20-F: InMode Reports FY2025 Revenue Decline Amid Market Slowdown

Sentiment:

Annual Report 10 February 2026 7:33 AM

InMode Ltd. reported a 6% revenue decrease to $370.5 million for fiscal year 2025, driven by reduced demand for aesthetic procedures, despite new product introductions and international growth.

Worse than expectedTotal revenues decreased by 6% year-over-year.Net income decreased by 48.3% year-over-year.Gross margin decreased from 80% to 79%.Operating income decreased by 24.1% year-over-year.U.S. revenues decreased by 18.9%.Finance income, net, decreased by 19.4%.Income taxes shifted from a benefit of $37.8 million in FY2024 to an expense of $16.5 million in FY2025.

Summary

Total revenues decreased by 6% to $370.5 million for the year ended December 31, 2025, compared to $394.8 million in the prior year.
Net income significantly decreased to $93.9 million in FY2025 from $181.3 million in FY2024.
Gross margin decreased to 79% in FY2025 from 80% in FY2024, primarily due to increased freight costs and a different sales mix.
U.S. revenues decreased by 18.9% to $198.7 million, attributed to an overall slowdown in demand for aesthetic procedures and a challenging financing market.
International revenues increased by 14.5% to $171.8 million, driven by increased sales in Europe and Asia.
Sales of minimally invasive platforms decreased by $55.0 million (15.9%) worldwide, while hands-free platforms decreased by $12.7 million (63.2%).
Sales of non-invasive platforms increased by $43.4 million (141.3%), mainly due to the introduction of two new products in 2025: ApexRF and Solaria.
Revenues from consumables and extended warranties increased by approximately 3% compared to the prior year.
The company completed a share repurchase program in April 2025, purchasing 6.95 million ordinary shares at an average price of $18.337.
An ongoing patent infringement lawsuit against BTL Industries Ltd. saw the Patent Trial and Appeal Board (PTAB) find all claims of InMode's '511 patent valid, though BTL has appealed.
A securities class action lawsuit against the company and certain officers/directors is ongoing, with the company having filed a motion to dismiss the second amended complaint.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a challenging period for InMode, marked by significant declines in revenue, net income, and gross margin, particularly in the crucial U.S. market. While international growth and new product introductions offer some positives, the overall financial performance indicates a contraction.

Positives

Introduced two new product platforms in 2025, Luxora and ApexRF, expanding the product portfolio.
International revenues showed strong growth, increasing by 14.5% to $171.8 million in FY2025.
Revenues from consumables and extended warranties increased by approximately 3%, indicating a growing recurring revenue stream.
The Patent Trial and Appeal Board (PTAB) issued a final written decision finding all claims of the company's U.S. Patent No. 8,961,511 valid in the litigation against BTL Industries Ltd.
Maintains a global installed base of approximately 30,900 product platforms as of December 31, 2025.
Possesses a strong portfolio of over 110 peer-reviewed publications and 11 ongoing third-party clinical studies supporting product efficacy.
Holds 37 FDA clearances and is permitted to sell products in approximately 90 countries, demonstrating broad regulatory approval.
Cash and cash equivalents significantly increased to $302.5 million at the end of FY2025 from $155.3 million in FY2024.
The company's management team has significant expertise and a proven track record in the medical aesthetics industry.

Negatives

Total revenues decreased by $24.3 million, or 6%, to $370.5 million in FY2025.
Net income decreased by $87.4 million, or 48.3%, to $93.8 million in FY2025.
Gross margin decreased to 79% in FY2025 from 80% in FY2024.
Operating income decreased by $27.1 million, or 24.1%, to $85.4 million in FY2025.
U.S. revenues decreased by $46.1 million, or 18.9%, attributed to an overall slowdown in demand for aesthetic procedures and a challenging financing market.
Sales of minimally invasive platforms decreased by $55.0 million (15.9%) and hands-free platforms decreased by $12.7 million (63.2%) worldwide.
Finance income, net, decreased by $6.0 million, or 19.4%, primarily due to a $12.0 million decrease in interest income from investments.
Income taxes shifted from a benefit of $37.8 million in FY2024 to an expense of $16.5 million in FY2025, largely due to the recognition of a deferred tax asset in the prior year.

Risks

Success depends on market acceptance of products and sufficient demand for elective aesthetic procedures, which are influenced by consumer disposable income and confidence.
Reliance on sales professionals; inability to hire, effectively train, manage, improve productivity, and retain them could harm future revenue and profitability.
Product liability suits due to defective material, design, or misuse of products could result in expensive litigation, substantial damages, and increased insurance rates.
Extensive and continuing regulatory compliance obligations in the United States and other countries; failure to meet these obligations could adversely harm the business.
Outsourcing almost all manufacturing to a small number of Israeli subcontractors; interruptions or orders exceeding capacity could delay product delivery.
Operating costs and business operations could be adversely affected by climate-related events and increasing regulatory requirements and security.
Inability to protect intellectual property rights could harm the competitive position, as success depends largely on proprietary technology.
Third parties have commenced and may in the future commence litigation claiming patent or other intellectual property infringement.
Failure to obtain and maintain necessary FDA clearances for products, or delays in clearances for future products and proposed indications, could harm commercial operations.
As a foreign private issuer, the company is exempt from certain U.S. securities laws and Nasdaq corporate governance rules, which may limit information available to shareholders.
The medical aesthetic solutions market is highly competitive and dynamic, with rapid technological development and product innovations.
Competition from equivalent or superior products and technologies offered by competitors, including pharmaceutical alternatives, could diminish demand.
Inability to continue to develop and commercialize new products and identify new markets for technologies may lead to loss of competitiveness and reduced revenues.
Reliance on a limited number of suppliers, contract manufacturers, and logistics partners makes the company vulnerable to supply shortages, price fluctuations, or performance degradations.
Political, economic, and military instability in Israel and the ongoing Israel-Hamas war and other regional conflicts could impede operations, manufacturing, and delivery, and harm financial results.
Limited business in Russia poses some degree of sanctions risk that cannot be entirely eliminated.
Components used in products are complex; defects may not be discovered prior to shipment, leading to warranty obligations and increased costs.
Potential for misuse of products by inadequately trained practitioners could harm reputation and expose the company to costly product liability litigation.
Incorrect sales forecasts may lead to either shipment delays or increased costs due to inventory management challenges.
Under applicable employment laws, the company may be unable to enforce covenants not to compete, potentially allowing competitors to benefit from former employees' expertise.
The expense and potential unavailability of insurance coverage for customers and the company could adversely affect the ability to sell products and financial condition.
Outbreaks of contagious disease or similar public health threats could materially and adversely affect business, financial condition, and results of operations.
Global economic and social conditions may adversely affect business, financial condition, and results of operations, particularly for elective procedures.
Exchange rate fluctuations may decrease earnings if currency exchange risks are not successfully hedged.
Cyber-attacks, as well as improper disclosure or control of personal information, could result in liability and harm reputation.
Subject to numerous foreign, federal, and state healthcare statutes and regulations; failure to comply could result in a material adverse effect.
Subject to anti-bribery, corruption, anti-money laundering, export control, customs, and sanctions laws; failure to comply could result in civil or criminal penalties.
The price of ordinary shares may be volatile, and future sales by shareholders could reduce the price.
U.S. investors could suffer adverse tax consequences if the company is characterized as a passive foreign investment company (PFIC).
Failure to maintain an effective system of internal control over financial reporting could lead to inaccurate financial reports or fraud.
Provisions of amended and restated articles of association and Israeli law may delay, prevent, or make difficult a merger or acquisition.
Shareholder rights and responsibilities are governed by Israeli law, which differs in some material respects from U.S. companies.

Future Outlook

The company anticipates capital expenditures in 2026 to be up to $1 million, financed from existing cash. It expects revenues from consumables and extended warranties to increase as the installed base grows and plans to continue investing in research and development, expanding its sales force, and introducing next-generation products. The company intends to expand its product line to reach new customer segments, such as ENTs, ophthalmologists, general practitioners, and aesthetic clinicians, and may pursue targeted business development opportunities, including acquisitions and strategic partnerships. The company expects pressure on its gross margin due to increased costs and sales of more expensive laser-based devices. The ApexRF product is currently intended for launch in Europe during 2026, and a new platform for snoring and rhinitis treatment for ENT specialists is in the concept design phase. The Board of Directors regularly evaluates strategic direction and considers various alternatives to enhance long-term shareholder value.

Management Comments

"We believe our radio frequency, or RF, energy-based proprietary technologies... represent a paradigm shift in the minimally invasive aesthetic solutions market."
"We believe our products, developed with our proprietary RF energy-based technologies, overcome many of the shortcomings of other surgical options by delivering surgical-grade results under local anesthetics while significantly minimizing risks of scarring, downtime, pain and other complications typically accompanying surgical procedures."
"We believe our focus on establishing clinical evidence for the efficacy of our products has been important for adoption by our surgically trained customers, who are accustomed to seeing extensive clinical data in their non-aesthetic practices."
"We believe that we provide one of the most extensive training and ongoing support programs available to physicians throughout the aesthetic solutions market."
"We attribute the growing commercial success of our platforms and products to... Pioneer of the minimally invasive aesthetic solutions market, Strong brand recognition, Provide comprehensive solutions for physicians and patients, Broad regulatory approvals supported by extensive clinical data, Strong management team with proven track record."
"We believe our ability to bring new products to market and continuously innovate is a distinct competitive advantage."
"We believe that introducing new product platforms is important in order to satisfy consumer demand and respond to evolving technological developments and consumer needs."
"We believe our technology is the first RF-based, non-invasive body contouring technology that permanently destroys adipose tissue while simultaneously contracting the skin."
"We believe Triton is the only FDA-cleared, single-pulse, dual wavelength product for permanent hair reduction."
"We believe our controlled continuous RF technology is the first auto-adjusting non-invasive thermal skin treating technology for deep and uniform tissue stimulation."
"We believe our depot service and support model provides for more efficient and less costly operations."
"We believe our outsourced manufacturers processes comply with all applicable U.S. and international quality and safety standards."
"We believe our current office space is sufficient to meet our anticipated needs for the foreseeable future and is suitable for the conduct of our business."
"We believe that the U.S. dollar is the primary currency of the economic environment we operate in."
"We believe our employee relations are good."

Industry Context

StockSavvy.ai notes that InMode operates in the highly competitive and dynamic medical aesthetics market, characterized by rapid technological development and product innovation. The company's focus on RF energy-based minimally invasive and non-invasive solutions positions it against both traditional surgical procedures and other energy-based device providers. The reported slowdown in demand for aesthetic procedures, particularly in the U.S., reflects broader economic sensitivities affecting elective procedures, which are typically not covered by insurance. The company's strategy to expand its customer base beyond traditional plastic surgeons and dermatologists to include specialists like ENTs and urologists, and its continuous investment in R&D for new applications, indicates an effort to diversify revenue streams and capture new market segments in a maturing industry. The emphasis on clinical evidence and post-sales support is a critical differentiator in a market often driven by marketing claims.

Comparison to Industry Standards

InMode competes against public companies such as AbbVie Inc., Apyx Medical Corporation, Venus Concept Inc., BTL Aesthetics, Inc., Sisram Medical Ltd, and Sofwave Medical Ltd.
The company also faces competition from private companies like Cutera, Inc., Cynosure LLC, Lumenis Ltd., and Candela Medical Inc.
InMode's products compete with conventional medical aesthetic treatments including Botox, hyaluronic acid injections, collagen injections, and surgical procedures like face lifts and liposuction.
The gross margin of 79% in FY2025, while a slight decrease from previous years, remains strong compared to many medical device companies, suggesting efficient cost management or premium pricing power within its niche.
The global installed base of approximately 30,900 product platforms indicates a significant market presence, comparable to established players in the energy-based aesthetic device sector.
The company's 37 FDA clearances and ability to sell in approximately 90 countries demonstrate a broad regulatory footprint, which is a competitive advantage against smaller, regional players.
The ongoing patent litigation with BTL Industries Ltd. highlights the intense intellectual property competition prevalent within the medical aesthetics industry.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
President, North America	NA	Michael Dennison	September 2025	Appointment to new role, previously served in various sales management positions within the company.
Chairman of the Board of Directors	Moshe Mizrahy	Dr. Michael Anghel	July 25, 2024	Appointment to new role, Moshe Mizrahy served as Chairman from 2008 to July 2024.
Director	NA	Mr. Nadav Kenneth	April 2024	Appointment to the board of directors.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Home Country Practice Exemption Quorum	The quorum required for an ordinary meeting of shareholders consists of at least two shareholders present in person or by proxy holding at least 25% of the voting power, instead of the 33 1/3% required under Nasdaq rules.	NA	May make it easier to achieve a quorum for shareholder meetings, potentially allowing resolutions to pass with fewer shareholders present than under Nasdaq's standard.
Home Country Practice Exemption Nomination of Directors	Nominations for directors are generally made by the Board of Directors or a duly authorized committee thereof, or by shareholders, but not necessarily by a nominating committee consisting solely of independent directors, as required under Nasdaq rules.	NA	Provides the Board with more flexibility in the director nomination process, potentially reducing the influence of independent directors in this specific area compared to U.S. domestic issuers.
Home Country Practice Exemption Compensation Committee	The purpose, responsibilities, and membership qualifications of the compensation committee are governed by the Companies Law, rather than Nasdaq rules. There are no specific independence evaluation requirements for outside consultants.	NA	Allows the company to adhere to Israeli legal frameworks for compensation committee operations, which may differ from Nasdaq's more stringent independence requirements for committee members and consultants.
Home Country Practice Exemption Compensation of Officers	The company complies with Israeli law requirements for the approval of officer compensation, which may differ from Nasdaq rules.	NA	Ensures compliance with Israeli corporate law regarding executive compensation, potentially allowing for different structures or approval processes than those typically seen in U.S. domestic issuers.
Home Country Practice Exemption Proxy Statements	The company does not comply with certain Nasdaq rules regarding the provision of proxy statements for general meetings of shareholders, relying on Israeli corporate law which does not have a regulatory regime for proxy solicitation.	NA	Shareholders may receive less detailed information or different formats of communication regarding general meetings compared to shareholders of U.S. domestic issuers.
Home Country Practice Exemption Shareholder Approval	The company does not comply with certain Nasdaq rules (Rule 5635) regarding shareholder approval for certain issuances of securities, instead seeking approval under the Companies Law.	NA	The Board of Directors has more authority to issue securities without shareholder approval than would be permitted for a U.S. domestic issuer under Nasdaq rules, potentially leading to greater dilution risk for shareholders in certain circumstances.
Home Country Practice Exemption Executive Sessions	The company does not comply with certain Nasdaq rules regarding regularly scheduled meetings at which only independent directors are present.	NA	Independent directors may have fewer formal opportunities for private discussions without management present compared to U.S. domestic issuers.
Home Country Practice Exemption Approval of Related Party Transactions	All related party transactions are approved in accordance with the requirements and procedures of the Companies Law, which involve the audit or compensation committee, board of directors, and shareholders as applicable, rather than solely by an independent body as required by Nasdaq rules.	NA	The approval process for related party transactions follows Israeli legal frameworks, which may involve different levels of oversight and shareholder involvement than Nasdaq's requirements for U.S. domestic issuers.
Home Country Practice Exemption Third Party Director Compensation	The company follows Israeli law requirements for director and executive officer compensation disclosure, which does not require disclosure of third-party compensation for directors or nominees.	NA	Shareholders may have less transparency regarding the full scope of compensation received by directors from third parties compared to U.S. domestic issuers.
Home Country Practice Exemption Annual Shareholders Meeting	The company is required to hold an annual shareholder meeting each calendar year and within 15 months of the last annual shareholders meeting, as per the Companies Law, differing from Nasdaq's rule of within one year of the fiscal year-end.	NA	Provides slightly more flexibility in scheduling annual meetings, but may result in longer intervals between shareholder engagements than for U.S. domestic issuers.
Internal Control Over Financial Reporting	Management concluded that the internal control over financial reporting was effective as of December 31, 2025, based on COSO criteria, and this effectiveness has been audited by the independent registered public accounting firm.	December 31, 2025	Indicates a robust system for financial reporting reliability, enhancing investor confidence in the accuracy of financial statements.
Cybersecurity Risk Management Program	The company has developed and maintained a cybersecurity risk management program, including policies, procedures, compliance, and awareness programs to mitigate risk and ensure compliance with SOC 2 principles. Oversight is by the Chief Information Officer and the audit and investment committee.	NA	Demonstrates proactive measures to protect sensitive data and systems, which is crucial for maintaining operational integrity and customer trust in an increasingly digital environment.

Legal Proceedings

**Patent Infringement Lawsuit**: On October 11, 2023, InMode filed a complaint against BTL Industries Ltd. alleging infringement of U.S. Patent No. 8,961,511. The litigation was transferred to the District of Massachusetts in December 2024. On October 1, 2025, the Patent Trial and Appeal Board (PTAB) issued a final written decision finding all claims of the '511 patent valid. BTL has appealed this decision to the Federal Circuit. The district court litigation is proceeding towards a final pre-trial conference on January 28, 2027, with ongoing settlement discussions.
**Securities Class Action**: On February 14, 2024, a purported shareholder filed a class action lawsuit against InMode and certain officers and directors, alleging claims under Sections 10(b) and 20(a) of the Exchange Act based on allegedly false or misleading statements related to the company's business, operations, sales practices, and financial outlook between February 18, 2020, and December 6, 2023. An amended complaint was filed on January 31, 2025. On April 11, 2025, the company filed a motion to dismiss. On September 12, 2025, the Court dismissed 19 of the 24 challenged statements and allowed repleading. A second amended complaint was filed on October 14, 2025, and the company filed another motion to dismiss on December 5, 2025. Lead plaintiffs filed an opposition on January 26, 2026, with the company's reply due by February 26, 2026. The company is currently unable to estimate a range of loss, if any, that could result from an adverse final decision.

Related Party Transactions

The company received investment portfolio management services from Himalaya Family Office Consulting Ltd., where Moshe Mizrahy (Chief Executive Officer and Director) is a minor shareholder and board member. Expenses related to these services amounted to $62 thousand for the year ended December 31, 2025.

Stakeholder Impact

**Shareholders**: Face potential share price volatility due to significant declines in revenue and net income, ongoing litigation, and the company's foreign private issuer status which entails less frequent reporting compared to U.S. domestic issuers.
**Employees**: May be affected by potential military reserve service call-ups in Israel due to regional instability, impacting workforce availability.
**Customers (Physicians/Practitioners)**: Benefit from new product introductions (Luxora, ApexRF) and extensive post-sales training and support, but their demand for products is sensitive to economic slowdowns and challenging financing markets, particularly in the U.S.
**Suppliers/Subcontractors**: The company's reliance on a limited number of Israeli subcontractors and third-party suppliers creates vulnerability to operational interruptions, regional conflicts, and supply chain disruptions.
**Regulatory Authorities**: The company is subject to extensive and continuing regulatory compliance obligations from bodies like the FDA, CE mark, and the Israeli Ministry of Health, requiring continuous adherence to evolving standards.

Next Steps

Anticipate capital expenditures in 2026 to be up to $1 million, financed from existing cash and cash equivalents.
Continue to expand the direct sales organization and distribution network globally to broaden product adoption and market penetration.
Further penetrate the existing customer base and drive recurring revenues from consumables and extended warranties.
Leverage existing technology to expand into new minimally and non-invasive applications, with an active research and development pipeline.
Expand the customer base beyond traditional customers to include OB/GYNs, ENTs, ophthalmologists, general practitioners, and aesthetic clinicians.
Actively pursue business development opportunities, including acquisitions of technologies and strategic partnerships.
Expand and aggressively defend the existing intellectual property and patent portfolio.
Launch the ApexRF product in Europe during 2026.
Continue to support the high school robotics team in Dimona, Israel, with mentoring, resources, and funds in 2026.
The company's reply in support of its motion to dismiss in the Securities Class Action is due by February 26, 2026.
A final pre-trial conference for the patent infringement litigation against BTL Industries Ltd. is scheduled for January 28, 2027.

Key Dates

Date	Description
2008-01-02	Company incorporated as a limited liability company in the State of Israel.
2018-05-01	Original lease agreement signed for main office, manufacturing, and R&D facilities in Yokneam, Israel.
2018-06-01	FDA 510(k) clearance for Optimas platform with Morpheus8 handpiece.
2018-06-14	FDA 510(k) clearance for Triton/Optimas platform with Triton Duo Light and Triton Duo Dark handpieces.
2018-06-17	Board of directors adopted the 2018 Incentive Plan.
2018-07-01	FDA sought information regarding the regulatory basis for marketing of the FormaV handpiece.
2018-08-01	Company submitted a response letter to the FDA regarding FormaV marketing.
2018-08-27	FDA 510(k) clearance for InMode RF/EmbraceRF platform with AccuTite handpiece.
2018-09-01	FDA confirmed changes in terminology made to the company's website regarding FormaV marketing.
2019-10-29	FDA 510(k) clearance for EmFace (Evoke) device with Cheek and Chin applicators.
2019-11-30	Share Purchase and Shareholders Agreement (SPA) signed with Medimor.
2019-12-17	FDA 510(k) clearance for Inmode Powered muscle stimulator Tone.
2019-12-27	FDA 510(k) clearance for InMode System with Morpheus8 (Fractora) Applicators (maximal treatment depth 4.00 mm).
2020-05-05	FDA 510(k) clearance for InMode Powered muscle stimulator vTone.
2020-06-12	FDA 510(k) clearance for InMode System with Morpheus8 Applicators (maximal treatment depth 7.00 mm).
2020-07-21	FDA 510(k) clearance for InMode RF Multi Platform Contoura.
2020-08-01	U.S. subsidiary signed a lease agreement for a facility in Orange County, California.
2021-01-01	UK GDPR became applicable.
2021-03-05	FDA 510(k) clearance for EmBody (Evolve) platform with Tone applicator.
2021-04-01	Occupation of U.S. facility commenced.
2021-05-25	EU Medical Devices Regulation (MDR) entered into force.
2021-07-19	FDA 510(k) clearance for EvolveX System with the T3 Applicator.
2021-07-21	FDA 510(k) clearance for InMode RF Pro Platform Empower.
2021-11-15	Amendment to the Israeli Investments Law became effective.
2022-02-01	Company settled 2017-2020 income tax assessment with the Israeli tax authority.
2022-04-01	Canadian subsidiary signed a lease agreement for a facility in Richmond Hill, Ontario.
2022-05-26	FDA 510(k) clearance for InMode Multi System (interface screen was slightly enlarged).
2022-09-01	Eva Longoria agreed to join as brand ambassador.
2023-01-01	Company paid NIS 50.2 million (approximately $14.3 million) on its undistributed exempt income for the year ended December 31, 2021.
2023-07-01	All medical devices sold in the UK were required to carry a UKCA (UK Conformity Assessed) mark.
2023-07-20	FDA 510(k) clearance for InMode system with Morpheus8 applicators (coagulation/contraction of software tissue).
2023-10-01	Israel was attacked by Hamas, entering a state of war.
2023-10-11	Company filed a patent infringement complaint against BTL Industries Ltd. in the U.S. District Court, Central District of California.
2023-10-13	FDA 510(k) clearance for Evolve system with the Transform applicator.
2023-11-01	InMode Ltd. Clawback Policy adopted.
2023-11-30	Company signed an additional Share Purchase and Shareholders Agreement with Medimor, investing $100,000.
2024-02-14	A purported shareholder filed a Securities Class Action against the Company and certain officers and directors.
2024-03-20	FDA 510(k) clearance for InMode RF/IgniteRF platform with the FaceTite Turbo and BodyTite Turbo minimally invasive handpieces.
2024-04-01	Mr. Nadav Kenneth became a director of the Company.
2024-04-10	BTL Industries Ltd. filed a petition for inter partes review (IPR) before the Patent Trial and Appeal Board (PTAB) of the United States Patent and Trademark Office regarding InMode's '511 patent.
2024-05-01	Company approved a share repurchase program of up to 8.37 million ordinary shares.
2024-06-13	FDA 510(k) clearance for InMode system with Morpheus8 90 applicators.
2024-07-24	FDA 510(k) clearance for InMode RF/IgniteRF platform with the QuantumRF 25 and QuantumRF 10 minimally invasive handpieces.
2024-07-25	Dr. Michael Anghel became the Chairman of the Board of Directors.
2024-09-01	Company approved an additional share repurchase program of up to 7.68 million ordinary shares.
2024-11-24	FDA 510(k) clearance for the Define System.
2024-12-04	The Court entered an order appointing a group of shareholder funds as the lead plaintiffs in the Securities Class Action.
2024-12-01	Patent infringement litigation against BTL Industries Ltd. was transferred to the District of Massachusetts.
2025-01-01	Israel and Hamas entered into a ceasefire agreement.
2025-01-31	Lead plaintiffs filed an amended complaint in the Securities Class Action.
2025-02-03	Board of Directors approved a new share repurchase program of up to 10% of the company's outstanding ordinary shares.
2025-02-01	French and Spanish subsidiaries signed new lease agreements for approximately six years each.
2025-04-04	The share repurchase program approved on February 3, 2025, was completed.
2025-04-11	The company filed a motion to dismiss the amended complaint in the Securities Class Action.
2025-04-01	Canadian subsidiary signed a new lease agreement, extending the lease for an additional 5 years from July 2025.
2025-06-01	A significant escalation occurred in the direct confrontation with Iran and the Houthis Movement.
2025-06-26	FDA 510(k) clearance for the OptimasMAX System.
2025-07-01	FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which the company early adopted prospectively.
2025-09-01	Michael Dennison appointed President, North America.
2025-09-12	The Court entered an order dismissing 19 of the 24 statements challenged by the lead plaintiffs in the Securities Class Action and providing an opportunity to replead.
2025-10-01	The PTAB issued a final written decision finding all claims of the '511 patent valid in the patent litigation.
2025-10-09	Israel and Hamas entered into a renewed ceasefire agreement calling for a permanent end of the war.
2025-10-14	Lead plaintiffs filed a second amended complaint in the Securities Class Action.
2025-12-05	The company filed a motion to dismiss the second amended complaint in the Securities Class Action.
2026-01-01	Number of reserved authorized and unissued ordinary shares for the 2018 Incentive Plan increased by an additional 800,000 ordinary shares.
2026-01-14	FDA 510(k) clearance for the IgniteRF System.
2026-01-26	Lead plaintiffs filed an opposition to the company's motion to dismiss in the Securities Class Action.
2026-02-10	Date of this Annual Report on Form 20-F.
2026-02-26	Company's reply in support of its motion to dismiss in the Securities Class Action is due.
2026-03-18	Officers and directors will become subject to Section 16 reporting requirements of the Exchange Act.
2026-12-15	ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) is effective for fiscal years beginning after this date.
2027-01-28	Final pre-trial conference for the patent infringement litigation against BTL Industries Ltd.
2027-08-01	Estimated end of the warehouse lease in Zarzir, Israel.
2027-12-01	Lease for the main office, manufacturing, and R&D facilities in Yokneam, Israel expires.
2027-12-15	ASU 2024-03 is effective for interim periods beginning after this date.
2028-12-31	MDR phase-in period is complete, after which some products placed on the market prior to May 26, 2021, may come out of service.
2029-06-10	Latest Israeli Ministry of Health registration expiry date for some products.
2030-05-06	Latest Israeli Ministry of Health registration expiry date for some products.

Recommendation

hold

InMode's FY2025 results show a notable decline in key financial metrics, particularly in the U.S. market, indicating a challenging operating environment. While the company demonstrates resilience through international growth, new product innovation, and a strong intellectual property defense, the overall financial contraction and ongoing legal uncertainties warrant caution. The completed share repurchase program provides some support, but the negative trends suggest a 'Hold' recommendation as investors await clearer signs of a turnaround in core markets and resolution of legal matters.

Keywords

Medical aesthetics, Energy-based devices, Minimally invasive, Non-invasive, RF energy, Body contouring, Skin tightening, Hair reduction, Womens wellness, SEC filing, 20-F, Financial results, Product development, Regulatory compliance, Intellectual property, Israel-Hamas war, Share repurchase, Litigation, INMD

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