olivLaw · US equity research
InMode Ltd. INMD
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
InMode Ltd. is a global provider of energy-based, minimally invasive aesthetic and medical treatment solutions, sold mainly to plastic surgeons, dermatologists and OB/GYNs. The company has entered a period of declining sales, with revenue of 370.5 mn USD in fiscal 2025, which makes the dependence on the US market and the pace of adoption of new platforms relevant.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, InMode Ltd. (INMD) stock was 14.20 USD (+0.85% on the day), with market capitalisation 899.7 m USD, P/E 9.9 on diluted EPS of 1.43 USD over the last 12 months, beta 0.93, 52-week range 12.76–16.62 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.7
- neutral
- Bollinger (20, 2)
- 13.32 – 14.61
- in the upper half of the band · %B 0.68 · band width 9.2%
- SMA 50 / 200
- 14.31 / 14.33
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.15 / -0.19
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.5% | −1.1% | +1.6 pp | — |
| 3 months | −6.6% | −0.5% | −6.2 pp | — |
| 6 months | +4.5% | +4.4% | +0.1 pp | — |
| Year to date | −3.3% | +12.3% | −15.7 pp | — |
| 1 year | −2.9% | +13.5% | −16.5 pp | −0.4% |
| 3 years | −33.9% | +76.4% | −110.3 pp | −17.4% |
| 5 years | −84.8% | +63.7% | −148.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 29 percentile of its own 7-quarter history (min 7.4, median 18.9, max 36.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 100.2 m | 156.4 m | 206.1 m | 357.6 m | 454.3 m | 492.0 m | 394.8 m | 370.5 m |
| Revenue YoY | +87.4% | +56.1% | +31.8% | +73.5% | +27.0% | +8.3% | −19.8% | −6.2% |
| Net income | 22.4 m | 61.1 m | 75.0 m | 165.0 m | 161.5 m | 197.9 m | 181.3 m | 93.8 m |
| Net income YoY | +153.7% | +173.3% | +22.7% | +119.9% | −2.1% | +22.5% | −8.4% | −48.2% |
| Diluted EPS | 0.62 | 0.80 | 0.89 | 1.92 | 1.89 | 2.30 | 2.25 | 1.43 |
| Diluted EPS YoY | +138.5% | +29.0% | +11.3% | +115.7% | −1.6% | +21.7% | −2.2% | −36.4% |
| net % | 22.3% | 39.1% | 36.4% | 46.1% | 35.6% | 40.2% | 45.9% | 25.3% |
| Free cash flow | 36.5 m | 61.5 m | 78.8 m | 173.9 m | 180.0 m | 176.1 m | 132.0 m | 84.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 302.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 683.2 m USD
- Total assets
- 766.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 9.88x
- ROE
- 13.5%
- ROA
- 12.1%
- FCF margin
- 22.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 206.1 m | 357.6 m | 454.3 m | 492.0 m | 394.8 m | 370.5 m | SEC (XBRL)· 10 Feb 2026verified |
| Cost of revenue | 30.8 m | 53.6 m | 73.5 m | 80.7 m | 77.8 m | 79.5 m | SEC (XBRL)· 10 Feb 2026verified |
| Gross profit | 175.3 m | 304.0 m | 380.8 m | 411.3 m | 317.1 m | 291.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Research & development | 9.5 m | 9.5 m | 12.4 m | 13.4 m | 13.1 m | 13.3 m | SEC (XBRL)· 10 Feb 2026verified |
| Operating income | 72.8 m | 167.5 m | 197.9 m | 195.7 m | 112.5 m | 85.4 m | SEC (XBRL)· 10 Feb 2026verified |
| Depreciation & amortisation | 416.0 k | 517.0 k | 680.0 k | 623.0 k | 728.0 k | 695.0 k | SEC (XBRL)· 10 Feb 2026verified |
| EBITDA | 73.3 m ≈ | 168.0 m ≈ | 198.5 m ≈ | 196.3 m ≈ | 113.3 m ≈ | 86.1 m ≈ | SEC (XBRL)· 10 Feb 2026derived |
| Pre-tax income | 76.1 m | 168.0 m | 201.5 m | 217.3 m | 143.5 m | 110.3 m | SEC (XBRL)· 10 Feb 2026verified |
| Income tax | 1.1 m | 2.9 m | 39.9 m | 19.3 m | -37.8 m | 16.5 m | SEC (XBRL)· 10 Feb 2026verified |
| Net income | 75.0 m | 165.0 m | 161.5 m | 197.9 m | 181.3 m | 93.8 m | SEC (XBRL)· 10 Feb 2026verified |
| Diluted EPS | 0.89 | 1.92 | 1.89 | 2.30 | 2.25 | 1.43 | SEC (XBRL)· 10 Feb 2026verified |
| Weighted average diluted shares | 84.2 m | 86.0 m | 85.4 m | 86.0 m | 80.6 m | 65.4 m | SEC (XBRL)· 10 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 68.9 m | 68.1 m | 97.5 m | 144.4 m | 155.3 m | 302.5 m | SEC (XBRL)· 10 Feb 2026verified |
| Receivables | 10.5 m | 20.2 m | 27.0 m | 42.4 m | 36.3 m | 43.5 m | SEC (XBRL)· 10 Feb 2026verified |
| Inventories | 15.0 m | 21.0 m | 39.9 m | 45.1 m | 59.5 m | 74.1 m | SEC (XBRL)· 10 Feb 2026verified |
| Current assets | 289.6 m | 470.1 m | 629.4 m | 845.3 m | 714.5 m | 698.6 m | SEC (XBRL)· 10 Feb 2026verified |
| Property, plant & equipment, net | 982.0 k | 1.4 m | 2.3 m | 2.4 m | 2.3 m | 2.6 m | SEC (XBRL)· 10 Feb 2026verified |
| Total assets | 295.8 m | 478.5 m | 644.4 m | 863.3 m | 785.7 m | 766.4 m | SEC (XBRL)· 10 Feb 2026verified |
| Accounts payable | 6.4 m | 8.8 m | 16.2 m | 14.0 m | 13.8 m | 17.9 m | SEC (XBRL)· 10 Feb 2026verified |
| Current liabilities | 35.0 m | 51.9 m | 82.0 m | 64.1 m | 69.9 m | 70.7 m | SEC (XBRL)· 10 Feb 2026verified |
| Total liabilities | 40.3 m | 62.7 m | 89.8 m | 75.9 m | 81.9 m | 83.2 m | SEC (XBRL)· 10 Feb 2026verified |
| Equity | 255.5 m | 415.8 m | 554.6 m | 787.4 m | 703.8 m | 683.2 m | SEC (XBRL)· 10 Feb 2026verified |
| Shares outstanding at year end | 37.8 m | 83.0 m | 82.5 m | 84.0 m | 69.6 m | 63.4 m | SEC (XBRL)· 10 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 79.2 m | 174.9 m | 181.6 m | 176.8 m | 132.7 m | 85.3 m | SEC (XBRL)· 10 Feb 2026verified |
| Capex | 463.0 k | 939.0 k | 1.6 m | 705.0 k | 669.0 k | 972.0 k | SEC (XBRL)· 10 Feb 2026verified |
| Free cash flow | 78.8 m ≈ | 173.9 m ≈ | 180.0 m ≈ | 176.1 m ≈ | 132.0 m ≈ | 84.3 m ≈ | SEC (XBRL)· 10 Feb 2026derived |
| Investing cash flow | -43.3 m | -160.1 m | -109.5 m | -136.1 m | 162.2 m | 186.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Financing cash flow | -12.4 m | -15.0 m | -41.1 m | 5.5 m | -282.8 m | -126.1 m | SEC (XBRL)· 10 Feb 2026verified |
| Share repurchases | 17.2 m | 35.4 m | 42.6 m | 0 | 285.4 m | 127.4 m | SEC (XBRL)· 10 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 899.7 m USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 30.98 – 46.32 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E30.98 – 46.32 (Mid 36.91)7 companies used · median multiple 25.8x · quartiles 21.7x – 32.4xBLFS, CNMD, ELMD, ITGR, LIVN, MDT, TMDX
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 25.3% | 95 (vs peers) | 11% |
| FCF conversion · Quality | 89.8% | 85 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -6.6% | 0 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | -8.9% | 0 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 9.9x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 9.9x | 100 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.4% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 14.2% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality90/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
InMode Ltd. (INMD). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 370.5 m USD in 2025; YoY growth -6.2%; net margin 25.3%; ROE 13.5%.
The estimated value range is 30.98–46.32 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 36.91 USD, the price of 14.20 USD leaves a potential of 160.0% (value / price − 1) and a margin of safety of 61.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 25.3%
- FCF conversion: 89.8%
- Current ratio: 9.9x
- P/E (TTM): 9.9x
- FCF yield: 9.4%
- Shareholder yield (distributions): 14.2%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -6.6%
- EPS CAGR 3Y: -8.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −3% / −34% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for INMD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.86 Total return -45% · Per year -45% | 13.97 Total return -2% · Per year -2% | 21.14 Total return 49% · Per year 49% |
| 3 years | 6.24 Total return -56% · Per year -24% | 12.61 Total return -11% · Per year -4% | 21.14 Total return 49% · Per year 14% |
| 5 years | 4.96 Total return -65% · Per year -19% | 11.38 Total return -20% · Per year -4% | 21.14 Total return 49% · Per year 8% |
- Exit P/E± 3.15
- Net margin± 2.21
- Annual revenue growth± 1.99
- Annual dilution± 0.19
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Feb 2026; since then the company filed 6-K (26 Oct 2026), 6-K (16 Sept 2026), 6-K (11 Aug 2026), 6-K (05 Aug 2026), 6-K (03 Aug 2026), 6-K (20 Jul 2026).
In brief
InMode Ltd. is a global provider of energy-based, minimally invasive aesthetic and medical treatment solutions, sold mainly to plastic surgeons, dermatologists and OB/GYNs. The company has entered a period of declining sales, with revenue of 370.5 mn USD in fiscal 2025, which makes the dependence on the US market and the pace of adoption of new platforms relevant.
SWOT
Strengths
- The company has a large installed base and a long history of platform launches, giving it an advantage in innovation and in relationships with user physicians 1.
- Published clinical support and an extensive training program are differentiators the company uses to persuade clinics to adopt its products 1.
- Gross margins remain high compared with many medical industries, even though they have declined in recent years 1.
Weaknesses
- Revenue has fallen for three years in a row, and the concentration on the US market makes the company sensitive to changes in demand there 1.
- Manufacturing is outsourced almost entirely to a small number of subcontractors, which could lead to delivery delays 1.
- Sales of hands-free platforms fell sharply, showing the vulnerability of some product lines to shifts in patient preferences 1.
Opportunities
- Extending into new specialties such as ENT, ophthalmology and general practice could open new customer categories 1.
- Growth in consumables and extended warranties as the installed base expands could generate more stable recurring revenue 1.
- Markets outside the US, especially Europe and Asia, showed growth in the latest year and could offset weakness in the US 1.
Threats
- Discretionary patient spending could fall in difficult economic periods, reducing demand for uninsured aesthetic procedures 1.
- Rapid technological competition, including products with equivalent or superior performance, could erode market share 1.
- Tariffs on products or components and political instability in Israel could affect manufacturing and deliveries 1.
Risks
- Dependence on physician adoptionhigh
Product success depends on acceptance of the technology by physicians, which may be limited by perceptions of quality, reluctance to invest and the cost of competing treatments 1.
- Discretionary procedure demandhigh
Procedures are generally not reimbursed, and demand could fall if consumers' income or confidence deteriorates 1.
- Reliance on subcontractorsmedium
Manufacturing is outsourced to a small number of subcontractors, and disruptions at their sites or orders above their capacity could delay deliveries 1.
- Geopolitical risk in Israelmedium
Political and military instability and the regional war could affect the company's ability to manufacture and deliver products 1.
- Product liabilitylow
Design or manufacturing defects, or misuse by inadequately trained operators, could lead to costly litigation and higher insurance premiums 1.
Investment thesis
What would need to be true (bull case)
- If demand for minimally invasive and non-invasive procedures recovers, the expanded installed base and consumable revenue could accelerate growth quickly 1.
- The non-invasive segment grew significantly in fiscal 2025, suggesting the product portfolio can respond to new patient needs 1.
- The company's declared leadership in bipolar RF technology, supported by clinical studies and publications, could help it keep an edge over competitors 1.
What would break the thesis
- Three years of declining revenue and gross margin point to structural pressure, not only cyclical, if the economic situation does not improve 1.
- Dependence on the US market, which fell sharply, could weigh on results if growth outside the country does not compensate 1.
- The fall in net income in recent years suggests the cost and sales structure may need major adjustments 1.
What to watch
- Revenue trends in the US and outside the US compared with fiscal 2025Q1 2027
- Gross margin and the effect of manufacturing costs and sales of laser-based devices2027
- Development of platforms for ENT and urology, such as ApexRFnext 20-F
- Share of consumables and extended warranties in total revenue2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Feb 2026; since then the company filed 6-K (26 Oct 2026), 6-K (16 Sept 2026), 6-K (11 Aug 2026), 6-K (05 Aug 2026), 6-K (03 Aug 2026), 6-K (20 Jul 2026).
The business
InMode Ltd., incorporated in Israel, designs, develops, manufactures and markets energy-based medical aesthetic products grouped in three categories: face and body contouring, medical aesthetics and women's wellness. Its core technologies, such as Radio Frequency Assisted Lipolysis and Deep Subdermal Fractional RF, are used by physicians to remodel adipose tissue and perform lifting procedures without incisions, under local anesthesia. The company says it has launched 16 product platforms since 2010 and built a global installed base of approximately 30,900 platforms 1. Manufacturing is outsourced almost entirely to a small number of subcontractors 1.
The business model relies on direct sales through its own sales force, mainly in the US and in several European and Asian countries, supplemented by third-party distributors. Revenue comes mainly from platforms and handpieces, with a smaller share from consumables and extended warranties, which the company expects to grow as its installed base expands 1. The company states its technology has extensive clinical support, with 105 third-party clinical studies completed and over 110 peer-reviewed publications 1.
The cost structure is dominated by outsourced manufacturing costs, and gross margin fell from 84% in fiscal 2023 to 79% in fiscal 2025 1. The company said it expects pressure on gross margin from increased costs and sales of more expensive laser-based devices 1.
Segments
Market context
The global energy-based aesthetic market depends on discretionary patient spending, since most procedures are not reimbursed by health insurance. The company identified disposable income, access to consumer credit, the cost of alternative treatments and consumer confidence as decision factors 1. The market is therefore sensitive to economic conditions, and the company attributed the 2025 sales decline to the economic situation 1. US revenue fell to 198.7 mn USD, while revenue outside the US rose to 171.8 mn USD 1.
Market expansion also depends on new customer groups such as ENTs, ophthalmologists and general practitioners, which the company intends to target 1. The market has rapid technological development, and competing products could reduce demand for InMode's offerings 1.
Trends
- Consumer demand under pressureheadwind
The 2025 revenue decline and lower volume of products sold are linked by the company to the economic situation, which could limit discretionary spending on aesthetic procedures 1.
- Shift toward non-invasive technologiestailwind
Growth in non-invasive platforms, which reached 74.1 mn USD, shows the segment could partly offset declines elsewhere 1.
- Growing installed base and consumablestailwind
An installed base of over 30,900 platforms could generate recurring consumable and warranty revenue if the number of patients and physicians using them keeps growing 1.
- Pressure on manufacturing costsheadwind
Rising costs and sales of more expensive laser devices could reduce gross margin, which has already fallen from 84% to 79% in three years 1.
Competitive position
The company itself describes the aesthetic treatment market as highly competitive and dynamic, with rapid technological development and competing products that may offer equivalent or superior results 1. It differentiates through bipolar RF technology, which it considers itself the leader in for minimally invasive and subdermal ablative aesthetic use 1.
Its declared competitive advantage rests on continuous innovation, clinical evidence and an extensive physician training program, but the company acknowledges that laser-based and pharmaceutical treatments compete for the same patients 1.
- Laser and IPL device makers
Companies offering laser or pulsed-light aesthetic treatments, cited in the source as technological alternatives to InMode platforms 1.
- Surgical aesthetic providers
Surgical aesthetic procedures, which the company sees as alternatives for the same patients, though with higher risks and costs 1.
- RF and non-invasive device manufacturers
Other makers of energy-based aesthetic systems, which the company considers direct competitors in the global market 1.
- Pharmaceutical treatments
Treatments using pharmaceutical products are cited in the source as alternatives to energy-based devices 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)03 Aug 2026
- Current report (foreign issuer)20 Jul 2026
- Current report (foreign issuer)13 Jul 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)25 Jun 2026
- Current report (foreign issuer)24 Jun 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / InMode Ltd. · 10 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.