INMD | Market Cap: $959.9M (07/13/26)
Industry:
Healthcare Equipment, Supplies, & Technology
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DESCRIPTION

InMode makes energy-based medical devices for minimally invasive and non-invasive aesthetic treatments. Its core technology is Radio Frequency Assisted Lipolysis (RFAL), which delivers bipolar RF energy under the skin via a small cannula to liquefy fat and tighten skin — producing surgical-grade outcomes under local anesthesia. Key platforms include BodyTite and FaceTite for body and facial contouring, Morpheus8 for subdermal tissue remodeling, and EvolveX for hands-free body contouring. InMode also sells laser and IPL platforms for skin rejuvenation and hair removal, and is expanding into ophthalmology, urology, and ENT. InMode sells primarily to plastic surgeons, dermatologists, and OB/GYNs, positioning its products as less invasive alternatives to traditional surgery. InMode uses a direct sales force of roughly 285 reps in the U.S., Canada, and key international markets, plus over 73 distributors across 100+ countries. Revenue comes from two sources: capital equipment sales (the dominant driver) and consumables — single-use disposable handpiece tips that generate recurring revenue as the installed base grows. Minimally invasive platforms account for roughly 78% of revenue, with consumables and services at roughly 22%. Physician financing conditions are a key demand driver; elevated lease rates in recent years significantly pressured capital equipment sales. InMode manufactures through outsourced Israeli contract manufacturers at low capital intensity, supporting high gross margins, though its expansion into laser products is expected to compress blended margins. InMode is investing in international direct sales subsidiaries as a growth engine, with international revenue now representing roughly 46% of total revenue.

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