InMode (INMD)
NASDAQ:INMD
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InMode
(NASDAQ:INMD)
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Rating:73Outperform
Price Target:
$15.50
▲(5.80% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial quality—high margins, strong cash generation, and an exceptionally conservative balance sheet—partly offset by the multi-year slowdown and margin compression. Technical indicators are neutral-to-weak with limited momentum, while valuation is moderate (P/E ~18.75). The latest earnings call supports a stabilization narrative via reiterated guidance and buybacks, but near-term profitability pressure and macro demand headwinds remain key risks.
Positive Factors
Balance Sheet Strength
Extremely low leverage and a large equity/cash base provide durable financial flexibility. This supports capital returns, R&D or opportunistic M&A, and lets the company weather cyclical demand in aesthetics without forcing distressed asset sales or emergency financing.
Negative Factors
Multi-year Revenue Slowdown
Sustained revenue declines over multiple years weaken installed-base growth and slow future consumable pull-through. A smaller growth runway limits operating leverage and makes sustained margin recovery harder without material market or product-driven demand improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Extremely low leverage and a large equity/cash base provide durable financial flexibility. This supports capital returns, R&D or opportunistic M&A, and lets the company weather cyclical demand in aesthetics without forcing distressed asset sales or emergency financing.
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
$880.69M
Dividend YieldN/A
Average Volume (3M)977.56K
Price to Earnings (P/E)18.8
Beta (1Y)0.96
Revenue Growth-4.53%
EPS Growth-41.70%
CountryUS
Employees599
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.38
Shares Outstanding63,358,750
10 Day Avg. Volume797,424
30 Day Avg. Volume977,563
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 Cap0.56
Enterprise Value/Revenue1.31
Enterprise Value/Gross Profit1.68
Enterprise Value/Ebitda4.98
Forecast
1Y Price Target
$15.75Price Target Upside7.51% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)1.34
Revenue Forecast (FY)$370.04M
InMode Business Overview & Revenue Model
Company Description
InMode Ltd. designs, develops, manufactures, and markets minimally invasive aesthetic medical products based on its proprietary radiofrequency assisted lipolysis and deep subdermal fractional radiofrequency technologies in the United States and in...
How the Company Makes Money
InMode makes money primarily by selling capital equipment (its energy-based aesthetic/medical systems) to clinics and healthcare providers, which generates upfront device revenue. A second, recurring revenue stream comes from consumables and dispo...
InMode Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 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
76
Positive
Balance Sheet
92
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 374.64M | 370.50M | 394.82M | 492.05M | 454.27M | 357.56M |
| Gross Profit | 291.61M | 290.97M | 317.07M | 411.34M | 380.79M | 303.97M |
| EBITDA | 98.61M | 111.03M | 113.26M | 196.28M | 198.53M | 167.99M |
| Net Income | 87.19M | 93.83M | 181.28M | 197.92M | 161.52M | 164.97M |
Balance Sheet | ||||||
| Total Assets | 750.84M | 766.43M | 785.67M | 863.29M | 644.41M | 478.54M |
| Cash, Cash Equivalents and Short-Term Investments | 537.16M | 555.33M | 596.47M | 741.61M | 547.38M | 415.91M |
| Total Debt | 4.83M | 13.23M | 7.82M | 9.02M | 4.96M | 4.52M |
| Total Liabilities | 89.58M | 83.23M | 81.85M | 75.91M | 89.79M | 62.74M |
| Stockholders Equity | 661.25M | 683.20M | 703.81M | 787.37M | 554.62M | 415.80M |
Cash Flow | ||||||
| Free Cash Flow | 90.65M | 84.28M | 132.00M | 176.12M | 180.00M | 173.95M |
| Operating Cash Flow | 91.77M | 85.26M | 132.66M | 176.83M | 181.58M | 174.88M |
| Investing Cash Flow | 230.93M | 186.03M | 162.21M | -136.06M | -109.47M | -160.11M |
| Financing Cash Flow | -66.66M | -126.06M | -282.77M | 5.50M | -41.09M | -15.02M |
InMode Technical Analysis
Positive
14.65
Price Trends
13.91
Positive
14.26
Positive
14.50
Positive
Market Momentum
0.14
Negative
66.30
Neutral
93.23
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INMD, the sentiment is Positive. The current price of 14.65 is above the 20-day moving average (MA) of 13.81, above the 50-day MA of 13.91, and above the 200-day MA of 14.50, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 66.30 is Neutral, neither overbought nor oversold. The STOCH value of 93.23 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $883.80M | 48.32 | 16.27% | ― | 1.52% | ― | |
73 Outperform | $880.69M | 18.75 | 13.28% | ― | -4.53% | -41.70% | |
64 Neutral | $2.18B | -21.82 | -20.74% | ― | 22.41% | -292.36% | |
58 Neutral | $1.94B | -31.42 | -225.86% | ― | 34.86% | 52.13% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $485.46M | -5.55 | -13.44% | ― | 2.59% | 59.39% | |
46 Neutral | $772.51M | -68.39 | -30.23% | ― | 119.23% | 40.14% |
* Healthcare Sector Average
INMD
InMode
13.90
-0.63
-4.34%
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InMode Corporate Events
InMode Posts Q1 Revenue Growth, Launches Buybacks Amid Leadership Shake-Up
May 6, 2026
InMode reported first-quarter 2026 revenue of $82 million on May 6, 2026, a 5% year-over-year increase driven in part by U.S. demand, while profitability declined as GAAP operating margin fell to 12% and net income dropped to $11.6 million amid hi...
InMode Authorizes New Share Repurchase Program Covering Up to 10% of Shares
Mar 13, 2026
On March 13, 2026, InMode Ltd. announced that its board had authorized a new share repurchase program covering up to roughly 10% of its total shares outstanding, or about 6.38 million ordinary shares. The buybacks will be funded from existing cash...
InMode Ends Independent Review of Potential Transaction After Deeming Bids Inadequate
Feb 23, 2026
On February 23, 2026, InMode Ltd. announced that an independent transaction committee of its board has completed a comprehensive review of proposals related to a potential transaction. After working with external financial and legal advisers, the ...
InMode Posts Mixed 2025 Results, Leans on Europe and New Platforms for 2026
Feb 10, 2026
On February 10, 2026, InMode reported its fourth-quarter and full-year 2025 results, posting quarterly GAAP revenue of $103.9 million, up 6% year over year, and full-year revenue of $370.5 million, down 6% from 2024, with margin compression and si...
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.