Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/inmode-ltd" target="_blank" data-smartkarma-citation="entities:29005:1" rel="noopener">InMode Ltd (INMD US)</a> reported record-high quarterly revenue of $134M in Q4, up 21% YoY, mainly driven by the strong demand for its innovative, energy-based, minimally invasive product platforms. </li>
<li>However, quarterly revenue growth is deteriorating since Q3 2021. Q4 2022 revenue growth of 21% is the lowest in last two years or eight quarters.</li>
<li>Demand for aesthetic procedures in the U.S., which is the core market for InMode is expected to deteriorate in next 6–12 months due to macroeconomic headwind.</li>
</ul>



InMode Ltd (INMD US) reported record-high quarterly revenue of $134M in Q4, up 21% YoY, mainly driven by the strong demand for its innovative, energy-based, minimally invasive product platforms. 
However, quarterly revenue growth is deteriorating since Q3 2021. Q4 2022 revenue growth of 21% is the lowest in last two years or eight quarters.
Demand for aesthetic procedures in the U.S., which is the core market for InMode is expected to deteriorate in next 6–12 months due to macroeconomic headwind.


InMode Ltd (INMD US): Decelerating Growth & Unfavorable Macro Environment Are Major Concerns

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<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> reported strong performance in 2022, with highest ever revenue and profit, driven by increased sales of equipment and consumables due to increased global awareness of major products.</li>
<li>Revenue from export recorded a CAGR of 30% during 2017–2022, mainly driven by strong growth in Brazil. Classys launched Shrink Universe in Korea and Ultraformer MPT in global market.</li>
<li>For 2023, Classys has guided for revenue of KRW170B (+20% YoY), driven by Shrink Universe's expansion into the global market, full-fledged domestic sales of Volumemers, and increasing volume of consumables.</li>
</ul>



Classys (214150 KS) reported strong performance in 2022, with highest ever revenue and profit, driven by increased sales of equipment and consumables due to increased global awareness of major products.
Revenue from export recorded a CAGR of 30% during 2017–2022, mainly driven by strong growth in Brazil. Classys launched Shrink Universe in Korea and Ultraformer MPT in global market.
For 2023, Classys has guided for revenue of KRW170B (+20% YoY), driven by Shrink Universe's expansion into the global market, full-fledged domestic sales of Volumemers, and increasing volume of consumables.


Classys (214150 KS): Record-High Sales and Profit in 2022; Geography Expansion to Accelerate Growth

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<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> has started selling Volnewmer from the end of October 2022. With a safe and comfortable treatment experience, Volnewmer will become another strong growth engine.</li>
<li>The ratio of consumables sales to total sales is gradually increasing from 33% in Q1 2022 and 37% in Q2 2022 to 46% in Q3 2022, leading to improved profitability.</li>
<li>Classys recorded 30%+ revenue growth and margin improvement in Q3, with the cumulative sales in Q3 of this year exceeded 2021 annual sales, which was already the largest.</li>
</ul>



Classys (214150 KS) has started selling Volnewmer from the end of October 2022. With a safe and comfortable treatment experience, Volnewmer will become another strong growth engine.
The ratio of consumables sales to total sales is gradually increasing from 33% in Q1 2022 and 37% in Q2 2022 to 46% in Q3 2022, leading to improved profitability.
Classys recorded 30%+ revenue growth and margin improvement in Q3, with the cumulative sales in Q3 of this year exceeded 2021 annual sales, which was already the largest.


Classys (214150 KS): Will Continue To Remain On a Consistent Growth Path Through New Launches

Thematic (Sector/Industry)

<ul>
<li>As we are heading into 2023, let us look back on the performance of some of our global healthcare stocks recommended throughout 2022.</li>
<li>Four stocks on which I am bullish, generated more than 50% return since their recommendations. 10 stocks on which I am bearish plunged more than 20%.</li>
<li>For 2023, investors should continue to focus on established healthcare companies, having strong and flexible balance sheet with muti-year revenue visibility.</li>
</ul>


As we are heading into 2023, let us look back on the performance of some of our global healthcare stocks recommended throughout 2022.
Four stocks on which I am bullish, generated more than 50% return since their recommendations. 10 stocks on which I am bearish plunged more than 20%.
For 2023, investors should continue to focus on established healthcare companies, having strong and flexible balance sheet with muti-year revenue visibility.


2022 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

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<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a>, under new management, has announced a treasury stock acquisition program of KRW20 billion through March 2023. As of June 2022, Classys had cash equivalents of KRW68 billion.  </li>
<li>Global expansion of Classys’ latest lifting product, Shrink Universe is the near-term growth driver. The product is seeing steady domestic demand, with cumulative sales exceeding 1,000 units.</li>
<li>In August Classys received approval for its new skin care product Volnewmer. The company is expected to start selling Volnewmer in Q3 and initially targeting 100 units for the device.</li>
</ul>



Classys (214150 KS), under new management, has announced a treasury stock acquisition program of KRW20 billion through March 2023. As of June 2022, Classys had cash equivalents of KRW68 billion.  
Global expansion of Classys’ latest lifting product, Shrink Universe is the near-term growth driver. The product is seeing steady domestic demand, with cumulative sales exceeding 1,000 units.
In August Classys received approval for its new skin care product Volnewmer. The company is expected to start selling Volnewmer in Q3 and initially targeting 100 units for the device.


Classys (214150 KS): Overseas Expansion +Portfolio Enlargement = Consistent & Sustainable Growth

South Korea

Classys Inc. operates as a medical equipment manufacturing company. The Company develops and sells non surgical painless fat reduction instruments, fat freezing fat reduction instruments, and other products. Classys markets its products worldwide.

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Classys (214150 KS)

InMode Ltd (INMD US): Decelerating Growth & Unfavorable Macro Environment Are Major Concerns

InMode’s Q4 sales growth of 21% is the lowest in last 2 years. For 2023, InMode guided for 16–17% sales growth, slower than 27% in 2022. Demand is...

Tina Banerjee