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1. Company Snapshot

1.a. Company Description

InMode Ltd.designs, develops, manufactures, and markets minimally invasive aesthetic medical products based on its proprietary radiofrequency assisted lipolysis and deep subdermal fractional radiofrequency technologies in the United States and internationally.The company offers minimally invasive aesthetic medical products for various procedures, such as liposuction with simultaneous skin tightening, body and face contouring, and ablative skin rejuvenation treatments, as well as for use in women's health conditions and procedures.


It also designs, develops, manufactures, and markets non-invasive medical aesthetic products that target an array of procedures, including permanent hair reduction, facial skin rejuvenation, wrinkle reduction, cellulite treatment, skin appearance and texture, and superficial benign vascular and pigmented lesions, as well as hands-free medical aesthetic products that target a range of procedures, such as skin tightening, fat reduction, and muscle stimulation.The company was formerly known as Invasix Ltd.and changed its name to InMode Ltd.


in November 2017.InMode Ltd.was incorporated in 2008 and is headquartered in Yokneam, Israel.

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1.b. Last Insights on INMD

The recent 3-month performance of InMode Ltd. was negatively impacted by the company's response to Doma Perpetual's letters, which led to a clarification of its capital allocation strategy and commitment to shareholder returns. Additionally, the company's efforts to refute misconceptions on staffing and production may have created uncertainty among investors. Furthermore, the lack of significant updates on new products or acquisitions during this period may have contributed to the negative sentiment.

1.c. Company Highlights

2. InMode Ltd. Posts Slight Revenue Decline, Eyes Stabilization in 2026

InMode Ltd.'s financial performance for the fourth quarter and full year 2025 revealed a mixed bag, with total revenue declining approximately 6% year-over-year to $370.5 million, but revenue from consumables and services increasing slightly. Non-GAAP gross margins held steady at 79% for both the fourth quarter and the full year. Earnings per share (EPS) came in at $0.46, beating estimates of $0.4162. The company's guidance for 2026 suggests a stabilization year, with expected total revenue between $365 million and $375 million.

Publication Date: Mar -08

📋 Highlights
  • 2025 Revenue Decline: Full-year revenue totaled $370.5 million, a 6% decrease compared to 2024, despite a 6% Q4 revenue increase to $103.9 million versus $97.9 million in the same quarter last year.
  • 2026 Revenue Guidance: Projected revenue for 2026 is $365–$375 million, with non-GAAP gross margins expected to decline slightly to 75–77% due to new product launches and U.S. tariffs.
  • New Product Launches: Two new platforms planned for 2026—Korean-made Pico laser and Morpheus-Erbium YAG combo—aim to expand TAM, though they carry lower gross margins than existing products.
  • Operational Shifts: North America operations were unified in 2025, with a specialized sales team for Envision, and $15 million in 2025 revenue from Solaria and APX RF platforms.
  • Market Recovery Signs: Early indicators include decreasing interest rates, rising procedure numbers, and higher consumable sales, suggesting potential industry stabilization post-2025 softness.

Operational Highlights

InMode Ltd. continued to benefit from its strong position in the aesthetic space, with a unified North American operation and a specialized sales team for Envision. The company launched its CO2 laser platforms in 2025, which are performing well, and plans to introduce two new platforms in 2026: a Korean-made Pico laser device and a device that combines a new Morpheus technology with Erbium YAG laser. As Moshe Mizrahy noted, "We view 2026 as a stabilization year for the business following a prolonged period of industry softness."

Margin Pressures and Guidance

Non-GAAP gross margins are expected to be between 75% and 77% in 2026, down from 79% in 2025, due to the introduction of new products with lower gross margins and the impact of U.S. tariffs on imports from Israel. The company's guidance suggests a conservative approach, with Yair Malca stating that they "try to be as conservative as we can with our guidance."

Valuation and Growth Prospects

With a P/E Ratio of 8.93 and an EV/EBITDA of 5.27, InMode Ltd.'s valuation appears reasonable. Analysts estimate next year's revenue growth at 4.0%, which, combined with the company's efforts to innovate and expand its product portfolio, could drive future growth. The company's ROIC of 10.39% and ROE of 14.52% also indicate a strong ability to generate returns on invested capital.

Outlook and Risks

InMode Ltd. is well-positioned to capitalize on the improving trends in the industry, including decreasing interest rates and increasing sales in consumables. However, the company faces risks, such as the impact of the GLP-1 trend on the market and the competitive landscape in the laser market. As the company continues to innovate and expand its product portfolio, investors will be watching closely to see if InMode Ltd. can achieve its guidance and drive growth in 2026.

3. NewsRoom

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InMode to Report First Quarter 2026 Financial Results and Hold Conference Call on May 6, 2026, Expects Q1 Revenue Between $81.5M-$81.7M, Reiterates FY 2026 Revenue Guidance Between $365M-$375M

Apr -13

Source: prnewswire.com

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InMode Ltd. (NASDAQ:INMD) Receives Consensus Rating of “Hold” from Analysts

Apr -13

Source: defenseworld.net

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InMode to Present at the 25th Annual Needham Virtual Healthcare Conference

Mar -24

Source: prnewswire.com

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InMode Ltd. (NASDAQ:INMD) Receives Average Recommendation of “Hold” from Analysts

Mar -19

Source: defenseworld.net

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InMode (NASDAQ:INMD) Shares Gap Up – What’s Next?

Mar -15

Source: defenseworld.net

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InMode Announces New Share Repurchase Program

Mar -13

Source: prnewswire.com

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InMode Ltd. (INMD) Presents at Barclays 28th Annual Global Healthcare Conference Transcript

Mar -11

Source: seekingalpha.com

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InMode to Present at Upcoming Investor Conferences

Feb -26

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.00%)

6. Segments

Aesthetic Solutions

Expected Growth: 15%

InMode's Aesthetic Solutions segment growth is driven by increasing demand for minimally invasive treatments, rising adoption of RF-based technologies, and expanding global distribution channels. Additionally, the company's focus on innovation, strategic partnerships, and strong marketing efforts contribute to its 15% growth rate.

7. Detailed Products

Minimally Invasive Products

InMode's minimally invasive products are designed for various medical specialties, including dermatology, plastic surgery, and ophthalmology. These products enable precise and controlled energy delivery, minimizing tissue damage and promoting faster recovery.

Radiofrequency (RF) Products

InMode's RF products utilize proprietary technology to deliver controlled heat energy, stimulating collagen production and tissue contraction. This results in improved skin texture, reduced wrinkles, and enhanced skin elasticity.

Laser Products

InMode's laser products are designed for various medical and aesthetic applications, including hair removal, skin rejuvenation, and vascular lesion treatment.

Microneedling Products

InMode's microneedling products utilize minimally invasive, percutaneous collagen induction therapy to stimulate collagen production, improving skin texture and reducing fine lines and wrinkles.

Body Contouring Products

InMode's body contouring products are designed for non-invasive fat reduction, skin tightening, and cellulite treatment.

8. InMode Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

InMode Ltd. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the evolving nature of the medical aesthetics industry.

Bargaining Power Of Customers

InMode Ltd.'s customers are primarily medical professionals and clinics, who have limited bargaining power due to the specialized nature of the company's products and services.

Bargaining Power Of Suppliers

InMode Ltd. has a diversified supplier base, which reduces the bargaining power of individual suppliers, and the company's strong financial position also gives it negotiating power.

Threat Of New Entrants

The medical aesthetics industry is attractive and growing, with low barriers to entry, making it an attractive market for new entrants, which poses a significant threat to InMode Ltd.'s market share.

Intensity Of Rivalry

InMode Ltd. operates in a competitive market with several established players, but the company's innovative products and strong marketing efforts help it to maintain a competitive edge.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.13%
Debt Cost 3.95%
Equity Weight 98.87%
Equity Cost 14.97%
WACC 14.84%
Leverage 1.15%

11. Quality Control: InMode Ltd. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
InMode

A-Score: 4.7/10

Value: 6.9

Growth: 6.9

Quality: 9.4

Yield: 0.0

Momentum: 2.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
ChemoMetec

A-Score: 4.6/10

Value: 0.0

Growth: 7.8

Quality: 9.2

Yield: 0.6

Momentum: 8.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Eckert & Ziegler

A-Score: 4.3/10

Value: 3.3

Growth: 7.0

Quality: 7.2

Yield: 1.2

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
CellaVision

A-Score: 3.6/10

Value: 1.8

Growth: 6.7

Quality: 8.0

Yield: 1.9

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Guerbet

A-Score: 3.0/10

Value: 8.3

Growth: 2.6

Quality: 2.1

Yield: 2.5

Momentum: 1.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Xvivo Perfusion

A-Score: 3.0/10

Value: 0.8

Growth: 9.8

Quality: 5.8

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

14.14$

Current Price

14.14$

Potential

-0.00%

Expected Cash-Flows