InMode Ltd.
InMode Ltd. develops, manufactures, and markets minimally invasive medical devices built around radiofrequency technology. Its systems are used across aesthetic and specialty medical procedures, with customers in plastic surgery, dermatology, gynecology, otolaryngology, and ophthalmology markets in the United States, Israel, Europe, and other international regions.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRF-based devices used in plastic surgery and aesthetic medicine procedures.
Energy-based devices used by dermatology practices for skin and body treatments.
Systems and tools used in minimally invasive gynecological procedures.
Specialty medical devices used in otolaryngology and ophthalmology applications.
Procedure-related handpieces, disposables, and supporting items sold with devices.
Products
Reported · share of revenue- Capital Equipment78.0 %
- Consumables and Service Revenues22.0 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
InMode sells primarily to medical professionals and clinics that perform elective or specialty procedures using energy-based technology. The core users are plastic surgeons, dermatologists, gynecologists, ENT specialists, and ophthalmologists, who buy the systems to broaden procedure offerings and improve treatment workflows. Purchases are typically made by outpatient practices, clinics, and medical groups that invest in capital equipment tied to procedure volume and patient demand.
Buy RF platforms for aesthetic and minimally invasive body procedures.
Buy devices for skin tightening, contouring, and related treatments.
Buy procedure systems for minimally invasive women's health applications.
Buy specialty devices for selected surgical and procedural uses.
Buy equipment to support procedure throughput and service expansion.
Strategy
InMode’s strategy centers on expanding adoption of its RF platforms across aesthetic and specialty medical practices while strengthening commercial execution in North America and Europe. The company also emphasizes capital allocation discipline, including share repurchases, while continuing to invest in sales and management coverage that supports procedure adoption and recurring customer relationships.
The U.S. is a key market and recent commentary highlighted its contribution to growth.
Europe is a meaningful region for aesthetic devices and requires local commercial coverage.
More procedure use increases installed-base value and repeat commercial opportunity.
Repurchases can return cash when operations generate surplus liquidity.
Geography
2025InMode is a global business with development and operating roots in Israel and commercial exposure across the United States, Europe, and other international markets. The company’s reports specifically note that the U.S. contributed meaningfully to recent growth, while management continues to build out sales and management coverage in North America and Europe. Its geographic mix matters because demand for elective medical procedures, reimbursement norms, and distributor coverage can vary significantly by region.
Share of the revenue the company reports by geography.
Risks
InMode is exposed to discretionary demand for aesthetic and elective procedures, which can soften when macroeconomic conditions weaken or patient spending is deferred. The company also faces execution risk in geographically dispersed sales organizations, competitive pressure in energy-based medical devices, and event risk tied to its ongoing regional exposure in Israel. Product development, regulatory requirements, and reliance on physician adoption also shape the risk profile.
- Discretionary demand for aesthetic proceduresImpact: HighLikelihood: High
Customers can delay elective purchases and procedure utilization when economic conditions weaken.
Exposure: Aesthetic and plastic surgery markets
- Sales force execution in key regionsImpact: MediumLikelihood: High
Revenue depends on effective physician coverage, training, and local account development.
Exposure: North America and Europe
- Competitive pressure in RF medical devicesImpact: MediumLikelihood: High
Alternative energy-based platforms and new entrants can affect share and pricing.
Exposure: Aesthetic and specialty medical devices
- Geopolitical exposure in IsraelImpact: MediumLikelihood: Medium
The company is headquartered and operates from Israel, so conflict can affect operations and sentiment.
Exposure: Israel
Accounting
Judgemental itemsManagement excludes share-based compensation and special committee costs, affecting comparison to GAAP earnings.
Impact: Affects operating margin and EPS presentation
Device shipments and customer purchasing patterns can vary by quarter, affecting revenue comparability.
Impact: Impacts quarterly growth rates and margin trends
The company disclosed a U.S. deferred tax asset valuation allowance release based on future profitability expectations.
Impact: Can materially affect tax expense and net income
Repurchases reduce shares outstanding and can change EPS even without changing operating performance.
Impact: Affects diluted EPS and equity balances
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Last updated: 28/09/2026