InMode Reports Third Quarter 2025 Financial Results: Quarterly Revenue of $93.2 Million, 78% Gross Margins

By PR Newswire | November 05, 2025, 7:00 AM

YOKNEAM, Israel, Nov. 5, 2025 /PRNewswire/ -- InMode Ltd. (NASDAQ: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the third quarter ended September 30, 2025.

InMode Logo

Third Quarter 2025 Highlights:

  • Quarterly GAAP revenues of $93.2 million, compared to $130.2 million in the third quarter of 2024, which included $31.9 million of pre-order sales.
  • Quarterly revenues from consumables and service of $19.9 million, an increase of 26% compared to the third quarter of 2024.
  • GAAP operating income of $20.9 million. *Non-GAAP operating income was $23.6 million.
  • Total cash position of $532.3 million as of September 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)



 Q3 2025

 Q3 2024

Revenues

$93,165

$130,232

(including $31.9M of pre-order sales)

Gross Margins

78 %

82 %

Net Income

$21,863

$50,990

Earnings per Diluted Share

$0.34

$0.65

*Non-GAAP Results

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



Q3 2025

Q3 2024

Gross Margins

78 %

82 %

Net Income

$24,532

$54,971

Earnings per Diluted Share

$0.38

$0.70



*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 third quarter progressed in line with our expectations, even as broader economic conditions continued to present challenges," said Moshe Mizrahy, Chief Executive Officer of InMode. "Consumer sentiment remains cautious, and global uncertainties persist. Nonetheless, our team remains focused, executing with discipline and investing in the strategic areas that will fuel our long-term trajectory.

"On the corporate front, we are excited to welcome Michael Dennison as our new President of North America.  Michael has been with InMode since 2018 and his proven leadership and industry expertise will be instrumental in advancing our regional strategy, deepening customer engagement, and supporting InMode's sustainable growth," Mizrahy concluded.

Yair Malca, Chief Financial Officer of InMode, added, "Gross margins in the third quarter were in line with expectations and reflected our proactive planning around tariff impacts."

Third Quarter 2025 Financial Results

Total revenues for the third quarter of 2025 were $93.2 million.  In the third quarter of 2024, revenues were $130.2 million (including $31.9 million in revenue from first half of 2024 pre-orders). 

GAAP and a *non-GAAP gross margin for the third quarter was 78%, compared to a gross margin of 82% for the third quarter of 2024.

GAAP operating margin for the third quarter of 2025 was 22%, compared to 37% in the third quarter of 2024. *Non-GAAP operating margin for the third quarter of 2025 was 25%, compared to 40% for the third quarter of 2024.

GAAP operating margin for the nine months ended September 30, 2025, was 22% compared to 29% for the same period in 2024. *Non-GAAP operating margin for the nine months ended September 30, 2025, was 26% compared to 33% for the same period in 2024. The decline in operating margins across both the quarterly and year-to-date periods primarily reflects lower sales in the U.S., which is the company's most profitable region.

InMode reported GAAP net income of $21.9 million, or $0.34 per diluted share, in the third quarter of 2025, compared to $51.0 million, or $0.65 per diluted share, in the third quarter of 2024. On a *non-GAAP basis, InMode reported net income of $24.5 million, or $0.38 per diluted share, in the third quarter of 2025, compared to $55.0 million, or $0.70 per diluted share, in the third quarter of 2024.

As of September 30, 2025, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $532.3 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 remain the same as in previous guidance between $365 million to $375 million
  • *Non-GAAP gross margin remains the same as in previous guidance between 78% and 80%
  • *Non-GAAP income from operations remains the same as in previous guidance to be between $93 million and $98 million
  • *Non-GAAP earnings per diluted share remain the same as in previous guidance between $1.55 to $1.59

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, on October 10, 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, Mr. Yair Malca, Chief Financial Officer will host a conference call today, November 5, 2025, at 8:30 a.m. Eastern Time to discuss the third quarter 2025 financial results.

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

https://dpregister.com/sreg/10202681/ffd9babcf8. 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=JfIdKlTZ

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://inmodeinvestors.com/events-presentations/. A replay of the conference call will be available from November 5, 2025, at 12 p.m. Eastern Time to November 19, 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: 2676014

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://inmodeinvestors.com/events-presentations/.

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

September 30,



Nine months ended

September 30,



2025



2024



2025



2024



REVENUES

93,165



130,232



266,641



296,965



COST OF REVENUES

20,856



24,055



56,971



57,536



GROSS PROFIT

72,309



106,177



209,670



239,429



OPERATING EXPENSES:

















Research and development

3,543



3,254



9,810



10,470



Sales and marketing

44,970



51,863



132,171



136,713



General and administrative

2,899



2,799



8,293



7,579



TOTAL OPERATING EXPENSES

51,412



57,916



150,274



154,762



OPERATIONS INCOME

20,897



48,261



59,396



84,667



Finance income, net

4,721



9,918



19,642



26,592



INCOME BEFORE INCOME TAXES

25,618



58,179



79,038



111,259



INCOME TAXES

3,755



7,189



12,232



12,755



NET INCOME

21,863



50,990



66,806



98,504





















EARNINGS PER SHARE:

















Basic

0.35



0.66



1.03



1.20



Diluted

0.34



0.65



1.02



1.19



WEIGHTED AVERAGE NUMBER OF SHARES

OUTSTANDING USED IN COMPUTATION OF

EARNINGS PER SHARE (in thousands)

















Basic

63,291



77,022



65,072



81,795



Diluted

63,868



77,908



65,727



83,016



 

INMODE LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(Unaudited)





September 30,

2025



December 31,

2024

Assets







CURRENT ASSETS:







Cash and cash equivalents

252,437



155,329

Marketable securities

121,518



267,688

Short-term bank deposits

158,353



173,455

Accounts receivable, net of allowance for credit losses

38,095



36,335

Prepaid expense and other receivables

24,485



22,097

Inventories

71,403



59,548

     TOTAL CURRENT ASSETS

666,291



714,452

    NON-CURRENT ASSETS:







Accounts receivable, net of allowance for credit losses

2,350



3,176

Deferred income tax asset

54,104



56,285

Operating lease right-of-use assets

8,922



8,732

Property and equipment, net

2,238



2,322

Other investments

700



700

TOTAL NON-CURRENT ASSETS

68,314



71,215

TOTAL ASSETS

734,605



785,667

Liabilities and shareholders' equity







CURRENT LIABILITIES:







Accounts payable

16,723



13,782

Contract liabilities

15,099



16,755

Other liabilities

36,508



39,314

TOTAL CURRENT LIABILITIES

68,330



69,851

    NON-CURRENT LIABILITIES:







Contract liabilities

3,126



3,336

Other liabilities

4,171



3,356

Operating lease liabilities

5,593



5,311

TOTAL NON-CURRENT LIABILITIES

12,890



12,003

TOTAL LIABILITIES

81,220



81,854









TOTAL SHAREHOLDERS' EQUITY

653,385



703,813

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

734,605



785,667

 

INMODE LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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

(Unaudited)







Three months ended

September 30,



Nine months ended

September 30,



2025



2024



2025



2024



CASH FLOWS FROM OPERATING ACTIVITIES:

















Net income

21,863



50,990



66,806



98,504



Adjustments required to reconcile net income to net cash provided by operating activities:

















Depreciation and amortization

156



138



521



480



Share-based compensation expenses

2,696



3,981



8,632



13,122



Change in allowance for credit losses of trade receivable

106



130



159



414



Loss on marketable securities, net

11



29



14



170



Finance expenses (income), net

3,147



3,863



1,260



(5,934)



Deferred income taxes

602



35



2,064



(58)



Changes in operating assets and liabilities:

















Decrease (increase) in accounts receivable

(2,353)



(2,570)



(1,094)



1,924



Increase in other receivables

(147)



(860)



(2,403)



(7,577)



Increase in inventories

(3,293)



(5,657)



(11,855)



(13,189)



Increase (decrease) in accounts payable

(759)



(1,235)



2,941



347



Increase (decrease) in other liabilities

564



11,722



(2,596)



6,160



Increase (decrease) in contract liabilities (current and non-current)

1,874



(26,517)



(1,866)



5,859



Net cash provided by operating activities

24,467



34,049



62,583



100,222



CASH FLOWS FROM INVESTING ACTIVITIES:

















Investment in short-term deposits

(153,904)



(78,390)



(178,904)



(164,687)



Proceeds from short-term deposits

103,390



138,140



189,687



151,640



Purchase of fixed assets

(134)



(77)



(438)



(435)



Purchase of marketable securities

-



(90,820)



(20,877)



(276,513)



Proceeds from sale of marketable securities

14,211



22,233



17,214



69,608



Proceeds from maturity of marketable securities

48,105



122,969



152,127



304,777



Net cash provided by investing activities

11,668



114,055



158,809



84,390



CASH FLOWS FROM FINANCING ACTIVITIES:

















 Repurchase of ordinary shares

-



(76,556)



(127,444)



(165,536)



    Exercise of options

249



565



1,248



1,194



Net cash provided by (used in) financing activities

249



(75,991)



(126,196)



(164,342)



EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

(184)



728



1,912



157



NET INCREASE IN CASH AND CASH EQUIVALENTS

36,200



72,841



97,108



20,427





















CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

216,237



91,997



155,329



144,411



CASH AND CASH EQUIVALENTS AT END OF PERIOD

252,437



164,838



252,437



164,838



 

INMODE LTD.

CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS

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

(Unaudited)



 

Three months ended September 30, 



Nine months ended September 30,

2025





 

2024



2025





 

2024

 

Revenues by Category: 































Capital Equipment revenues - United States

45,203



49 %



85,734



66 %



1,15,398



44 %



1,51,392



51 %

Capital Equipment revenues - International

28,063



30 %



28,662



22 %



91,329



34 %



86,191



29 %

 

Total Capital Equipment revenues 

 

73,266



 

79 %



 

1,14,396



 

88 %



 

2,06,727



 

78 %



 

2,37,583



 

80 %

Consumables and service revenues

19,899



21 %



15,836



12 %



59,914



22 %



59,382



20 %

 

Total Revenue 

 

93,165



 

100 %



 

1,30,232



 

100 %



 

2,66,641



 

100 %



 

2,96,965



 

100 %

 



Three months ended September 30,



Nine months ended September 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

75



76



75



95



77



90



79



79



80



90



82



88

Hands-Free

2



1



2



4



3



4



3



2



2



7



3



5

Non-Invasive

23



23



23



1



20



6



18



19



18



3



15



7



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 September 30, 2025



Three months ended September 30, 2024





GAAP



Share Based

Compensation



Non-GAAP



GAAP



Share Based

Compensation



Non-GAAP



REVENUES

93,165



-



93,165



130,232



-



130,232



COST OF REVENUES

20,856



(343)



20,513



24,055



(481)



23,574



GROSS PROFIT

72,309



343



72,652



106,177



481



106,658



OPERATING EXPENSES:

























Research and development

3,543



(274)



3,269



3,254



(890)



2,364



Sales and marketing

44,970



(1,804)



43,166



51,863



(2,300)



49,563



General and administrative

2,899



(275)



2,624



2,799



(310)



2,489



TOTAL OPERATING

EXPENSES

51,412



(2,353)



49,059



57,916



(3,500)



54,416



OPERATIONS INCOME

20,897



2,696



23,593



48,261



3,981



52,242



Finance income, net

4,721



-



4,721



9,918



-



9,918



INCOME BEFORE INCOME TAXES

25,618



2,696



28,314



58,179



3,981



62,160



INCOME TAXES

3,755



27



3,782



7,189



-



7,189



NET INCOME

21,863



2,669



24,532



50,990



3,981



54,971



EARNINGS PER SHARE:

























Basic

0.35







0.39



0.66







0.71



Diluted

0.34







0.38



0.65







0.70



WEIGHTED AVERAGE NUMBER OF

SHARES OUTSTANDING USED IN

COMPUTATION OF EARNINGS PER

SHARE (in thousands)

























Basic

63,291







63,291



77,022







77,022



Diluted

63,868







64,531



77,908







78,548



 



Nine months ended September 30, 2025



Nine months ended September 30, 2024

GAAP



Share Based

Compensation



Non-GAAP



GAAP



Share Based

Compensation



Non-GAAP

REVENUES

266,641



-



266,641



296,965



-



296,965

COST OF REVENUES

56,971



(987)



55,984



57,536



(1,361)



56,175

GROSS PROFIT

209,670



987



210,657



239,429



1,361



240,790

OPERATING EXPENSES:























Research and development

9,810



(783)



9,027



10,470



(1,877)



8,593

Sales and marketing

132,171



(6,096)



126,075



136,713



(9,007)



127,706

General and administrative

8,293



(766)



7,527



7,579



(877)



6,702

TOTAL OPERATING

EXPENSES

150,274



(7,645)



142,629



154,762



(11,761)



143,001

OPERATIONS INCOME

59,396



8,632



68,028



84,667



13,122



97,789

Finance income, net

19,642



-



19,642



26,592



-



26,592

INCOME BEFORE INCOME

TAXES

79,038



8,632



87,670



111,259



13,122



124,381

INCOME TAXES

12,232



(628)



11,604



12,755



-



12,755

NET INCOME

66,806



9,260



76,066



98,504



13,122



111,626

EARNINGS PER

SHARE:























Basic

1.03







1.17



1.20







1.36

Diluted

1.02







1.15



1.19







1.34

WEIGHTED AVERAGE

NUMBER OF SHARES

OUTSTANDING USED IN

COMPUTATION OF

EARNINGS PER SHARE (in

thousands)























Basic

65,072







65,072



81,795







81,795

Diluted

65,727







66,199



83,016







83,536

 

Logo: https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg

 

Cision
View original content:https://www.prnewswire.com/news-releases/inmode-reports-third-quarter-2025-financial-results-quarterly-revenue-of-93-2-million-78-gross-margins-302605384.html

SOURCE InMode Ltd.

Mentioned In This Article

Latest News