InMode Reports First Quarter 2025 Financial Results; Quarterly Revenue of $77.9 Million Represents 3% Year-Over-Year Decrease – PR Newswire

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In April 2025, Completed Recent Share Repurchase Program of 6.95 Million Shares 
YOKNEAM, Israel, April 28, 2025 /PRNewswire/ — InMode Ltd. (Nasdaq: INMD) (“InMode”), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the first quarter ended March 31, 2025.
First Quarter 2025 Highlights:
U.S. GAAP Results
(U.S. dollars in thousands, except for per share data)
Q1 2025
Q1 2024
Revenues
$77,874
$80,284
Gross Margins
78 %
80 %
Net Income
$18,201
$23,696
Earnings per Diluted Share
$0.26
$0.28
*Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
  Q1 2025
Q1 2024
Gross Margins
79 %
80 %
Net Income
$21,395
$27,679
Earnings per Diluted Share
$0.31
$0.32
*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
“In Q1 2025, our performance reflected continued pressure from a challenging macroeconomic environment and weakened consumer demand,” said Moshe Mizrahy, Chief Executive Officer of InMode. “While these external factors impacted results, we remain focused on executing our strategy. This includes driving operational excellence, investing in innovation, and pursuing disciplined capital allocation.”
“We are pleased with our international performance in Q1, particularly in Europe, where we achieved record revenue despite ongoing market headwinds. Looking forward, we believe the recent launch of our OptimasMAX, and Ignite platforms reinforces our commitment to innovation while offering the gold standard technology in aesthetics,” Mizrahy concluded.
Yair Malca, Chief Financial Officer of InMode, added, “Our strong balance sheet provides the stability and flexibility to navigate near-term challenges while continuing to invest in our long-term growth and recruit the best talent in the industry. We’re pleased to report that, earlier this month, we completed our fifth share repurchase program of 6.95 million shares approved by our board of directors in February 2025, for a total of $127 million, underscoring our commitment to disciplined capital allocation and returning value to shareholders. In fact, our total capital return to shareholders in the past 12 months was more than $412 million, executed via share repurchases representing approximately 27% of our share capital.
“As always, we continue to explore all avenues for disciplined capital allocation, including additional share repurchases, potential dividends, and strategic M&A opportunities. Our approach remains focused on maximizing long-term shareholder value while maintaining a strong and flexible balance sheet. In addition, international markets accounted for a larger share of total revenue while the U.S. continued to experience challenging headwinds, resulting in a 4%–5% decline in operating margins. We anticipate this trend will persist through the end of the year. Lastly, with U.S. tariffs at their current levels at 10%, we expect an impact of approximately 2%–3% on gross margins,” Malca concluded.
First Quarter 2025 Financial Results
Total GAAP revenues for the first quarter of 2025 were $77.9 million, a decrease of 3% compared to $80.3 million in first quarter of 2024.
GAAP gross margin for the first quarter of 2025 was 78%, compared to a gross margin of 80% for the first quarter of 2024. *Non-GAAP gross margin for the first quarter of 2025 was 79%, compared to a gross margin of 80% for the first quarter of 2024.
GAAP operating margin for the first quarter of 2025 was 20%, compared to 23% in the first quarter of 2024. *Non-GAAP operating margin for the first quarter of 2025 was 23% compared to 27% for the first quarter of 2024. This decrease was primarily attributable to the increase in cost of goods and marketing activity due to launch of new products.
InMode reported GAAP net income of $18.2 million, or $0.26 per diluted share, in the first quarter of 2025, compared to $23.7 million, or $0.28 per diluted share, in the first quarter of 2024. On a *non-GAAP basis, InMode reported net income of $21.4 million, or $0.31 per diluted share, in the first quarter of 2025, compared to $27.7 million, or $0.32 per diluted share, in the first quarter of 2024.
As of March 31, 2025, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $512.9 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:
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, Israel and Hamas agreed to a ceasefire agreement; the first phase of such ceasefire began in January 2025. During March 2025, the ceasefire collapsed. Since its collapse, fighting has been carried out at low intensity, amid international attempts to end the war. We remain confident in our ability to continue our R&D and manufacturing activities while maintaining the safety and well-being of our employees.
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, April 28, 2025, at 8:30 a.m. Eastern Time to discuss the first quarter 2025 financial results.
The Company encourages participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10198516/fede138cb8.
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=jNwaTGkH
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 April 28, 2025, at 12 p.m. Eastern Time to May 12, 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: 1-877-344-7529
Replay Dial-in Canada TOLL-FREE: 1-855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 3039661
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
March 31,
2025
2024
REVENUES
77,874
80,284
COST OF REVENUES
16,963
16,365
GROSS PROFIT
60,911
63,919
OPERATING EXPENSES:
Research and development
2,895
3,518
Sales and marketing
39,727
39,795
General and administrative
2,671
2,514
TOTAL OPERATING EXPENSES
45,293
45,827
OPERATIONS INCOME
15,618
18,092
Finance income, net
6,859
7,984
INCOME BEFORE INCOME TAXES
22,477
26,076
INCOME TAXES
4,276
2,380
NET INCOME
18,201
23,696
 EARNINGS PER SHARE:
Basic
0.26
0.28
Diluted
0.26
0.28
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING USED IN COMPUTATION OF
EARNINGS PER SHARE (in thousands)
Basic
68,760
84,523
Diluted
69,435
85,965
INMODE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
March 31,
2025
December 31,
2024
Assets
CURRENT ASSETS:
Cash and cash equivalents
145,948
155,329
Marketable securities
224,457
267,688
Short-term bank deposits
142,520
173,455
Accounts receivable, net of allowance for credit losses
32,367
36,335
Prepaid expense and other receivables
25,564
22,097
Inventories
63,781
59,548
         TOTAL CURRENT ASSETS
634,637
714,452
    NON-CURRENT ASSETS:
Accounts receivable, net of allowance for credit losses
2,694
3,176
Deferred income tax asset
55,338
56,285
Operating lease right-of-use assets
9,133
8,732
Property and equipment, net
2,233
2,322
Other investments
700
700
TOTAL NON-CURRENT ASSETS
70,098
71,215
TOTAL ASSETS
704,735
785,667
Liabilities and shareholders’ equity
CURRENT LIABILITIES:
Accounts payable
15,052
13,782
Contract liabilities
15,861
16,755
Other liabilities
41,745
39,314
TOTAL CURRENT LIABILITIES
72,658
69,851
    NON-CURRENT LIABILITIES:
Contract liabilities
3,393
3,336
Other liabilities
3,668
3,356
Operating lease liabilities
5,588
5,311
TOTAL NON-CURRENT LIABILITIES
12,649
12,003
TOTAL LIABILITIES
85,307
81,854
TOTAL SHAREHOLDERS’ EQUITY
619,428
703,813
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
704,735
785,667
INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended
March 31,
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
18,201
23,696
Adjustments required to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
174
165
Share-based compensation expenses
2,518
3,983
Change in allowance for credit losses of trade receivable
(94)
187
Loss (gains) on marketable securities, net
(2)
29
Finance income, net
(1,574)
(4,757)
Deferred income taxes, net
896
(37)
Changes in operating assets and liabilities:
Decrease in accounts receivable
4,544
9,308
Increase in other receivables
(3,532)
(2,669)
Increase in inventories
(4,233)
(6,507)
Increase (decrease) in accounts payable
1,270
(743)
Decrease in other liabilities
(3,287)
(7,803)
Increase (decrease) in contract liabilities (current and non-current)
(837)
9,262
Net cash provided by operating activities
14,044
24,114
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in short-term deposits
–
(31,297)
Proceeds from short-term deposits
31,297
–
Purchase of fixed assets
(85)
(112)
Purchase of marketable securities
(20,877)
(121,564)
Proceeds from sale of marketable securities
3,003
13,465
Proceeds from maturity of marketable securities
62,147
92,118
Net cash provided by (used in) investing activities
75,485
(47,390)
CASH FLOWS FROM FINANCING ACTIVITIES:
  Repurchase of ordinary shares
(99,960)
–
  Exercise of options
494
234
Net cash provided by (used in) financing activities
(99,466)
234
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS
556
(439)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(9,381)
(23,481)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
155,329
144,411
CASH AND CASH EQUIVALENTS AT END OF PERIOD
145,948
120,930
INMODE LTD.
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended
March 31,
2025
2024
Revenues by Category:
Capital Equipment revenues – United
States
29,542
38 %
30,859
38 %
Capital Equipment revenues –
International
28,133
36 %
26,923
34 %
Total Capital Equipment revenues
57,675
74 %
57,782
72 %
Consumables and service revenues
20,199
26 %
22,502
28 %
Total Revenue
77,874
100 %
80,284
100 %
Three months ended
March 31,
2025
2024
%
%
United
States

International
Total
United
States
International
Total
Revenues by Technology:
Minimally Invasive
93
79
87
87
80
84
Hands-Free
3
2
3
8
3
5
Non-Invasive
4
19
10
5
17
11
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 March 31, 2025
 
Three months ended March 31, 2024
 
 
GAAP
 
Share Based
Compensation
 
 
Non-GAAP
 
 
GAAP
 
Share Based
Compensation
 
 
Non-GAAP
REVENUES
77,874
–
77,874
80,284
–
80,284
COST OF REVENUES
16,963
(310)
16,653
16,365
(409)
15,956
GROSS PROFIT
60,911
310
61,221
63,919
409
64,328
OPERATING EXPENSES:
Research and development
2,895
(222)
2,673
3,518
(428)
3,090
Sales and marketing
39,727
(1,763)
37,964
39,795
(2,883)
36,912
General and administrative
2,671
(223)
2,448
2,514
(263)
2,251
TOTAL OPERATING
EXPENSES
 
45,293
 
(2,208)
 
43,085
 
45,827
 
(3,574)
 
42,253
OPERATIONS INCOME
15,618
2,518
18,136
18,092
3,983
22,075
Finance income, net
6,859
–
6,859
7,984
–
7,984
INCOME BEFORE INCOME TAXES
22,477
2,518
24,995
26,076
3,983
30,059
INCOME TAXES
4,276
(676)
3,600
2,380
–
2,380
NET INCOME
18,201
3,194
21,395
23,696
3,983
27,679
EARNINGS PER SHARE:
Basic
0.26
0.31
0.28
0.33
Diluted
0.26
0.31
0.28
0.32
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING USED IN
COMPUTATION OF EARNINGS PER
SHARE (in thousands)
Basic
68,760
68,760
84,523
84,523
Diluted
69,435
69,611
85,965
86,563
Logo – https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg
SOURCE InMode Ltd.
InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies, announced today that it expects to release its financial…
InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies, today announced that Moshe Mizrahy, Chief Executive…
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