YOKNEAM, Israel, Nov. 5, 2025 /PRNewswire/ — InMode Ltd. (NASDAQ: INMD) (“InMode”), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Highlights:
Quarterly GAAP revenues of $93.2 million, compared to $130.2 million in the third quarter of 2024, which included $31.9 million of pre-order sales.
Quarterly revenues from consumables and service of $19.9 million, an increase of 26% compared to the third quarter of 2024.
GAAP operating income of $20.9 million. *Non-GAAP operating income was $23.6 million.
Total cash position of $532.3 million as of September 30, 2025, including cash and cash equivalents, marketable securities and short-term bank deposits.
|
U.S. GAAP Results (U.S. dollars in thousands, except for per share data) |
||
|
Q3 2025 |
Q3 2024 |
|
|
Revenues |
$93,165 |
$130,232 (including $31.9M of pre-order sales) |
|
Gross Margins |
78 % |
82 % |
|
Net Income |
$21,863 |
$50,990 |
|
Earnings per Diluted Share |
$0.34 |
$0.65 |
|
*Non-GAAP Results (U.S. dollars in thousands, except for per share data) |
||
|
Q3 2025 |
Q3 2024 |
|
|
Gross Margins |
78 % |
82 % |
|
Net Income |
$24,532 |
$54,971 |
|
Earnings per Diluted Share |
$0.38 |
$0.70 |
|
*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 related tax adjustments. |
||
Management Comments
“The third quarter progressed in line with our expectations, even as broader economic conditions continued to present challenges,” said Moshe Mizrahy, Chief Executive Officer of InMode. “Consumer sentiment remains cautious, and global uncertainties persist. Nonetheless, our team remains focused, executing with discipline and investing in the strategic areas that will fuel our long-term trajectory.
“On the corporate front, we are excited to welcome Michael Dennison as our new President of North America. Michael has been with InMode since 2018 and his proven leadership and industry expertise will be instrumental in advancing our regional strategy, deepening customer engagement, and supporting InMode’s sustainable growth,” Mizrahy concluded.
Yair Malca, Chief Financial Officer of InMode, added, “Gross margins in the third quarter were in line with expectations and reflected our proactive planning around tariff impacts.”
Third Quarter 2025 Financial Results
Total revenues for the third quarter of 2025 were $93.2 million. In the third quarter of 2024, revenues were $130.2 million (including $31.9 million in revenue from first half of 2024 pre-orders).
GAAP and a *non-GAAP gross margin for the third quarter was 78%, compared to a gross margin of 82% for the third quarter of 2024.
GAAP operating margin for the third quarter of 2025 was 22%, compared to 37% in the third quarter of 2024. *Non-GAAP operating margin for the third quarter of 2025 was 25%, compared to 40% for the third quarter of 2024.
GAAP operating margin for the nine months ended September 30, 2025, was 22% compared to 29% for the same period in 2024. *Non-GAAP operating margin for the nine months ended September 30, 2025, was 26% compared to 33% for the same period in 2024. The decline in operating margins across both the quarterly and year-to-date periods primarily reflects lower sales in the U.S., which is the company’s most profitable region.
InMode reported GAAP net income of $21.9 million, or $0.34 per diluted share, in the third quarter of 2025, compared to $51.0 million, or $0.65 per diluted share, in the third quarter of 2024. On a *non-GAAP basis, InMode reported net income of $24.5 million, or $0.38 per diluted share, in the third quarter of 2025, compared to $55.0 million, or $0.70 per diluted share, in the third quarter of 2024.
As of September 30, 2025, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $532.3 million.
2025 Financial Outlook
Management provided an outlook for the full year of 2025 ending December 31, 2025. Based on our current estimates, management expects:
Revenues remain the same as in previous guidance between $365 million to $375 million
*Non-GAAP gross margin remains the same as in previous guidance between 78% and 80%
*Non-GAAP income from operations remains the same as in previous guidance to be between $93 million and $98 million
*Non-GAAP earnings per diluted share remain the same as in previous guidance between $1.55 to $1.59
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 related tax adjustments.
The Current Situation in Israel
Regarding the current situation in Israel, on October 10, 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, Mr. Yair Malca, Chief Financial Officer will host a conference call today, November 5, 2025, at 8:30 a.m. Eastern Time to discuss the third quarter 2025 financial results.
The Company encourages participants to pre-register for the conference call using the following link:
https://dpregister.com/sreg/10202681/ffd9babcf8. 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=JfIdKlTZ
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://inmodeinvestors.com/events-presentations/. A replay of the conference call will be available from November 5, 2025, at 12 p.m. Eastern Time to November 19, 2025, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:
Replay Dial-in U.S TOLL-FREE: 1-877-344-7529
Replay Dial-in Canada TOLL-FREE: 1-855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 2676014
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://inmodeinvestors.com/events-presentations/.
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 2025 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 future 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: [email protected]
Investor Relations Contact:
Miri Segal
MS-IR LLC
Email: [email protected]
|
INMODE LTD. |
||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
|
Three months ended |
Nine months ended |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
REVENUES |
93,165 |
130,232 |
266,641 |
296,965 |
||||
|
COST OF REVENUES |
20,856 |
24,055 |
56,971 |
57,536 |
||||
|
GROSS PROFIT |
72,309 |
106,177 |
209,670 |
239,429 |
||||
|
OPERATING EXPENSES: |
||||||||
|
Research and development |
3,543 |
3,254 |
9,810 |
10,470 |
||||
|
Sales and marketing |
44,970 |
51,863 |
132,171 |
136,713 |
||||
|
General and administrative |
2,899 |
2,799 |
8,293 |
7,579 |
||||
|
TOTAL OPERATING EXPENSES |
51,412 |
57,916 |
150,274 |
154,762 |
||||
|
OPERATIONS INCOME |
20,897 |
48,261 |
59,396 |
84,667 |
||||
|
Finance income, net |
4,721 |
9,918 |
19,642 |
26,592 |
||||
|
INCOME BEFORE INCOME TAXES |
25,618 |
58,179 |
79,038 |
111,259 |
||||
|
INCOME TAXES |
3,755 |
7,189 |
12,232 |
12,755 |
||||
|
NET INCOME |
21,863 |
50,990 |
66,806 |
98,504 |
||||
|
EARNINGS PER SHARE: |
||||||||
|
Basic |
0.35 |
0.66 |
1.03 |
1.20 |
||||
|
Diluted |
0.34 |
0.65 |
1.02 |
1.19 |
||||
|
WEIGHTED AVERAGE NUMBER OF SHARES |
||||||||
|
Basic |
63,291 |
77,022 |
65,072 |
81,795 |
||||
|
Diluted |
63,868 |
77,908 |
65,727 |
83,016 |
||||
|
INMODE LTD. |
|||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
|
September 30, 2025 |
December 31, 2024 |
||
|
Assets |
|||
|
CURRENT ASSETS: |
|||
|
Cash and cash equivalents |
252,437 |
155,329 |
|
|
Marketable securities |
121,518 |
267,688 |
|
|
Short-term bank deposits |
158,353 |
173,455 |
|
|
Accounts receivable, net of allowance for credit losses |
38,095 |
36,335 |
|
|
Prepaid expense and other receivables |
24,485 |
22,097 |
|
|
Inventories |
71,403 |
59,548 |
|
|
TOTAL CURRENT ASSETS |
666,291 |
714,452 |
|
|
NON-CURRENT ASSETS: |
|||
|
Accounts receivable, net of allowance for credit losses |
2,350 |
3,176 |
|
|
Deferred income tax asset |
54,104 |
56,285 |
|
|
Operating lease right-of-use assets |
8,922 |
8,732 |
|
|
Property and equipment, net |
2,238 |
2,322 |
|
|
Other investments |
700 |
700 |
|
|
TOTAL NON-CURRENT ASSETS |
68,314 |
71,215 |
|
|
TOTAL ASSETS |
734,605 |
785,667 |
|
|
Liabilities and shareholders’ equity |
|||
|
CURRENT LIABILITIES: |
|||
|
Accounts payable |
16,723 |
13,782 |
|
|
Contract liabilities |
15,099 |
16,755 |
|
|
Other liabilities |
36,508 |
39,314 |
|
|
TOTAL CURRENT LIABILITIES |
68,330 |
69,851 |
|
|
NON-CURRENT LIABILITIES: |
|||
|
Contract liabilities |
3,126 |
3,336 |
|
|
Other liabilities |
4,171 |
3,356 |
|
|
Operating lease liabilities |
5,593 |
5,311 |
|
|
TOTAL NON-CURRENT LIABILITIES |
12,890 |
12,003 |
|
|
TOTAL LIABILITIES |
81,220 |
81,854 |
|
|
TOTAL SHAREHOLDERS’ EQUITY |
653,385 |
703,813 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
734,605 |
785,667 |
|
|
INMODE LTD. |
|||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||
|
Three months ended |
Nine months ended |
||||||||
|
2025 |
2024 |
2025 |
2024 |
||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|||||||||
|
Net income |
21,863 |
50,990 |
66,806 |
98,504 |
|||||
|
Adjustments required to reconcile net income to net cash provided by operating activities: |
|||||||||
|
Depreciation and amortization |
156 |
138 |
521 |
480 |
|||||
|
Share-based compensation expenses |
2,696 |
3,981 |
8,632 |
13,122 |
|||||
|
Change in allowance for credit losses of trade receivable |
106 |
130 |
159 |
414 |
|||||
|
Loss on marketable securities, net |
11 |
29 |
14 |
170 |
|||||
|
Finance expenses (income), net |
3,147 |
3,863 |
1,260 |
(5,934) |
|||||
|
Deferred income taxes |
602 |
35 |
2,064 |
(58) |
|||||
|
Changes in operating assets and liabilities: |
|||||||||
|
Decrease (increase) in accounts receivable |
(2,353) |
(2,570) |
(1,094) |
1,924 |
|||||
|
Increase in other receivables |
(147) |
(860) |
(2,403) |
(7,577) |
|||||
|
Increase in inventories |
(3,293) |
(5,657) |
(11,855) |
(13,189) |
|||||
|
Increase (decrease) in accounts payable |
(759) |
(1,235) |
2,941 |
347 |
|||||
|
Increase (decrease) in other liabilities |
564 |
11,722 |
(2,596) |
6,160 |
|||||
|
Increase (decrease) in contract liabilities (current and non-current) |
1,874 |
(26,517) |
(1,866) |
5,859 |
|||||
|
Net cash provided by operating activities |
24,467 |
34,049 |
62,583 |
100,222 |
|||||
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||||||
|
Investment in short-term deposits |
(153,904) |
(78,390) |
(178,904) |
(164,687) |
|||||
|
Proceeds from short-term deposits |
103,390 |
138,140 |
189,687 |
151,640 |
|||||
|
Purchase of fixed assets |
(134) |
(77) |
(438) |
(435) |
|||||
|
Purchase of marketable securities |
– |
(90,820) |
(20,877) |
(276,513) |
|||||
|
Proceeds from sale of marketable securities |
14,211 |
22,233 |
17,214 |
69,608 |
|||||
|
Proceeds from maturity of marketable securities |
48,105 |
122,969 |
152,127 |
304,777 |
|||||
|
Net cash provided by investing activities |
11,668 |
114,055 |
158,809 |
84,390 |
|||||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|||||||||
|
Repurchase of ordinary shares |
– |
(76,556) |
(127,444) |
(165,536) |
|||||
|
Exercise of options |
249 |
565 |
1,248 |
1,194 |
|||||
|
Net cash provided by (used in) financing activities |
249 |
(75,991) |
(126,196) |
(164,342) |
|||||
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
(184) |
728 |
1,912 |
157 |
|||||
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
36,200 |
72,841 |
97,108 |
20,427 |
|||||
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
216,237 |
91,997 |
155,329 |
144,411 |
|||||
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
252,437 |
164,838 |
252,437 |
164,838 |
|||||
|
INMODE LTD. |
||||||||||||||||||
|
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS |
||||||||||||||||||
|
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||||
|
2025 |
2024 |
2025 |
2024 |
|||||||||||||||
|
Revenues by Category: |
||||||||||||||||||
|
Capital Equipment revenues – United States |
45,203 |
49 % |
85,734 |
66 % |
1,15,398 |
44 % |
1,51,392 |
51 % |
||||||||||
|
Capital Equipment revenues – International |
28,063 |
30 % |
28,662 |
22 % |
91,329 |
34 % |
86,191 |
29 % |
||||||||||
|
Total Capital Equipment revenues |
73,266 |
79 % |
1,14,396 |
88 % |
2,06,727 |
78 % |
2,37,583 |
80 % |
||||||||||
|
Consumables and service revenues |
19,899 |
21 % |
15,836 |
12 % |
59,914 |
22 % |
59,382 |
20 % |
||||||||||
|
Total Revenue |
93,165 |
100 % |
1,30,232 |
100 % |
2,66,641 |
100 % |
2,96,965 |
100 % |
||||||||||
|
Three months ended September 30, |
Nine months ended September 30, |
||||||||||||||||||||||
|
2025 |
2024 |
2025 |
2024 |
||||||||||||||||||||
|
% |
% |
% |
% |
||||||||||||||||||||
|
United |
International |
Total |
United |
International |
Total |
United |
International |
Total |
United |
International |
Total |
||||||||||||
|
Revenues by Technology: |
|||||||||||||||||||||||
|
Minimal-Invasive |
75 |
76 |
75 |
95 |
77 |
90 |
79 |
79 |
80 |
90 |
82 |
88 |
|||||||||||
|
Hands-Free |
2 |
1 |
2 |
4 |
3 |
4 |
3 |
2 |
2 |
7 |
3 |
5 |
|||||||||||
|
Non-Invasive |
23 |
23 |
23 |
1 |
20 |
6 |
18 |
19 |
18 |
3 |
15 |
7 |
|||||||||||
|
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
||||||||||||
|
INMODE LTD. |
||||||||||||
|
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF
|
||||||||||||
|
Three months ended September 30, 2025 |
Three months ended September 30, 2024 |
|||||||||||
|
GAAP |
Share Based |
Non-GAAP |
GAAP |
Share Based |
Non-GAAP |
|||||||
|
REVENUES |
93,165 |
– |
93,165 |
130,232 |
– |
130,232 |
||||||
|
COST OF REVENUES |
20,856 |
(343) |
20,513 |
24,055 |
(481) |
23,574 |
||||||
|
GROSS PROFIT |
72,309 |
343 |
72,652 |
106,177 |
481 |
106,658 |
||||||
|
OPERATING EXPENSES: |
||||||||||||
|
Research and development |
3,543 |
(274) |
3,269 |
3,254 |
(890) |
2,364 |
||||||
|
Sales and marketing |
44,970 |
(1,804) |
43,166 |
51,863 |
(2,300) |
49,563 |
||||||
|
General and administrative |
2,899 |
(275) |
2,624 |
2,799 |
(310) |
2,489 |
||||||
|
TOTAL OPERATING |
51,412 |
(2,353) |
49,059 |
57,916 |
(3,500) |
54,416 |
||||||
|
OPERATIONS INCOME |
20,897 |
2,696 |
23,593 |
48,261 |
3,981 |
52,242 |
||||||
|
Finance income, net |
4,721 |
– |
4,721 |
9,918 |
– |
9,918 |
||||||
|
INCOME BEFORE INCOME TAXES |
25,618 |
2,696 |
28,314 |
58,179 |
3,981 |
62,160 |
||||||
|
INCOME TAXES |
3,755 |
27 |
3,782 |
7,189 |
– |
7,189 |
||||||
|
NET INCOME |
21,863 |
2,669 |
24,532 |
50,990 |
3,981 |
54,971 |
||||||
|
EARNINGS PER SHARE: |
||||||||||||
|
Basic |
0.35 |
0.39 |
0.66 |
0.71 |
||||||||
|
Diluted |
0.34 |
0.38 |
0.65 |
0.70 |
||||||||
|
WEIGHTED AVERAGE NUMBER OF |
||||||||||||
|
Basic |
63,291 |
63,291 |
77,022 |
77,022 |
||||||||
|
Diluted |
63,868 |
64,531 |
77,908 |
78,548 |
||||||||
|
Nine months ended September 30, 2025 |
Nine months ended September 30, 2024 |
||||||||||
|
GAAP |
Share Based |
Non-GAAP |
GAAP |
Share Based |
Non-GAAP |
||||||
|
REVENUES |
266,641 |
– |
266,641 |
296,965 |
– |
296,965 |
|||||
|
COST OF REVENUES |
56,971 |
(987) |
55,984 |
57,536 |
(1,361) |
56,175 |
|||||
|
GROSS PROFIT |
209,670 |
987 |
210,657 |
239,429 |
1,361 |
240,790 |
|||||
|
OPERATING EXPENSES: |
|||||||||||
|
Research and development |
9,810 |
(783) |
9,027 |
10,470 |
(1,877) |
8,593 |
|||||
|
Sales and marketing |
132,171 |
(6,096) |
126,075 |
136,713 |
(9,007) |
127,706 |
|||||
|
General and administrative |
8,293 |
(766) |
7,527 |
7,579 |
(877) |
6,702 |
|||||
|
TOTAL OPERATING |
150,274 |
(7,645) |
142,629 |
154,762 |
(11,761) |
143,001 |
|||||
|
OPERATIONS INCOME |
59,396 |
8,632 |
68,028 |
84,667 |
13,122 |
97,789 |
|||||
|
Finance income, net |
19,642 |
– |
19,642 |
26,592 |
– |
26,592 |
|||||
|
INCOME BEFORE INCOME |
79,038 |
8,632 |
87,670 |
111,259 |
13,122 |
124,381 |
|||||
|
INCOME TAXES |
12,232 |
(628) |
11,604 |
12,755 |
– |
12,755 |
|||||
|
NET INCOME |
66,806 |
9,260 |
76,066 |
98,504 |
13,122 |
111,626 |
|||||
|
EARNINGS PER |
|||||||||||
|
Basic |
1.03 |
1.17 |
1.20 |
1.36 |
|||||||
|
Diluted |
1.02 |
1.15 |
1.19 |
1.34 |
|||||||
|
WEIGHTED AVERAGE |
|||||||||||
|
Basic |
65,072 |
65,072 |
81,795 |
81,795 |
|||||||
|
Diluted |
65,727 |
66,199 |
83,016 |
83,536 |
|||||||
Logo: https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg
SOURCE InMode Ltd.
