InMode Reports Fourth Quarter and Full Year 2025 Financial Results: Quarterly GAAP Revenue of $103.9 Million and Full Year Revenue of $370.5 Million

Rhea-AI Summary

InMode (Nasdaq: INMD) reported Q4 2025 GAAP revenue of $103.9 million (+6% vs. Q4 2024) and full‑year 2025 revenue of $370.5 million (‑6% vs. 2024). GAAP net income was $27.0M in Q4 and $93.8M for FY 2025. Cash and marketable securities totaled $555.3M at year‑end. The company repurchased $127.4M of shares in 2025. Management expects 2026 revenue of $365M–$375M and non‑GAAP diluted EPS of $1.43–$1.48. Non‑GAAP measures exclude share‑based compensation and tax benefit adjustments.

Positive

• Q4 GAAP revenue of $103.9M (+6% vs Q4 2024)
• Consumables & service revenue Q4 of $21.5M (+8% YoY)
• Year‑end cash and marketable securities of $555.3M
• Returned $127.4M to shareholders via share repurchases
• Record quarterly revenue in Europe in Q4 2025

Negative

• Full‑year 2025 revenue down 6% to $370.5M
• GAAP net income FY 2025 fell to $93.8M from $181.3M
• GAAP diluted EPS FY 2025 declined to $1.43 from $2.25
• GAAP operating margin down to 23% in 2025 from 29% in 2024
• Non‑GAAP operating margin fell to 26% in 2025 from 33% in 2024

Key Figures

Q4 2025 revenue: $103.9M FY 2025 revenue: $370.5M FY 2025 consumables & service: $81.4M +5 more

8 metrics

Q4 2025 revenue $103.9M GAAP revenue vs. $97.9M in Q4 2024

FY 2025 revenue $370.5M Full year 2025, 6% year-over-year decrease

FY 2025 consumables & service $81.4M Full year 2025, 3% increase vs. 2024

FY 2025 GAAP operating income $85.4M Versus $112.5M in 2024

Cash position $555.3M Cash, securities, and deposits as of Dec 31, 2025

Capital returned 2025 $127.4M Repurchase of ordinary shares during 2025

FY 2025 GAAP EPS $1.43 Earnings per diluted share vs. $2.25 in 2024

2026 revenue guidance $365M–$375M Management outlook for full year 2026 revenue

Market Reality Check

Price: $14.62 Vol: Volume 671,768 is at 0.52...

low vol

$14.62 Last Close

Volume Volume 671,768 is at 0.52x the 20-day average of 1,288,534, indicating subdued trading ahead of/into the release. low

Technical Price at 15.12 is trading slightly above the 200-day MA of 14.62, but still 23.56% below the 52-week high of 19.78.

Peers on Argus

Momentum scanner shows no sector-wide move. Within Medical Devices, peers are mi...

Momentum scanner shows no sector-wide move. Within Medical Devices, peers are mixed (some modest gains, others declines), reinforcing that INMD’s setup appears company-specific rather than part of a broad Healthcare rotation.

Previous Earnings Reports

5 past events · Latest: Nov 05 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 05	Q3 2025 earnings	Negative	-0.7%	Q3 2025 revenue drop versus Q3 2024 plus cautious demand commentary.
Jul 30	Q2 2025 earnings	Negative	-2.9%	Q2 2025 revenue growth but guidance cut and macro headwinds highlighted.
Apr 28	Q1 2025 earnings	Negative	-12.1%	Q1 2025 revenue decline and lower 2025 guidance with margin pressure.
Oct 30	Q3 2024 earnings	Negative	-0.2%	Q3 2024 guidance reduction despite revenue lift from pre-orders.
Aug 01	Q2 2024 earnings	Negative	-8.6%	Q2 2024 revenue drop of 36.5% and lowered full-year revenue outlook.

Pattern Detected

Earnings releases have generally coincided with negative stock reactions, with an average move of -4.88%, often following revenue pressure and guidance resets.

Recent Company History

Over the past few quarters, InMode’s earnings reports have highlighted revenue pressure, margin compression, and repeated guidance reductions. Q2 and Q3 2024 showed sharp revenue declines and lower outlooks, followed by Q1–Q2 2025 cuts and weaker metrics. Q3 2025 maintained high gross margins but still reflected lower sales versus the prior year. Against this backdrop, the latest Q4 and full-year 2025 results, with a 6% revenue decline and softer operating metrics, continue the theme of normalization after peak growth and prior guidance resets.

Historical Comparison

earnings

-4.9 %

Average Historical Move

Historical Analysis

Across five recent earnings releases, INMD’s average move was -4.88%, typically following revenue softness, margin pressure, and guidance cuts similar to trends reiterated here.

Typical Pattern

Earnings updates since mid-2024 show a progression from sharp revenue declines and repeated guidance cuts toward stabilization: revenue remained pressured through 2025, guidance was reset lower, and recent quarters emphasized resilient gross margins, strong cash and ongoing share repurchases while demand gradually normalizes.

Market Pulse Summary

This announcement details Q4 $103.9M revenue and full-year $370.5M revenue, with a 6% annual decline...

Analysis

This announcement details Q4 $103.9M revenue and full-year $370.5M revenue, with a 6% annual decline and lower GAAP EPS of $1.43 versus $2.25 in 2024. Non-GAAP gross margins near 79%, a cash balance of $555.3M, and $127.4M in share repurchases highlight financial resilience. However, operating margins softened and 2026 revenue guidance of $365M–$375M suggests modest growth. Investors may watch future quarters for demand trends, European momentum, and execution on new platform launches.

Key Terms

gaap, non-gaap, gross margin, operating margin, +4 more

8 terms

gaap financial

"Quarterly GAAP revenues of $103.9 million, compared to $97.9 million..."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

non-gaap financial

"GAAP operation income of $26 million, *non-GAAP operation income of $28.5 million."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

gross margin financial

"GAAP gross margin for the fourth quarter of 2025 was 78%, compared to 79%..."

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

operating margin financial

"GAAP operating margin for the fourth quarter of 2025 was 25%, compared to 28%..."

Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.

earnings per diluted share financial

"Earnings per Diluted Share | $0.42 | $1.14 | $1.43 | $2.25"

Earnings per diluted share measures a company’s profit divided by the total number of shares after counting potential new shares that could be created from items like employee stock options or convertible securities. Investors use it to see how much profit would be available to each share if all possible shares were issued—think of slicing a pie assuming extra slices might be added, which shows whether profits hold up when ownership is spread thinner.

valuation allowance financial

"the Company released a valuation allowance related to its U.S. net deferred tax assets"

A valuation allowance is a reserve set aside to reduce the value of certain assets on a company's financial records when there is uncertainty about whether they will generate the expected benefits. It acts like a caution sign, indicating that some assets might not be fully recoverable or worth their recorded amount. This matters to investors because it provides a more realistic picture of a company's financial health and potential risks.

deferred tax asset financial

"recorded a one-time deferred tax asset of $55.1 million."

A deferred tax asset is an accounting recognition that a company expects to pay less tax in the future because of past losses or timing differences between accounting and tax rules; think of it as an IOU from the tax system that can reduce future tax bills. It matters to investors because it can boost future cash flow and reported profits if the company generates enough taxable income to use it, but its value depends on realistic prospects for future earnings.

forward-looking statements regulatory

"See "Forward-Looking Statements" for additional information."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. Not financial advice.

YOKNEAM, Israel, Feb. 10, 2026 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the fourth quarter and full year of 2025.

Fourth Quarter 2025 Highlights:

• Quarterly GAAP revenues of $103.9 million, compared to $97.9 million in the fourth quarter of 2024.
• Quarterly revenues from consumables and service of $21.5 million, an increase of 8% compared to the fourth quarter of 2024.
• GAAP operation income of $26 million, *non-GAAP operation income of $28.5 million.
• Total cash position of $555.3 million as of December 31, 2025, including cash and cash equivalents, marketable securities and short-term bank deposits.

Full Year 2025 Highlights:

• Full year revenues of $370.5 million, a year-over-year decrease of 6%.
• Full year revenues from consumables and service of $81.4 million, an increase of 3% compared to 2024.
• GAAP operation income of $85.4 million, compared to $112.5 million in 2024; *non-GAAP operation income of $96.5 million, compared to $129.1 million in 2024.
• Returned $127.4 million of capital to shareholders through repurchase of ordinary shares during 2025.

 

U.S. GAAP Results (U.S. dollars in thousands, except for per share data)
	Q4 2025	Q4 2024	FY 2025	FY 2024
Revenues	$103,854	$97,853	$370,495	$394,818
Gross Margins	78 %	79 %	79 %	80 %
Net Income	$27,025	$82,771	$93,831	$181,275
Earnings per Diluted Share	$0.42	$1.14	$1.43	$2.25
*Non-GAAP Results (U.S. dollars in thousands, except for per share data)
	Q4 2025	Q4 2024	FY 2025	FY 2024
Gross Margins	79 %	80 %	79 %	81 %
Net Income	$29,429	$31,081	$105,495	$142,707
Earnings per Diluted Share	$0.46	$0.42	$1.60	$1.76
*Please refer to "Use of non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements included in this release. Non-GAAP results exclude share-based compensation and tax benefit adjustments.

 

Management Comments

"While conditions across our industry remain challenging, we are seeing early signs of stabilization," said Moshe Mizrahy, Chief Executive Officer of InMode. "While the global uncertainties, particularly in North America, continue to weigh on overall demand, and the industry has yet to fully rebound, we are encouraged by the initial growth in Europe."

"Looking ahead, in 2026 we plan on launching two new laser-based platforms. We see solid potential for these offerings across both our existing customer base and new customers and believe they will further strengthen our long-term market position," concluded Mizrahy.

"Over the past year, we have unified our North American operations into a single organization encompassing the Eastern U.S., Western U.S., and Canada," said Michael Dennison, President of North America. "At the same time, we have refreshed our sales and post-sales leadership teams, strengthening our ability to serve customers across the region. With this foundation in place, we are entering 2026 with focus, alignment, and clear direction."

Fourth Quarter and Full Year 2025 Financial Results

Total GAAP revenues for the fourth quarter of 2025 were $103.9 million, an increase of 6% compared to $97.9 million in the fourth quarter of 2024. Total revenues for 2025 were $370.5 million, a decrease of 6% compared to 2024.

Yair Malca, Chief Financial Officer of InMode added, "Our European operations achieved record revenue in the fourth quarter, reflecting continued momentum across the region and strong execution by our teams."

GAAP gross margin for the fourth quarter of 2025 was 78%, compared to 79% for the fourth quarter of 2024. *Non-GAAP gross margin for the fourth quarter of 2025 was 79%, compared to 80% for the fourth quarter of 2024. GAAP gross margin for 2025 was 79%, compared to 80% for 2024. *Non-GAAP gross margin for 2024 was 79%, compared to 81% for 2024.

GAAP operating margin for the fourth quarter of 2025 was 25%, compared to 28% in the fourth quarter of 2024. *Non-GAAP operating margin for the fourth quarter of 2025 was 27%, compared to 32% for the fourth quarter of 2024. GAAP operating margin for 2025 was 23%, compared to 29% in 2024. *Non-GAAP operating margin for 2025 was 26%, compared to 33% in the full year of 2024. This decrease was primarily attributable to higher sales and marketing expenses.

InMode reported GAAP net income of $27.0 million, or $0.42 per diluted share, in the fourth quarter of 2025, compared to $82.8 million, or $1.14 per diluted share, in the fourth quarter of 2024. On a *non-GAAP basis, InMode reported net income of $29.5 million, or $0.46 per diluted share, in the fourth quarter of 2025, compared to $31.1 million, or $0.42 per diluted share, in the fourth quarter of 2024. GAAP net income was $93.9 million, or $1.43 per diluted share, in 2025, compared to GAAP net income of $181.3 million, or $2.25 per diluted share, in 2024. On a *non-GAAP basis, InMode reported net income of $105.5 million, or $1.60 per diluted share, in the full year of 2025, compared to net income of $142.7 million, or $1.76 per diluted share, for the full year in 2024. As a reminder, during Q4 of 2024, the Company released a valuation allowance related to its U.S. net deferred tax assets, and as a result recorded a one-time deferred tax asset of $55.1 million. Therefore, non-GAAP net income represents the most efficient basis for the comparison of year-over-year net results.

As of December 31, 2025, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $555.3 million.

"We ended the year with a strong balance sheet and returned $127.4 million of capital to shareholders through the repurchase of ordinary shares during 2025, underscoring our disciplined capital allocation and commitment to shareholder value," concluded Malca.

2026 Financial Outlook

Management provided an outlook for the full year of 2026 ending December 31, 2026. Based on current estimates, management expects:

• Revenues between $365 million to $375 million
• *Non-GAAP gross margin between 75% and 77%
• *Non-GAAP income from operations to be between $87 million and $92 million
• *Non-GAAP earnings per diluted share between $1.43 to $1.48

	This outlook is not a guarantee of future performance, and stockholders should not rely on such forward-looking statements. See "Forward-Looking Statements" for additional information.
	*Please refer to "Use of non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation and tax benefit adjustments.

However, these estimates are based on management's current estimates, which may be updated. 

The Current Situation in Israel

Regarding the current situation in Israel, on October 9, 2025, a new cease-fire agreement between Hamas and Israel began, and the hostilities have formally paused after two years of conflicts. The scope and severity of ongoing conflicts in Gaza, Northern Israel, Lebanon, Iran, and the broader region are unpredictable and could escalate any time. To date, our operations have not been materially affected. We continue to monitor political and military developments closely and examine the consequences for our operations and assets. 

Use of Non-GAAP Financial Measures

In addition to InMode's operating results presented in accordance with GAAP, this release contains certain non-GAAP financial measures including non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating margin. Because these measures are used in InMode's internal analysis of financial and operating performance, management believes they provide investors with greater transparency of its view of InMode's economic performance. Management also believes the presentation of these measures, when analyzed in conjunction with InMode's GAAP operating results, allows investors to more effectively evaluate and compare InMode's performance to that of its peers, although InMode's presentation of its non-GAAP measures may not be strictly comparable to the similarly titled measures of other companies. Schedules reconciling each of these non-GAAP financial measures are provided as a supplement to this release.

Conference Call Information

Mr. Moshe Mizrahy, Chief Executive Officer, Dr. Michael Kreindel, Co-Founder and Chief Technology Officer and Mr. Yair Malca, Chief Financial Officer, will host a conference call today, February 10, 2026, at 8:30 a.m. Eastern Time to discuss the fourth quarter and full year 2025 financial results.

The Company encourages participants to pre-register for the conference call using the following link: 

https://dpregister.com/sreg/10205326/10099498542.

Callers will receive a unique dial-in number upon registration, which enables immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

For callers who opt out of pre-registration, please dial one of the following teleconferencing numbers. Please begin by placing your call 10 minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number.

U.S. Toll-Free Dial-in Number: 1-833-316-0562
Israel Toll- Free Dial-in Number: 1-80-921-2373
International Dial-in Number: 1-412-317-5736
Webcast URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Q835bTWk

At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time

The conference call will also be webcast live from a link on InMode's website at https://inmodemd.com/investors/events-presentations/. A reply of the conference call will be available from February 10, 2026, at 12 p.m. Eastern Time to February 24 , 2026, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers: 

Replay Dial-in U.S./Canada TOLL-FREE: 1-855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 9741895

To access the replay using an international dial-in number, please select the link below:

https://services.choruscall.com/ccforms/replay.html

A replay of the conference call will also be available for 90 days on InMode's website at https://inmodemd.com/investors/.

About InMode

InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio frequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode, please visit www.inmodemd.com.

Forward-Looking Statements

The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the 2026 revenue projection described above. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategic plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 4, 2025, and our subsequent public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.

 

Company Contact: Yair Malca Chief Financial Officer Phone: (949) 305-0108 Email: Yair.Malca@inmodemd.com

Investor Relations Contact: Miri Segal MS-IR LLC Email: ir@inmodemd.com

 

INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)
	Three months ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
REVENUES	103,854		97,853		370,495		394,818
COST OF REVENUES	22,554		20,216		79,525		77,752
GROSS PROFIT	81,300		77,637		290,970		317,066
OPERATING EXPENSES:
Research and development	3,509		2,667		13,319		13,137
Sales and marketing	48,407		44,653		180,578		181,366
General and administrative	3,393		2,453		11,686		10,032
TOTAL OPERATING EXPENSES	55,309		49,773		205,583		204,535
OPERATIONS INCOME	25,991		27,864		85,387		112,531
Finance income, net	5,301		4,346		24,943		30,938
INCOME BEFORE INCOME TAXES	31,292		32,210		110,330		143,469
INCOME TAXES BENEFIT (EXPENSES)	(4,267)		50,561		(16,499)		37,806
NET INCOME	27,025		82,771		93,831		181,275
EARNINGS PER SHARE:
Basic	0.43		1.15		1.45		2.29
Diluted	0.42		1.14		1.43		2.25
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
Basic	63,335		71,874		64,633		79,306
Diluted	64,082		72,787		65,445		80,597

 

 

INMODE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
	December 31, 2025		December 31, 2024
Assets
CURRENT ASSETS:
Cash and cash equivalents	302,543		155,329
Marketable securities (amortized cost of $83,542 and $268,129, as of December 31, 2025 and 2024, respectively)	83,632		267,688
Short-term bank deposits	169,159		173,455
Accounts receivable, net of allowance for credit losses of $2,371 and $1,825, as of December 31, 2025 and 2024, respectively	43,504		36,335
Prepaid expenses and other receivables	25,733		22,097
Inventories	74,050		59,548
TOTAL CURRENT ASSETS	698,621		714,452
NON-CURRENT ASSETS:
Accounts receivable, net of allowance for credit losses of $856 and $924 as of December 31, 2025 and 2024, respectively	3,005		3,176
Deferred income tax asset	53,230		56,285
Operating lease right-of-use assets	8,274		8,732
Property and equipment, net	2,599		2,322
Other investments	700		700
TOTAL NON-CURRENT ASSETS	67,808		71,215
TOTAL ASSETS	766,429		785,667
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Accounts payables	17,912		13,782
Contract liabilities	12,093		16,755
Other liabilities	40,739		39,314
TOTAL CURRENT LIABILITIES	70,744		69,851
NON-CURRENT LIABILITIES:
Contract liabilities	3,043		3,336
Other liabilities	4,436		3,356
Operating lease liabilities	5,008		5,311
TOTAL NON-CURRENT LIABILITIES	12,487		12,003
TOTAL LIABILITIES	83,231		81,854
TOTAL SHAREHOLDERS' EQUITY	683,198		703,813
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	766,429		785,667

 

 

INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
		Three months ended December 31,				Year Ended December 31,
		2025		2024		2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		27,025		82,771		93,831		181,275
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation		174		248		695		728
Share-based compensation expenses		2,499		3,447		11,131		16,569
Change in allowance for credit losses of trade receivable		295		158		454		572
Loss (Gain) on marketable securities, net		1		(3)		15		167
Finance expenses (income), net		(762)		1,533		498		(4,401)
Deferred income tax assets, net		864		(55,121)		2,928		(55,179)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable (current and non-current)		(6,358)		4,025		(7,452)		5,949
Decrease (increase) in other receivables		(1,275)		1,879		(3,678)		(5,698)
Increase in inventories		(2,647)		(1,264)		(14,502)		(14,453)
Increase (decrease) in accounts payable		1,188		(531)		4,129		(184)
Increase (decrease) in other liabilities (current and non-current)		4,759		(4,243)		2,163		1,917
Increase (decrease) in contract liabilities (current and non-current)		(3,089)		(457)		(4,955)		5,402
Net cash provided by operating activities		22,674		32,442		85,257		132,664
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in short-term deposits		(113,733)		(3,500)		(292,637)		(168,187)
Proceeds from short-term deposits		103,389		67,100		293,076		218,740
Purchase of fixed assets		(534)		(234)		(972)		(669)
Purchase of marketable securities		–		(59,708)		(20,877)		(336,221)
Proceeds from sale of marketable securities		–		21,146		17,214		90,754
Proceeds from maturity of marketable securities		38,101		53,012		190,228		357,789
Net cash provided by investing activities		27,223		77,816		186,032		162,206
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of ordinary shares		-		(119,849)		(127,444)		(285,385)
Exercise of options		137		1,420		1,385		2,614
Net cash provided by (used in) financing activities		137		(118,429)		(126,059)		(282,771)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		72		(1,338)		1,984		(1,181)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		50,106		(9,509)		147,214		10,918
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		252,437		164,838		155,329		144,411
CASH AND CASH EQUIVALENTS AT END OF YEAR		302,543		155,329		302,543		155,329

 

INMODE LTD.
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
	Three months ended December 31,										Year ended December 31,
	2025				2024					2025					2024
Revenues by Category:
Capital Equipment revenues - United States	46,760		45 %		53,128			55 %		162,158			44 %		204,520			52 %
Capital Equipment revenues - International	35,631		34 %		24,836			25 %		126,960			34 %		111,027			28 %
Total Capital Equipment revenues	82,391		79 %		77,964			80 %		289,118			78 %		315,547			80 %
Consumables and service revenues	21,463		21 %		19,889			20 %		81,377			22 %		79,271			20 %
Total Revenue	103,854		100 %		97,853			100 %		370,495			100 %		394,818			100 %

 

	Three months ended December 31,												Year ended December 31,
	2025						2024						2025						2024
	%						%						%						%
	United States		International		Total		United States		International		Total		United States		International		Total		United States		International		Total
Revenues by Technology:
Minimal-Invasive	76		75		76		93		76		86		78		78		78		92		80		87
Hands-Free	1		2		1		5		3		5		3		2		2		6		3		5
Non-Invasive	23		23		23		2		21		9		19		20		20		2		17		8
	100		100		100		100		100		100		100		100		100		100		100		100

 

 

INMODE LTD.
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)
	Three months ended December 31, 2025						Three months ended December 31, 2024
	GAAP		Share Based Compensation		Non-GAAP		GAAP			Share Based Compensation		Tax benefit (1)		Non-GAAP
REVENUES	103,854		-		103,854		97,853			-		-		97,853
COST OF REVENUES	22,554		(346)		22,208		20,216			(472)		-		19,744
GROSS PROFIT	81,300		346		81,646		77,637			472		-		78,109
OPERATING EXPENSES:
Research and development	3,509		(256)		3,253		2,667			(300)		-		2,367
Sales and marketing	48,407		(1,589)		46,818		44,653			(2,360)		-		42,293
General and administrative	3,393		(308)		3,085		2,453			(315)		-		2,138
TOTAL OPERATING EXPENSES	55,309		(2,153)		53,156		49,773			(2,975)		-		46,798
OPERATIONS INCOME	25,991		2,499		28,490		27,864			3,447		-		31,311
Finance income, net	5,301		-		5,301		4,346			-		-		4,346
INCOME BEFORE INCOME TAXES	31,292		2,499		33,791		32,210			3,447		-		35,657
INCOME TAXES BENEFIT (EXPENSES)	(4,267)		(95)		(4,362)		50,561			-		(55,137)		(4,576)
NET INCOME	27,025		2,404		29,429		82,771			3,447		(55,137)		31,081
EARNINGS PER SHARE:
Basic	0.43				0.46		1.15							0.43
Diluted	0.42				0.46		1.14							0.42
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
Basic	63,335				63,335		71,874							71,874
Diluted	64,082				64,443		72,787							73,139
(1) Tax benefit recorded during the year ended December 31, 2024, as a result of a release of valuation allowance on our deferred tax assets in the United States as it is more likely than not that our net deferred tax assets will be realized given our expectation of profitability in future periods.

 

 

	Year Ended December 31, 2025								Year Ended December 31, 2024
	GAAP		Share Based Compensation		Non-GAAP				GAAP		Share Based Compensation		Tax benefit (1)		Non-GAAP
REVENUES	370,495				370,495				394,818		-		-		394,818
COST OF REVENUES	79,525		(1,333)		78,192				77,752		(1,833)		-		75,919
GROSS PROFIT	290,970		1,333		292,303				317,066		1,833		-		318,899
OPERATING EXPENSES:
Research and development	13,319		(1,039)		12,280				13,137		(2,177)		-		10,960
Sales and marketing	180,578		(7,685)		172,893				181,366		(11,367)				169,999
General and administrative	11,686		(1,074)		10,612				10,032		(1,192)		-		8,840
TOTAL OPERATING EXPENSES	205,583		(9,798)		195,785				204,535		(14,736)		-		189,799
OPERATIONS INCOME	85,387		11,131		96,518				112,531		16,569		-		129,100
Finance income, net	24,943		-		24,943				30,938		-		-		30,938
INCOME BEFORE INCOME TAXES	110,330		11,131		121,461				143,469		16,569		-		160,038
INCOME TAXES BENEFIT (EXPENSES)	(16,499)		533		(15,966)				37,806		-		(55,137)		(17,331)
NET INCOME	93,831		11,664		105,495				181,275		16,569		(55,137)		142,707
EARNINGS PER SHARE:
Basic	1.45				1.63				2.29						1.80
Diluted	1.43				1.60				2.25						1.76
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
Basic	64,633				64,633				79,306						79,306
Diluted	65,445				65,756				80,597						80,943
(1) Tax benefit recorded during the year ended December 31, 2024, as a result of a release of valuation allowance on our deferred tax assets in the United States as it is more likely than not that our net deferred tax assets will be realized given our expectation of profitability in future periods.

 

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FAQ

What were InMode's (INMD) Q4 2025 and full‑year 2025 revenues?

Q4 2025 GAAP revenue was $103.9 million; full‑year 2025 revenue was $370.5 million. According to the company, Q4 revenue rose 6% year‑over‑year while full‑year revenue declined 6% versus 2024.

How much cash did InMode (INMD) have at December 31, 2025?

InMode held $555.3 million in cash, marketable securities and short‑term deposits. According to the company, this represents the total cash position reported at year‑end 2025.

How much capital did InMode (INMD) return to shareholders in 2025?

InMode repurchased $127.4 million of ordinary shares during 2025. According to the company, the buybacks underscore its capital allocation and shareholder value focus.

What guidance did InMode (INMD) give for full‑year 2026 revenue and EPS?

Management expects 2026 revenues of $365M to $375M and non‑GAAP diluted EPS of $1.43 to $1.48. According to the company, these estimates are based on current assumptions and not guaranteed.

Why did InMode (INMD) report lower net income in 2025 compared to 2024?

GAAP net income declined materially from 2024, partly due to a one‑time tax benefit recorded in Q4 2024. According to the company, non‑GAAP results exclude share‑based compensation and tax adjustments for comparability.