Full Press Release Details
YOKNEAM, Israel , July 30, 2025 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD ) ("InMode") , a leading global provider of innovative medical technologies, today announced its consolidated financial results for the second quarter ended June 30, 2025.
Second Quarter 202 5 Highlights:
• Quarterly GAAP revenues of $95.6 million , compared to $86.4 million in the second quarter of 2024.
• Quarterly revenues from consumables and service of $19.8 million , a decrease of 6% compared to the second quarter of 2024.
• GAAP operating income of $22.9 million , *non-GAAP operating income of $26.3 million .
• Total cash position of $510.7 million as of June 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)
Q2 2025
Q2 2024
Revenues
$95,602
$86,449
Gross Margins
80 %
80 %
Net Income
$26,742
$23,818
Earnings per Diluted Share
$0.42
$0.28
*Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
Q2 2025
Q2 2024
Gross Margins
80 %
81 %
Net Income
$30,139
$28,976
Earnings per Diluted Share
$0.47
$0.34
*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 second quarter reflects the broader trends we've seen in recent months, with persistent external headwinds, including ongoing macroeconomic uncertainty and a more cautious consumer behavior," said Moshe Mizrahy , Chief Executive Officer of InMode. "While these factors have impacted our results, we remain disciplined in our execution and committed to investing in the capabilities and growth drivers that will enable us to emerge stronger and deliver sustainable long-term value.
"Although broader economic challenges in the U.S. impacted our overall performance this quarter, our international business provided a certain offset. Once again, sales generated from Europe reached a record high in the second quarter," Mizrahy concluded.
Yair Malca , Chief Financial Officer of InMode, added, "Our strong balance sheet is a key asset in these uncertain times, giving us the flexibility to retain top talent, expand globally, and continue leading the industry with cutting-edge technologies. Finally, assuming U.S. tariffs remain at their current level of 10%, we expect gross margins to be impacted by approximately 2% to 3%. We continue to evaluate options to mitigate the effects of these tariffs," Malca concluded.
Second Quarter 2025 Financial Results
Total revenues for the second quarter of 2025 were $95.6 million . In the second quarter of 2024, revenues were $86.4 million , excluding $16.2 million in pre-orders for new platforms which had not yet been delivered by quarter-end.
GAAP gross margin for the second quarter remained steady at 80%, consistent with the second quarter of 2024. *On a non-GAAP basis, gross margin was 80%, compared to 81% last year.
GAAP operating margin for the second quarter of 2025 was 24%, compared to 21% in the second quarter of 2024. *Non-GAAP operating margin for the second quarter of 2025 was 28% compared to 27% for the second quarter of 2024.
InMode reported GAAP net income of $26 .7 million, or $0.42 per diluted share, in the second quarter of 2025, compared to $23.8 million , or $0.28 per diluted share, in the second quarter of 2024. On a *non-GAAP basis, InMode reported net income of $30.1 million , or $0.47 per diluted share, in the second quarter of 2025, compared to $29.0 million , or $0.34 per diluted share, in the second quarter of 2024.
As of June 30, 2025 , InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $510.7 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 between $365 to $375 million , compared to prior guidance of $395 million to $405 million
• *Non-GAAP gross margin remains the same as in previous guidance between 78% and 80%
• *Non-GAAP income from operations to be between $93 million and $98 million , compared to previous guidance of $101 million to $106 million
• *Non-GAAP earnings per diluted share between $1.55 to $1.59 , compared to previous guidance of $1.64 to $1.68
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 , the conflict in the region remains volatile. A ceasefire between Israel and Hamas began in January 2025 but collapsed in March. On June 13 , Israel launched a pre-emptive strike on Iran , prompting retaliatory missile and drone attacks. A ceasefire between Israel and Iran was reached on June 23 , though its durability remains uncertain. The scope and severity of ongoing conflicts in Gaza , Northern Israel , Lebanon , Iran , and the broader region are unpredictable and could escalate further. 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, July 30, 2025, at 8:30 a.m. Eastern Time to discuss the second quarter 2025 financial results.
The Company encourages participants to pre-register for the conference call using the following link :
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=LXTC7h0 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://inmodemd.com/investors/events-presentations/ . A replay of the conference call will be available from July 30, 2025, at 12 p.m. Eastern Time to August 13, 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: 1-877-344-752 Replay Dial-in Canada TOLL-FREE: 1- 855-669-9658 Replay Dial-in TOLL/INTERNATIONAL : 1-412-317-0088 Replay Pin Number : 4085483
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://inmodemd.com/investors/ .
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
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2025
2024
2025
2024
REVENUES
95,602
86,449
173,476
166,733
COST OF REVENUES
19,152
17,116
36,115
33,481
GROSS PROFIT
76,450
69,333
137,361
133,252
OPERATING EXPENSES:
Research and development
3,372
3,698
6,267
7,216
Sales and marketing
47,474
45,055
87,201
84,850
General and administrative
2,723
2,266
5,394
4,780
TOTAL OPERATING EXPENSES
53,569
51,019
98,862
96,846
OPERATIONS INCOME
22,881
18,314
38,499
36,406
Finance income, net
8,062
8,690
14,921
16,674
INCOME BEFORE INCOME TAXES
30,943
27,004
53,420
53,080
INCOME TAXES
4,201
3,186
8,477
5,566
NET INCOME
26,742
23,818
44,943
47,514
EARNINGS PER SHARE:
Basic
0.42
0.28
0.68
0.56
Diluted
0.42
0.28
0.68
0.55
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
Basic
63,252
83,878
65,982
84,205
Diluted
63,637
85,890
66,540
86,520
INMODE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
J une 30,
2025
December 31,
2024
Assets
CURRENT ASSETS:
Cash and cash equivalents
216,237
155,329
Marketable securities
183,388
267,688
Short-term bank deposits
111,058
173,455
Accounts receivable, net of allowance for credit losses
35,654
36,335
Prepaid expense and other receivables
24,334
22,097
Inventories
68,110
59,548
TOTAL CURRENT ASSETS
638,781
714,452
NON-CURRENT ASSETS:
Accounts receivable, net of allowance for credit losses
2,545
3,176
Deferred income tax asset
54,763
56,285
Operating lease right-of-use assets
9,299
8,732
Property and equipment, net
2,260
2,322
Other investments
700
700
TOTAL NON-CURRENT ASSETS
69,567
71,215
TOTAL ASSETS
708,348
785,667
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Accounts payable
17,482
13,782
Contract liabilities
12,996
16,755
Other liabilities
36,056
39,314
TOTAL CURRENT LIABILITIES
66,534
69,851
NON-CURRENT LIABILITIES:
Contract liabilities
3,355
3,336
Other liabilities
3,919
3,356
Operating lease liabilities
6,103
5,311
TOTAL NON-CURRENT LIABILITIES
13,377
12,003
TOTAL LIABILITIES
79,911
81,854
TOTAL SHAREHOLDERS' EQUITY
628,437
703,813
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
708,348
785,667
INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2025
2024
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
26,742
23,818
44,943
47,514
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
191
177
365
342
Share-based compensation expenses
3,418
5,158
5,936
9,141
Change in allowance for credit losses of trade receivable
147
97
53
284
Loss on marketable securities, net
5
112
3
141
Finance income, net
(313)
(5,040)
(1,887)
(9,797)
Deferred income taxes
566
(56)
1,462
(93)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable
(3,285)
(4,814)
1,259
4,494
Decrease (increase) in other receivables
1,276
(4,048)
(2,256)
(6,717)
Increase in inventories
(4,329)
(1,025)
(8,562)
(7,532)
Increase in accounts payable
2,430
2,325
3,700
1,582
Increase (decrease) in other liabilities
127
2,241
(3,160)
(5,562)
Increase (decrease) in contract liabilities (current and non-current)
(2,903)
23,114
(3,740)
32,376
Net cash provided by operating activities
24,072
42,059
38,116
66,173
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in short-term deposits
(25,000)
(55,000)
(25,000)
(86,297)
Proceeds from short-term deposits
55,000
13,500
86,297
13,500
Purchase of fixed assets
(219)
(246)
(304)
(358)
Purchase of marketable securities
-
(64,129)
(20,877)
(185,693)
Proceeds from sale of marketable securities
-
33,910
3,003
47,375
Proceeds from maturity of marketable securities
41,875
89,690
104,022
181,808
Net cash provided by (used in) investing activities
71,656
17,725
147,141
(29,665)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of ordinary shares
(27,484)
(88,980)
(127,444)
(88,980)
Exercise of options
505
395
999
629
Net cash used in financing activities
(26,979)
(88,585)
(126,445)
(88,351)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
1,540
(132)
2,096
(571)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
70,289
(28,933)
60,908
(52,414)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
145,948
120,930
155,329
144,411
CASH AND CASH EQUIVALENTS AT END OF PERIOD
216,237
91,997
216,237
91,997
INMODE LTD.
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2025
2024
2025
2024
Revenues by Category:
Capital Equipment revenues - United States
40,653
42 %
34,799
41 %
70,195
40 %
65,658
39 %
Capital Equipment revenues - International
35,133
37 %
30,606
35 %
63,266
37 %
57,529
35 %
Total Capital Equipment revenues
75,786
79 %
65,405
76 %
133,461
77 %
123,187
74 %
Consumables and service revenues
19,816
21 %
21,044
24 %
40,015
23 %
43,546
26 %
Total Revenue
95,602
100 %
86,449
100 %
173,476
100 %
166,733
100 %
Three months ended June 30,
Six months ended June 30,
2025
2024
2025
2024
%
%
%
%
United States
International
Total
United States
International
Total
United States
International
Total
United States
International
Total
Revenues by Technology:
Minimal-Invasive
73
82
78
85
86
87
82
81
81
87
84
86
Hands-Free
4
2
3
11
4
7
3
2
3
9
3
6
Non-Invasive
23
16
19
4
10
6
15
17
16
4
13
8
100
100
100
100
100
100
100
100
100
100
100
100
INMODE LTD.
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF
INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended June 30, 2025
Three months ended June 30, 2024
GAAP
Share Based Compensation
Non-GAAP
GAAP
Share Based Compensation
Non-GAAP
REVENUES
95,602
-
95,602
86,449
-
86,449
COST OF REVENUES
19,152
(334)
18,818
17,116
(471)
16,645
GROSS PROFIT
76,450
334
76,784
69,333
471
69,804
OPERATING EXPENSES:
Research and development
3,372
(287)
3,085
3,698
(559)
3,139
Sales and marketing
47,474
(2,529)
44,945
45,055
(3,824)
41,231
General and administrative
2,723
(268)
2,455
2,266
(304)
1,962
TOTAL OPERATING EXPENSES
53,569
(3,084)
50,485
51,019
(4,687)
46,332
OPERATIONS INCOME
22,881
3,418
26,299
18,314
5,158
23,472
Finance income, net
8,062
-
8,062
8,690
-
8,690
INCOME BEFORE INCOME TAXES
30,943
3,418
34,361
27,004
5,158
32,162
INCOME TAXES
4,201
21
4,222
3,186
-
3,186
NET INCOME
26,742
3,397
30,139
23,818
5,158
28,976
EARNINGS PER SHARE:
Basic
0.42
0.48
0.28
0.35
Diluted
0.42
0.47
0.28
0.34
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
Basic
63,252
63,252
83,878
83,878
Diluted
63,637
64,537
85,890
85,900
Six months ended June 30, 2025
Six months ended June 30, 2024
GAAP
Share Based Compensation
Non-GAAP
GAAP
Share Based Compensation
Non-GAAP
REVENUES
173,476
-
173,476
166,733
-
166,733
COST OF REVENUES
36,115
(644)
35,471
33,481
(880)
32,601
GROSS PROFIT
137,361
644
138,005
133,252
880
134,132
OPERATING EXPENSES:
Research and development
6,267
(509)
5,758
7,216
(987)
6,229
Sales and marketing
87,201
(4,292)
82,909
84,850
(6,707)
78,143
General and administrative
5,394
(491)
4,903
4,780
(567)
4,213
TOTAL OPERATING EXPENSES
98,862
(5,292)
93,570
96,846
(8,261)
88,585
OPERATIONS INCOME
38,499
5,936
44,435
36,406
9,141
45,547
Finance income, net
14,921
-
14,921
16,674
-
16,674
INCOME BEFORE INCOME TAXES
53,420
5,936
59,356
53,080
9,141
62,221
INCOME TAXES
8,477
(655)
7,822
5,566
-
5,566
NET INCOME
44,943
6,591
51,534
47,514
9,141
56,655
EARNINGS PER SHARE:
Basic
0.68
0.78
0.56
0.67
Diluted
0.68
0.77
0.55
0.65
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
Basic
65,982
65,982
84,205
84,205
Diluted
66,540
67,052
86,520
86,531