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

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.

Fourth Quarter 2025 Highlights:

Full Year 2025 Highlights:

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 %

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:

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: [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

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

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

(3)

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

(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

Hands-Free

Non-Invasive

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

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

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

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

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

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

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

79,306

Diluted

65,445

65,756

80,597

80,943

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SOURCE InMode Ltd.