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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's Q3 2025 Earnings: A Resilient Performance Amidst a Complex Economic Environment

InMode reported revenues of $93.2 million for Q3 2025, with consumables and service revenues growing 26% year-over-year to $19.9 million, driven primarily by markets outside of the U.S. The company's minimally invasive platforms accounted for 75% of total revenues. Non-GAAP earnings per diluted share came in at $0.38, beating estimates of $0.3508. Sales outside of the U.S. increased 10% year-over-year to $40 million, or 43% of overall sales.

Publication Date: Nov -23

📋 Highlights
  • Q3 Revenue: InMode reported $93.2 million in revenue, with $19.9 million from consumables and services (up 26% YoY).
  • International Sales: Non-U.S. revenue rose to $40 million (43% of total sales), reflecting a 10% YoY increase.
  • Minimally Invasive Platforms: Contributed 75% of total revenue, driven by strong demand in global markets.
  • Global Expansion: Launched a new subsidiary in Argentina, expanding operations to 88–90 countries.

Segment Performance and Guidance

The company's diversified portfolio and disciplined execution of its strategy contributed to its resilient performance. InMode reiterated its guidance for 2025, with revenues expected to remain between $365 million to $375 million, and non-GAAP earnings per diluted share between $1.55 to $1.59. For Q4, the implied guidance suggests a slightly lower number compared to Q3, but the company remains confident in its competitive advantages, including its strong financial position and diverse portfolio.

Strategic Developments and Future Outlook

InMode is poised for growth with new product launches, including two new lasers at its national sales meeting in the U.S. in late January '26, and presentations at IMCAS in Europe in early February '26. The company has also appointed Michael Dennison as President of North America, who brings extensive experience in the medical aesthetic device industry. As Yair Malca mentioned, "we would like to see how Q4 plays out before we discuss 2026," indicating a cautious approach to next year's guidance due to lingering uncertainties.

Valuation and Growth Prospects

With a P/E Ratio of 4.98 and an EV/EBITDA of 5.9, the market appears to have priced in a relatively modest growth trajectory. Analysts estimate revenue growth at 2.9% for next year. InMode's strong financial position, with a Net Debt / EBITDA of -1.7, and its commitment to innovation and expansion into new markets, position it well for future growth. The company's ROE of 26.59% and ROIC of 22.19% indicate a strong ability to generate returns on its investments.

3. NewsRoom

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InMode Ltd. $INMD Shares Sold by Acadian Asset Management LLC

Nov -14

Source: defenseworld.net

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InMode Ltd. (INMD) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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

Nov -05

Source: prnewswire.com

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InMode Appoints Michael Dennison as President of North America

Nov -03

Source: prnewswire.com

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InMode to Participate in Upcoming Investor Conferences

Oct -30

Source: prnewswire.com

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D.A. Davidson & CO. Sells 1,376 Shares of InMode Ltd. $INMD

Oct -29

Source: defenseworld.net

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InMode: Discounted Valuation & Strong Fundamentals Make It A Buy

Oct -27

Source: seekingalpha.com

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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

Oct -09

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: 4.9/10

Value: 6.6

Growth: 7.0

Quality: 9.4

Yield: 0.0

Momentum: 3.5

Volatility: 2.7

1-Year Total Return ->

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ChemoMetec

A-Score: 4.8/10

Value: 0.0

Growth: 7.8

Quality: 9.4

Yield: 0.6

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Eckert & Ziegler

A-Score: 4.7/10

Value: 2.0

Growth: 7.1

Quality: 7.5

Yield: 1.2

Momentum: 7.5

Volatility: 3.0

1-Year Total Return ->

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CellaVision

A-Score: 3.5/10

Value: 1.3

Growth: 6.7

Quality: 8.0

Yield: 1.9

Momentum: 0.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Xvivo Perfusion

A-Score: 3.3/10

Value: 0.8

Growth: 9.8

Quality: 7.5

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Guerbet

A-Score: 2.7/10

Value: 7.8

Growth: 2.6

Quality: 2.0

Yield: 2.5

Momentum: 0.0

Volatility: 1.3

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

14.42$

Current Price

14.42$

Potential

-0.00%

Expected Cash-Flows