InMode Ltd. (NASDAQ: INMD) reported fourth‑quarter and full‑year 2025 results on February 10 2026, delivering revenue of $103.9 million for the quarter and $370.5 million for the year, a 6% decline from the $394.8 million earned in 2024.
The company’s Q4 revenue grew 6% year‑over‑year, driven by record sales in its European operations and an 8% rise in consumables and services revenue. In contrast, the full‑year revenue fell $24.3 million, or 6%, as demand in North America weakened and macro‑economic pressures dampened overall sales.
GAAP gross margin for Q4 was 78%, slightly below the 79% reported in Q4 2024, while the non‑GAAP gross margin remained steady at 79%. Net income was $27.0 million GAAP, up from $25.5 million in Q4 2024, and $29.4 million non‑GAAP, reflecting disciplined cost management. EPS of $0.42 per diluted share beat analyst expectations of $0.38, a $0.04 or 10% beat, largely due to higher mix of high‑margin consumables and effective pricing in Europe.
Management guided 2026 revenue to $365 million–$375 million, a slight decline from the $370.5 million earned in 2025, and non‑GAAP diluted EPS to $1.43–$1.48, below the $1.64 consensus estimate. The guidance signals caution amid continued demand softness in North America and the need to invest in new laser‑based platforms slated for launch in 2026. CEO Moshe Mizrahy noted that the company’s reorganization of North American operations into a single entity should improve execution and cost efficiency in the coming year.
Cash and marketable securities stood at $555.3 million as of December 31 2025, and the company returned $127.4 million to shareholders through share repurchases. A Beneish M‑Score of 2.97 raises a red flag for potential financial manipulation, a point that investors should monitor closely as they assess the company’s long‑term financial integrity.
Overall, InMode’s Q4 performance demonstrates resilience in its core European market and a disciplined cost base, but the full‑year decline, margin contraction, and cautious 2026 outlook underscore ongoing challenges in the broader aesthetic market. Investors will likely weigh the company’s strong cash position and strategic product pipeline against the headwinds highlighted by management and the market’s reaction to the guidance.
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