Profit falls as InMode (Nasdaq: INMD) posts 2025 revenue of $370.5M
Rhea-AI Filing Summary
InMode Ltd. reported mixed fourth quarter and full year 2025 results. Q4 2025 revenue was $103.9 million, up 6% from Q4 2024, with GAAP diluted EPS of $0.42 and non-GAAP diluted EPS of $0.46, slightly above last year’s non-GAAP level.
For full year 2025, revenue was $370.5 million, down 6% from 2024, while GAAP net income declined to $93.8 million from $181.3 million, reflecting lower operating margins and the absence of a one-time $55.1 million tax benefit recorded in 2024. Non-GAAP diluted EPS fell to $1.60 from $1.76.
GAAP gross margin eased to 79% in 2025 from 80%, and non-GAAP operating margin slipped to 26% from 33%, mainly due to higher sales and marketing expenses. The company ended 2025 with $555.3 million in cash, marketable securities and short-term deposits and returned $127.4 million through share repurchases, while noting record European revenue and that operations have not been materially affected to date by the situation in Israel.
Positive
- None.
Negative
- Profitability declined sharply in 2025, with revenue down 6% to $370.5 million, GAAP net income nearly halving to $93.8 million and non-GAAP operating margin falling to 26% from 33%, reflecting margin pressure and higher sales and marketing expenses.
Insights
Revenue declined 6% and profitability compressed in 2025 despite solid Q4 and a very strong balance sheet.
InMode delivered Q4 2025 revenue of $103.9M, up 6% year over year, with non-GAAP diluted EPS rising to $0.46 from $0.42. Full-year revenue fell 6% to $370.5M, showing that Q4 strength did not offset earlier softness.
GAAP net income dropped to $93.8M in 2025 from $181.3M in 2024, and non-GAAP net income declined to $105.5M from $142.7M. Non-GAAP operating margin contracted to 26% from 33%, primarily due to higher sales and marketing expenses, indicating the company is spending more to drive demand in a challenging environment.
Management highlighted record European revenue and plans to launch two new laser-based platforms in 2026. The balance sheet remains robust, with $555.3M in cash, marketable securities and deposits and $127.4M returned via share repurchases in 2025, giving ample financial flexibility even as industry conditions remain uncertain.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did InMode (INMD) perform financially in the fourth quarter of 2025?
InMode’s Q4 2025 revenue was $103.9 million, up 6% year over year. GAAP diluted EPS was $0.42, while non-GAAP diluted EPS reached $0.46, slightly above the prior-year non-GAAP figure of $0.42, supported by strong European performance and high gross margins.
What were InMode’s full year 2025 revenue and net income compared to 2024?
In 2025, InMode generated $370.5 million in revenue and $93.8 million in GAAP net income. This compares with $394.8 million in revenue and $181.3 million in net income in 2024, reflecting a 6% revenue decline and significantly lower profitability versus the prior year.
How did InMode’s margins change in 2025 versus 2024?
InMode’s GAAP gross margin slipped to 79% in 2025 from 80% in 2024. Non-GAAP operating margin fell more notably, to 26% in 2025 from 33% in 2024, with management attributing the decline primarily to higher sales and marketing expenses needed to support demand.
What is InMode’s cash position and capital return activity as of December 31, 2025?
As of December 31, 2025, InMode held $555.3 million in cash, marketable securities and short-term bank deposits. During 2025, the company repurchased ordinary shares totaling $127.4 million, highlighting management’s focus on capital returns alongside maintaining a strong balance sheet.
How are regional trends affecting InMode’s 2025 results?
Management noted challenging demand, particularly in North America, but record revenue in Europe. The company unified its North American operations and refreshed sales leadership, while highlighting continued momentum in European markets, which contributed meaningfully to Q4 2025 performance.
Has the situation in Israel materially affected InMode’s operations so far?
InMode stated that its operations have not been materially affected to date by the situation in Israel. A cease-fire that began on October 9, 2025, formally paused hostilities, although the company cautioned that regional conflicts remain unpredictable and continues to monitor potential impacts.
Why does InMode emphasize non-GAAP results for 2025 comparisons?
InMode highlights non-GAAP metrics because 2024 included a one-time $55.1 million deferred tax benefit. Excluding share-based compensation and tax benefit adjustments, non-GAAP net income fell to $105.5 million in 2025 from $142.7 million, which management views as a clearer basis for year-over-year performance comparison.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2026
INMODE LTD.
(Exact name of registrant as specified in its charter)
Tavor Building, Sha’ar Yokneam
P.O. Box 533
Yokneam 2069206 Israel
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934:
Yes ☐ No ☒
Results of Operations and Financial Condition
On February 10, 2026, InMode Ltd. announced its fourth quarter and full year 2025 financial results. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
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Exhibit No.
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Description of Exhibit
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99.1
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Press Release dated February 10, 2026
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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InMode Ltd.
|
|
|
|
|
|
|
By: /s/ Moshe Mizrahy
|
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Moshe Mizrahy
|
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February 10, 2026
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Chief Executive Officer
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Exhibit 99.1
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
YOKNEAM, Israel, February 10, 2026 - 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.
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| ● |
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.
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| ● |
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, continues 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 operating 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.
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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.
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)
|
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.