InMode Ltd. (INMD) 10-Year Financial Performance & Capital Metrics

INMD • • Industrial / General

HealthcareMedical DevicesAesthetic & Reconstructive DevicesBreast Implants & Aesthetic Devices

AboutInMode Ltd. designs, develops, manufactures, and markets minimally invasive aesthetic medical products based on its proprietary radiofrequency assisted lipolysis and deep subdermal fractional radiofrequency technologies in the United States and internationally. The company offers minimally invasive aesthetic medical products for various procedures, such as liposuction with simultaneous skin tightening, body and face contouring, and ablative skin rejuvenation treatments, as well as for use in women's health conditions and procedures. It also designs, develops, manufactures, and markets non-invasive medical aesthetic products that target an array of procedures, including permanent hair reduction, facial skin rejuvenation, wrinkle reduction, cellulite treatment, skin appearance and texture, and superficial benign vascular and pigmented lesions, as well as hands-free medical aesthetic products that target a range of procedures, such as skin tightening, fat reduction, and muscle stimulation. The company was formerly known as Invasix Ltd. and changed its name to InMode Ltd. in November 2017. InMode Ltd. was incorporated in 2008 and is headquartered in Yokneam, Israel.Show more

Revenue $395M -19.8%
EBITDA $113M -42.3%
Net Income $181M -8.4%
EPS (Diluted) 2.25 -2.2%
Gross Margin 80.31% -3.9%
EBITDA Margin 28.69% -28.1%
Operating Margin 28.5% -28.3%
Net Margin 45.91% +14.1%
ROE 24.31% -17.6%
ROIC 13.97% -47.0%
Debt/Equity 0.01 -3.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 29.0%
✓Strong 5Y profit CAGR of 24.3%
✓FCF machine: 33.4% free cash flow margin
✓Strong 5Y sales CAGR of 20.4%
✓Share count reduced 6.2% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y20.35%

3Y3.36%

TTM-13.98%

Profit (Net Income) CAGR

10Y-

5Y24.28%

3Y3.19%

TTM-2.66%

EPS CAGR

10Y-

5Y22.98%

3Y5.43%

TTM16.76%

ROCE

10Y Avg37.11%

5Y Avg32.99%

3Y Avg27.87%

Latest14.86%

Peer Comparison

Breast Implants & Aesthetic Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INMDInMode Ltd.	888.09M	14.05	6.24	-19.76%	41.04%	22.89%	14.86%	0.01
RCELAVITA Medical, Inc.	105.51M	3.46	-1.45	28.14%	-68.87%	-230.96%		10.22
SSKNSTRATA Skin Sciences, Inc.	7.6M	1.29	-4.96	0.61%	-35.64%	-8.4%		3.31
ESTAEstablishment Labs Holdings Inc.	1.92B	65.96	-21.99	0.53%	-43.45%	-5.07%		4.24

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	23.08M	53.46M	100.16M	156.36M	206.11M	357.56M	454.27M	492.05M	394.82M
Revenue Growth %	-	1.32%	0.87%	0.56%	0.32%	0.73%	0.27%	0.08%	-0.2%
Cost of Goods Sold+	5.65M	9.05M	15.06M	20.24M	30.85M	53.59M	73.48M	80.71M	77.75M
COGS % of Revenue	0.24%	0.17%	0.15%	0.13%	0.15%	0.15%	0.16%	0.16%	0.2%
Gross Profit+	17.43M	44.4M	85.11M	136.12M	175.26M	303.97M	380.79M	411.34M	317.07M
Gross Margin %	0.76%	0.83%	0.85%	0.87%	0.85%	0.85%	0.84%	0.84%	0.8%
Gross Profit Growth %	-	1.55%	0.92%	0.6%	0.29%	0.73%	0.25%	0.08%	-0.23%
Operating Expenses+	16.75M	35.45M	53.62M	76.5M	102.42M	136.5M	182.93M	215.68M	204.53M
OpEx % of Revenue	0.73%	0.66%	0.54%	0.49%	0.5%	0.38%	0.4%	0.44%	0.52%
Selling, General & Admin	14.3M	32.88M	49.44M	70.81M	92.95M	127.76M	170.51M	202.27M	191.4M
SG&A % of Revenue	0.62%	0.62%	0.49%	0.45%	0.45%	0.36%	0.38%	0.41%	0.48%
Research & Development	2.46M	2.58M	4.18M	5.7M	9.47M	9.53M	12.43M	13.41M	13.14M
R&D % of Revenue	0.11%	0.05%	0.04%	0.04%	0.05%	0.03%	0.03%	0.03%	0.03%
Other Operating Expenses	0	0	0	0	0	-800K	0	0	0
Operating Income+	669K	8.95M	23.49M	59.62M	72.84M	167.48M	197.85M	195.66M	112.53M
Operating Margin %	0.03%	0.17%	0.23%	0.38%	0.35%	0.47%	0.44%	0.4%	0.29%
Operating Income Growth %	-	12.38%	1.62%	1.54%	0.22%	1.3%	0.18%	-0.01%	-0.42%
EBITDA+	820K	9.15M	23.67M	59.92M	73.26M	167.99M	198.53M	196.28M	113.26M
EBITDA Margin %	0.04%	0.17%	0.24%	0.38%	0.36%	0.47%	0.44%	0.4%	0.29%
EBITDA Growth %	-	10.16%	1.59%	1.53%	0.22%	1.29%	0.18%	-0.01%	-0.42%
D&A (Non-Cash Add-back)	151K	204K	184K	302K	416K	517K	680K	623K	728K
EBIT	669K	8.95M	31.49M	59.62M	72.84M	167.48M	197.85M	195.66M	112.53M
Net Interest Income+	0	849K	136K	2.42M	3.29M	525K	3.61M	21.61M	30.94M
Interest Income	1K	849K	136K	2.42M	3.29M	525K	3.61M	21.61M	30.94M
Interest Expense	0	0	0	0	0	0	0	0	0
Other Income/Expense	4K	849K	-7.86M	2.42M	3.29M	525K	3.61M	21.61M	30.94M
Pretax Income+	673K	9.8M	23.63M	62.04M	76.13M	168M	201.47M	217.27M	143.47M
Pretax Margin %	0.03%	0.18%	0.24%	0.4%	0.37%	0.47%	0.44%	0.44%	0.36%
Income Tax+	337K	980K	1.26M	883K	1.11M	2.93M	39.95M	19.35M	-37.81M
Effective Tax Rate %	0.5%	0.9%	0.95%	0.99%	0.99%	0.98%	0.8%	0.91%	1.26%
Net Income+	336K	8.82M	22.37M	61.15M	75.03M	164.97M	161.52M	197.92M	181.28M
Net Margin %	0.01%	0.16%	0.22%	0.39%	0.36%	0.46%	0.36%	0.4%	0.46%
Net Income Growth %	-	25.25%	1.54%	1.73%	0.23%	1.2%	-0.02%	0.23%	-0.08%
Net Income (Continuing)	336K	8.82M	22.36M	61.16M	75.03M	165.07M	161.52M	197.92M	181.28M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	183K	3.07M	1.41M	3.74M	1.51M	0	0	0	0
EPS (Diluted)+	0.01	0.14	0.35	0.80	0.89	1.92	1.89	2.30	2.25
EPS Growth %	-	-	1.5%	1.29%	0.11%	1.16%	-0.02%	0.22%	-0.02%
EPS (Basic)	0.01	0.14	0.35	1.05	1.04	2.03	1.96	2.37	2.29
Diluted Shares Outstanding	53.24M	63.95M	63.95M	76.12M	84.18M	86.02M	85.4M	85.95M	80.6M
Basic Shares Outstanding	60M	63.95M	63.95M	58.46M	72.11M	81.44M	82.48M	83.53M	79.31M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	14.3M	37.15M	77.76M	213.21M	289.59M	470.11M	629.37M	845.33M	714.45M
Cash & Short-Term Investments	8.28M	25.04M	61.3M	193.36M	260.53M	415.91M	547.38M	741.61M	596.47M
Cash Only	6.7M	17.59M	24.72M	44.73M	68.94M	68.14M	97.54M	144.41M	155.33M
Short-Term Investments	1.59M	7.45M	36.58M	148.63M	191.6M	347.78M	449.84M	597.19M	441.14M
Accounts Receivable	2.9M	7.07M	9.5M	10.44M	14.07M	24.77M	28.27M	43.63M	41.05M
Days Sales Outstanding	45.78	48.3	34.63	24.37	24.92	25.29	22.71	32.36	37.95
Inventory	2.76M	5.04M	6.96M	9.41M	14.98M	21.03M	39.9M	45.09M	59.55M
Days Inventory Outstanding	178.21	203	168.79	169.68	177.28	143.2	198.17	203.94	279.54
Other Current Assets	362K	0	0	0	0	0	0	0	0
Total Non-Current Assets+	2.19M	2.29M	3.29M	5.18M	6.17M	8.43M	15.04M	17.96M	71.22M
Property, Plant & Equipment	404K	346K	544K	2.3M	2.13M	5.72M	7.37M	12.08M	11.05M
Fixed Asset Turnover	57.13x	154.50x	184.12x	67.87x	96.54x	62.46x	61.63x	40.73x	35.72x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	1.14M	544K	600K	3.97M	600K	600K	700K	700K
Other Non-Current Assets	1.78M	1.14M	1.44M	374K	0	768K	3.97M	3.67M	3.18M
Total Assets+	16.49M	39.44M	81.06M	218.38M	295.76M	478.54M	644.41M	863.29M	785.67M
Asset Turnover	1.40x	1.36x	1.24x	0.72x	0.70x	0.75x	0.70x	0.57x	0.50x
Asset Growth %	-	1.39%	1.06%	1.69%	0.35%	0.62%	0.35%	0.34%	-0.09%
Total Current Liabilities+	7.37M	13.46M	29.43M	32.49M	35.03M	51.85M	82.02M	64.14M	69.85M
Accounts Payable	1.6M	3.06M	4.51M	3.7M	6.41M	8.78M	16.24M	13.97M	13.78M
Days Payables Outstanding	103.37	123.53	109.3	66.77	75.84	59.79	80.67	63.16	64.7
Short-Term Debt	0	0	0	0	880K	0	0	0	0
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	5.77M	4.22M	13.37M	13M	5.06M	26.82M	31.29M	33.49M	33.49M
Current Ratio	1.94x	2.76x	2.64x	6.56x	8.27x	9.07x	7.67x	13.18x	10.23x
Quick Ratio	1.57x	2.39x	2.41x	6.27x	7.84x	8.66x	7.19x	12.48x	9.38x
Cash Conversion Cycle	120.61	127.77	94.12	127.28	126.36	108.7	140.2	173.14	252.8
Total Non-Current Liabilities+	0	6.53M	6.95M	6.09M	5.26M	10.89M	7.77M	11.78M	12M
Long-Term Debt	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	744K	358K	3.31M	3.51M	6.61M	5.31M
Deferred Tax Liabilities	0	106K	11K	37K	0	0	0	0	0
Other Non-Current Liabilities	0	3.07M	2.96M	1.49M	2.91M	4.83M	303K	1.4M	3.36M
Total Liabilities	7.37M	19.99M	36.38M	38.58M	40.29M	62.74M	89.79M	75.91M	81.85M
Total Debt+	0	0	0	744K	1.24M	4.52M	4.96M	9.02M	7.82M
Net Debt	-6.7M	-17.59M	-24.72M	-43.98M	-67.7M	-63.62M	-92.58M	-135.39M	-147.51M
Debt / Equity	-	-	-	0.00x	0.00x	0.01x	0.01x	0.01x	0.01x
Debt / EBITDA	-	-	-	0.01x	0.02x	0.03x	0.02x	0.05x	0.07x
Net Debt / EBITDA	-8.17x	-1.92x	-1.04x	-0.73x	-0.92x	-0.38x	-0.47x	-0.69x	-1.30x
Interest Coverage	-	-	-	-	-	-	-	-	-
Total Equity+	9.1M	22.52M	44.68M	179.8M	255.47M	415.8M	554.62M	787.37M	703.81M
Equity Growth %	-	1.47%	0.98%	3.02%	0.42%	0.63%	0.33%	0.42%	-0.11%
Book Value per Share	0.17	0.35	0.70	2.36	3.03	4.83	6.49	9.16	8.73
Total Shareholders' Equity	8.92M	19.45M	43.26M	176.07M	253.96M	415.8M	554.62M	787.37M	703.81M
Common Stock	41K	74K	74K	93K	108K	239K	241K	245K	249K
Retained Earnings	3.15M	10.82M	32.97M	93.99M	169.02M	333.99M	495.51M	693.43M	874.7M
Treasury Stock	0	0	0	0	-17.22M	-39.8M	-82.44M	-82.44M	-367.82M
Accumulated OCI	166K	541K	66K	124K	356K	-1.32M	-7.49M	-1.68M	-340K
Minority Interest	183K	3.07M	1.41M	3.74M	1.51M	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3M	14.61M	36.89M	62.21M	79.22M	174.88M	181.58M	176.83M	132.66M
Operating CF Margin %	0.13%	0.27%	0.37%	0.4%	0.38%	0.49%	0.4%	0.36%	0.34%
Operating CF Growth %	-	3.88%	1.52%	0.69%	0.27%	1.21%	0.04%	-0.03%	-0.25%
Net Income	336K	8.82M	22.36M	61.16M	75.03M	165.07M	161.52M	197.92M	181.28M
Depreciation & Amortization	151K	204K	184K	302K	416K	517K	680K	623K	728K
Stock-Based Compensation	125K	2.44M	1.95M	1.56M	12.85M	11.96M	24.45M	23.6M	16.57M
Deferred Taxes	0	-580K	-592K	-594K	1.73M	-770K	84K	-184K	-55.18M
Other Non-Cash Items	337K	214K	8.19M	-754K	-178K	1.91M	-690K	-3.69M	-3.66M
Working Capital Changes	2.05M	3.52M	4.79M	537K	-10.61M	-3.81M	-4.47M	-41.44M	-7.07M
Change in Receivables	-1.04M	-2.7M	-571K	449K	-4.42M	-10.54M	-10.41M	-18.31M	251K
Change in Inventory	-368K	-2.34M	-1.89M	-2.44M	-5.58M	-6.04M	-18.87M	-5.2M	-14.45M
Change in Payables	0	1.51M	541K	92K	2.71M	2.37M	7.46M	-2.28M	-184K
Cash from Investing+	-426K	-5.68M	-29.74M	-112.45M	-43.3M	-160.11M	-109.47M	-136.06M	162.21M
Capital Expenditures	-188K	-189K	-381K	-693K	-463K	-939K	-1.57M	-705K	-669K
CapEx % of Revenue	0.01%	0%	0%	0%	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-238K	-5.5M	-29.36M	-18.91M	-20.89M	-3.91M	-20.61M	0	0
Cash from Financing+	53K	1.78M	186K	70.17M	-12.44M	-15.02M	-41.09M	5.5M	-282.77M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	53K	1.78M	186K	389K	0	0	1.55M	5.5M	2.61M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.81M	14.42M	36.51M	61.51M	78.76M	173.95M	180M	176.12M	132M
FCF Margin %	0.12%	0.27%	0.36%	0.39%	0.38%	0.49%	0.4%	0.36%	0.33%
FCF Growth %	-	4.14%	1.53%	0.69%	0.28%	1.21%	0.03%	-0.02%	-0.25%
FCF per Share	0.05	0.23	0.57	0.81	0.94	2.02	2.11	2.05	1.64
FCF Conversion (FCF/Net Income)	8.92x	1.66x	1.65x	1.02x	1.06x	1.06x	1.12x	0.89x	0.73x
Interest Paid	0	0	0	0	0	0	0	0	0
Taxes Paid	0	737K	1.8M	1.42M	217K	1.66M	25.84M	31.61M	17.69M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.69%	55.78%	66.59%	54.48%	34.47%	49.15%	33.29%	29.5%	24.31%
Return on Invested Capital (ROIC)	20.84%	183.05%	141.61%	57.41%	33.76%	46.53%	36.45%	26.35%	13.97%
Gross Margin	75.51%	83.06%	84.97%	87.06%	85.03%	85.01%	83.82%	83.6%	80.31%
Net Margin	1.46%	16.5%	22.33%	39.11%	36.4%	46.14%	35.56%	40.22%	45.91%
Debt / Equity	-	-	-	0.00x	0.00x	0.01x	0.01x	0.01x	0.01x
FCF Conversion	8.92x	1.66x	1.65x	1.02x	1.06x	1.06x	1.12x	0.89x	0.73x
Revenue Growth	-	131.59%	87.37%	56.11%	31.81%	73.49%	27.05%	8.32%	-19.76%

Revenue by Segment

	2022	2023
Capital Equipment	-	412.09M
Capital Equipment Growth	-	-

Revenue by Geography

	2022	2023
United States	298.61M	307.82M
United States Growth	-	3.08%
Other Country	106.39M	121.7M
Other Country Growth	-	14.39%
Europe	49.27M	62.53M
Europe Growth	-	26.91%

Frequently Asked Questions

Valuation & Price

InMode Ltd. (INMD) has a price-to-earnings (P/E) ratio of 6.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

InMode Ltd. (INMD) reported $364.5M in revenue for fiscal year 2024. This represents a 1479% increase from $23.1M in 2016.

InMode Ltd. (INMD) saw revenue decline by 19.8% over the past year.

Yes, InMode Ltd. (INMD) is profitable, generating $149.6M in net income for fiscal year 2024 (45.9% net margin).

Dividend & Returns

InMode Ltd. (INMD) has a return on equity (ROE) of 24.3%. This is excellent, indicating efficient use of shareholder capital.

InMode Ltd. (INMD) generated $97.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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InMode Ltd. (INMD) 10-Year Financial Performance & Capital Metrics

INMD • • Industrial / General

HealthcareMedical DevicesAesthetic & Reconstructive DevicesBreast Implants & Aesthetic Devices

Revenue $395M -19.8%
EBITDA $113M -42.3%
Net Income $181M -8.4%
EPS (Diluted) 2.25 -2.2%
Gross Margin 80.31% -3.9%
EBITDA Margin 28.69% -28.1%
Operating Margin 28.5% -28.3%
Net Margin 45.91% +14.1%
ROE 24.31% -17.6%
ROIC 13.97% -47.0%
Debt/Equity 0.01 -3.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 29.0%
✓Strong 5Y profit CAGR of 24.3%
✓FCF machine: 33.4% free cash flow margin
✓Strong 5Y sales CAGR of 20.4%
✓Share count reduced 6.2% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y20.35%

3Y3.36%

TTM-13.98%

Profit (Net Income) CAGR

10Y-

5Y24.28%

3Y3.19%

TTM-2.66%

EPS CAGR

10Y-

5Y22.98%

3Y5.43%

TTM16.76%

ROCE

10Y Avg37.11%

5Y Avg32.99%

3Y Avg27.87%

Latest14.86%

Peer Comparison

Breast Implants & Aesthetic Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INMDInMode Ltd.	888.09M	14.05	6.24	-19.76%	41.04%	22.89%	14.86%	0.01
RCELAVITA Medical, Inc.	105.51M	3.46	-1.45	28.14%	-68.87%	-230.96%		10.22
SSKNSTRATA Skin Sciences, Inc.	7.6M	1.29	-4.96	0.61%	-35.64%	-8.4%		3.31
ESTAEstablishment Labs Holdings Inc.	1.92B	65.96	-21.99	0.53%	-43.45%	-5.07%		4.24

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	23.08M	53.46M	100.16M	156.36M	206.11M	357.56M	454.27M	492.05M	394.82M
Revenue Growth %	-	1.32%	0.87%	0.56%	0.32%	0.73%	0.27%	0.08%	-0.2%
Cost of Goods Sold+	5.65M	9.05M	15.06M	20.24M	30.85M	53.59M	73.48M	80.71M	77.75M
COGS % of Revenue	0.24%	0.17%	0.15%	0.13%	0.15%	0.15%	0.16%	0.16%	0.2%
Gross Profit+	17.43M	44.4M	85.11M	136.12M	175.26M	303.97M	380.79M	411.34M	317.07M
Gross Margin %	0.76%	0.83%	0.85%	0.87%	0.85%	0.85%	0.84%	0.84%	0.8%
Gross Profit Growth %	-	1.55%	0.92%	0.6%	0.29%	0.73%	0.25%	0.08%	-0.23%
Operating Expenses+	16.75M	35.45M	53.62M	76.5M	102.42M	136.5M	182.93M	215.68M	204.53M
OpEx % of Revenue	0.73%	0.66%	0.54%	0.49%	0.5%	0.38%	0.4%	0.44%	0.52%
Selling, General & Admin	14.3M	32.88M	49.44M	70.81M	92.95M	127.76M	170.51M	202.27M	191.4M
SG&A % of Revenue	0.62%	0.62%	0.49%	0.45%	0.45%	0.36%	0.38%	0.41%	0.48%
Research & Development	2.46M	2.58M	4.18M	5.7M	9.47M	9.53M	12.43M	13.41M	13.14M
R&D % of Revenue	0.11%	0.05%	0.04%	0.04%	0.05%	0.03%	0.03%	0.03%	0.03%
Other Operating Expenses	0	0	0	0	0	-800K	0	0	0
Operating Income+	669K	8.95M	23.49M	59.62M	72.84M	167.48M	197.85M	195.66M	112.53M
Operating Margin %	0.03%	0.17%	0.23%	0.38%	0.35%	0.47%	0.44%	0.4%	0.29%
Operating Income Growth %	-	12.38%	1.62%	1.54%	0.22%	1.3%	0.18%	-0.01%	-0.42%
EBITDA+	820K	9.15M	23.67M	59.92M	73.26M	167.99M	198.53M	196.28M	113.26M
EBITDA Margin %	0.04%	0.17%	0.24%	0.38%	0.36%	0.47%	0.44%	0.4%	0.29%
EBITDA Growth %	-	10.16%	1.59%	1.53%	0.22%	1.29%	0.18%	-0.01%	-0.42%
D&A (Non-Cash Add-back)	151K	204K	184K	302K	416K	517K	680K	623K	728K
EBIT	669K	8.95M	31.49M	59.62M	72.84M	167.48M	197.85M	195.66M	112.53M
Net Interest Income+	0	849K	136K	2.42M	3.29M	525K	3.61M	21.61M	30.94M
Interest Income	1K	849K	136K	2.42M	3.29M	525K	3.61M	21.61M	30.94M
Interest Expense	0	0	0	0	0	0	0	0	0
Other Income/Expense	4K	849K	-7.86M	2.42M	3.29M	525K	3.61M	21.61M	30.94M
Pretax Income+	673K	9.8M	23.63M	62.04M	76.13M	168M	201.47M	217.27M	143.47M
Pretax Margin %	0.03%	0.18%	0.24%	0.4%	0.37%	0.47%	0.44%	0.44%	0.36%
Income Tax+	337K	980K	1.26M	883K	1.11M	2.93M	39.95M	19.35M	-37.81M
Effective Tax Rate %	0.5%	0.9%	0.95%	0.99%	0.99%	0.98%	0.8%	0.91%	1.26%
Net Income+	336K	8.82M	22.37M	61.15M	75.03M	164.97M	161.52M	197.92M	181.28M
Net Margin %	0.01%	0.16%	0.22%	0.39%	0.36%	0.46%	0.36%	0.4%	0.46%
Net Income Growth %	-	25.25%	1.54%	1.73%	0.23%	1.2%	-0.02%	0.23%	-0.08%
Net Income (Continuing)	336K	8.82M	22.36M	61.16M	75.03M	165.07M	161.52M	197.92M	181.28M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	183K	3.07M	1.41M	3.74M	1.51M	0	0	0	0
EPS (Diluted)+	0.01	0.14	0.35	0.80	0.89	1.92	1.89	2.30	2.25
EPS Growth %	-	-	1.5%	1.29%	0.11%	1.16%	-0.02%	0.22%	-0.02%
EPS (Basic)	0.01	0.14	0.35	1.05	1.04	2.03	1.96	2.37	2.29
Diluted Shares Outstanding	53.24M	63.95M	63.95M	76.12M	84.18M	86.02M	85.4M	85.95M	80.6M
Basic Shares Outstanding	60M	63.95M	63.95M	58.46M	72.11M	81.44M	82.48M	83.53M	79.31M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	14.3M	37.15M	77.76M	213.21M	289.59M	470.11M	629.37M	845.33M	714.45M
Cash & Short-Term Investments	8.28M	25.04M	61.3M	193.36M	260.53M	415.91M	547.38M	741.61M	596.47M
Cash Only	6.7M	17.59M	24.72M	44.73M	68.94M	68.14M	97.54M	144.41M	155.33M
Short-Term Investments	1.59M	7.45M	36.58M	148.63M	191.6M	347.78M	449.84M	597.19M	441.14M
Accounts Receivable	2.9M	7.07M	9.5M	10.44M	14.07M	24.77M	28.27M	43.63M	41.05M
Days Sales Outstanding	45.78	48.3	34.63	24.37	24.92	25.29	22.71	32.36	37.95
Inventory	2.76M	5.04M	6.96M	9.41M	14.98M	21.03M	39.9M	45.09M	59.55M
Days Inventory Outstanding	178.21	203	168.79	169.68	177.28	143.2	198.17	203.94	279.54
Other Current Assets	362K	0	0	0	0	0	0	0	0
Total Non-Current Assets+	2.19M	2.29M	3.29M	5.18M	6.17M	8.43M	15.04M	17.96M	71.22M
Property, Plant & Equipment	404K	346K	544K	2.3M	2.13M	5.72M	7.37M	12.08M	11.05M
Fixed Asset Turnover	57.13x	154.50x	184.12x	67.87x	96.54x	62.46x	61.63x	40.73x	35.72x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	1.14M	544K	600K	3.97M	600K	600K	700K	700K
Other Non-Current Assets	1.78M	1.14M	1.44M	374K	0	768K	3.97M	3.67M	3.18M
Total Assets+	16.49M	39.44M	81.06M	218.38M	295.76M	478.54M	644.41M	863.29M	785.67M
Asset Turnover	1.40x	1.36x	1.24x	0.72x	0.70x	0.75x	0.70x	0.57x	0.50x
Asset Growth %	-	1.39%	1.06%	1.69%	0.35%	0.62%	0.35%	0.34%	-0.09%
Total Current Liabilities+	7.37M	13.46M	29.43M	32.49M	35.03M	51.85M	82.02M	64.14M	69.85M
Accounts Payable	1.6M	3.06M	4.51M	3.7M	6.41M	8.78M	16.24M	13.97M	13.78M
Days Payables Outstanding	103.37	123.53	109.3	66.77	75.84	59.79	80.67	63.16	64.7
Short-Term Debt	0	0	0	0	880K	0	0	0	0
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	5.77M	4.22M	13.37M	13M	5.06M	26.82M	31.29M	33.49M	33.49M
Current Ratio	1.94x	2.76x	2.64x	6.56x	8.27x	9.07x	7.67x	13.18x	10.23x
Quick Ratio	1.57x	2.39x	2.41x	6.27x	7.84x	8.66x	7.19x	12.48x	9.38x
Cash Conversion Cycle	120.61	127.77	94.12	127.28	126.36	108.7	140.2	173.14	252.8
Total Non-Current Liabilities+	0	6.53M	6.95M	6.09M	5.26M	10.89M	7.77M	11.78M	12M
Long-Term Debt	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	744K	358K	3.31M	3.51M	6.61M	5.31M
Deferred Tax Liabilities	0	106K	11K	37K	0	0	0	0	0
Other Non-Current Liabilities	0	3.07M	2.96M	1.49M	2.91M	4.83M	303K	1.4M	3.36M
Total Liabilities	7.37M	19.99M	36.38M	38.58M	40.29M	62.74M	89.79M	75.91M	81.85M
Total Debt+	0	0	0	744K	1.24M	4.52M	4.96M	9.02M	7.82M
Net Debt	-6.7M	-17.59M	-24.72M	-43.98M	-67.7M	-63.62M	-92.58M	-135.39M	-147.51M
Debt / Equity	-	-	-	0.00x	0.00x	0.01x	0.01x	0.01x	0.01x
Debt / EBITDA	-	-	-	0.01x	0.02x	0.03x	0.02x	0.05x	0.07x
Net Debt / EBITDA	-8.17x	-1.92x	-1.04x	-0.73x	-0.92x	-0.38x	-0.47x	-0.69x	-1.30x
Interest Coverage	-	-	-	-	-	-	-	-	-
Total Equity+	9.1M	22.52M	44.68M	179.8M	255.47M	415.8M	554.62M	787.37M	703.81M
Equity Growth %	-	1.47%	0.98%	3.02%	0.42%	0.63%	0.33%	0.42%	-0.11%
Book Value per Share	0.17	0.35	0.70	2.36	3.03	4.83	6.49	9.16	8.73
Total Shareholders' Equity	8.92M	19.45M	43.26M	176.07M	253.96M	415.8M	554.62M	787.37M	703.81M
Common Stock	41K	74K	74K	93K	108K	239K	241K	245K	249K
Retained Earnings	3.15M	10.82M	32.97M	93.99M	169.02M	333.99M	495.51M	693.43M	874.7M
Treasury Stock	0	0	0	0	-17.22M	-39.8M	-82.44M	-82.44M	-367.82M
Accumulated OCI	166K	541K	66K	124K	356K	-1.32M	-7.49M	-1.68M	-340K
Minority Interest	183K	3.07M	1.41M	3.74M	1.51M	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3M	14.61M	36.89M	62.21M	79.22M	174.88M	181.58M	176.83M	132.66M
Operating CF Margin %	0.13%	0.27%	0.37%	0.4%	0.38%	0.49%	0.4%	0.36%	0.34%
Operating CF Growth %	-	3.88%	1.52%	0.69%	0.27%	1.21%	0.04%	-0.03%	-0.25%
Net Income	336K	8.82M	22.36M	61.16M	75.03M	165.07M	161.52M	197.92M	181.28M
Depreciation & Amortization	151K	204K	184K	302K	416K	517K	680K	623K	728K
Stock-Based Compensation	125K	2.44M	1.95M	1.56M	12.85M	11.96M	24.45M	23.6M	16.57M
Deferred Taxes	0	-580K	-592K	-594K	1.73M	-770K	84K	-184K	-55.18M
Other Non-Cash Items	337K	214K	8.19M	-754K	-178K	1.91M	-690K	-3.69M	-3.66M
Working Capital Changes	2.05M	3.52M	4.79M	537K	-10.61M	-3.81M	-4.47M	-41.44M	-7.07M
Change in Receivables	-1.04M	-2.7M	-571K	449K	-4.42M	-10.54M	-10.41M	-18.31M	251K
Change in Inventory	-368K	-2.34M	-1.89M	-2.44M	-5.58M	-6.04M	-18.87M	-5.2M	-14.45M
Change in Payables	0	1.51M	541K	92K	2.71M	2.37M	7.46M	-2.28M	-184K
Cash from Investing+	-426K	-5.68M	-29.74M	-112.45M	-43.3M	-160.11M	-109.47M	-136.06M	162.21M
Capital Expenditures	-188K	-189K	-381K	-693K	-463K	-939K	-1.57M	-705K	-669K
CapEx % of Revenue	0.01%	0%	0%	0%	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-238K	-5.5M	-29.36M	-18.91M	-20.89M	-3.91M	-20.61M	0	0
Cash from Financing+	53K	1.78M	186K	70.17M	-12.44M	-15.02M	-41.09M	5.5M	-282.77M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	53K	1.78M	186K	389K	0	0	1.55M	5.5M	2.61M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.81M	14.42M	36.51M	61.51M	78.76M	173.95M	180M	176.12M	132M
FCF Margin %	0.12%	0.27%	0.36%	0.39%	0.38%	0.49%	0.4%	0.36%	0.33%
FCF Growth %	-	4.14%	1.53%	0.69%	0.28%	1.21%	0.03%	-0.02%	-0.25%
FCF per Share	0.05	0.23	0.57	0.81	0.94	2.02	2.11	2.05	1.64
FCF Conversion (FCF/Net Income)	8.92x	1.66x	1.65x	1.02x	1.06x	1.06x	1.12x	0.89x	0.73x
Interest Paid	0	0	0	0	0	0	0	0	0
Taxes Paid	0	737K	1.8M	1.42M	217K	1.66M	25.84M	31.61M	17.69M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.69%	55.78%	66.59%	54.48%	34.47%	49.15%	33.29%	29.5%	24.31%
Return on Invested Capital (ROIC)	20.84%	183.05%	141.61%	57.41%	33.76%	46.53%	36.45%	26.35%	13.97%
Gross Margin	75.51%	83.06%	84.97%	87.06%	85.03%	85.01%	83.82%	83.6%	80.31%
Net Margin	1.46%	16.5%	22.33%	39.11%	36.4%	46.14%	35.56%	40.22%	45.91%
Debt / Equity	-	-	-	0.00x	0.00x	0.01x	0.01x	0.01x	0.01x
FCF Conversion	8.92x	1.66x	1.65x	1.02x	1.06x	1.06x	1.12x	0.89x	0.73x
Revenue Growth	-	131.59%	87.37%	56.11%	31.81%	73.49%	27.05%	8.32%	-19.76%

Revenue by Segment

	2022	2023
Capital Equipment	-	412.09M
Capital Equipment Growth	-	-

Revenue by Geography

	2022	2023
United States	298.61M	307.82M
United States Growth	-	3.08%
Other Country	106.39M	121.7M
Other Country Growth	-	14.39%
Europe	49.27M	62.53M
Europe Growth	-	26.91%

Frequently Asked Questions

Valuation & Price

InMode Ltd. (INMD) has a price-to-earnings (P/E) ratio of 6.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

InMode Ltd. (INMD) reported $364.5M in revenue for fiscal year 2024. This represents a 1479% increase from $23.1M in 2016.

InMode Ltd. (INMD) saw revenue decline by 19.8% over the past year.

Yes, InMode Ltd. (INMD) is profitable, generating $149.6M in net income for fiscal year 2024 (45.9% net margin).

Dividend & Returns

InMode Ltd. (INMD) has a return on equity (ROE) of 24.3%. This is excellent, indicating efficient use of shareholder capital.

InMode Ltd. (INMD) generated $97.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.