InMode Ltd. (NASDAQ: INMD) reported Q1 EPS of $0.69, $0.16 better than the analyst estimate of $0.53. Revenue for the quarter came in at $65.5 million versus the consensus estimate of $56.21 million.

First Quarter 2021 Highlights:

• Quarterly revenues of $65.5 million, an increase of 62% compared to the first quarter of 2020: 69% of quarterly revenues derived from InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments, 24% from InMode's hands-free platforms and 7% from InMode's traditional laser and non-invasive RF platforms
• GAAP net income of $26.6 million, compared to $6.4 million in the first quarter of 2020; *non-GAAP net income of $29.3 million, compared to $12.6 million in the first quarter of 2020
• GAAP diluted earnings per share of $0.63, compared to $0.15 in the first quarter of 2020; *non-GAAP diluted earnings per share of $0.69, compared to $0.30 in the first quarter of 2020
• Total cash position of $293.4 million as of March 31, 2021, including cash and cash equivalents, marketable securities and short-term bank deposits

"Our strong first quarter performance marks another impressive period of growth. Increases in revenues were driven by continued demand for our minimally invasive and hands-free devices in clinics around the world," commented Moshe Mizrahy, InMode's CEO. "In particular we've seen immense growth of our consumables sales, which have tripled over the last four quarters. This is a testament of our pervasive market penetration and the popularity of our solutions with both doctors and patients alike."

"Our pipeline continues to grow and includes many new projects as we plan on penetrating new medical categories in 2021 and beyond. In addition to gynecology and ophthalmology, we are also exploring urology and other verticals where our advanced capabilities and experience with bio polar RF technology will improve the quality of life for patients," stated Dr. Michael Kreindel, InMode's CTO and co-founder.

Shakil Lakhani, President of InMode North America, added, "The underlying demand for our non-invasive and effective aesthetic procedures continued to be strong in the first quarter with sales reaching an all-time high for the month of March. Our sales team and post-sales support were vital in generating interest across our portfolio of platforms and driving record consumables orders, as our virtual training platform successfully integrated new hires into our organization. We are pleased to see in-person events slowly returning back to normal and we are encouraged by the high levels of activity and engagement at these events."

"More practitioners are using our systems than ever before," added Dr. Spero Theodorou, InMode Chief Medical Officer. "We continue to engage with luminary doctors worldwide as they endorse InMode's innovative approach to aesthetics and wellness."

GUIDANCE:

InMode Ltd. sees FY2021 EPS of $2.60-$2.75, versus the consensus of $2.50. InMode Ltd. sees FY2021 revenue of $270-280 million, versus the consensus of $264.4 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 $270 million to $280 million
• *Non-GAAP gross margin between 84% to 86%
• *Non-GAAP income from operations between $113 million to $118 million
• *Non-GAAP earnings per diluted share between $2.60 to $2.75

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