InMode (NASDAQ:INMD) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET

Company Participants

Miri Segal - Investor Relations

Moshe Mizrahy - Chief Executive Officer and Chairman of Board of Directors

Shakil Lakhani - President, North America

Yair Malca - Chief Financial Officer

Spero Theodorou - Chief Medical Officer

Conference Call Participants

Matt Miksic - Barclays

Matthew Taylor - Jefferies

Ryan Barocas - UBS

Dane Reinhardt - Baird

Mike Matson - Needham and Company

Caitlin Cronin - Canaccord Genuity

Operator

Good day, and welcome to the InMode Third Quarter 2023 Earnings Results Conference Call. [Operator instructions] Please note today’s event is being recorded. I'd now like to turn the conference over to Miri Segal of MS-IR. Please go ahead.

Miri Segal

Thank you, operator, and to everyone for joining us today. Welcome to InMode's third 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 visit 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 thank 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 the prepared remarks, we will all be available to answer your question. The third quarter was the first time that we saw a slowdown and experienced normal seasonality that is common in the medical device industry in general and specifically in the static space. We ended Q3 with revenue of $123.1 million, a slight increase of 2% compared to the third quarter of 2022. Until the third quarter, InMode has been in an accelerator growth rate as we establish our presence in the US and globally. Furthermore, the last three years of the COVID pandemic led to abnormal environment in the aesthetic space, resulting in pent-up demand and different aesthetic treatment patterns. Pre-pandemic, summertime hasn't been a popular time for aesthetic treatment due to travel and the requirement to avoid sun post-treatment. This summer, patients and physicians in the US and in Europe returned to normal seasonality cycle and this trend was reflected in our Q3 financial results.