INMD

MKT CAP:$909M

InMode Ltd.

Market Cap

$909M

Healthcare·Medical - Devices·🇮🇱 Israel·NASDAQ

Healthcare·Medical - Devices·🇮🇱·NASDAQ

Stock Price

$14.36-$0.44 (-2.97%)

Apr 23, 2026

Company Details

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...

CEO

Moshe Mizrahy

IPO Date

Aug 8, 2019

Website

www.inmodemd.com

Key Metrics TTM

Revenue

$370M

-6.2% YoY

Net Income

$94M

EPS (Diluted)

$1.44

Free Cash Flow

$89M

Revenue / Share

$5.78

Gross Margin

78.5%

Operating Margin

23.0%

Net Margin

25.3%

FCF Margin

24.1%

P/S

2.5x

P/E

9.7x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 10, 2026

$370M-6.2%EPS $1.43

Q4 2025

Feb 10, 2026

$104M+6.1%EPS $0.42

Q3 2025

Nov 5, 2025

$93M-28.5%EPS $0.34

Q2 2025

Jul 30, 2025

$96M+10.6%EPS $0.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$86M	$71M	$35M
Q2 22	$114M	$95M	$49M
Q3 22	$121M	$102M	$54M
Q4 22	$134M	$113M	$60M
Q1 23	$106M	$88M	$41M
Q2 23	$136M	$114M	$57M
Q3 23	$123M	$103M	$46M
Q4 23	$127M	$107M	$51M
Q1 24	$80M	$64M	$18M
Q2 24	$86M	$69M	$18M
Q3 24	$130M	$106M	$48M
Q4 24	$98M	$78M	$28M
Q1 25	$78M	$61M	$16M
Q2 25	$96M	$76M	$23M
Q3 25	$93M	$72M	$21M
Q4 25	$104M	$81M	$26M

Valuation

Quarter	P/S	P/E
Q1 22	2.4x	5.4x
Q2 22	2.2x	5.3x
Q3 22	2.1x	5.2x
Q4 22	2.0x	5.6x
Q1 23	1.9x	5.3x
Q2 23	1.8x	5.0x
Q3 23	1.8x	5.0x
Q4 23	1.8x	4.6x
Q1 24	1.9x	5.0x
Q2 24	2.2x	6.1x
Q3 24	2.1x	5.9x
Q4 24	2.3x	5.0x
Q1 25	2.3x	5.2x
Q2 25	2.3x	5.1x
Q3 25	2.5x	6.1x
Q4 25	2.5x	9.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$32M	$32M
Q2 22	$45M	$45M
Q3 22	$44M	$43M
Q4 22	$54M	$54M
Q1 23	$21M	$21M
Q2 23	$52M	$52M
Q3 23	$39M	$39M
Q4 23	$59M	$59M
Q1 24	$24M	$24M
Q2 24	$42M	$42M
Q3 24	$34M	$34M
Q4 24	$32M	$32M
Q1 25	$14M	$14M
Q2 25	$24M	$24M
Q3 25	$27M	$27M
Q4 25	$25M	$24M

Capital Expenditures

Quarter	CapEx
Q1 22	$299.0K
Q2 22	$541.6K
Q3 22	$368.5K
Q4 22	$307.3K
Q1 23	$341.0K
Q2 23	$185.4K
Q3 23	$136.0K
Q4 23	$17.8K
Q1 24	$112.0K
Q2 24	$246.0K
Q3 24	$78.2K
Q4 24	$235.6K
Q1 25	$85.0K
Q2 25	$220.5K
Q3 25	$152.5K
Q4 25	$572.9K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+31.1%	+31.4%
Q2 22	+30.0%	+40.5%
Q3 22	+28.7%	+37.3%
Q4 22	+20.8%	+30.7%
Q1 23	+23.5%	+27.8%
Q2 23	+19.8%	+22.9%
Q3 23	+1.6%	+13.7%
Q4 23	-5.1%	+2.5%
Q1 24	-24.3%	-4.4%
Q2 24	-36.5%	-13.8%
Q3 24	+5.8%	+6.9%
Q4 24	-22.8%	-7.3%
Q1 25	-3.0%	+0.1%
Q2 25	+10.6%	+6.7%
Q3 25	-28.5%	-11.8%
Q4 25	+6.1%	+11.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	3.6%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$4M	5.0%
Q2 24	$5M	6.0%
Q3 24	$0	0.0%
Q4 24	$3M	3.5%
Q1 25	$3M	3.2%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$2M	2.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$3M	$2M	$31M
Q2 22	$3M	$3M	$40M
Q3 22	$3M	$2M	$43M
Q4 22	$3M	$2M	$47M
Q1 23	$3M	$2M	$42M
Q2 23	$4M	$2M	$51M
Q3 23	$3M	$2M	$51M
Q4 23	$3M	$2M	$49M
Q1 24	$4M	$3M	$40M
Q2 24	$4M	$2M	$45M
Q3 24	$3M	$3M	$52M
Q4 24	$3M	$2M	$45M
Q1 25	$3M	$3M	$40M
Q2 25	$3M	$3M	$47M
Q3 25	$4M	$3M	$45M
Q4 25	$4M	$3M	$48M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$45M	$355M	$399M
Q2 22	$88M	$355M	$444M
Q3 22	$77M	$409M	$486M
Q4 22	$98M	$450M	$547M
Q1 23	$93M	$481M	$574M
Q2 23	$160M	$470M	$629M
Q3 23	$134M	$542M	$676M
Q4 23	$144M	$597M	$742M
Q1 24	$121M	$650M	$771M
Q2 24	$92M	$637M	$729M
Q3 24	$165M	$520M	$685M
Q4 24	$155M	$441M	$596M
Q1 25	$146M	$367M	$513M
Q2 25	$216M	$294M	$511M
Q3 25	$252M	$280M	$532M
Q4 25	$303M	$253M	$555M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	86M	-0.8%	+0.8%
Q2 22	85M	-1.2%	-1.3%
Q3 22	85M	+0.2%	-1.7%
Q4 22	86M	+1.8%	-0.0%
Q1 23	85M	-1.1%	-0.4%
Q2 23	86M	+0.3%	+1.2%
Q3 23	86M	+0.4%	+1.4%
Q4 23	86M	-0.2%	-0.6%
Q1 24	86M	+0.2%	+0.7%
Q2 24	86M	-0.1%	+0.3%
Q3 24	79M	-8.5%	-8.6%
Q4 24	73M	-7.3%	-15.2%
Q1 25	69M	-4.6%	-19.2%
Q2 25	64M	-8.4%	-25.9%
Q3 25	64M	+0.4%	-18.7%
Q4 25	64M	+0.3%	-12.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$237.4K	362
Q2 22	$313.7K	362
Q3 22	$334.9K	362
Q4 22	$278.3K	480
Q1 23	$221.0K	480
Q2 23	$283.5K	480
Q3 23	$256.5K	480
Q4 23	$218.2K	581
Q1 24	$138.2K	581
Q2 24	$148.8K	581
Q3 24	$224.2K	581
Q4 24	$163.4K	599
Q1 25	$130.0K	599
Q2 25	$159.6K	599
Q3 25	$155.5K	599
Q4 25	$157.4K	660

Revenue / Employee