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what it is
InMode sells radio-frequency aesthetic devices that help doctors tighten skin, reshape bodies, and treat cosmetic issues without major surgery.
how it gets paid
Last year Inmode made $370M in revenue. Body contouring and skin tightening was the main engine at $120M, or 32% of sales.
why growth slowed
Revenue fell 6.2% last year. The 6.2% revenue decline mattered most because it tells you demand.
what just happened
The quarter's loudest fact was $1.14 EPS in Q4 2024, but the full-year story was weaker because revenue still fell 6.2% to $370 million.
At a glance
B+ balance sheet — decent shape, but not bulletproof
65/100 earnings predictability — reasonably predictable
9.5x trailing p/e — the market's not buying it — or you found a deal
13.7% return on capital — nothing to write home about
$1.43 fy2025 eps est
xvary composite: 50/100 — below average
What they do
InMode sells radio-frequency aesthetic devices that help doctors tighten skin, reshape bodies, and treat cosmetic issues without major surgery.
InMode wins because doctors buy a platform, then keep using branded handpieces and procedures across multiple specialties. The company now has eight product platforms and a 23.2% operating margin. Margin → profit left after running the business → so what: you still have a real business even after revenue dropped 6.2% to $370 million.
How they make money
$370M
annual revenue · their business grew -6.2% last year
Body contouring and skin tightening
$120M
Multi-application workstation platforms
$95M
Women's health and wellness
$80M
Hair removal and dermatology
$45M
Face remodeling and hands-free aesthetics
$30M
The products that matter
minimally invasive body contouring
BodyTite
part of a $370M revenue base
it sits inside the company’s entire $370M business and helps explain why InMode still holds a 78.5% gross margin in a crowded aesthetics market.
core platform
radiofrequency skin resurfacing
Fractora
supports repeat procedure demand
this platform matters because recurring procedure usage helps support a 23.2% operating margin even as total revenue slipped 6.2% last year.
margin support
non-invasive facial remodeling
Evoke
elective demand exposure
it targets the lower-downtime side of aesthetics, which matters because 100% of the current $370M revenue base still depends on customers spending on elective procedures.
demand test
Key numbers
9.5x
trailing p/e
P/E → price-to-earnings → so what: you are paying a single-digit multiple for a company still posting a 23.2% operating margin.
$370M
annual revenue
That is the current sales base, and it was down 6.2% vs. prior year, which tells you growth stopped being the easy part.
23.2%
operating margin
Operating margin → profit after running the business → so what: InMode is still solidly profitable even during a revenue decline.
38%
international sales
More than a third of revenue comes from outside the U.S., which gives you reach but adds execution risk.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for INMD right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter's loudest fact was $1.14 EPS in Q4 2024, but the full-year story was weaker because revenue still fell 6.2% to $370 million.
Quarterly EPS ran $0.28, $0.28, $0.65, and $1.14 in 2024, according to. EDGAR and consensus show the business ended the year with $370 million of revenue and a 78.5% gross margin, so profitability held up better than sales.
$370M
revenue
$1.14
eps
78.5%
gross margin
the number that mattered
The 6.2% revenue decline mattered most because it tells you demand, not manufacturing economics, is the problem right now.
source:, EDGAR, and company filings, 2024
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What could go wrong
the #1 risk is demand softness in elective aesthetics devices.
med
Elective spending stays weak
InMode sells into procedures people can postpone. Revenue already fell 6.2% to $370M, which tells you demand is not shrugging off pressure.
If that trend continues, the low multiple will not matter much because earnings estimates start moving lower with it.
med
Premium margins attract competition
A 78.5% gross margin and 23.2% operating margin are excellent economics. They also advertise where competitors want to attack on price and features.
A margin reset would hurt the thesis twice: lower profitability and proof that the moat was narrower than it looked.
med
Buybacks mask, rather than fix, the core problem
Repurchasing up to 10% of shares can support per-share math. It cannot create demand for devices.
If revenue keeps shrinking, the buyback turns into financial cosmetics for a company that sells cosmetic devices. That joke writes itself.
100% of the current $370M revenue base depends on demand holding up in elective aesthetics, and the latest reported direction was down.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number
Revenue direction
The whole debate is whether a 6.2% decline was a bad stretch or the new baseline. If sales stop shrinking, the valuation argument gets much stronger.
margin trend
Gross margin staying near 78.5%
These margins are the reason investors still care. If competitors or discounting push them down, the business starts looking much more ordinary.
calendar
Next earnings and conference commentary
Management presented at Barclays on Mar 11 and Oppenheimer on Mar 16, 2026. The next earnings update matters because this is now a proof story, not a promise story.
capital allocation
Share count reduction from the 10% buyback
Watch filings for actual execution. Authorizing a repurchase is easy. Retiring shares while protecting the balance sheet is what counts.
Analyst rankings
earnings predictability
65 / 100
Results are somewhat predictable, but not enough to relax. In human-speak, analysts think this stock can still surprise you.
risk rank
4
This is a safety-style ranking, not a quality badge. It says the shares carry more risk than many investors expect from a profitable company.
price stability
15 / 100
Low stability means the stock price itself is volatile. You are buying a cheap stock, not a calm one.
source: institutional data
Institutional activity
institutional ownership data for INMD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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