income (expenses), | 1,159 | - | 1,159 | (487) | - | - | (487) |
INCOME BEFORE TAXES | 19,137 | 358 | 19,495 | 826 | 181 | 8,000 | 9,007 |
INCOME TAXES | 165 | 85 | 250 | 1,045 | 142 | - | 1,187 |
NET INCOME (LOSS) | 18,972 | 273 | 19,245 | (219) | 39 | 8,000 | 7,820 |
Less: Net income (loss) | (66) | - | (66) | (6) | - | - | (6) |
NET INCOME (LOSS) | 19,038 | 273 | 19,311 | (213) | 39 | 8,000 | 7,826 |
NET INCOME (LOSS) PER | |||||||
Basic | 0.58 | 0.59 | (0.01) | 0.29 | |||
Diluted | 0.46 | 0.46 | (0.01) | 0.22 | |||
WEIGHTED AVERAGE OUTSTANDING USED IN | |||||||
Basic | 32,781 | 32,781 | 26,682 | 22,682 | |||
Diluted | 41,639 | 41,657 | 35,052 | 35,080 | |||
(1) The number of shares have been adjusted retroactively for a 1-for-1.789 stock split of InMode shares by way of
an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated July 24, 2019
INMODE LTD. | ||||||||
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF | ||||||||
INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(U.S. dollars in thousands, except for per share data) | ||||||||
(Unaudited) | ||||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |||||||
GAAP | Stock Based | Non-GAAP | GAAP | Stock Based | Legal | Non-GAAP | ||
REVENUES | 156,361 | - | 156,361 | 100,162 | - | - | 100,162 | |
COST OF REVENUES | 20,238 | (94) | 20,144 | 15,057 | (25) | - | 15,032 | |
GROSS PROFIT | 136,123 | 94 | 136,217 | 85,105 | 25 | - | 85,130 | |
OPERATING EXPENSES: | ||||||||
Research and development | 5,699 | (179) | 5,520 | 4,180 | (63) | - | 4,117 | |
Sales and marketing | 66,848 | (1,158) | 65,690 | 44,622 | (1,817) | - | 42,805 | |
General and administrative | 3,958 | (126) | 3,832 | 4,814 | (42) | - | 4,772 | |
Legal settlements and loss | - | - | - | 8,000 | - | (8,000) | - | |
TOTAL OPERATING | 76,505 | (1,463) | 75,042 | 61,616 | (1,922) | (8,000) | 51,694 | |
INCOME FROM OPERATIONS | 59,618 | 1,557 | 61,175 | 23,489 | 1,947 | 8,000 | 33,436 | |
Finance income, net | 2,423 | - | 2,423 | 136 | - | - | 136 | |
INCOME BEFORE TAXES | 62,041 | 1,557 | 63,598 | 23,625 | 1,947 | 8,000 | 33,572 | |
INCOME TAXES | 883 | 312 | 1,195 | 1,260 | 402 | - | 1,662 | |
NET INCOME | 61,158 | 1,245 | 62,403 | 22,365 | 1,545 | 8,000 | 31,910 | |
Less: Net income (loss) | 13 | - | 13 | (6) | - | - | (6) | |
NET INCOME ATTRIBUTABLE | 61,145 | 1,245 | 62,390 | 22,371 | 1,545 | 8,000 | 31,916 | |
NET INCOME PER | ||||||||
Basic | 2.09 | 2.13 | 0.82 | 1.18 | ||||
Diluted | 1.60 | 1.63 | 0.62 | 0.90 | ||||
WEIGHTED AVERAGE | ||||||||
Basic | 29,232 | 29,232 | 26,614 | 26,614 | ||||
Diluted | 38,059 | 38,085 | 35,007 | 35,058 | ||||
(1) The number of shares have been adjusted retroactively for a 1-for-1.789 stock split of InMode shares by way of
an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated July 24, 2019
Company Contact: Yair Malca Chief Financial Officer Phone: +1(949) 305-0108 Email: Yair.Malca@inmodemd.com | Investor Relations Contact: Miri Segal MS-IR LLC Phone: +1(917) 607-8654 Email: ir@inmodemd.com |
SOURCE InMode Ltd.
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