InMode Ltd. (INMD) Stock Price & How to Invest
Last updated July 2026
Short answer
You can invest in InMode (INMD) by buying shares or fractional shares at any major US broker, through a healthcare or medical-device ETF that holds it, or as one holding in a thematic basket. InMode is an Israel-based medical-aesthetics company that designs energy-based platforms, mainly radiofrequency systems like Morpheus8, BodyTite, FaceTite, and EvolveX, that let physicians deliver minimally invasive body-contouring and skin treatments with less downtime than surgery. Its business model pairs high-margin capital equipment sales with recurring consumables and service revenue across a large installed base. The single most important thing to understand is that InMode is highly profitable and cash-rich but its revenue has been under pressure, because selling expensive devices to aesthetic practices is very sensitive to interest rates and discretionary spending, and injectables and GLP-1 weight-loss drugs are competing for the same patients.
INMD stock price
As of 2026-07-14, InMode Ltd. (INMD) last closed at $15.01, up 1.8% over the past year. Over the past 52 weeks it has traded between $12.76 and $16.62.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or InMode Ltd.'s investor relations page. Walnut is informational, not investment advice.
What does InMode Ltd. (INMD) do?
InMode Ltd is a medical-aesthetics company based in Yokneam, Israel, that develops and sells energy-based platforms for minimally invasive and non-invasive procedures. Its flagship technologies use radiofrequency energy and include Morpheus8 for fractional RF microneedling, BodyTite and FaceTite for RF-assisted body and face contouring, and EvolveX for non-invasive body treatments. These minimally invasive platforms have historically made up the large majority of revenue. The company sells to dermatologists, plastic surgeons, aesthetic physicians, and increasingly to adjacent specialties, supported by an installed base of tens of thousands of systems. Its model blends high-margin capital equipment sales with recurring revenue from consumables, disposables, and service.
The strategic picture in 2026 is one of a highly profitable business working through a demand downturn. After a peak a few years ago, revenue declined sharply in 2024 and slipped further in 2025 to roughly $370 million, and 2026 guidance of about $365 to $375 million points to continued stabilization rather than a return to fast growth. Higher interest rates have made practices reluctant to finance costly capital equipment, and softer consumer discretionary spending, plus competition from injectables and GLP-1 weight-loss drugs, has weighed on demand. InMode is responding by broadening beyond core aesthetics into newer platforms for women's health (Morpheus8V), ophthalmology and dry-eye (Envision), and wellness, while maintaining strong margins, a large cash balance, and sizable share buybacks.
What's driving InMode Ltd. (INMD)?
1. Demand stabilization and the rate cycle
InMode's near-term story hinges on whether aesthetic-device demand stabilizes. Much of the revenue slide traces to higher interest rates, which make it costly for practices to finance expensive capital equipment, and to softer discretionary spending by patients. Guidance for roughly flat 2026 revenue suggests the worst of the decline may be easing. If financing conditions improve and practices resume equipment upgrades, InMode's high operating leverage could translate a demand recovery into outsized profit growth.
2. New platforms and adjacent markets
To reduce reliance on core aesthetics, InMode is expanding into adjacent specialties: Morpheus8V and related platforms target women's health, Envision addresses ophthalmology and dry-eye disease, and other systems reach wellness and gynecology. These markets broaden the addressable base beyond dermatologists and plastic surgeons and could open new recurring-revenue streams. Execution and physician adoption in these newer categories are key to whether InMode can return to growth without depending solely on a rebound in body contouring.
3. High margins and strong cash generation
Even through the downturn InMode has stayed highly profitable, with gross margins among the best in medical devices and a large net-cash balance and no meaningful debt. That financial strength lets it fund research, weather a soft market, and return capital. The company has run sizable share buybacks, repurchasing hundreds of millions of dollars of stock. Durable margins and a fortress balance sheet are central to the value case at the stock's low earnings multiple.
4. Recurring revenue and installed base
InMode has placed tens of thousands of systems, and each can generate ongoing revenue from consumables, disposables, and service. Growing the recurring, higher-visibility portion of revenue would make results less dependent on lumpy capital-equipment sales that swing with the economic cycle. The larger the installed base and the more consumable-driven procedures it supports, the more stable and predictable the business becomes over time.
What are the risks to InMode Ltd. (INMD)?
The central risk is that aesthetic capital equipment is highly discretionary and cyclical, so demand is sensitive to interest rates, credit availability, and consumer spending, and revenue has already fallen well below its peak. Competition is a second major risk: injectables such as Botox and dermal fillers, plus GLP-1 weight-loss drugs, compete for the same patients and budgets, and rival device makers like Cutera, Cynosure, Sciton, and Candela contest the market. InMode is based in Israel, adding geopolitical and currency risk, and it faces medical-device regulation across many jurisdictions. Large buybacks return cash but do not fix demand, and if the downturn persists longer than expected, a low multiple could stay low. Reliance on a concentrated set of RF platforms also leaves the company exposed if newer technologies or treatments erode the appeal of its core procedures.
How is InMode Ltd. (INMD) valued? (approximate, Jul 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see InMode Ltd.'s investor relations page or your broker.
- Revenue trend: Roughly $365 to $375 million guided for 2026, near 2025's ~$370 million; well below the prior peak after a sharp 2024 decline and a further modest slip in 2025
- Q1 2026 results: GAAP revenue of about $82 million, up roughly 5% year over year and a slight beat, though non-GAAP EPS of about $0.25 missed expectations on margin pressure
- 2026 EPS guidance: Management guided full-year adjusted EPS to roughly $1.43 to $1.48, below prior Street expectations
- Margins: Gross margins remain very high for a medical-device maker, though operating margins have compressed as revenue softened and expenses rose
- Balance sheet: Strong net-cash position with little to no debt; the company has run sizable share buybacks
- Valuation: Trades on a low earnings multiple relative to its history, reflecting the revenue decline and demand concerns rather than a clear bargain
Figures are approximate, tied to the asOf date, and drawn from company guidance and reported results; verify live numbers before acting. InMode's low multiple reflects genuine worries about whether aesthetic-device demand recovers, so a cheap-looking valuation should be weighed against the cyclical and competitive risks rather than treated as an automatic bargain. A large cash balance and buybacks support the stock but do not by themselves restore growth.
Who competes with InMode Ltd. (INMD)?
Energy-based aesthetic device makers
InMode competes most directly with other energy-based device companies such as Cutera, Cynosure (formerly Cynosure Lutronic), Sciton, Candela, Lumenis, BTL Aesthetics, and Venus Concept. These rivals sell laser, radiofrequency, ultrasound, and light-based systems to the same dermatology and plastic-surgery customers. Notably, several competitors have faced their own financial strain, which InMode has cited as a relative-strength advantage in a tough market.
Injectables and pharmaceutical aesthetics
A large share of aesthetic spending goes to injectables rather than devices, so InMode competes indirectly with neurotoxins and dermal fillers such as Botox and Juvederm from AbbVie's Allergan Aesthetics, plus rival injectable makers. These treatments are lower-cost, quick, and popular, and they compete for the same patient budgets and practice attention, making them a persistent headwind to device-based procedures.
GLP-1 weight-loss drugs and alternatives
The rise of GLP-1 weight-loss medications such as those from Novo Nordisk and Eli Lilly has changed the body-contouring landscape, since patients losing weight pharmacologically may pursue different or fewer device treatments. While some see GLP-1 users as future skin-tightening candidates, the drugs also compete for discretionary health and beauty spending, adding a newer competitive dynamic InMode must navigate.
How to invest in InMode Ltd. (INMD)
There are three common ways to get INMD exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so INMD sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where INMD fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on InMode Ltd. (INMD)
InMode is a high-margin, cash-rich medical-aesthetics device maker trading on a low multiple after a multi-year revenue slide driven by high rates, soft demand, and competition from injectables and GLP-1 drugs. It suits value investors who believe the aesthetics cycle turns, not those needing near-term growth.
Build a basket around INMD with Walnut
Use InMode Ltd. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is INMD a good stock to buy right now?
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That depends on your goals, time horizon, and risk tolerance, and this is not investment advice. The bull case is very high margins, a large cash balance, aggressive buybacks, and a low earnings multiple if aesthetic demand recovers. The bear case is a multi-year revenue decline driven by high rates, soft discretionary spending, and competition from injectables and GLP-1 drugs, with no clear near-term growth catalyst. Weigh both against your portfolio rather than anchoring on the low multiple.
What does InMode actually do?
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InMode designs and sells energy-based medical-aesthetics platforms, mainly radiofrequency systems, used by physicians for minimally invasive and non-invasive procedures. Flagship products include Morpheus8 for RF microneedling, BodyTite and FaceTite for RF-assisted contouring, and EvolveX for non-invasive body treatments. It sells the devices to dermatologists, plastic surgeons, and other practices, and earns recurring revenue from consumables and service across a large installed base.
Why has InMode's revenue been falling?
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InMode sells expensive capital equipment to aesthetic practices, which is highly sensitive to interest rates and discretionary spending. Higher rates made it costly for practices to finance new devices, and softer consumer demand reduced procedure volumes. Competition from injectables and GLP-1 weight-loss drugs for the same patients added pressure. Revenue fell sharply in 2024 and slipped further in 2025, with 2026 guidance pointing to stabilization rather than renewed growth.
How does InMode make money?
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InMode's model blends two revenue streams. First, it sells high-margin capital equipment, the platforms and hand pieces, to physician practices. Second, it earns recurring revenue from consumables, disposables, and service tied to its large installed base of systems. Capital-equipment sales are lumpy and cycle with the economy, while the recurring portion is steadier, so growing the installed base and consumable use adds predictability over time.
Does InMode pay a dividend?
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InMode has historically returned cash to shareholders primarily through large share buybacks rather than a regular dividend, repurchasing hundreds of millions of dollars of stock in recent periods. Buybacks reduce share count but do not provide direct income, and capital-return policies can change. Always check the company's latest disclosures for any dividend or buyback program before assuming a particular form of return.
How do GLP-1 weight-loss drugs affect InMode?
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GLP-1 weight-loss medications have reshaped the body-contouring market. On one hand, patients who lose significant weight may later seek skin-tightening procedures, a potential opportunity for InMode's RF platforms. On the other, the drugs compete for the same discretionary health and beauty spending and can change how and when patients pursue device treatments. It is a newer competitive dynamic with effects that are still playing out.
Is InMode financially healthy despite the revenue decline?
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Yes, by most measures. Even through the downturn InMode has stayed highly profitable, with gross margins among the best in medical devices, a large net-cash balance, and little to no debt. That strength lets it fund research, weather soft demand, and buy back stock. The concern is not solvency but growth: strong finances support the stock, but they do not by themselves restore revenue expansion.
How can I get exposure to InMode through an ETF?
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INMD appears in various healthcare, medical-device, and small- or mid-cap ETFs, where it sits among many holdings. ETF exposure spreads single-stock risk across dozens of companies but dilutes how much any InMode move affects you. Always check a fund's holdings and weighting before assuming meaningful exposure to InMode specifically, since its weight in broad funds tends to be modest.
What are the main risks of investing in INMD?
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The central risks are cyclical, discretionary demand that is sensitive to interest rates and consumer spending, and a revenue base well below its peak. Competition from injectables, GLP-1 drugs, and rival device makers pressures share and pricing. As an Israel-based company, InMode carries geopolitical and currency risk, and it faces medical-device regulation across many markets. Buybacks return cash but do not fix demand, so a persistent downturn could keep the low multiple low.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with InMode Ltd.'s investor relations page or your broker before making investment decisions.