InMode Ltd.
- Open
- 15.38
- Day high
- 15.56
- Day low
- 15.34
- Prev close
- 15.47
- Volume
- 428K
- Mkt cap
- $934M
- P/E (TTM)
- 11.1
- EPS (TTM)
- $1.38
- P/B
- 1.4
- P/S
- 2.5
- Yield
- —
- Per share
- —
InMode Ltd. (INMD) is a Healthcare company listed on NASDAQ. The stock is up 11% over the past year.
InMode Ltd. (INMD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
INMD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.30 | $0.25 | -16.1% | $82M | +2.7% |
| Nov 5, 2025 | $0.35 | $0.38 | +8.3% | $93M | +2.5% |
| Jul 30, 2025 | $0.43 | $0.47 | +9.3% | $96M | -2.9% |
| Feb 4, 2025 | $0.50 | $0.42 | -16.0% | $98M | -6.8% |
| Oct 30, 2024 | $0.63 | $0.70 | +11.1% | $130M | +13.5% |
| Aug 1, 2024 | $0.38 | $0.34 | -10.5% | $86M | -15.0% |
| May 2, 2024 | $0.41 | $0.32 | -22.0% | $80M | -10.3% |
| Feb 13, 2024 | $0.67 | $0.71 | +6.0% | $127M | +1.4% |
| Nov 2, 2023 | $0.64 | $0.61 | -4.7% | $123M | -6.9% |
| Jul 27, 2023 | $0.64 | $0.72 | +12.5% | $136M | +3.1% |
| May 2, 2023 | $0.47 | $0.52 | +10.6% | $106M | +4.7% |
| Feb 14, 2023 | $0.74 | $0.78 | +5.4% | $134M | +3.0% |
INMD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jan 5, 2012 | HOWE MICHAEL Cdirector | Grant | 5,556 | $8.10 |
| Oct 22, 2010 | BlueLine Catalyst Fund IX, L.P.10 percent owner | Buy | 1,339 | $8.22 |
| Oct 22, 2010 | BlueLine Catalyst Fund IX, L.P.10 percent owner | Buy | 2,000 | $8.25 |
| Oct 22, 2010 | BlueLine Catalyst Fund IX, L.P.10 percent owner | Buy | 2,300 | $8.18 |
| Oct 22, 2010 | BlueLine Catalyst Fund IX, L.P.10 percent owner | Buy | 3,528 | $8.20 |
| Oct 5, 2010 | BlueLine Catalyst Fund IX, L.P.10 percent owner | Buy | 3,360 | $8.04 |
| Oct 5, 2010 | BlueLine Catalyst Fund IX, L.P.10 percent owner | Buy | 15,000 | $8.34 |
| Sep 30, 2010 | BlueLine Capital Partners III, LP10 percent owner | Buy | 5,802 | $9.27 |
| Sep 30, 2010 | BlueLine Capital Partners III, LP10 percent owner | Buy | 1,500 | $9.09 |
| Sep 30, 2010 | BlueLine Capital Partners III, LP10 percent owner | Buy | 5,058 | $9.02 |
| Sep 22, 2010 | BlueLine Catalyst Fund IX, L.P.10 percent owner | Buy | 8,454 | $9.03 |
| Sep 16, 2010 | BlueLine Capital Partners, L.P.10 percent owner | Buy | 2,000 | $9.09 |
| Sep 16, 2010 | BlueLine Capital Partners, L.P.10 percent owner | Buy | 5,297 | $9.02 |
| Sep 16, 2010 | BlueLine Capital Partners, L.P.10 percent owner | Buy | 1,800 | $9.07 |
| Sep 16, 2010 | BlueLine Capital Partners, L.P.10 percent owner | Buy | 1,000 | $9.10 |
Source: INMD SEC Form 4 filings, latest Jan 5, 2012. For informational purposes only — not investment advice.
See the full INMD insider & 13F page →InMode Ltd. company profile
Overview
InMode Ltd. (NASDAQ:INMD) is an Israeli medical device company founded in 2008 and headquartered in Yokneam, Israel. The company went public on NASDAQ in August 2019 after changing its name from Invasix Ltd. in 2017. InMode specializes in designing, developing, manufacturing, and marketing minimally invasive and non-invasive aesthetic medical devices based on proprietary radiofrequency technologies. The company has grown to become a significant player in the global aesthetic medical device market, operating in over 80 countries and serving both medical professionals and patients seeking cosmetic treatments.
Business
InMode operates in the medical aesthetics industry, which encompasses devices and treatments used for cosmetic enhancement and body contouring procedures. The company's core technology revolves around radiofrequency (RF) energy, which uses controlled electrical energy to heat tissue and stimulate collagen production, resulting in skin tightening, fat reduction, and tissue remodeling. The company's product portfolio is divided into two main categories. Minimally invasive platforms represent approximately 87% of total revenues and include devices that require small incisions or needle insertions to deliver RF energy beneath the skin. The flagship product in this category is Morpheus8, which combines microneedling with RF energy for facial and body treatments. These platforms are used for procedures such as radiofrequency assisted lipolysis (fat removal with simultaneous skin tightening), body and face contouring, and deep skin rejuvenation. Non-invasive platforms make up the remaining portion of revenues and include devices that deliver treatments without breaking the skin surface. These products target procedures like permanent hair reduction, facial skin rejuvenation, wrinkle reduction, cellulite treatment, and treatment of superficial vascular lesions. The company also offers hands-free devices like the Evoke platform for facial treatments and Define for body contouring. Recent product launches include the IgniteRF platform (next-generation minimally invasive RF technology) and OptimasMAX (multi-application platform with enhanced energy delivery). The company has also expanded into adjacent medical markets with EmpowerRF for women's health conditions and Envision for ophthalmology applications like dry eye treatment. Additionally, InMode generates revenue from consumables and services, which account for approximately 20% of total revenue. These include replacement handpieces, treatment tips, and maintenance services that provide recurring revenue streams from the installed base of devices.
Revenue model
InMode operates on a capital equipment sales model combined with recurring consumable revenue. The company primarily makes money through direct sales of medical devices to aesthetic practitioners, dermatologists, plastic surgeons, and medical spas. These devices typically range from tens of thousands to over $100,000 per unit, representing significant capital investments for medical practices. The company's customers are primarily medical professionals and clinics who purchase the equipment to offer aesthetic treatments to their patients. InMode sells through both direct sales teams and distributors across international markets, with international sales representing approximately 38% of total revenue in 2024. A critical component of the business model is the recurring revenue from consumables and services, which has grown from 13% of revenue in 2022 to 20% in 2024. These consumables include treatment handpieces, needles, and other disposable components that must be replaced regularly as practitioners perform treatments. This creates a steady revenue stream tied to treatment volume at customer locations. Several factors influence InMode's profitability margins. Positive margin drivers include the company's focus on high-margin product development, strong intellectual property protection around RF technologies, and the recurring nature of consumable sales. The company maintains gross margins of approximately 80-82%, which are considered strong in the medical device industry. Negative margin pressures come from macroeconomic factors affecting elective procedures, including high interest rates that make equipment financing more expensive for customers and reduce consumer spending on discretionary aesthetic treatments. Manufacturing costs have also increased due to supply chain challenges and the company's concentration of production in Israel. Additionally, competitive pressures and the need for continuous R&D investment to maintain technological leadership can impact margins. The company has also faced challenges from counterfeit products in some markets, which can affect both sales volume and pricing power.
Competitive moat
InMode's competitive moat is moderately strong but faces several challenges. The company's primary moat comes from its proprietary radiofrequency technology and intellectual property portfolio, particularly around radiofrequency assisted lipolysis (RFAL) and fractional RF delivery systems. The Morpheus8 platform has achieved significant brand recognition and is considered by many practitioners as the "gold standard" in its category, creating some customer loyalty and switching costs. The company benefits from regulatory barriers as medical devices require FDA clearance and international regulatory approvals, which take time and resources for competitors to obtain. InMode's established relationships with key opinion leaders in the aesthetic medicine field and its direct sales model also provide some competitive advantages. However, the moat has notable weaknesses. The aesthetic medical device industry is highly competitive with numerous established players including Cynosure, Candela, and Alma Lasers. Technology differentiation is challenging to maintain as RF technology itself is not proprietary to InMode, and competitors can develop similar approaches. The company faces potential disruption from new technologies, changes in aesthetic treatment preferences, or breakthrough innovations from larger medical device companies with greater R&D resources. The cyclical nature of the aesthetic market also limits the defensive characteristics of the business. During economic downturns, elective aesthetic procedures are among the first expenses consumers cut, making the business vulnerable to macroeconomic cycles. Additionally, the company's concentration of manufacturing in Israel creates geographic risk, and the relatively small size compared to larger medical device conglomerates limits bargaining power with suppliers and customers. Overall, while InMode has built a solid position in its niche, the moat is not exceptionally wide and requires continuous innovation and execution to maintain competitive advantages.
Risks & safety
InMode demonstrates a strong margin of safety from a financial stability perspective, though valuation metrics present mixed signals. **Financial Strength:** • Exceptional cash position: $146 million in cash and short-term investments with minimal debt (debt-to-equity ratio of 0.009) • Strong liquidity: Current ratio of 8.7x and quick ratio of 7.9x indicate excellent ability to meet short-term obligations • Positive cash generation: Free cash flow of $14 million in Q1 2025, with historically strong cash flow generation • No solvency risk: Net cash position with total liabilities of only $85 million versus $705 million in total assets **Valuation Metrics:** • Reasonable P/E ratio: 16.8x based on recent earnings, though this reflects cyclically depressed earnings • Moderate EV/EBITDA: 17.1x appears elevated due to current earnings trough • Book value: Trading at 2.0x book value, reasonable for a profitable technology company • Graham metrics: Graham number of 7.3 suggests potential undervaluation relative to fundamental metrics **Other Considerations:** • Revenue decline of 20% in 2024 raises concerns about business momentum • Strong balance sheet provides cushion during current market downturn • Significant share repurchase activity ($412 million returned to shareholders in past 12 months) demonstrates management confidence
Recent development
Over the past few years, InMode has pursued several strategic initiatives to diversify its product portfolio and expand into new markets. The company launched two major new platforms in 2024: IgniteRF, representing next-generation minimally invasive radiofrequency technology with enhanced Morpheus8 capabilities, and OptimasMAX, a multi-application platform offering superior energy delivery and heat distribution. The company has also expanded beyond traditional aesthetics into adjacent medical markets. The EmpowerRF platform for women's health has exceeded expectations, generating over $45 million in revenue and showing promising clinical results for conditions like stress urinary incontinence. InMode also entered the ophthalmology market with the Envision platform for dry eye treatment, demonstrating its strategy to leverage RF technology across multiple medical specialties. Geographically, InMode has strengthened its international presence by establishing new subsidiaries in key markets including Japan, Germany, and Italy. The company has also reorganized its management structure across North America, Europe, and Asia to improve operational efficiency and market penetration. In response to challenging market conditions, InMode has maintained its investment in R&D and sales teams rather than implementing cost-cutting measures, betting on its ability to capture market share when conditions improve. The company has also aggressively returned capital to shareholders through share repurchases, buying back approximately 27% of its share capital and returning $412 million to shareholders over the past 12 months. Looking ahead, InMode plans to launch a Fractional Laser CO2 platform in 2025 and is developing another medical market platform targeting the wellness segment. The company is also exploring potential merger and acquisition opportunities to accelerate growth and expand its technology portfolio.
INMD company profile · for informational purposes only — not investment advice.
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