REGENXBIO Inc. (RGNX) Earnings
REGENXBIO Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $0.12. RGNX has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise -16.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-1.36 | $-1.72 | -26.5% | $6M | -75.3% |
| Mar 5, 2026 | $-1.01 | $-1.30 | -28.7% | $30M | -33.3% |
| Nov 6, 2025 | $-1.38 | $-1.20 | +13.0% | $30M | -49.8% |
| Aug 7, 2025 | $-1.13 | $-1.38 | -22.1% | $21M | -80.6% |
| Mar 13, 2025 | $-1.27 | $-1.01 | +20.5% | $21M | -10.5% |
| Aug 1, 2024 | $-1.29 | $-1.05 | +18.6% | $22M | -8.4% |
| Feb 27, 2024 | $-1.27 | $-1.43 | -12.6% | $22M | -34.7% |
| Aug 2, 2023 | $-1.26 | $-1.66 | -31.7% | $20M | -42.1% |
| May 3, 2023 | $-1.52 | $-1.53 | -0.7% | $19M | -37.5% |
| Feb 28, 2023 | $-1.48 | $-1.38 | +6.8% | $31M | -16.3% |
| Nov 3, 2022 | $-1.55 | $-1.75 | -12.9% | $27M | -14.0% |
| Aug 3, 2022 | $-1.44 | $-1.58 | -9.7% | $33M | +15.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 14, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Organizational Restructuring & Leadership Changes - New leadership hired for North America at the end of Q3 2025, transitioning from the historical east-west split structure to a unified North American model that includes Canada and both U.S. coasts, improving coordination and accountability. - As of January 1, 2026, the Envision ophthalmology and optometry sales team now operates independently to create a more focused operating model, with early results showing strong progress in March 2026, though management is waiting for sustained consistency to confirm it as a long-term trend. - CFO Yair Malka announced he will step down after nine years with the company, and will remain as a consultant for six months to support a smooth transition. Chairman Dr. Micha Engel is also departing the company. ### Regional Operations Updates - InMode operates in over 100 countries globally, combining direct local sales offices and distribution partnerships. Europe delivered solid performance and has meaningful room for continued growth. - Asia performance remains mixed, consistent with 2025 results, but the company is making progress in key markets, particularly China, which is seen as having significant long-term potential. The company is activating its fully-owned dormant Guangzhou subsidiary to target the Chinese cosmetic spa and aesthetic segment, with a new specialized product line and experienced management hire. - New 2025 direct subsidiaries in Thailand and Argentina are in the setup phase: Argentina completed regulatory clearances in early 2026 and is expected to begin generating sales in Q2 2026. ### Product Portfolio Strategy - The PicoSure and CO2 (Solaria) laser platforms delivered strong performance in Q1 2026, making a meaningful contribution to revenue. These platforms expand the range of procedures physicians can offer, support in-demand combination treatments, and enable a one-stop shop for provider partners, strengthening InMode's competitive position and customer relationships, even as they near-term pressure gross margins. - The Erbium laser is in development, targeting FDA clearance by the end of 2026 for commercial launch. InMode is also developing an in-house CO2 laser to expand the Solaria product beyond the U.S. market, which will require lengthy regulatory approvals under the new European MDR framework.
Guidance
- Management reaffirmed its full-year 2026 guidance with no upward or downward revision, maintaining a revenue target range of $365 million to $375 million. - Non-GAAP gross margin guidance is maintained at 74% to 76%, with management expecting gross margin to stay within this range through all quarters of 2026. - Non-GAAP operating income guidance is maintained at $73 million to $78 million. - Non-GAAP diluted earnings per share guidance is maintained at $1.33 to $1.38.
Segment performance
InMode reported total Q1 2026 revenue of $82 million, a 5% year-over-year increase from $77.9 million in Q1 2025. U.S. revenue totaled $43.3 million (52% of total revenue), leading the quarter's growth. International revenue was $38.7 million (48% of total revenue), a 2.65% year-over-year increase. Minimally invasive technology platforms accounted for 77% of total Q1 2026 revenue. GAAP gross margin was 75% in Q1 2026, down from 78% in Q1 2025; non-GAAP gross margin was also 75% in Q1 2026, down from 79% in the prior year quarter. GAAP operating margin was 12% and non-GAAP operating margin was 17%, down from 23% non-GAAP in Q1 2025. GAAP diluted earnings per share were 18 cents (down from 26 cents year-over-year), while non-GAAP diluted EPS was 25 cents (down from 31 cents year-over-year). Operating cash flow for Q1 2026 was $15.4 million, and the company held $537.2 million in total cash, cash equivalents, marketable securities and deposits as of March 31, 2026.
Risks & headwinds
- Macroeconomic headwinds continue to pressure demand for aesthetic procedures, with demand for elective treatments deferred rather than eliminated, creating uncertainty around the timing of demand recovery. - Regulatory approval for new products is lengthy, particularly under Europe's new MDR framework, which can delay market expansion for new products. - GLP-1 weight loss drugs and new competing aesthetic products (including injectables, boosters, biosimilars, and exosomes) are competing heavily for the same consumer discretionary aesthetic spending, creating industry-wide pricing and share pressure. - Private company valuations for potential M&A targets remain very high, limiting InMode's ability to complete attractive acquisition deals to expand its product portfolio. - The ongoing conflict in Israel disrupts normal operations and creates uncertainty for the company, which has key development operations based in the country. - The 2025 failed attempt to sell the company created employee and market insecurity that continues to impact the business.
Analyst Q&A
Q: What is the commercial timeline and positioning for the upcoming Erbium laser, will the new laser platform mix further pressure gross margins in 2027? How are the new 2025 subsidiaries in Thailand and Argentina performing, and what is the product and timeline for InMode's China market expansion?
A: The Pico laser launched in February 2026, while the Erbium laser is still in development, targeting FDA clearance in the next 1-2 months with commercial launch by the end of 2026. The currently sold Solaria CO2 laser is only approved for sale in the U.S., while an in-house developed CO2 for global sale is progressing through lengthy new European MDR regulatory approvals. Argentina's subsidiary finished regulatory setup in Q1 2026, and is expected to begin generating sales in Q2 2026. For China, InMode is activating its pre-existing fully-owned Guangzhou subsidiary to target the cosmetic spa and aesthetic segment with a specialized product line, separate from its existing medical device distribution business.
Q: What early results have you seen from the independent Envision ophthalmology sales team restructuring in the U.S., and what are your 2026 capital allocation plans after completing prior share repurchases?
A: The 30-person independent Envision sales team covers all of the U.S. and Canada, reporting to the North American president, and it is too early to judge the new structure after only three months of operation, though early signs are positive. If the model succeeds, InMode may extend the dedicated product sales team structure to other products. The company continues to execute its 2026 share repurchase program, having already bought back 3.8 million shares year-to-date, with 2.5 million shares remaining under the current authorization. After six years of $600 million in total share repurchases that have not supported the share price as expected, management is now open to alternative capital allocation strategies including dividends and M&A.
Q: What is InMode's current appetite for M&A after years of no completed deals, and how is the broader aesthetic market performing today, especially compared to energy-based devices?
A: InMode continues to actively explore M&A opportunities to expand into complementary aesthetic product categories, but no deals are currently in advanced negotiation. Private target valuations remain very high, and prior attempts to acquire an injectable company and a toxin company failed because InMode's offer was not accepted by the target's shareholders. Aesthetic injectable companies saw weak 2025 results but are seeing early momentum in 2026, and GLP-1 drugs and new non-device aesthetic products have taken significant consumer discretionary spending away from the energy-based device sector. Management believes the long-term industry trend will lead to combined companies offering both energy-based devices and other aesthetic solutions as a one-stop shop, though this requires separate sales and development operations for the two categories.