InMode : Quarterly Revenue of $110.5M, 47% Year-Over-Year Growth GAAP Net Income of $52.7M, 46% Increase Compared to Q4 2020 - Form 6-K

Quarterly Revenue of $110.5M, 47% Year-Over-Year Growth

GAAP Net Income of $52.7M, 46% Increase Compared to Q4 2020

YOKNEAM, Israel, Feb. 10, 2022, InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the fourth quarter and full year ended Dec. 31, 2021.

Fourth Quarter 2021 Highlights:

•

Record quarterly revenues of $110.5 million, an increase of 47% compared to the fourth quarter of 2020: InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 73% of quarterly revenues, while 17% came from InMode's hands-free platforms and 10% from InMode's traditional laser and non-invasive RF platforms

•

Record GAAP net income of $52.7 million, compared to $36.1 million in the fourth quarter of 2020; *non-GAAP net income of $55.2 million, compared to $39.9 million in the fourth quarter of 2020

•

Record GAAP diluted earnings per share(1) of $0.61, compared to $0.43 in the fourth quarter of 2020; *non-GAAP diluted earnings per share(1) of $0.64, compared to $0.47 in the fourth quarter of 2020

•

Total cash position of $415.9 million as of Dec. 31, 2021, including cash and cash equivalents, marketable securities, and short-term bank deposits

Full Year 2021 Highlights:

•

Record full year revenues of $357.6 million, an increase of 73% as compared to 2020; 72% of revenues derived from our proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments, 20% from our recently introduced hands-free platforms and 8% from our traditional laser and non-invasive RF platforms

•

Record GAAP net income of $165.0 million, compared to $75.0 million in 2020; *non-GAAP net income of $176.3 million, compared to $89.1 million in 2020

•

Record GAAP diluted earnings per share(1) of $1.92, compared to $0.89 in 2020; *non-GAAP diluted earnings per share(1) of $2.05, compared to $1.06 in 2020

•

112% increase in international (non-U.S.) revenues as compared to 2020

U.S. GAAP Results (U.S. dollars in thousands, except for per share data)
	Q4 2021	Q4 2020	FY 2021	FY 2020
Revenues	$110,540	$75,187	$357,565	$206,107
Gross Margins	85%	86%	85%	85%
Net Income Attributable to InMode Ltd.	$52,685	$36,114	$164,971	$75,030
Earnings per Diluted Share(1)	$0.61	$0.43	$1.92	$0.89
*Non-GAAP Results (U.S. dollars in thousands, except for per share data)
	Q4 2021	Q4 2020	FY 2021	FY 2020
Gross Margins	85%	86%	85%	85%
Net Income Attributable to InMode Ltd.	$55,193	$39,850	$176,317	$89,143
Earnings per Diluted Share(1)	$0.64	$0.47	$2.05	$1.06

*Please refer to "Use of Non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation, other income related to IP transactions and related tax adjustments.

(1) The GAAP and non-GAAP earnings per diluted share have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares that occurred pursuant to a resolution of our board of directors dated September 14, 2021.

Management Comments

"We are proud to report not just another record quarter and year, but also a quarterly milestone as we significantly surpass the $100 million mark in revenue," said Moshe Mizrahy, CEO of InMode. "Throughout the year, we continued to grow our global footprint by adding 17 new countries. As we expand outside of the U.S. and open new subsidiaries like the one, we recently launched in Italy, we continue to evaluate the Omicron effect on all of our territories and on the business in 2022."

"This year has been an exciting journey and set new goals for the development team," commented Dr. Michael Kreindel, CTO, and co-founder of InMode. "We have created an array of opportunities to innovate and expand our technologies into the women's health market with the successful launch of EmpowerRF."

Shakil Lakhani, President of InMode North America said: "The record number of consumable sales in the U.S. and globally is a testimony of the impressive growth in adoption and frequency use rates of our platforms. We estimate that this number will continue to grow as physicians and patients alike endorse our unique technology."

"The launch of our latest platform, EmpowerRF, began a new direction for InMode into the women's health space," added Dr. Spero Theodorou, Chief Medical Officer of InMode. "We diligently invest resources in developing our clinical studies and are encouraged by the growing number of peer review publications supporting our strong scientific data and achievements."

Fourth Quarter 2021 Financial Results

Total revenues for the fourth quarter of 2021 reached $110.5 million, an increase of 47% compared to the fourth quarter of 2020.

"The increase in revenues was driven by the continued success of our core, minimally invasive technology and elevated by the launch of new products in the U.S. in the second half of 2021," said Yair Malca, Chief Financial Officer of InMode. "Additionally, we gained traction in international markets, with international revenues growing 69% year-over-year."

"Patients seeking minimally invasive treatments at unprecedented levels resulted in revenue growth from consumables and services by 78% year-over-year. The last several quarters have exemplified InMode's dedication to maintaining healthy gross margins, where we successfully maintained 85%, despite global supply challenges. We have integrated this as part of our company target model, ensuring that each additional new product will allow us to support this level of margin. As we continue to enter new markets and geographies, we'll focus on expanding our marketing capabilities to support our growth trajectory," concluded Yair Malca.

Revenues outside the U.S. represented 33%, with Asia, Europe and Latin America being major contributors to the Company's growth.

GAAP gross margin for the fourth quarter of 2021 was 85% compared to a gross margin of 86% in the fourth quarter of 2020. *Non-GAAP gross margin for the fourth quarter of 2021 was 85% and 86% for the fourth quarter of 2020. This decrease was primarily attributable to the increase of sales in international markets, mainly in countries where we operate through distributors.

GAAP operating margin for the fourth quarter of 2021 was 49%, compared to 47% in the fourth quarter of 2020. *Non-GAAP operating margin for the fourth quarter of 2021 was 51%, compared to 51% in the fourth quarter of 2020. The increase in GAAP operating margin is primarily attributable to change in share-based compensation expenses.

InMode reported GAAP net income attributable to InMode Ltd. of $52.7 million, or $0.61 per diluted share, in the fourth quarter of 2021, compared to $36.1 million, or $0.43 per diluted share⁽¹⁾, in the fourth quarter of 2020. On a *non-GAAP basis, InMode reported net income attributable to InMode Ltd. of $55.2 million, or $0.64 per diluted share, in the fourth quarter of 2021, compared to $39.9 million, or $0.47 per diluted share⁽¹⁾, in the fourth quarter of 2020.

Full Year 2021 Financial Results

Total revenues for 2021 were $357.6 million, an increase of 73% as compared to 2020. This increase was primarily attributable to strong demand for our minimally invasive platforms. In addition, InMode gained traction in international markets, with international revenues growing 112% year-over-year.

GAAP gross margin for 2021 was 85%, like the gross margin in 2020. *Non-GAAP gross margin for 2021 was 85%, similar to the gross margin in 2020.

GAAP operating margin for 2021 was 47%, compared to the operating margin of 35% in 2020. *Non-GAAP operating margin for 2021 was 50%, compared to the operating margin of 42% in the full year of 2020. This increase is primarily attributable to the company's accelerated growth during 2021.

InMode reported GAAP net income attributable to InMode Ltd. of $165.0 million, or $1.92 per diluted share, in 2021. This is compared with GAAP net income attributable to InMode Ltd of $75.0 million, or $0.89 per diluted share⁽¹⁾, in 2020. On a *non-GAAP basis, InMode reported net income attributable to InMode Ltd. of $176.3 million, or $2.05 per diluted share, in the full year of 2021, compared to net income attributable to InMode Ltd. of $89.1 million, or $1.06 per diluted share⁽¹⁾, in the full year of 2020.

As of Dec. 31, 2021, InMode had cash and cash equivalents, marketable securities, and short-term bank deposits of $415.9 million.

(1) The GAAP and non-GAAP earnings per diluted share have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated September 14, 2021.

2022 Financial Outlook

Management provided an outlook for the full year of 2022, the period ending Dec. 31, 2022. Based on current estimates, management expects:

●	Revenues between $415 million and $425 million

●	*Non-GAAP gross margin between 84% and 86%

●	*Non-GAAP income from operations between $199 million and $204 million

●	*Non-GAAP earnings per diluted share between $2.06 and $2.11

This outlook is not a guarantee of future performance and stockholders should not rely on such forward-looking statements. See "Forward-Looking Statements" for additional information.

*Please refer to "Use of Non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation, other income related to IP transactions and related tax adjustments.

Use of Non-GAAP Financial Measures

In addition to InMode's operating results presented in accordance with GAAP, this release includes certain non-GAAP financial measures including non-GAAP net income, non-GAAP earnings per diluted share and non-GAAP operating margin. Because these measures are used in InMode's internal analysis of financial and operating performance, management believes that they provide greater transparency to investors of management's view of InMode's economic performance. Management also believes the presentation of these measures, when analyzed in conjunction with InMode's GAAP operating results, allows investors to evaluate and compare the performance of InMode to that of its peers, although InMode's presentation of its non-GAAP measures may not be comparable to other similarly titled measures of other companies more effectively. Schedules reconciling each of these non-GAAP financial measures are provided as a supplement to this release.

Conference Call Information

Mr. Moshe Mizrahy,Chairman and Chief Executive Officer, Dr. Michael Kreindel, co-founder and Chief Technology Officer, Mr. Yair Malca, Chief Financial Officer, Mr. Shakil Lakhani, President of North America, and Dr. Spero Theodorou, Chief Medical Officer, will host a conference call today, Feb. 10, 2022, at 8:30 a.m. Eastern Time to discuss the fourth quarter and full year 2021 financial results.

The Company encourages participants to pre-register for the conference call using the following link:

https://dpregister.com/sreg/10162779/f0769e8c28

Callers will receive a unique dial-in upon registration, which enables immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

For callers that opt out of pre-registration, please dial one of the following teleconferencing numbers. Please begin by placing your call 10 minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number.

U.S. Toll-Free Dial-in Number: 1-833-316-0562

Israel Toll- Free Dial-in Number: 1-80-921-2373

International Dial-in Number: 1-412-317-5736

Webcast URL: https://services.choruscall.com/mediaframe/webcast.html?webcastid=PO3NtmAD

At:

8:30 a.m. Eastern Time

5:30 a.m. Pacific Time

3:30 p.m. Israel Time

The conference call will also be webcast live from a link on InMode's website at https://inmodemd.com/investors/events-presentations/. A replay of the conference call will be available from Feb. 10, 2022, at 12 p.m. Eastern Time to Feb. 24, 2022, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:

Replay Dial-in U.S TOLL-FREE: 1-877-344-7529

Replay Dial-in Canada TOLL-FREE: 855-669-9658

Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088

Replay Pin Number: 4618253

To access the replay using an international dial-in number, please select the link below:

https://services.choruscall.com/ccforms/replay.html

A replay of the conference call will also be available for 90 days on InMode's website at https://inmodemd.com/investors/.

About InMode

InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio frequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode, please visit www.inmodemd.com.

Forward-Looking Statements

The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the future performance described above under the heading titled "2021 Financial Outlook." Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategy plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, including with respect to the impact of the COVID-19 global outbreak. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 10, 2021, risk factors relating to the COVID-19 global outbreak and our future public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.

Company Contact: Yair Malca Chief Financial Officer Phone: [phone] Email: [e-mail]

Investor Relations Contact: Miri Segal MS-IR LLC Phone: [phone] Email: [e-mail]

INMODE LTD.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(U.S. dollars in thousands, except for per share data)

(Unaudited)

		Three months ended December 31,			Year Ended December 31,
		2021			2020			2021			2020
REVENUES			110,540				75,187				357,565				206,107
COST OF REVENUES			16,847				10,575				53,592				30,849
GROSS PROFIT			93,693				64,612				303,973				175,258
OPERATING EXPENSES:
Research and development			2,528				2,260				9,532				9,467
Sales and marketing			35,286				25,239				119,353				86,532
General and administrative			2,527				1,673				8,411				6,418
Other Income			(800	)			-				(800	)			-
TOTAL OPERATING EXPENSES			39,541				29,172				136,496				102,417
INCOME FROM OPERATIONS			54,152				35,440				167,477				72,841
Finance income, net			118				1,228				525				3,291
INCOME BEFORE TAXES			54,270				36,668				168,002				76,132
INCOME TAXES			1,585				598				2,928				1,107
NET INCOME			52,685				36,070				165,074				75,025
Add: Loss (net income) attributable to non-controlling interests			-				44				(103	)			5
NET INCOME ATTRIBUTABLE TO INMODE LTD.			52,685				36,114				164,971				75,030
NET INCOME PER SHARE (1):
Basic			0.63				0.48				2.03				1.04
Diluted			0.61				0.43				1.92				0.89
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)
Basic			83,234				75,185				81,445				72,114
Diluted			86,384				84,778				86,017				84,185

(1) The number of shares have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated September 14, 2021.

INMODE LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except for per share data)

(Unaudited)

		December 31, 2021			December 31, 2020
Assets
CURRENT ASSETS:
Cash and cash equivalents			68,136				68,938
Marketable securities (amortized cost of $296,243 and $141,544, respectively)			294,530				142,007
Short-term bank deposits			53,248				49,589
Accounts receivable, net of allowance for doubtful accounts of $1,107 and $672, respectively			20,236				10,499
Other receivables			12,938				3,575
Inventories			21,026				14,983
TOTAL CURRENT ASSETS			470,114				289,591
NON-CURRENT ASSETS:
Accounts receivable			768				477
Other receivables			-				2,894
Deferred income taxes, net			1,334				64
Operating lease right-of-use assets			4,321				1,153
Property and equipment, net			1,404				982
Other investments			600				600
TOTAL NON-CURRENT ASSETS			8,427				6,170
TOTAL ASSETS			478,541				295,761
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Accounts payable			8,779				6,410
Contract liabilities			13,805				11,900
Other liabilities			29,266				16,720
TOTAL CURRENT LIABILITIES			51,850				35,030
NON-CURRENT LIABILITIES:
Contract liabilities			2,751				1,988
Other liabilities			4,831				2,910
Operating lease liabilities			3,307				358
TOTAL NON-CURRENT LIABILITIES			10,889				5,256
TOTAL LIABILITIES			62,739				40,286
TOTAL SHAREHOLDERS' EQUITY			415,802				255,475
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			478,541				295,761

INMODE LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands, except for per share data)

(Unaudited)

		Three months ended December 31,			Year Ended December 31,
		2021			2020			2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income			52,685				36,070				165,074				75,025
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			139				109				517				416
Share-based compensation expenses			3,124				3,231				11,962				12,845
Allowance for doubtful accounts			141				(24	)			516				442
Loss on marketable securities, net			142				3				175				5
Finance expenses (income), net			(375	)			(614	)			1,223				(625	)
Deferred income taxes, net			(379	)			556				(770	)			1,729
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable			1,934				5,667				(10,544	)			(4,416	)
increase in other receivables			(1,982	)			(1,687	)			(6,400	)			(2,647	)
increase in inventories			(1,848	)			(112	)			(6,043	)			(5,575	)
Increase (decrease) in accounts payable			(105	)			2,127				2,369				2,708
Increase (decrease) in other liabilities			(2,056	)			113				14,138				4,830
Increase (decrease) in contract liabilities			1,473				(3,852	)			2,668				(5,512	)
Net cash provided by operating activities			52,893				41,587				174,885				79,225
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in short-term deposits			(7,000	)			(6,000	)			(73,090	)			(55,699	)
Proceeds from short-term deposits			7,000				-				69,180				34,810
Purchase of fixed assets			(182	)			(35	)			(939	)			(463	)
Purchase of marketable securities			(70,560	)			(50,295	)			(273,834	)			(169,689	)
Proceeds from sale of marketable securities			39,935				29,950				118,577				147,736
Net cash (used in) investing activities			(30,807	)			(26,380	)			(160,106	)			(43,305	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of ordinary shares			(23,444	)			(17,218	)			(35,365	)			(17,218	)
Exercise of options			540				1,528				20,343				4,776
Net cash (used in) financing activities			(22,904	)			(15,690	)			(15,022	)			(12,442	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH			26				586				(559	)			733
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(792	)			103				(802	)			24,211
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD			68,928				68,835				68,938				44,727
CASH AND CASH EQUIVALENTS AT END OF PERIOD			68,136				68,938				68,136				68,938

INMODE LTD.

CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS

(U.S. dollars in thousands, except for per share data)

(Unaudited)

	Three months ended December 31,			Year ended December 31,
		2021			2020			2021			2020
Revenues by Geography:
United States			74,215				67	%			53,725				71	%			237,263				66	%			149,488				73	%
International			36,325				33	%			21,462				29	%			120,302				34	%			56,619				27	%
Total Net Revenue			110,540				100	%			75,187				100	%			357,565				100	%			206,107				100	%

	Three months ended December 31,			Year ended December 31,
		2021			2020			2021			2020
Revenues by Category:
Capital equipment revenues			98,595				89	%			68,458				91	%			319,239				89	%			185,320				90	%
Consumables and service revenues			11,945				11	%			6,729				9	%			38,326				11	%			20,787				10	%
Total Net Revenue			110,540				100	%			75,187				100	%			357,565				100	%			206,107				100	%

	Three months ended December 31,			Year ended December 31,
		2021			2020			2021			2020
		%			%			%			%
		United States			International			Total			United States			International			Total			United States			International			Total			United States			International			Total
Revenues by Technology:
Minimally Invasive			74				70				73				64				68				65				71				73				72				59				71				62
Hands-Free			23				6				17				35				10				28				27				7				20				39				10				32
Non-Invasive			3				24				10				1				22				7				2				20				8				2				19				6
			100				100				100				100				100				100				100				100				100				100				100				100

INMODE LTD.

RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF

INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(U.S. dollars in thousands, except for per share data)

(Unaudited)

	Three months ended December 31, 2021			Three months ended December 31, 2020
		GAAP			Share Based Compensation			Other Income Related to IP Transactions			Non-GAAP			GAAP			Share Based Compensation			Non-GAAP
REVENUES			110,540				-				-				110,540				75,187				-				75,187
COST OF REVENUES			16,847				(304	)			-				16,543				10,575				(140	)			10,435
GROSS PROFIT			93,693				304								93,997				64,612				140				64,752
OPERATING EXPENSES:
Research and development			2,528				(442	)			-				2,086				2,260				(132	)			2,128
Sales and marketing			35,286				(2,120	)			-				33,166				25,239				(2,829	)			22,410
General and administrative			2,527				(258	)			-				2,269				1,673				(130	)			1,543
Other Income			(800	)			-				800				-				-				-				-
TOTAL OPERATING EXPENSES			39,541				(2,820	)			800				37,521				29,172				(3,091	)			26,081
INCOME FROM OPERATIONS			54,152				3,124				(800	)			56,476				35,440				3,231				38,671
Finance income, net			118				-				-				118				1,228				-				1,228
INCOME BEFORE TAXES			54,270				3,124				(800	)			56,594				36,668				3,231				39,899
INCOME TAXES			1,585				-				(184	)			1,401				598				(505	)			93
NET INCOME			52,685				3,124				(616	)			55,193				36,070				3,736				39,806
Add: Loss attributable to non-controlling interests			-				-				-				-				44				-				44
NET INCOME ATTRIBUTABLE TO INMODE LTD.			52,685				3,124				(616	)			55,193				36,114				3,736				39,850
NET INCOME PER SHARE (1):
Basic			0.63												0.66				0.48								0.53
Diluted			0.61												0.64				0.43								0.47
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)
Basic			83,234												83,234				75,185								75,185
Diluted			86,384												86,519				84,778								84,980

(1) The number of shares have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated September 14, 2021.

INMODE LTD.

RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF

INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(U.S. dollars in thousands, except for per share data)

(Unaudited)

	Year Ended December 31, 2021			Year Ended December 31, 2020
		GAAP			Share Based Compensation			Other Income Related to IP Transactions			Non-GAAP			GAAP			Share Based Compensation			Non-GAAP
REVENUES			357,565				-				-				357,565				206,107				-				206,107
COST OF REVENUES			53,592				(1,108	)			-				52,484				30,849				(520	)			30,329
GROSS PROFIT			303,973				1,108								305,081				175,258				520				175,778
OPERATING EXPENSES:
Research and development			9,532				(1,554	)			-				7,978				9,467				(2,264	)			7,203
Sales and marketing			119,353				(8,274	)			-				111,079				86,532				(9,398	)			77,134
General and administrative			8,411				(1,026	)			-				7,385				6,418				(663	)			5,755
Other Income			(800	)							800				-				-				-				-
TOTAL OPERATING EXPENSES			136,496				(10,854	)			800				126,442				102,417				(12,325	)			90,092
INCOME FROM OPERATIONS			167,477				11,962				(800	)			178,639				72,841				12,845				85,686
Finance income, net			525				-				-				525				3,291				-				3,291
INCOME BEFORE TAXES			168,002				11,962				(800	)			179,164				76,132				12,845				88,977
INCOME TAXES (TAX BENEFIT)			2,928				-				(184	)			2,744				1,107				(1,268	)			(161	)
NET INCOME			165,074				11,962				(616	)			176,420				75,025				14,113				89,138
Add: Loss (net Income) attributable to non-controlling interests			(103	)			-				-				(103	)			5				-				5
NET INCOME ATTRIBUTABLE TO INMODE LTD.			164,971				11,962				(616	)			176,317				75,030				14,113				89,143
NET INCOME PER SHARE (1):
Basic			2.03												2.16				1.04								1.24
Diluted			1.92												2.05				0.89								1.06
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands) (1)
Basic			81,445												81,445				72,114								72,114
Diluted			86,017												86,192				84,185								84,402

(1) The number of shares have been adjusted retroactively for a 1-for-2 stock split of InMode shares by way of an issuance of bonus shares, that occurred pursuant to a resolution of our board of directors dated September 14, 2021.