InMode (INMD) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Business overview and strategy

• Focuses on energy-based, minimally invasive aesthetic devices, with expansion into wellness markets such as OBGYN, ophthalmology, ENT, and urology.

• Holds strong IP and regulatory protections, especially in radiofrequency technology.

• Global presence with headquarters and manufacturing in Israel; U.S. remains the largest market, but international growth is accelerating.

• Differentiates by offering deeper, more substantial treatments than lasers, filling a gap between non-invasive and surgical procedures.

• Robust product portfolio covers a wide range of doctor and patient needs, with ongoing innovation and new platform launches.

Financial performance and outlook

• Q2 GAAP revenue was $86.4 million, with pro forma revenue higher due to delayed recognition.

• Expects 2023 revenue of $430–$440 million and a 35% operating margin, down from 45% last year but still strong.

• U.S. disposable sales dropped 24%, reflecting lower patient spending and a shift to lower-cost procedures.

• International markets are growing, offsetting some U.S. softness, aided by smaller base and direct sales expansion.

• Guidance for the year is considered realistic, with expectations for a stronger second half, especially Q4.

Product innovation and operational updates

• Launched next-generation devices like OptimasMAX, combining radiofrequency, IPL, and laser; faced supply chain delays but expect full delivery catch-up by early Q4.

• Expanded non-invasive offerings to capture additional market share.

• New product launches and trade show presentations are expected to boost sales in the second half.

• Clinical studies and scientific marketing are prioritized to build credibility and drive demand.