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InMode
(NASDAQ:INMD)
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Rating:75Outperform
Price Target:
$17.00
▲(10.53% Upside)
Action:Reiterated
Date:08/10/26
INMD’s score is primarily supported by strong financial resilience (very low leverage, substantial cash, and solid cash-flow quality). The biggest constraint is the fundamental and earnings-call trend of margin compression and weaker profitability/EPS despite reiterated guidance. Technicals are mildly positive (above key moving averages, positive MACD) and valuation looks reasonable at ~12x earnings, together providing secondary support.
Positive Factors
Very conservative balance sheet
Near-zero leverage and a multi-hundred‑million dollar cash/marketable securities position give InMode durable financial resilience. This lowers refinancing and solvency risk, supports investment or buybacks, and cushions the business through demand cycles over the next several quarters.
Negative Factors
Margin compression trend
Material margin erosion driven by product mix, platform introductions and higher commission/marketing spend suggests pressure on structural profitability. If new platforms and higher opex persist, sustained margin compression could reduce free cash flow and shareholder return potential over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Very conservative balance sheet
Near-zero leverage and a multi-hundred‑million dollar cash/marketable securities position give InMode durable financial resilience. This lowers refinancing and solvency risk, supports investment or buybacks, and cushions the business through demand cycles over the next several quarters.
Read all positive factors
InMode Key Performance Indicators (KPIs)
Any
Revenue By Category
Breaks down revenue by different product or service categories, highlighting which areas drive the most sales and indicating potential growth opportunities or areas needing improvement.
Breaks down revenue by different product or service categories, highlighting which areas drive the most sales and indicating potential growth opportunities or areas needing improvement.
Data provided by:
The Fly
The FlyInMode (INMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$873.13M
Dividend YieldN/A
Average Volume (3M)738.53K
Price to Earnings (P/E)12.2
Beta (1Y)0.93
Revenue Growth-6.71%
EPS Growth-50.25%
CountryUS
Employees660
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.25
Shares Outstanding57,480,770
10 Day Avg. Volume561,808
30 Day Avg. Volume738,530
Financial Highlights & Ratios
PEG Ratio-0.28
Price to Book (P/B)1.39
Price to Sales (P/S)2.56
P/FCF Ratio11.26
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$16.00Price Target Upside4.03% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)1.31
Revenue Forecast (FY)$370.96M
InMode Business Overview & Revenue Model
Company Description
InMode Ltd. is a medical technology company that engineers, produces, and commercializes aesthetic medical devices globally, including within the United States. The firm's product portfolio is extensive, covering both less-invasive and non-surgica...
How the Company Makes Money
InMode primarily generates revenue by selling aesthetic medical device systems (capital equipment) to healthcare providers such as plastic surgeons, dermatologists, aesthetic clinics, and other medical practices. In addition to upfront system sale...
InMode Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Neutral
The call contained a mix of modest top-line progress and strategic positives (5% revenue growth, strong cash balance, product launches, sales reorganization and share repurchases) offset by notable margin compression, rising operating expenses and declines in EPS. Management provided steady full-year guidance and described early signs of stabilization in the U.S., but profitability pressures and macroeconomic headwinds temper the outlook. International and product development initiatives offer upside, while near-term margin and demand uncertainty are the primary negatives.Positive Updates
Revenue Growth
Total revenue of $82.0M in Q1 2026, up 5% from $77.9M in Q1 2025, driven primarily by stronger U.S. performance.
Negative Updates
Gross Margin Compression
GAAP gross margin fell to 75% in Q1 2026 from 78% in Q1 2025; non-GAAP gross margin fell to 75% from 79% a year ago, with management warning new laser platforms may put additional pressure on gross margins.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Total revenue of $82.0M in Q1 2026, up 5% from $77.9M in Q1 2025, driven primarily by stronger U.S. performance.
Read all positive updates
Company Guidance
The company reiterated 2026 guidance calling for revenue of $365–$375 million, non‑GAAP gross margin of 74%–76%, non‑GAAP income from operations of $73–$78 million, and non‑GAAP diluted EPS of $1.33–$1.38; for context, Q1 results included $82.0 million revenue, 75% non‑GAAP gross margin, 17% non‑GAAP operating margin, $0.25 non‑GAAP diluted EPS and $15.4 million cash from operations, while the balance sheet held $537.2 million in cash/marketable securities and the company returned capital via $127.4 million repurchases in 2025 plus $52.7 million year‑to‑date in 2026 (3.86 million shares).InMode Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
92
Very Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 374.63M | 370.50M | 394.82M | 492.05M | 454.27M | 357.56M |
| Gross Profit | 286.68M | 290.97M | 317.07M | 411.34M | 380.79M | 303.97M |
| EBITDA | 84.20M | 111.03M | 144.20M | 217.89M | 202.15M | 168.52M |
| Net Income | 77.51M | 93.83M | 181.28M | 197.92M | 161.52M | 164.97M |
Balance Sheet | ||||||
| Total Assets | 720.33M | 766.43M | 785.67M | 863.29M | 644.41M | 478.54M |
| Cash, Cash Equivalents and Short-Term Investments | 501.12M | 555.33M | 596.47M | 741.61M | 547.38M | 415.91M |
| Total Debt | 4.45M | 13.23M | 7.82M | 9.02M | 4.96M | 4.52M |
| Total Liabilities | 91.20M | 83.23M | 81.85M | 75.91M | 89.79M | 62.74M |
| Stockholders Equity | 629.13M | 683.20M | 703.81M | 787.37M | 554.62M | 415.80M |
Cash Flow | ||||||
| Free Cash Flow | 87.45M | 84.28M | 132.00M | 176.12M | 180.00M | 173.95M |
| Operating Cash Flow | 88.56M | 85.26M | 132.66M | 176.83M | 181.58M | 174.88M |
| Investing Cash Flow | 196.25M | 186.03M | 162.21M | -136.06M | -109.47M | -160.11M |
| Financing Cash Flow | -95.56M | -126.06M | -282.77M | 5.50M | -41.09M | -15.02M |
InMode Technical Analysis
Neutral
15.38
Price Trends
14.54
Positive
14.25
Positive
14.35
Positive
Market Momentum
0.16
Positive
53.66
Neutral
42.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INMD, the sentiment is Neutral. The current price of 15.38 is above the 20-day moving average (MA) of 15.26, above the 50-day MA of 14.54, and above the 200-day MA of 14.35, indicating a neutral trend. The MACD of 0.16 indicates Positive momentum. The RSI at 53.66 is Neutral, neither overbought nor oversold. The STOCH value of 42.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for INMD.
InMode Risk Analysis
InMode disclosed 61 risk factors in its most recent earnings report. InMode reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
InMode Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $873.13M | 12.15 | 13.28% | ― | -6.71% | -50.25% | |
71 Outperform | $1.17B | 17.24 | 28.39% | ― | 3.14% | ― | |
68 Neutral | $2.59B | -71.84 | -17.88% | ― | 23.57% | -543.50% | |
55 Neutral | $417.92M | -6.72 | -14.05% | ― | 2.99% | 51.77% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $2.24B | -56.78 | -203.88% | ― | 38.55% | 57.49% | |
50 Neutral | $750.49M | -67.86 | -23.00% | ― | 119.23% | 40.14% |
* Healthcare Sector Average
INMD
InMode
15.14
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6.47%
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InMode Corporate Events
InMode Posts Flat Q2 2026 Revenue as Margins Tighten and Leadership Shifts
Aug 5, 2026
On August 5, 2026, InMode reported second quarter 2026 revenues of $95.6 million, flat year-on-year, with consumables and service revenue up 13% to $22.3 million and record sales in Asia. Despite revenue stability and a strong cash position of $50...
InMode Shareholders Approve Director Re-Election, Auditor and RSU Grants at July 30 AGM
Aug 3, 2026
InMode reported that it held its Annual General Meeting of Shareholders on July 30, 2026, where investors voted on four governance and compensation proposals. Shareholders re-elected Dr. Hadar Ron as a Class I director through 2029, ensuring conti...
InMode Special Committee Weighs Rival Acquisition Bids
Jul 20, 2026
On July 20, 2026, InMode’s board-appointed Special Committee of three independent directors issued an update to shareholders on its review of acquisition proposals. The committee emphasized its fiduciary duty to act in the best interests of ...
InMode Faces Court Challenge Over Board Independence and Takeover Review
Jul 13, 2026
On July 10, 2026, SP Strategic Holdings LLC, an affiliate of Steel Partners Holdings L.P., filed an urgent application in the Haifa District Court seeking interim and temporary relief against InMode Ltd. and its directors. The filing challenges th...
InMode Faces Multiple Unsolicited Acquisition Proposals
Jul 10, 2026
On July 10, 2026, InMode confirmed that its board received an unsolicited acquisition proposal from Steel Partners Holdings L.P., following a letter dated July 9, 2026. A special committee of independent directors, supported by legal and financial...
InMode Faces Dual U.S. Patent Challenges Over Morpheus8 Devices
Jun 25, 2026
On June 22, 2026, Serendia LLC filed a patent infringement lawsuit in the U.S. District Court for the Central District of California against InMode Ltd. and its subsidiary Invasix Inc., alleging that InMode’s imported and sold microneedling ...
InMode Forms Special Committee to Review CEO-Backed $16.20-Per-Share Takeover Proposal
Jun 24, 2026
InMode Ltd., a Nasdaq-listed Israeli medical device maker specializing in minimally invasive radiofrequency-based technologies, supplies a broad portfolio of systems used in plastic surgery, gynecology, dermatology, otolaryngology and ophthalmolog...
InMode Sets July 30, 2026 Annual General Meeting and Outlines Director, Auditor and Compensation Votes
Jun 18, 2026
InMode Ltd. announced on June 18, 2026, that it will hold its annual general meeting of shareholders on July 30, 2026, at its headquarters in Yokneam, Israel, with shareholders of record as of June 26, 2026, entitled to vote. The agenda includes r...
InMode Reshapes Leadership with New Chairman and CFO in May 2026
May 20, 2026
InMode announced governance and leadership changes in May 2026, appointing corporate law and finance expert Dr. Shlomo Nass as chairman of the board and independent Class II director, effective May 19, 2026, following the May 5, 2026 retirement of...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.