INMD = Nov. 5, 2019 /PRNewswire/ — InMode Ltd. (Nasdaq: INMD) (“InMode”), a leading global provider of innovative medical technologies, today announced financial results for the third quarter ended September 30, 2019.
Third Quarter 2019 Highlights:
- Record quarterly revenue of $40 million, an increase of 57% as compared to the third quarter in 2018
- Net income of $16.2 million, 87% increase year-over-year
- Fully diluted earnings per share of $0.42, an increase of 62% as compared to the third quarter in 2018
- 88% increase in international revenue as compared to the third quarter in 2018, driven primarily by European and Asian sales
- Total cash position of $166.3 million as of September 30, 2019, including cash and cash equivalents, marketable securities and deposits
“We went public during the third quarter and we are happy to report continuous solid growth in revenues and profitability,” commented Moshe Mizrahy, Chief Executive Officer and Chairman of the Board. “The demand for our unique, minimally invasive technology in the United States and abroad is increasing and we plan to penetrate new international markets while maintaining profitable growth. InMode’s proprietary bipolar RF technologies fill the treatment gap in face and body aesthetic surgery by offering outpatient alternatives that address the shortcomings of traditional surgery with less downtime, lower costs and comparable results. We believe our strong cash position will enable us to maintain our growth efforts and will support the ongoing launch of new and innovative platforms,” Mizrahy added.
Third Quarter 2019 Financial Results
Total revenues for the third quarter of 2019 were $40.0 million, an increase of 57% as compared to the third quarter in 2018. This growth was driven primarily by the continued expansion of InMode’s direct sales organization in the U.S. In addition, InMode is gaining traction in the international markets, with international revenue growing 88% year-over-year.
Gross margin for the third quarter of 2019 was 87% compared to a gross margin of 86% in the third quarter of 2018.
Operating margin for the third quarter of 2019 was 40%, compared to the operating margin of 33% in the third quarter of 2018.
InMode reported net income of $16.2 million, or $0.42 per diluted share in the third quarter of 2019. This is compared with net income of $8.6 million, or $0.26 per diluted share, in the third quarter of 2018.
EVER = Reports Q3 revenue $67M, consensus $58.3M. We are pleased to report a strong quarter of revenue growth and variable marketing margin expansion, as we continue to scale the business across all verticals while achieving our first quarter of GAAP profitability as a public company,” said Seth Birnbaum, CEO and Co-Founder of EverQuote. “The strength of our data-driven marketplace, coupled with strategic investments in driving traffic, improving the customer experience and expanding engagement with our insurance provider network, delivered a strong third quarter. We continue to diversify our business with growth in our home and renters, life, and health insurance verticals, as well as the launch of commercial, to capitalize on the massive market opportunity. “We remain laser focused on execution which is leading to increasing operating leverage and expanding Adjusted EBITDA. Based on our strong third quarter results and continued positive tailwinds in the secular shift of insurance online, we are increasing our guidance for the full year 2019,” concluded Mr. Birnbaum.
BofA/Merrill analyst Nat Schindler upgraded EverQuote to Buy from Underperform with a $35 price target, up from $16.50, after its “strong” Q3 results. The analyst cites the rapid growth in the company’s consumer traffic, with quote requests accelerating 32bps from Q2 to 81%. Schindler further points to EverQuote’s better than expected revenues in Automotive and Other segments, along with its Variable Marketing Margin coming in 19% above consensus.
Oppenheimer analyst Jed Kelly raised his price target for EverQuote to $33 from $19 and maintained an Outperform rating following another “solid” beat-and-raise quarter in Q3. In a research note to investors, Kelly says he is “incrementally encouraged” by EverQuote’s medium-term outlook from higher consumer volumes, strong industry tailwinds and stable auction dynamics.
Canaccord analyst Michael Graham raised his price target on EverQuote to $34 from $25 following Q3 results which reflect continued momentum for the fourth straight quarter from auto insurance, acquisition efficiency, and new verticals. The analyst said the ongoing secular shift and execution, will fuel the company’s top-line acceleration. Grahm reiterated his Buy rating on EverQuote shares.
Raymond James analyst Aaron Kessler raised his price target for EverQuote to $30 from $20 after its “strong” Q3 results. The analyst cites EverQuote’s position as a leading insurance marketplace with a large TAM increasingly shifting online, strong revenue growth driven in part by tech investments, and his expectation for significant EBITDA margin expansion driven by operating expense leverage.
BofA/Merrill analyst Nat Schindler upgraded EverQuote to Buy from Neutral with a $35 price target after its “strong” Q3 results. The analyst cites the rapid growth in the company’s consumer traffic, with quote requests accelerating 32bps from Q2 to 81%. Schindler further points to EverQuote’s better than expected revenues in Automotive and Other segments, along with its Variable Marketing Margin coming in 19% above consensus.
JMP Securities analyst Ronald Josey raised his price target on EverQuote to $35 and kept his Outperform rating after its Q3 earnings beat and above-consensus Q4 guidance. The analyst cites the company’s Quote Requests growth accelerating for the 4th consecutive quarter with an 81% annual increase along with its first positive GAAP net income quarter as a public company.
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