InMode Ltd. (NASDAQ:INMD) Q1 2023 Earnings Conference Call May 2, 2023 8:30 AM ET

Company Participants

Miri Segal - Investor Relations, MS-IR LLC

Moshe Mizrahy - Chairman and CEO

Shakil Lakhani - President, North America

Yair Malca - Chief Financial Officer

Spero Theodorou - Chief Medical Officer

Conference Call Participants

Michael Sarcone - Jefferies

Danielle Antalffy - UBS

Dane Reinhardt - Baird

Mike Matson - Needham & Company

Kyle Rose - Canaccord Genuity

Operator

Good day, and welcome to the InMode First Quarter 2023 Financial Results Conference Call. All participants will be in listen-only mode. [Operator instructions] After today's presentation, there will be an opportunity to ask questions. [Operator instructions] Please note this event is being recorded.

I'd now like to turn the conference over to Miri Segal, CEO of MS-IR. Please go ahead.

Miri Segal

Thank you, operator and to everyone for joining us today. Welcome to InMode’s first quarter 2023 earnings call.

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

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

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

Moshe Mizrahy

Thank you, Miri. And to everyone for joining us. With me today are Dr. Michael Kreindel, our Co-Founder and Chief Technology Officer; Yair Malca, our Chief Financial Officer; Shakil Lakhani, our President in North America; Dr. Spero Theodorou, our Chief Medical Officer; and Rafael Lickerman, our VP of Finance. Following our prepared remarks, we will all be available to answer your question.

We reported revenue of $106.1 in the first quarter, an increase of 23.5%, compared to the first quarter of 2022. Sales from consumable and service continued to grow in the first quarter and Shakil will go over that in more detail shortly. I would like to take the moment to recognize that 15-years ago we started this company with a small investment of just $3.5 million and an idea that with bipolar RF technology, our expertise and knowledge of the aesthetic industry, we can disrupt the industry and help close the treatment gap. We have been accomplishing this by providing patient remarkable and lasting results. We are working closely with leading plastic surgeon that have endorsed our safe FDA approved technology.