InMode Ltd. (NASDAQ:INMD) Q1 2022 Earnings Conference Call May 2, 2022 8:30 AM ET

Company Participants

Miri Segal - Investor Relations

Moshe Mizrahy - Chairman and Chief Executive Officer

Michael Kreindel - Co-Founder and Chief Technology Officer

Yair Malca - Chief Financial Officer

Shakil Lakhani - President, North America

Spero Theodorou - Chief Medical Officer

Rafael Lickerman - Vice President, Finance

Conference Call Participants

Mike Matson - Needham & Company

Jeff Johnson - Baird

Operator

Hello and welcome to the InMode Limited First Quarter 2022 Earnings Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Miri Segal, CEO of MS-IR. Please go ahead.

Miri Segal

Thank you, operator and everyone for joining us today. Welcome to InMode’s first quarter 2022 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 InMode’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 would like to pass the call over to Moshe Mizrahy, Chairman and CEO. Moshe, please go ahead.

Moshe Mizrahy

Thank you, Miri and thanks to all of you for joining our first quarter 2022 earnings call. 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. We will all be available for Q&A session after our prepared remarks.

We are pleased to report first quarter revenue of $85.9 million, an increase of 31.1% compared to the same period last year. We continue to achieve strong, profitable growth despite the continued uncertainty in the global market. Net income for the quarter on a GAAP basis was $31 million and $34.1 million on the non-GAAP basis, reflecting year-over-year growth of 16%. As a result of our strategy of focusing on selling more system on the global market, sales of capital equipment was strong, representing 84% of our total revenue in the first quarter.