Inmode Ltd
NASDAQ:INMD
Inmode Ltd
InMode Ltd., founded in 2008, has emerged as a dynamic player in the field of minimally invasive aesthetic medical treatments. Born during a period where the health and beauty sectors were experiencing rapid technological innovation, the company quickly carved a niche for itself by addressing a clear market need: the rising demand for non-surgical procedures. At its heart, InMode merges the precision of medical technology with the principles of aesthetic enhancement. Its primary offerings revolve around radio-frequency-based devices that healthcare providers use to achieve results that traditionally required more invasive techniques. This includes skin tightening, fat reduction, and body contouring solutions, all tailored to meet the growing consumer appetite for treatments that carry less downtime and risk compared to conventional surgery.
The company monetizes its expertise by manufacturing and selling these state-of-the-art devices to a diverse group of users, ranging from dermatologists and plastic surgeons to aesthetic practices. InMode's revenue streams are bolstered by not only the direct sale of these devices but also by ongoing client relationships through service agreements and consumable products that are essential for their machine operation. It is a model that ensures continuous engagement with their clients, providing both stability and growth in revenue. By focusing on innovation and efficacy, InMode has successfully captured a significant share of the aesthetic medical market, embodying a business strategy that combines cutting-edge technology with practical solutions to consumer needs.
InMode Ltd., founded in 2008, has emerged as a dynamic player in the field of minimally invasive aesthetic medical treatments. Born during a period where the health and beauty sectors were experiencing rapid technological innovation, the company quickly carved a niche for itself by addressing a clear market need: the rising demand for non-surgical procedures. At its heart, InMode merges the precision of medical technology with the principles of aesthetic enhancement. Its primary offerings revolve around radio-frequency-based devices that healthcare providers use to achieve results that traditionally required more invasive techniques. This includes skin tightening, fat reduction, and body contouring solutions, all tailored to meet the growing consumer appetite for treatments that carry less downtime and risk compared to conventional surgery.
The company monetizes its expertise by manufacturing and selling these state-of-the-art devices to a diverse group of users, ranging from dermatologists and plastic surgeons to aesthetic practices. InMode's revenue streams are bolstered by not only the direct sale of these devices but also by ongoing client relationships through service agreements and consumable products that are essential for their machine operation. It is a model that ensures continuous engagement with their clients, providing both stability and growth in revenue. By focusing on innovation and efficacy, InMode has successfully captured a significant share of the aesthetic medical market, embodying a business strategy that combines cutting-edge technology with practical solutions to consumer needs.
Revenue Stabilization: InMode expects 2026 revenue to be broadly in line with 2025, signaling a stabilization year after recent industry softness.
Q4 Outperformance: Fourth quarter 2025 revenue slightly exceeded expectations, with total revenue at $103.9 million, up from $97.9 million in Q4 2024.
International Strength: Record revenue in Europe and robust international growth, with sales outside the U.S. rising 38% in Q4 and 15% for the full year.
Margin Pressure: Gross margin is expected to decline due to new laser product launches and higher U.S. tariffs, with 2026 guidance for non-GAAP gross margin at 75–77%.
Product Innovation: Two new platforms—including a Korean-made pico laser and a Morpheus/Erbium:YAG combination—are planned for 2026 as part of ongoing product innovation.
Strategic Alternatives: The Board is actively exploring strategic alternatives to enhance shareholder value and has hired Bank of America to assist.
Buyback Program: InMode has bought back almost $508 million in stock over the past 2.5 years and returned $127.4 million to shareholders in the latest quarter.
