InMode (INMD) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 6% year-over-year to $103.9M, but full-year 2025 revenue declined 6% to $370.5M amid industry headwinds and softer North American demand.

• Leadership changes and organizational unification in North America aim to drive results in 2026.

• Product innovation and launches, including CO2 laser platforms and upcoming Pico and Morpheus/Erbium YAG devices, are central to long-term strategy.

• Leading provider of minimally-invasive aesthetic and wellness solutions with a global reach, serving over 100,000 U.S. and 200,000+ global physicians.

• $127.4M returned to shareholders via share repurchases in 2025.

Financial highlights

• Q4 2025 revenue was $103.9M; full-year 2025 revenue was $370.5M, with non-GAAP net income of $105.5M and non-GAAP diluted EPS of $1.60.

• Q4 2025 GAAP gross margin was 78%; non-GAAP gross margin was 79% for Q4 and full year.

• Q4 2025 GAAP operating margin: 25%; non-GAAP: 27%. FY 2025 GAAP operating margin: 23%; non-GAAP: 26%.

• Cash and equivalents at year-end were $555.3M.

• Installed base includes 13,100 units in the US and 30,980 units worldwide.

Outlook and guidance

• 2026 revenue expected between $365M-$375M, roughly flat with 2025.

• Non-GAAP gross margin guidance: 75%-77%; non-GAAP operating income: $87M-$92M; non-GAAP EPS: $1.43-$1.48.

• Two new laser-based platforms to launch in 2026.

• 2026 is anticipated as a stabilization year, with growth initiatives expected to yield results in 2027.