InMode Ltd. (NASDAQ: INMD) reported Q4 EPS of $0.94, $0.19 better than the analyst estimate of $0.75. Revenue for the quarter came in at $75.2 million versus the consensus estimate of $70.76 million.

Fourth Quarter 2020 Financial Results

• "Total revenues for the fourth quarter of 2020 were $75.2 million, an increase of 60% as compared to the fourth quarter of 2019. The increase in revenues was primarily attributable to the expansion of our direct sales organization in the United States and the continued momentum of our hands-free technology, as well as the recently introduced Morpheus8 Body fractional technology. Moreover, we continued to gain traction in international markets, mainly in Asia-Pacific regions, with international revenues growing 102% year-over-year," commented Yair Malca, CFO.

Fourth Quarter 2020 Highlights:

• Record quarterly revenues of $75.2 million, an increase of 60% compared to the fourth quarter of 2019; 65% of quarterly revenues derived from our proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments, 28% from our recently introduced hands-free platforms and 7% from our traditional laser and non-invasive RF platforms
• Record GAAP net income of $36.1 million, compared to $19.0 million in the fourth quarter of 2019; *non-GAAP net income of $39.9 million, compared to $19.3 million in the fourth quarter of 2019
• Record GAAP diluted earnings per share of $0.85, compared to $0.46 in the fourth quarter of 2019; *non-GAAP diluted earnings per share of $0.94, compared to $0.46 in the fourth quarter of 2019
• Total cash position of $260.5 million as of December 31, 2020, including cash and cash equivalents, marketable securities and short-term bank deposits

"We reported outstanding 2020 results with record fourth quarter and full year financial performance, despite the disruptions caused by the COVID-19 pandemic. We took bold strategic steps this year to solidify our leading market position, expanding our sales & marketing efforts and increasing our headcount with the industry's top professionals," commented Moshe Mizrahy, InMode's CEO.

"Our innovative hands-free and minimally invasive technology gained significant traction this year, driven by new product launches such as Evolve, Evoke and Morpheus8," commented Dr. Michael Kreindel, InMode's CTO and co-founder. "These unique platforms offer effective full-body and facial aesthetic solutions for patients who want to avoid hospitalization and invasive procedures, which are required for traditional plastic surgery. We are being recognized across the market as a true innovator and plan to introduce our electro-surgical technologies into new medical categories such as gynecology and ophthalmology in 2021."

"We are extremely pleased with the progress achieved in 2020. The focus our sales and marketing team maintained throughout one of the most difficult times in history is a testament to the quality and dedication of our team," commented Shakil Lakhani, President of North America. "Through the investments we made this year, we developed a successful formula to create demand for our new technologies, engage physicians, and convert growing interest into sales."

GUIDANCE:

InMode Ltd. sees FY2021 EPS of $2.34-$2.45, versus the consensus of $2.19. InMode Ltd. sees FY2021 revenue of $250-260 million, versus the consensus of $251.18 million.

Management provided an outlook for the full year of 2021, the period ending December 31, 2021. Based on current estimates, management expects:

• Revenues between $250 million to $260 million
• *Non-GAAP gross margin between 84% to 86%
• *Non-GAAP income from operations between $100 million to $104 million
• *Non-GAAP earnings per diluted share between $2.34 to $2.45

For earnings history and earnings-related data on InMode Ltd. (INMD) click here.