InMode Reports Second Quarter 2026 Financial Results:
Quarterly GAAP Revenues of $95.6 Million, Consistent with the Second Quarter of 2025 YOKNEAM, Israel, August 5, 2026 - InMode Ltd. (Nasdaq: INMD) (“InMode”), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the second quarter of 2026.
Second Quarter 2026 Highlights:
● Quarterly GAAP revenues of $95.6 million, consistent with the second quarter of 2025.
● Quarterly revenues from consumables and service of $22.3 million, an increase of 13% compared to the second quarter of 2025.
● GAAP operating income of $12.3 million and *non-GAAP operating income of $16.0 million.
● Total cash position of $501.1 million as of June 30, 2026, including cash and cash equivalents, marketable securities and short-term bank deposits.
● Completed the repurchase of 6.38 million ordinary shares for an aggregate purchase price of $87.8 million through the previously announced share repurchase program.
U.S. GAAP Results |
||
(U.S. dollars in thousands, except for per share data) |
||
Q2 2026 |
Q2 2025 |
|
Revenues |
$95,589 |
$95,602 |
Gross Margins |
75% |
80% |
Operating Margins |
13% |
24% |
Net Income |
$17,064 |
$26,742 |
Earnings per Diluted Share |
$0.29 |
$0.42 |
*Non-GAAP Results |
||
(U.S. dollars in thousands, except for per share data) |
||
Q2 2026 |
Q2 2025 |
|
Gross Margins |
75% |
80% |
Operating Margins |
17% |
28% |
Net Income |
$20,812 |
$30,139 |
Earnings per Diluted Share |
$0.35 |
$0.47 |
*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, expenses related to independent transaction committee review (representing non-recurring cost) and related income tax adjustments where applicable.
Management Comments
“Overall revenue was consistent with the prior-year period, and we saw continued stability in our U.S. capital equipment business, reflecting steady customer demand. This performance is consistent with the stabilization we anticipate will continue through the remainder of the year. We remain focused on investing in opportunities that support long-term growth,” said Moshik Itzkovich, Chief Financial Officer of InMode.
Second Quarter 2026 Financial Results
Total GAAP revenues for the second quarter of 2026 were $95.6 million, consistent with the second quarter of 2025. Revenue from Asia reached a quarterly record, reflecting continued strength across key markets in the region. Quarterly revenues from consumables and service grew 13% compared to the second quarter of 2025, to $22.3 million, derived primarily from international sales.
GAAP gross margin for the second quarter of 2026 was 75%, compared to 80% for the second quarter of 2025.
*Non-GAAP gross margin for the second quarter of 2026 was 75%, compared to 80% for the second quarter of 2025.
GAAP operating margin for the second quarter of 2026 was 13%, compared to 24% for the second quarter of 2025. *Non-GAAP operating margin for the second quarter of 2026 was 17%, compared to 28% for the second quarter of 2025. These decreases were primarily attributable to higher cost of goods sold, product mix, the restructuring of the North America sales team implemented toward the end of 2025, additional marketing and sales investments to retain talent and maintain market share, and higher general and administrative expenses driven by increased professional services costs. We expect these trends to continue for the foreseeable future.
InMode reported GAAP net income of $17.1 million, or $0.29 per diluted share, in the second quarter of 2026, compared to $26.7 million, or $0.42 per diluted share, in the second quarter of 2025. On a *non-GAAP basis, InMode reported net income of $20.8 million, or $0.35 per diluted share, in the second quarter of 2026, compared to $30.1 million, or $0.47 per diluted share, in the second quarter of 2025.
As of June 30, 2026, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $501.1 million.
Appointed New Chief Financial Officer and New Board Director On May 20, 2026, the Company announced the appointment of Dr. Shlomo Nass as its new Chairman of the Company’s Board of Directors, effective May 19, 2026. The Company also announced the appointment of Moshe (Moshik) Itzkovich as the Company’s new Chief Financial Officer, effective May 19, 2026, while former Chief Financial Officer Yair Malca continues to be engaged with the Company as a consultant.
2026 Financial Outlook
Management provided an outlook for the full fiscal year ending December 31, 2026. Based on current estimates, management expects:
Revenues between $365 million and $375 million
*Non-GAAP gross margin between 74% and 76%
*Non-GAAP income from operations to be between $68 million and $73 million
*Non-GAAP earnings per diluted share between $1.29 and $1.34
However, these expectations are based on management’s current estimates, which may be updated.
This outlook is not a guarantee of future performance, and shareholders 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, expenses related to independent transaction committee review (representing non-recurring cost) and related income tax adjustments where applicable.
Conference Call and Webcast Update
As previously announced, while the Company’s Special Committee continues its evaluation of unsolicited proposals, the Company will not host an investor conference call or webcast in connection with this earnings release and will not be conducting investor meetings at this time.
The Current Situation in Israel
The scope and severity of ongoing conflicts in Gaza, Northern Israel, Lebanon, Iran, and the broader region are unpredictable and could escalate at 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, non-GAAP gross margin and non-GAAP income from operations. Because these measures are used in InMode’s internal analysis of financial and operating performance, management believes they provide investors with greater transparency into 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. Reconciliations of non-GAAP gross margin, non-GAAP income from operations, and non-GAAP earnings per diluted share for management’s projections of such non-GAAP financials for the 2026 fiscal year are not available without unreasonable effort due to the variability, complexity and limited visibility of certain reconciling items. These reconciling items could have a significant and unpredictable impact on our future GAAP results.
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 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 actual amount of share repurchases made by the Company, if any. 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 10, 2026, 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: Moshik Itzkovich Chief Financial Officer Email: Moshik.Itzkovich@inmodemd.com |
Investor Relations Contact: Miri Segal MS-IR LLC Email: ir@inmodemd.com |
INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended |
Six months ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2026 |
2025 |
2026 |
2025 |
|||||||||||||
REVENUES |
95,589 |
95,602 |
177,606 |
173,476 |
||||||||||||
COST OF REVENUES |
24,073 |
19,152 |
44,538 |
36,115 |
||||||||||||
GROSS PROFIT |
71,516 |
76,450 |
133,068 |
137,361 |
||||||||||||
OPERATING EXPENSES: |
||||||||||||||||
Research and development |
3,656 |
3,372 |
7,198 |
6,267 |
||||||||||||
Sales and marketing |
50,818 |
47,474 |
93,750 |
87,201 |
||||||||||||
General and administrative |
4,785 |
2,723 |
9,807 |
5,394 |
||||||||||||
TOTAL OPERATING EXPENSES |
59,259 |
53,569 |
110,755 |
98,862 |
||||||||||||
OPERATING INCOME |
12,257 |
22,881 |
22,313 |
38,499 |
||||||||||||
Finance income, net |
7,432 |
8,062 |
11,728 |
14,921 |
||||||||||||
INCOME BEFORE INCOME TAXES |
19,689 |
30,943 |
34,041 |
53,420 |
||||||||||||
INCOME TAXES |
2,625 |
4,201 |
5,415 |
8,477 |
||||||||||||
NET INCOME |
17,064 |
26,742 |
28,626 |
44,943 |
||||||||||||
EARNINGS PER SHARE: |
||||||||||||||||
Basic |
0.29 |
0.42 |
0.47 |
0.68 |
||||||||||||
Diluted |
0.29 |
0.42 |
0.46 |
0.68 |
||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands) |
||||||||||||||||
Basic |
58,903 |
63,252 |
61,140 |
65,982 |
||||||||||||
Diluted |
59,378 |
63,637 |
61,717 |
66,540 |
||||||||||||
INMODE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
June 30, 2026 |
December 31, 2025 |
|||||||
Assets |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
396,173 |
302,543 |
||||||
Marketable securities |
18,995 |
83,632 |
||||||
Short-term bank deposits |
85,947 |
169,159 |
||||||
Accounts receivable, net of allowance for credit losses |
44,555 |
43,504 |
||||||
Prepaid expenses and other receivables |
32,664 |
25,733 |
||||||
Inventories |
71,661 |
74,050 |
||||||
TOTAL CURRENT ASSETS |
649,995 |
698,621 |
||||||
NON-CURRENT ASSETS: |
||||||||
Accounts receivable, net of allowance for credit losses |
5,686 |
3,005 |
||||||
Deferred income tax assets |
52,629 |
53,230 |
||||||
Operating lease right-of-use assets |
8,693 |
8,274 |
||||||
Property and equipment, net |
2,628 |
2,599 |
||||||
Other investments |
||||||||
TOTAL NON-CURRENT ASSETS |
70,336 |
67,808 |
||||||
TOTAL ASSETS |
720,331 |
766,429 |
||||||
Liabilities and shareholders’ equity |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payables |
18,792 |
17,912 |
||||||
Contract liabilities |
15,452 |
12,093 |
||||||
Other liabilities |
45,193 |
40,739 |
||||||
TOTAL CURRENT LIABILITIES |
79,437 |
70,744 |
||||||
NON-CURRENT LIABILITIES: |
||||||||
Contract liabilities |
2,484 |
3,043 |
||||||
Other liabilities |
4,825 |
4,436 |
||||||
Operating lease liabilities |
4,451 |
5,008 |
||||||
TOTAL NON-CURRENT LIABILITIES |
11,760 |
12,487 |
||||||
TOTAL LIABILITIES |
91,197 |
83,231 |
||||||
TOTAL SHAREHOLDERS’ EQUITY |
629,134 |
683,198 |
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
720,331 |
766,429 |
||||||
INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended |
Six months ended |
|||||||||||||||
2026 |
2025 |
2026 |
2025 |
|||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||||||||||
Net income |
17,064 |
26,742 |
28,626 |
44,943 |
||||||||||||
Adjustments required to reconcile net income to net cash provided by operating activities: |
||||||||||||||||
Depreciation and amortization |
||||||||||||||||
Share-based compensation expenses |
3,708 |
3,418 |
6,407 |
5,936 |
||||||||||||
Change in allowance for credit losses of trade receivable |
1,244 |
|||||||||||||||
Loss on marketable securities, net |
‐ |
‐ |
||||||||||||||
Finance expenses (income), net |
(313 |
) |
1,107 |
(1,887 |
) |
|||||||||||
Deferred income taxes |
1,462 |
|||||||||||||||
Changes in operating assets and liabilities: |
||||||||||||||||
Decrease (increase) in accounts receivable (current and non-current) |
(5,046 |
) |
(3,285 |
) |
(4,974 |
) |
1,259 |
|||||||||
Decrease (increase) in other receivables |
(1,164 |
) |
1,276 |
(7,030 |
) |
(2,256 |
) |
|||||||||
Decrease (increase) in inventories |
(253 |
) |
(4,329 |
) |
2,389 |
(8,562 |
) |
|||||||||
Increase in accounts payable |
1,939 |
2,430 |
3,700 |
|||||||||||||
Increase (decrease) in other liabilities (current and non-current) |
4,400 |
4,012 |
(3,160 |
) |
||||||||||||
Increase (decrease) in contract liabilities (current and non-current) |
(1,178 |
) |
(2,903 |
) |
2,800 |
(3,740 |
) |
|||||||||
Net cash provided by operating activities |
21,051 |
24,072 |
36,437 |
38,116 |
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||||||||||
Investment in short-term deposits |
(85,000 |
) |
(25,000 |
) |
(169,912 |
) |
(25,000 |
) |
||||||||
Proceeds from short-term deposits |
84,912 |
55,000 |
252,570 |
86,297 |
||||||||||||
Purchase of fixed assets |
(211 |
) |
(219 |
) |
(383 |
) |
(304 |
) |
||||||||
Purchase of marketable securities |
‐ |
- |
(9,727 |
) |
(20,877 |
) |
||||||||||
Proceeds from sale of marketable securities |
‐ |
- |
‐ |
3,003 |
||||||||||||
Proceeds from maturity of marketable securities |
37,983 |
41,875 |
74,239 |
104,022 |
||||||||||||
Net cash provided by investing activities |
37,684 |
71,656 |
146,787 |
147,141 |
||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||||||||||
Tax withholding related to vesting of restricted share units |
- |
- |
(1,802 |
) |
- |
|||||||||||
Repurchase of ordinary shares |
(56,511 |
) |
(27,484 |
) |
(87,752 |
) |
(127,444 |
) |
||||||||
Exercise of options |
||||||||||||||||
Net cash used in financing activities |
(56,492 |
) |
(26,979 |
) |
(88,918 |
) |
(126,445 |
) |
||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
(365 |
) |
1,540 |
(676 |
) |
2,096 |
||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS |
1,878 |
70,289 |
93,630 |
60,908 |
||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
394,295 |
145,948 |
302,543 |
155,329 |
||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
396,173 |
216,237 |
396,173 |
216,237 |
||||||||||||
INMODE LTD.
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||
Revenues by Category: |
||||||||||||||||||||||||||||||||
Capital Equipment revenues - United States |
43,084 |
% |
40,653 |
% |
76,753 |
% |
70,195 |
% |
||||||||||||||||||||||||
Capital Equipment revenues - International |
30,194 |
% |
35,133 |
% |
57,179 |
% |
63,266 |
% |
||||||||||||||||||||||||
Total Capital Equipment revenues |
73,278 |
% |
75,786 |
% |
133,932 |
% |
133,461 |
% |
||||||||||||||||||||||||
Consumables and service revenues |
22,311 |
% |
19,816 |
% |
43,674 |
% |
40,015 |
% |
||||||||||||||||||||||||
Total Revenue |
95,589 |
% |
95,602 |
% |
177,606 |
% |
173,476 |
% |
||||||||||||||||||||||||
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||||||||||||||||||||||||||||||||||
2026 |
2025 |
2026 |
2025 |
|||||||||||||||||||||||||||||||||||||||||||||
% |
% |
% |
% |
|||||||||||||||||||||||||||||||||||||||||||||
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 |
||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2026 |
Three months ended June 30, 2025 |
|||||||||||||||||||||||
GAAP |
Stock Based Compensation |
Non-GAAP |
GAAP |
Stock Based Compensation |
Non-GAAP |
|||||||||||||||||||
REVENUES |
95,589 |
‐ |
95,589 |
95,602 |
‐ |
95,602 |
||||||||||||||||||
COST OF REVENUES |
24,073 |
(302 |
) |
23,771 |
19,152 |
(334 |
) |
18,818 |
||||||||||||||||
GROSS PROFIT |
71,516 |
71,818 |
76,450 |
76,784 |
||||||||||||||||||||
OPERATING EXPENSES: |
||||||||||||||||||||||||
Research and development |
3,656 |
(282 |
) |
3,374 |
3,372 |
(287 |
) |
3,085 |
||||||||||||||||
Sales and marketing |
50,818 |
(2,525 |
) |
48,293 |
47,474 |
(2,529 |
) |
44,945 |
||||||||||||||||
General and administrative |
4,785 |
(599 |
) |
4,186 |
2,723 |
(268 |
) |
2,455 |
||||||||||||||||
TOTAL OPERATING EXPENSES |
59,259 |
(3,406 |
) |
55,853 |
53,569 |
(3,084 |
) |
50,485 |
||||||||||||||||
OPERATING INCOME |
12,257 |
3,708 |
15,965 |
22,881 |
3,418 |
26,299 |
||||||||||||||||||
Finance income, net |
7,432 |
‐ |
7,432 |
8,062 |
- |
8,062 |
||||||||||||||||||
INCOME BEFORE INCOME TAXES |
19,689 |
3,708 |
23,397 |
30,943 |
3,418 |
34,361 |
||||||||||||||||||
INCOME TAXES |
2,625 |
(40 |
) |
2,585 |
4,201 |
4,222 |
||||||||||||||||||
NET INCOME |
17,064 |
3,748 |
20,812 |
26,742 |
3,397 |
30,139 |
||||||||||||||||||
EARNINGS PER SHARE |
||||||||||||||||||||||||
Basic |
0.29 |
0.35 |
0.42 |
0.48 |
||||||||||||||||||||
Diluted |
0.29 |
0.35 |
0.42 |
0.47 |
||||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in Thousands) |
||||||||||||||||||||||||
Basic |
58,903 |
58,903 |
63,252 |
63,252 |
||||||||||||||||||||
Diluted |
59,378 |
60,174 |
63,637 |
64,537 |
||||||||||||||||||||
Six months ended June 30, 2026 |
Six months ended June 30, 2025 |
||||||||||
GAAP |
Stock Based Compensation |
Expenses Related to Independent Transaction Committee Review |
Non-GAAP |
GAAP |
Stock Based Compensation |
Non-GAAP |
|||||
REVENUES |
177,606 |
‐ |
‐ |
177,606 |
173,476 |
- |
173,476 |
||||
COST OF REVENUES |
44,538 |
(616) |
‐ |
43,922 |
36,115 |
(644) |
35,471 |
||||
GROSS PROFIT |
133,068 |
‐ |
133,684 |
137,361 |
138,005 |
||||||
OPERATING EXPENSES: |
|||||||||||
Research and development |
7,198 |
(550) |
‐ |
6,648 |
6,267 |
(509) |
5,758 |
||||
Sales and marketing |
93,750 |
(4,386) |
‐ |
89,364 |
87,201 |
(4,292) |
82,909 |
||||
General and administrative |
9,807 |
(855) |
(1,262) |
7,690 |
5,394 |
(491) |
4,903 |
||||
TOTAL OPERATING EXPENSES |
110,755 |
(5,791) |
(1,262) |
103,702 |
98,862 |
(5,292) |
93,570 |
||||
OPERATING INCOME |
22,313 |
6,407 |
1,262 |
29,982 |
38,499 |
5,936 |
44,435 |
||||
Finance income, net |
11,728 |
‐ |
‐ |
11,728 |
14,921 |
- |
14,921 |
||||
INCOME BEFORE INCOME TAXES |
34,041 |
6,407 |
1,262 |
41,710 |
53,420 |
5,936 |
59,356 |
||||
INCOME TAXES |
5,415 |
(389) |
‐ |
5,026 |
8,477 |
(655) |
7,822 |
||||
NET INCOME |
28,626 |
6,796 |
1,262 |
36,684 |
44,943 |
6,591 |
51,534 |
||||
EARNINGS PER SHARE |
|||||||||||
Basic |
0.47 |
0.60 |
0.68 |
0.78 |
|||||||
Diluted |
0.46 |
0.59 |
0.68 |
0.77 |
|||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in Thousands) |
|||||||||||
Basic |
61,140 |
61,140 |
65,982 |
65,982 |
|||||||
Diluted |
61,717 |
62,324 |
66,540 |
67,052 |
|||||||