Logo

INMD

InMode Ltd.

INMD

InMode Ltd. • NASDAQ
$14.25 ▲ 1.35% (+0.19)
Market Cap $951.46 M
52w High $19.78
52w Low $13.14
Dividend Yield 0%
P/E 6.85
Volume 269.76K
Outstanding Shares 66.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $93.165M ▼ $51.412M ▼ $21.863M ▼ 23.467% ▼ $0.35 ▼ $25.774M ▼
Q2-2025 $95.602M ▲ $53.569M ▲ $26.742M ▲ 27.972% ▲ $0.42 ▲ $31.134M ▲
Q1-2025 $77.874M ▼ $45.293M ▼ $18.201M ▼ 23.372% ▼ $0.26 ▼ $15.792M ▼
Q4-2024 $97.853M ▼ $49.773M ▼ $82.771M ▲ 84.587% ▲ $1.15 ▲ $28.112M ▼
Q3-2024 $130.232M $57.916M $50.99M 39.153% $0.66 $48.399M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $532.308M ▲ $734.605M ▲ $81.22M ▲ $653.385M ▲
Q2-2025 $510.683M ▼ $708.348M ▲ $79.911M ▼ $628.437M ▲
Q1-2025 $512.925M ▼ $704.735M ▼ $85.307M ▲ $619.428M ▼
Q4-2024 $596.472M ▼ $785.667M ▼ $81.854M ▼ $703.813M ▼
Q3-2024 $684.888M $824.033M $87.141M $736.892M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $21.863M ▼ $27.14M ▲ $18.207M ▼ $-4.901M ▲ $36.2M ▼ $26.987M ▲
Q2-2025 $26.742M ▲ $24.256M ▲ $72.365M ▼ $-27.589M ▲ $70.289M ▲ $24.035M ▲
Q1-2025 $18.201M ▼ $14.044M ▼ $75.485M ▼ $-99.466M ▲ $-9.381M ▲ $13.959M ▼
Q4-2024 $82.771M ▲ $32.442M ▼ $77.816M ▼ $-118.429M ▼ $-9.509M ▼ $32.208M ▼
Q3-2024 $50.99M $34.049M $114.055M $-75.991M $72.841M $33.972M

Revenue by Products

Product Q3-2024
Capital Equipment
Capital Equipment
 $320.00M ▲

Five-Year Company Overview

Income Statement

Income Statement InMode’s income statement shows a very profitable but now more mature business. Revenue has grown meaningfully versus a few years ago, but it recently pulled back from its peak, suggesting growth has slowed and demand may be more cyclical than before. Despite that, gross margins remain very high, meaning the company keeps a large share of each sale after direct costs. Operating profit and earnings are still strong, but they dipped from the prior year, signaling some pressure from slower sales or higher expenses. Overall, the business is clearly profitable, but the easy, rapid growth phase appears to be behind it for now, with more modest or uneven growth likely going forward.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. The company holds a solid cash position, minimal debt, and a large equity base built up over time. Assets have increased steadily, mainly funded by retained profits rather than borrowing, which reduces financial risk. The almost debt‑free structure gives InMode flexibility to weather downturns, invest in new products, or consider strategic moves without being constrained by heavy interest obligations. In short, the financial foundation looks conservative and resilient.

Cash Flow

Cash Flow Cash generation is healthy and closely tracks reported profits, which supports the quality of earnings. Operating cash flow has been consistently positive for several years, and because the business requires very little capital spending, free cash flow has also been strong. That said, cash flow has eased somewhat from its peak, in line with the recent slowdown in profit growth. Even so, the cash profile remains attractive: the company converts a large portion of its earnings into actual cash and does not need heavy ongoing investment to keep the business running.

Competitive Edge

Competitive Edge InMode operates in a competitive aesthetic and medical device market, but it has carved out a defensible, though not unassailable, position. Its main edge comes from proprietary radiofrequency technologies, a strong brand with physicians, and a business model that combines equipment sales with recurring consumables. High margins and a growing installed base of systems support this position. However, the space is crowded, with well‑funded rivals and fast technology cycles, and demand depends partly on discretionary patient spending, which can be sensitive to the economy. So the moat is real but relatively narrow and must be actively defended through innovation and marketing.

Innovation and R&D

Innovation and R&D Innovation is one of InMode’s biggest assets. The company has repeatedly introduced new platforms and handpieces that build on its core radiofrequency know‑how, expanding from pure aesthetics into women’s health, eye care, and now even urology. Multi‑technology workstations, hands‑free devices, and upgraded modes like the newer Morpheus features all aim to deepen usage by existing customers and open new procedure types. The pipeline suggests a steady stream of launches across several medical niches, but each new indication still faces regulatory, clinical, and adoption risks. Long term, the company’s value will heavily depend on its ability to sustain this pace of innovation and back it with solid clinical results.

Summary

InMode combines high profitability, a conservative balance sheet, and strong cash generation with a focused, technology‑driven niche in minimally invasive procedures. Financially, it looks robust and self‑funded, with little reliance on debt. Strategically, it benefits from proprietary RF platforms, a recurring consumables stream, and an expanding product portfolio that reaches beyond core aesthetics. The main watchpoints are slowing top‑line momentum, an increasingly competitive and crowded market, sensitivity to consumer and practice spending, and execution risk around new indications and regulatory approvals. Overall, the company appears financially solid and innovation‑led, but future performance will hinge on reigniting growth while preserving its technological edge and pricing power.

NEWS

November 5, 2025 · 7:00 AM UTC

InMode Reports Third Quarter 2025 Financial Results: Quarterly Revenue of $93.2 Million, 78% Gross Margins

Read more

November 3, 2025 · 8:05 AM UTC

InMode Appoints Michael Dennison as President of North America

Read more

October 30, 2025 · 8:30 AM UTC

InMode to Participate in Upcoming Investor Conferences

Read more

October 9, 2025 · 7:00 AM UTC

InMode to Report Third Quarter 2025 Financial Results and Hold Conference Call on November 5, Expects Q3 Revenue Between $92.5M-$93.0M, Reiterates FY 2025 Guidance Between $365M-$375M

Read more

September 2, 2025 · 8:30 AM UTC

InMode to Present at Baird 2025 Global Healthcare Conference

Read more