InMode (INMD) financial statements
InMode reported revenue of $370M in fiscal 2025, up 27.4% a year over 8 years.
Net income was $94M and the operating margin 23.0%, against 16.7% in 2017.
Free cash flow was $84M, and the company returned $127M in net buybacks.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from InMode's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $53M | $100M | $156M | $206M | $358M | $454M | $492M | $395M | $370M |
| Cost of revenue | $9M | $15M | $20M | $31M | $54M | $73M | $81M | $78M | $80M |
| Gross profit | $44M | $85M | $136M | $175M | $304M | $381M | $411M | $317M | $291M |
| Research and development | $3M | $4M | $6M | $9M | $10M | $12M | $13M | $13M | $13M |
| Selling, general and admin | $33M | $49M | $71M | $93M | $128M | $171M | $202M | $191M | $192M |
| Operating income | $9M | $23M | $60M | $73M | $167M | $198M | $196M | $113M | $85M |
| Pre-tax income | $10M | $24M | $62M | $76M | $168M | $201M | $217M | $143M | $110M |
| Income tax | $980,000 | $1M | $883,000 | $1M | $3M | $40M | $19M | -$38M | $16M |
| Net income | $9M | $22M | $61M | $75M | $165M | $162M | $198M | $181M | $94M |
| EPS (diluted) | $0.13 | $0.31 | $0.80 | $0.89 | $1.92 | $1.89 | $2.30 | $2.25 | $1.43 |
| Diluted shares | 59M | 70M | 76M | 84M | 86M | 85M | 86M | 81M | 65M |
| Gross margin | 83.1% | 85.0% | 87.1% | 85.0% | 85.0% | 83.8% | 83.6% | 80.3% | 78.5% |
| Operating margin | 16.7% | 23.5% | 38.1% | 35.3% | 46.8% | 43.6% | 39.8% | 28.5% | 23.0% |
| Net margin | 16.5% | 22.3% | 39.1% | 36.4% | 46.1% | 35.6% | 40.2% | 45.9% | 25.3% |
Balance sheet
Fiscal years, from InMode's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $18M | $51M | $165M | $211M | $363M | $472M | $518M | $423M | $386M |
| Receivables | — | $7M | $7M | $10M | $20M | $27M | $42M | $36M | $44M |
| Inventory | — | $7M | $9M | $15M | $21M | $40M | $45M | $60M | $74M |
| Total current assets | — | $78M | $213M | $290M | $470M | $629M | $845M | $714M | $699M |
| Property, plant and equipment | — | $544,000 | $935,000 | $982,000 | $1M | $2M | $2M | $2M | $3M |
| Total assets | — | $81M | $218M | $296M | $479M | $644M | $863M | $786M | $766M |
| Total current liabilities | — | $29M | $32M | $35M | $52M | $82M | $64M | $70M | $71M |
| Total liabilities | — | $34M | $39M | $40M | $63M | $90M | $76M | $82M | $83M |
| Shareholders' equity | $19M | $43M | $176M | $254M | $416M | $555M | $787M | $704M | $683M |
| Net debt | -$18M | -$25M | -$45M | -$69M | -$68M | -$98M | -$144M | -$155M | -$303M |
Cash flow
Fiscal years, from InMode's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $15M | $37M | $62M | $79M | $175M | $182M | $177M | $133M | $85M |
| Capital spending | $189,000 | $381,000 | $693,000 | $463,000 | $939,000 | $2M | $705,000 | $669,000 | $972,000 |
| Free cash flow | $14M | $37M | $62M | $79M | $174M | $180M | $176M | $132M | $84M |
| Stock-based compensation | $2M | $2M | $2M | $13M | $12M | $24M | $24M | $17M | $11M |
| Share buybacks (net) | — | — | — | -$17M | -$35M | -$43M | $0 | -$285M | -$127M |
| Free cash flow margin | 27.0% | 36.4% | 39.3% | 38.2% | 48.6% | 39.6% | 35.8% | 33.4% | 22.7% |
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Open INMD in InvestinglyQuestions
What was InMode's revenue in 2025?
$370M in fiscal 2025, from its 10-K filing.
How much free cash flow does InMode generate?
$84M in fiscal 2025 (operating cash flow minus capital spending).
From InMode's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.