InMode Ltd (NASDAQ: INMD) reported its financial results for the fourth quarter and full year ended December 31, 2025, showing fourth-quarter revenue growth alongside a year-over-year decline in full-year revenue. The update reflected mixed demand conditions across key markets, continued growth in consumables and service revenue, and a strong balance sheet position.
Market Capitalization
InMode remains listed on the Nasdaq Global Market, with its market capitalization reflecting investor reaction to the quarterly update and the company’s full-year performance.
Latest Quarterly Results (Q4 2025)
Revenue for the quarter reached $103.9 million, representing a year-over-year increase of approximately 6%. Growth in the quarter was supported by higher consumables and service revenue, which totaled $21.5 million. GAAP net income for the quarter was $27.0 million, with GAAP diluted earnings per share of $0.42.
On a non-GAAP basis, net income for the quarter was $29.5 million, translating to non-GAAP diluted earnings per share of $0.46. Gross margin for the quarter remained in the high‑70% range, while operating margin declined year over year, reflecting higher sales and marketing expenses.
Full-Year Results Context
For the full year 2025, InMode reported revenue of $370.5 million, representing a year-over-year decrease of approximately 6%. Consumables and service revenue for the year totaled $81.4 million, reflecting growth compared with the prior year and a higher contribution from recurring revenue streams.
GAAP net income for the full year was $93.9 million, or $1.43 per diluted share. On a non-GAAP basis, net income totaled $105.5 million, with diluted earnings per share of $1.60. The year-over-year decline in reported earnings reflected challenging market conditions and the absence of a one-time tax benefit recorded in the prior year.
Business & Operations Update
During 2025, InMode continued to streamline its operating structure and unify its North American operations under a single organizational framework. Management refreshed sales and post-sales leadership teams aimed at improving execution and customer engagement. The company also reported early signs of stabilization in certain markets, particularly in Europe.
Product development remained a focus, with management confirming plans to launch two new laser-based platforms in 2026. These platforms are expected to expand the company’s addressable market and support longer-term growth initiatives.
M&A or Strategic Moves
No material acquisitions or divestitures were announced during the quarter. Management reiterated a disciplined approach to capital allocation, prioritizing organic growth, product innovation, and shareholder returns.
Equity Analyst Commentary
Discussion following the earnings release centered on demand trends, margin sustainability, and the outlook for new product launches. Attention was also given to operating expense management and the company’s ability to navigate uneven demand conditions.
Guidance & Outlook — what to watch for
For 2026, management outlined expectations for revenue in the range of $365 million to $375 million and non-GAAP earnings per diluted share between $1.43 and $1.48. Items to watch include execution of product launches, demand trends across regions, and margin progression.
Performance Summary
InMode reported fourth-quarter revenue growth while full-year revenue and earnings declined year over year. Q4 revenue totaled $103.9 million, while full-year revenue reached $370.5 million. The company ended the year with a cash position of $555.3 million and returned $127.4 million to shareholders through share repurchases.