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InMode Reports Fourth Quarter and Full Year 2025 Financial Results: Quarterly GAAP Revenue of $103.9 Million and Full Year Revenue of $370.5 Million

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YOKNEAM, Israel, Feb. 10, 2026 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the fourth quarter and full year of 2025.

InMode Logo (PRNewsfoto/InMode)

Fourth Quarter 2025 Highlights:

  • Quarterly GAAP revenues of $103.9 million, compared to $97.9 million in the fourth quarter of 2024.
  • Quarterly revenues from consumables and service of $21.5 million, an increase of 8% compared to the fourth quarter of 2024.
  • GAAP operation income of $26 million, *non-GAAP operation income of $28.5 million.
  • Total cash position of $555.3 million as of December 31, 2025, including cash and cash equivalents, marketable securities and short-term bank deposits.

Full Year 2025 Highlights:

  • Full year revenues of $370.5 million, a year-over-year decrease of 6%.
  • Full year revenues from consumables and service of $81.4 million, an increase of 3% compared to 2024.
  • GAAP operation income of $85.4 million, compared to $112.5 million in 2024; *non-GAAP operation income of $96.5 million, compared to $129.1 million in 2024.
  • Returned $127.4 million of capital to shareholders through repurchase of ordinary shares during 2025.

 

U.S. GAAP Results

(U.S. dollars in thousands, except for per share data)


Q4 2025 Q4 2024 FY 2025 FY 2024
Revenues $103,854 $97,853 $370,495 $394,818
Gross Margins 78 % 79 % 79 % 80 %
Net Income $27,025 $82,771 $93,831 $181,275
Earnings per Diluted Share $0.42 $1.14 $1.43 $2.25
*Non-GAAP Results

(U.S. dollars in thousands, except for per share data)


Q4 2025 Q4 2024 FY 2025 FY 2024
Gross Margins 79 % 80 % 79 % 81 %
Net Income $29,429 $31,081 $105,495 $142,707
Earnings per Diluted Share $0.46 $0.42 $1.60 $1.76
*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 included in this release. Non-GAAP results exclude share-based compensation and tax benefit adjustments.

 

Management Comments

"While conditions across our industry remain challenging, we are seeing early signs of stabilization," said Moshe Mizrahy, Chief Executive Officer of InMode. "While the global uncertainties, particularly in North America, continue to weigh on overall demand, and the industry has yet to fully rebound, we are encouraged by the initial growth in Europe."

"Looking ahead, in 2026 we plan on launching two new laser-based platforms. We see solid potential for these offerings across both our existing customer base and new customers and believe they will further strengthen our long-term market position," concluded Mizrahy.

"Over the past year, we have unified our North American operations into a single organization encompassing the Eastern U.S., Western U.S., and Canada," said Michael Dennison, President of North America. "At the same time, we have refreshed our sales and post-sales leadership teams, strengthening our ability to serve customers across the region. With this foundation in place, we are entering 2026 with focus, alignment, and clear direction."

Fourth Quarter and Full Year 2025 Financial Results

Total GAAP revenues for the fourth quarter of 2025 were $103.9 million, an increase of 6% compared to $97.9 million in the fourth quarter of 2024. Total revenues for 2025 were $370.5 million, a decrease of 6% compared to 2024.

Yair Malca, Chief Financial Officer of InMode added, "Our European operations achieved record revenue in the fourth quarter, reflecting continued momentum across the region and strong execution by our teams."

GAAP gross margin for the fourth quarter of 2025 was 78%, compared to 79% for the fourth quarter of 2024. *Non-GAAP gross margin for the fourth quarter of 2025 was 79%, compared to 80% for the fourth quarter of 2024. GAAP gross margin for 2025 was 79%, compared to 80% for 2024. *Non-GAAP gross margin for 2024 was 79%, compared to 81% for 2024.

GAAP operating margin for the fourth quarter of 2025 was 25%, compared to 28% in the fourth quarter of 2024. *Non-GAAP operating margin for the fourth quarter of 2025 was 27%, compared to 32% for the fourth quarter of 2024. GAAP operating margin for 2025 was 23%, compared to 29% in 2024. *Non-GAAP operating margin for 2025 was 26%, compared to 33% in the full year of 2024. This decrease was primarily attributable to higher sales and marketing expenses.

InMode reported GAAP net income of $27.0 million, or $0.42 per diluted share, in the fourth quarter of 2025, compared to $82.8 million, or $1.14 per diluted share, in the fourth quarter of 2024. On a *non-GAAP basis, InMode reported net income of $29.5 million, or $0.46 per diluted share, in the fourth quarter of 2025, compared to $31.1 million, or $0.42 per diluted share, in the fourth quarter of 2024. GAAP net income was $93.9 million, or $1.43 per diluted share, in 2025, compared to GAAP net income of $181.3 million, or $2.25 per diluted share, in 2024. On a *non-GAAP basis, InMode reported net income of $105.5 million, or $1.60 per diluted share, in the full year of 2025, compared to net income of $142.7 million, or $1.76 per diluted share, for the full year in 2024. As a reminder, during Q4 of 2024, the Company released a valuation allowance related to its U.S. net deferred tax assets, and as a result recorded a one-time deferred tax asset of $55.1 million. Therefore, non-GAAP net income represents the most efficient basis for the comparison of year-over-year net results.

As of December 31, 2025, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $555.3 million.

"We ended the year with a strong balance sheet and returned $127.4 million of capital to shareholders through the repurchase of ordinary shares during 2025, underscoring our disciplined capital allocation and commitment to shareholder value," concluded Malca.

2026 Financial Outlook

Management provided an outlook for the full year of 2026 ending December 31, 2026. Based on current estimates, management expects:

  • Revenues between $365 million to $375 million
  • *Non-GAAP gross margin between 75% and 77%
  • *Non-GAAP income from operations to be between $87 million and $92 million
  • *Non-GAAP earnings per diluted share between $1.43 to $1.48

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 tax benefit adjustments.

However, these estimates are based on management's current estimates, which may be updated. 

The Current Situation in Israel

Regarding the current situation in Israel, on October 9, 2025, a new cease-fire agreement between Hamas and Israel began, and the hostilities have formally paused after two years of conflicts. The scope and severity of ongoing conflicts in Gaza, Northern Israel, Lebanon, Iran, and the broader region are unpredictable and could escalate any time. 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 and Mr. Yair Malca, Chief Financial Officer, will host a conference call today, February 10, 2026, at 8:30 a.m. Eastern Time to discuss the fourth quarter and full year 2025 financial results.

The Company encourages participants to pre-register for the conference call using the following link

https://dpregister.com/sreg/10205326/10099498542.

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=Q835bTWk

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 reply of the conference call will be available from February 10, 2026, at 12 p.m. Eastern Time to February 24 , 2026, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers: 

Replay Dial-in U.S./Canada TOLL-FREE: 1-855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 9741895

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 2026 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 subsequent 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: Yair.Malca@inmodemd.com

Investor Relations Contact:

Miri Segal

MS-IR LLC

Email: ir@inmodemd.com

 

INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)

Three months ended
December 31,

Year Ended
December 31,

2025
2024
2025
2024
REVENUES 103,854
97,853
370,495
394,818
COST OF REVENUES 22,554
20,216
79,525
77,752
GROSS PROFIT 81,300
77,637
290,970
317,066
OPERATING EXPENSES:






Research and development 3,509
2,667
13,319
13,137
Sales and marketing 48,407
44,653
180,578
181,366
General and administrative 3,393
2,453
11,686
10,032
TOTAL OPERATING EXPENSES 55,309
49,773
205,583
204,535
OPERATIONS INCOME 25,991
27,864
85,387
112,531
Finance income, net 5,301
4,346
24,943
30,938
INCOME BEFORE INCOME TAXES 31,292
32,210
110,330
143,469
INCOME TAXES BENEFIT (EXPENSES) (4,267)
50,561
(16,499)
37,806
NET INCOME 27,025
82,771
93,831
181,275








EARNINGS PER SHARE:






Basic 0.43
1.15
1.45
2.29
Diluted 0.42
1.14
1.43
2.25
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING USED IN COMPUTATION OF
EARNINGS PER SHARE (in thousands)







Basic 63,335
71,874
64,633
79,306
Diluted 64,082
72,787
65,445
80,597

 

 

INMODE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except for per share data)
(Unaudited)

December 31,
2025

December 31,
2024
Assets


CURRENT ASSETS:


Cash and cash equivalents 302,543
155,329
Marketable securities (amortized cost of $83,542 and $268,129, as of
December 31, 2025 and 2024, respectively)
83,632
267,688
Short-term bank deposits 169,159
173,455
Accounts receivable, net of allowance for credit losses of $2,371 and
$1,825, as of December 31, 2025 and 2024, respectively
43,504
36,335
Prepaid expenses and other receivables 25,733
22,097
Inventories 74,050
59,548
         TOTAL CURRENT ASSETS 698,621
714,452
    NON-CURRENT ASSETS:


Accounts receivable, net of allowance for credit losses of $856 and $924
as of December 31, 2025 and 2024, respectively
3,005
3,176
Deferred income tax asset 53,230
56,285
Operating lease right-of-use assets 8,274
8,732
Property and equipment, net 2,599
2,322
Other investments 700
700
TOTAL NON-CURRENT ASSETS 67,808
71,215
TOTAL ASSETS 766,429
785,667
Liabilities and shareholders' equity


CURRENT LIABILITIES:


Accounts payables 17,912
13,782
Contract liabilities 12,093
16,755
Other liabilities 40,739
39,314
TOTAL CURRENT LIABILITIES 70,744
69,851
    NON-CURRENT LIABILITIES:


Contract liabilities 3,043
3,336
Other liabilities 4,436
3,356
Operating lease liabilities 5,008
5,311
TOTAL NON-CURRENT LIABILITIES 12,487
12,003
TOTAL LIABILITIES 83,231
81,854




TOTAL SHAREHOLDERS' EQUITY 683,198
703,813
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 766,429
785,667

 

 

INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands, except for per share data)
(Unaudited)


Three months ended
December 31,

Year Ended
December 31,

2025
2024
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES:







Net income 27,025
82,771
93,831
181,275
Adjustments required to reconcile net income to net cash provided by operating activities:







Depreciation 174
248
695
728
Share-based compensation expenses 2,499
3,447
11,131
16,569
Change in allowance for credit losses of trade receivable 295
158
454
572
Loss (Gain) on marketable securities, net 1
(3)
15
167
Finance expenses (income), net (762)
1,533
498
(4,401)
Deferred income tax assets, net 864
(55,121)
2,928
(55,179)
Changes in operating assets and liabilities:







Decrease (increase) in accounts receivable (current and non-current) (6,358)
4,025
(7,452)
5,949
Decrease (increase) in other receivables (1,275)
1,879
(3,678)
(5,698)
Increase in inventories (2,647)
(1,264)
(14,502)
(14,453)
Increase (decrease) in accounts payable 1,188
(531)
4,129
(184)
Increase (decrease) in other liabilities (current and non-current) 4,759
(4,243)
2,163
1,917
Increase (decrease) in contract liabilities (current and non-current) (3,089)
(457)
(4,955)
5,402
Net cash provided by operating activities 22,674
32,442
85,257
132,664
CASH FLOWS FROM INVESTING ACTIVITIES:







   Investment in short-term deposits (113,733)
(3,500)
(292,637)
(168,187)
   Proceeds from short-term deposits 103,389
67,100
293,076
218,740
   Purchase of fixed assets (534)
(234)
(972)
(669)
   Purchase of marketable securities
(59,708)
(20,877)
(336,221)
   Proceeds from sale of marketable securities
21,146
17,214
90,754
   Proceeds from maturity of marketable securities 38,101
53,012
190,228
357,789
Net cash provided by investing activities 27,223
77,816
186,032
162,206
CASH FLOWS FROM FINANCING ACTIVITIES:







  Repurchase of ordinary shares -
(119,849)
(127,444)
(285,385)
       Exercise of options 137
1,420
1,385
2,614
Net cash provided by (used in) financing activities 137
(118,429)
(126,059)
(282,771)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 72
(1,338)
1,984
(1,181)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 50,106
(9,509)
147,214
10,918
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                        252,437
164,838
155,329
144,411
CASH AND CASH EQUIVALENTS AT END OF YEAR 302,543
155,329
302,543
155,329
 

INMODE LTD.

CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS
(U.S. dollars in thousands, except for per share data)
(Unaudited)

Three months ended December 31,
Year ended December 31,
2025

2024


2025


2024
Revenues by Category:






























Capital Equipment revenues - United States 46,760
45 %
53,128
55 %
162,158
44 %
204,520
52 %
Capital Equipment revenues - International 35,631
34 %
24,836
25 %
126,960
34 %
111,027
28 %
Total Capital Equipment revenues 82,391
79 %
77,964
80 %
289,118
78 %
315,547
80 %
Consumables and service revenues 21,463
21 %
19,889
20 %
81,377
22 %
79,271
20 %
Total Revenue 103,854
100 %
97,853
100 %
370,495
100 %
394,818
100 %



















 

Three months ended December 31,
Year ended December 31,
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 76
75
76
93
76
86
78
78
78
92
80
87
Hands-Free 1
2
1
5
3
5
3
2
2
6
3
5
Non-Invasive 23
23
23
2
21
9
19
20
20
2
17
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 December 31, 2025

Three months ended December 31, 2024
GAAP
Share Based
Compensation

Non-GAAP
GAAP
Share Based
Compensation

Tax benefit (1)
Non-GAAP
REVENUES 103,854
-
103,854
97,853
-
-
97,853
COST OF REVENUES 22,554
(346)
22,208
20,216
(472)
-
19,744
GROSS PROFIT 81,300
346
81,646
77,637
472
-
78,109
OPERATING EXPENSES:












Research and development 3,509
(256)
3,253
2,667
(300)
-
2,367
Sales and marketing 48,407
(1,589)
46,818
44,653
(2,360)
-
42,293
General and administrative 3,393
(308)
3,085
2,453
(315)
-
2,138
TOTAL OPERATING
EXPENSES
55,309
(2,153)
53,156
49,773
(2,975)
-
46,798
OPERATIONS INCOME 25,991
2,499
28,490
27,864
3,447
-
31,311
Finance income, net 5,301
-
5,301
4,346
-
-
4,346
INCOME BEFORE INCOME TAXES 31,292
2,499
33,791
32,210
3,447
-
35,657
INCOME TAXES BENEFIT (EXPENSES) (4,267)
(95)
(4,362)
50,561
-
(55,137)
(4,576)
NET INCOME 27,025
2,404
29,429
82,771
3,447
(55,137)
31,081














EARNINGS PER SHARE:












Basic 0.43


0.46
1.15




0.43
Diluted 0.42


0.46
1.14




0.42
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)












Basic 63,335


63,335
71,874




71,874
Diluted 64,082


64,443
72,787




73,139
















(1) Tax benefit recorded during the year ended December 31, 2024, as a result of a release of valuation allowance on our deferred tax assets in the United States as it is more likely than not that our net deferred tax assets will be realized given our expectation of profitability in future periods.

 

 


Year Ended December 31, 2025
Year Ended December 31, 2024
GAAP
Share Based
Compensation

Non-GAAP

GAAP
Share Based
Compensation

Tax benefit (1)
Non-GAAP
REVENUES 370,495


370,495

394,818
-
-
394,818
COST OF REVENUES 79,525
(1,333)
78,192

77,752
(1,833)
-
75,919
GROSS PROFIT 290,970
1,333
292,303

317,066
1,833
-
318,899
OPERATING EXPENSES:













Research and development 13,319
(1,039)
12,280

13,137
(2,177)
-
10,960
Sales and marketing 180,578
(7,685)
172,893

181,366
(11,367)


169,999
General and administrative 11,686
(1,074)
10,612

10,032
(1,192)
-
8,840
TOTAL OPERATING
EXPENSES
205,583
(9,798)
195,785

204,535
(14,736)
-
189,799
OPERATIONS INCOME 85,387
11,131
96,518

112,531
16,569
-
129,100
Finance income, net 24,943
-
24,943

30,938
-
-
30,938
INCOME BEFORE INCOME TAXES 110,330
11,131
121,461

143,469
16,569
-
160,038
INCOME TAXES BENEFIT (EXPENSES) (16,499)
533
(15,966)

37,806
-
(55,137)
(17,331)
NET INCOME 93,831
11,664
105,495

181,275
16,569
(55,137)
142,707















EARNINGS PER
SHARE:














Basic 1.45


1.63

2.29




1.80
Diluted 1.43


1.60

2.25




1.76
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)













Basic 64,633


64,633

79,306




79,306
Diluted 65,445


65,756

80,597




80,943
















(1) Tax benefit recorded during the year ended December 31, 2024, as a result of a release of valuation allowance on our deferred tax assets in the United States as it is more likely than not that our net deferred tax assets will be realized given our expectation of profitability in future periods.

 

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SOURCE InMode Ltd.


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