InMode Ltd.

InMode Ltd. Earnings Recaps

INMD Health Care 3 recaps
Q1 2026 May 7, 2026

Shares dropped 3.3% following earnings as investors reacted to margin compression and cautious outlook reflected in weaker profitability metrics despite modest revenue growth.

Key takeaways
  • Revenue rose 5% year-over-year to $82 million, driven primarily by the U.S. market; international sales grew 2.65% to $38.7 million.
  • Gross margin declined significantly, with GAAP gross margin falling to 75% from 78% a year ago and non-GAAP gross margin down to 75% from 79%.
  • Operating expenses increased sharply, with GAAP operating expenses up 13.7%, largely due to restructuring of North American sales and expansion efforts.
  • Operating margins compressed notably, as GAAP operating margin dropped to 12% from prior levels, and non-GAAP operating margin declined to 17% from 23%.
  • Earnings per share declined: GAAP EPS fell to $0.18 from $0.26, and non-GAAP EPS decreased to $0.25 from $0.31, underscoring margin pressure and cautious execution.
Full recap
Q3 2025 Nov 6, 2025

InMode reported Q3 2025 revenues of $93.2 million, reflecting strong growth in consumables and strategic expansion into new markets, despite year-over-year declines in net income and operating margins.

Key takeaways
  • Consumables and service revenues rose 26% year-over-year to $19.9 million, driven by international markets.
  • Gross margins decreased to 78%, impacted by tariffs; operating margins also dropped, with GAAP margins at 22%.
  • InMode opened a new subsidiary in Argentina, further expanding its reach in high-growth regions.
  • Cash generation remained robust, with $24.5 million generated from operating activities, ending the quarter with $532.3 million in liquidity.
  • Guidance for 2025 projects revenues between $365 million to $375 million, maintaining non-GAAP gross margins between 78% to 80%.
Full recap
Q2 2025 Aug 1, 2025

InMode reported Q2 2025 revenues of $95.6 million, representing a year-over-year increase while navigating a challenging medical aesthetic market, particularly in North America.

Key takeaways
  • Revenues increased 10% year-over-year, despite a decline in capital spending by physicians.
  • Sales outside the U.S. rose to $45 million, accounting for 48% of total revenue, with Europe as a key growth driver.
  • Non-GAAP diluted EPS increased 38% to $0.47, reflecting strong operational efficiency with a gross margin of 80%.
  • The company plans to restructure its sales team and expand directly into new markets, including Thailand and Argentina to enhance customer engagement.
  • Guidance for 2025 adjusted to $365-$375 million in revenue, indicating cautious optimism amid ongoing macroeconomic headwinds.
Full recap