InMode Ltd.
INMD · Electromedical & Electrotherapeutic Apparatus · EDGAR filings ↗
Grade
B79High-margin, cash-rich aesthetic-device maker whose grade is held back by a clear multi-year revenue decline.
Strengths
- Operating margin 23% (100th pct), FCF margin 22.7% (100th), gross margin 78.5% (82nd)
- Current ratio 9.9 and $386M cash (92.9th pct) — fortress balance sheet, no debt
Risks
- Revenue -6.2% (7th pct), down from $492M (2023) to $370M (2025) — a real growth stall
- Elective, non-reimbursed procedures sensitive to the economy; Israel operational risk; tariff exposure
Notable findings
- Customer concentration~87% of revenue from one customer/distributor — 0 million, or 87%, respectively, of our total revenues from the sale of minimally invasive platforms, and we derived approximately $7
- Strong balance sheetStrong balance sheet — $386M cash & investments
Key metrics
Gross margin
78.5%
Operating margin
23.0%
Net margin
25.3%
Return on equity
13.7%
Return on assets
12.2%
Revenue growth (QoQ)
-6.2%
Net-income growth
-48.2%
Current ratio
9.9×
Free cash flow
$84M
EBITDA
$86M
Tangible book value
$683M
Cash & investments
$386M
Stock comp / revenue
3.0%
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07209397 ↗ | Detrusor Nerve Radiofrequency Ablation for Overactive Bladder in Women Overactive Bladder, Overactive Bladder (OAB) | NA | Recruiting | 2027-06-30 |
| NCT06283498 ↗ | Transvaginal Detrusor Nerve Radiofrequency Ablation for Treatment of Overactive Bladder Overactive Bladder Syndrome | NA | Enrolling By Invitation | 2025-11-10 |
| NCT05830968 ↗ | Safety and Efficacy of Radio Frequency for the Treatment of Mild to Severe Inflammatory Acne Inflammatory Acne Vulgaris | NA | Unknown | 2025-05-01 |
| NCT05860972 ↗ | Evaluation of Safety and Efficacy of Morpheus8 Applicator for the Treatment of Focal Hyperhidrosis of the Axillae Using Radio Frequency Hyperhidrosis Primary Focal Axilla | NA | Unknown | 2025-04-01 |
| NCT06283056 ↗ | RF Microneedling With Multi-Depth Targeting Per Insertion for The Treatment of Cellulite Cellulitis of Leg | NA | Completed | 2024-10-02 |
| NCT05398172 ↗ | Clinical Evaluation of Fractional Bi-Polar Radio-Frequency for Symptoms of Vulvovaginal Atrophy Vaginal Atrophy | NA | Completed | 2024-06-18 |
| NCT06458556 ↗ | Transvaginal Radiofrequency Ablation for Overactive Bladder Overactive Bladder | NA | Completed | 2024-05-30 |
| NCT06299332 ↗ | Safety and Efficacy of Bi-Polar Radiofrequency for the Treatment of Erectile Dysfunction Erectile Dysfunction | NA | Unknown | 2024-05-01 |
| NCT05398159 ↗ | Trim II for Noninvasive Lipolysis and Circumference Reduction of Abdomen. Circumference Reduction of Abdomen | NA | Completed | 2022-10-30 |
| NCT04419454 ↗ | Retrospective Evaluation of Cellulite of Laxity Treatment Using Body Tite Cellulite | — | Completed | 2022-07-30 |
| NCT04705571 ↗ | Clinical Evaluation of Fractional Bi-Polar RF for Symptoms of SUI and Vulvovaginal Atrophy Stress Urinary Incontinence, Vulvovaginal Signs and Symptoms | NA | Completed | 2022-07-30 |
| NCT05287490 ↗ | Bi-Polar Radio-Frequency and Electrical Muscle Stimulation for Symptoms of Mixed Urinary Incontinence (MUI) Urinary Incontinence | NA | Completed | 2022-07-30 |
| NCT04721600 ↗ | Evaluation of the Evoke Radiofrequency Device for Improvement of Skin Appearance Skin Laxity | NA | Completed | 2022-07-28 |
| NCT04120584 ↗ | Radio Frequency (Forma Eye) Treatment for Dry Eye Disease Due to Meibomian Gland Dysfunction Improvement of Dry Eye Disease | NA | Completed | 2022-07-25 |
| NCT04719013 ↗ | Treatment With the Evoke System for Facial and Submental Laxity Laxity; Skin | NA | Completed | 2022-07-15 |
| NCT04050033 ↗ | Evoke Radiofrequency Device for Improvement of Skin Appearance Improvement of Skin Appearance | NA | Completed | 2021-12-30 |
| NCT04103619 ↗ | Energy-Based Lower Eyelid Rejuvenation - Proof of Concept for InMode AccuTite With or Without Morpheus8 Periorbital Edema | NA | Completed | 2021-12-13 |
| NCT03917160 ↗ | Evaluate the Effect of Abdominal Electrical Muscle Stimulation on Abdominal Wall Restoration in Post - Partum Women Abdominal Wall Restoration, Diastasis Recti | NA | Completed | 2021-10-01 |
| NCT04124419 ↗ | Safety and Efficacy of Combined EMS and RF Treatments Non-invasive Circumference Reduction | NA | Completed | 2021-05-19 |
| NCT03945422 ↗ | The Use of RF in Premature Jowl and Neck Laxity Following Facialplasty Premature Jowl and Neck Laxity Following Facialplasty | NA | Completed | 2021-01-18 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-10 | 2025-12-31 | 0001178913-26-000377 ↗ |
| 20-F | 2025-02-04 | 2024-12-31 | 0001178913-25-000314 ↗ |
| 20-F | 2024-02-13 | 2023-12-31 | 0001178913-24-000490 ↗ |
| 20-F | 2023-02-14 | 2022-12-31 | 0001178913-23-000552 ↗ |
| 20-F | 2022-02-10 | 2021-12-31 | 0001178913-22-000512 ↗ |
| 20-F | 2021-02-10 | 2020-12-31 | 0001178913-21-000406 ↗ |
| 20-F | 2020-02-18 | 2019-12-31 | 0001178913-20-000541 ↗ |