EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1

Exhibit 99.1


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

YOKNEAM, Israel, November 5, 2025 - 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.
 
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: Yair.Malca@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
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
%
   
115,398
     
44
%
   
151,392
     
51
%
Capital Equipment revenues - International
   
28,063
     
30
%
   
28,662
     
22
%
   
91,329
     
34
%
   
86,191
     
29
%
Total Capital Equipment revenues
   
73,266
     
79
%
   
114,396
     
88
%
   
206,727
     
78
%
   
237,583
     
80
%
Consumables and service revenues
   
19,899
     
21
%
   
15,836
     
12
%
   
59,914
     
22
%
   
59,382
     
20
%
Total Revenue
   
93,165
     
100
%
   
130,232
     
100
%
   
266,641
     
100
%
   
296,965
     
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