InMode Faces Macroeconomic Challenges and Revenue Uncertainty, Hold Rating ReiteratedBottom line: While INMD beat its Q1/25 preliminary results slightly and executed another buyback program, Q1 results still came in below original expectations. Despite the miss, INMD reiterated guidance for 2025 revenues, with expectations for ~flat to LSD Y/Y growth as it continues to see the same challenging macroeconomic and demand conditions. Throughout 2024, INMD continued to see waning consumer and provider demand amidst inflationary pressures, and now with tariff threats and a volatile/ recessionary market environment in question, it sees uncertainty continuing in 2025. INMD has pointed to ongoing weakness in the Q1 as interest rates remain high, making large capital equipment purchases tough for providers, while INMD has not seen an increase in the number of consumables sold despite adding more capital to the market, implying ongoing weakness in consumer demand.