Inmode Ltd · Q1 2026 earnings

Briefing

InMode Q1 2026: $82M revenue (+5% YoY) as margins compress and leadership transitions

InMode Ltd. reported first-quarter 2026 GAAP revenue of $82.0 million, up 5% from $77.9 million a year earlier, with consumables and service revenue rising 6% to $21.4 million. GAAP operating income fell to $10.1 million (12% margin) from 20% in Q1 2025, and net income was $11.6 million ($0.18 diluted EPS) versus $18.2 million ($0.26). Non-GAAP net income was $15.9 million ($0.25 EPS) on a 17% operating margin. Management cited a challenging aesthetics macro, North America and Europe sales reshaping, and higher cost of goods. Cash and equivalents plus marketable securities totaled $537.2 million at March 31. The board authorized share repurchases (2.55M shares at $13.65 avg in Q1) while Chairman Michael Anghel resigned and CFO Yair Malca stepped down, with Dr. Hadar Ron named interim chair and Malca consulting through transition. Full-year 2026 outlook calls for revenue of $365–375M and non-GAAP EPS of $1.33–$1.38.

• Q1 GAAP revenue of $82.0M (+5% YoY) met revenue expectations but profitability came in below management's plan.
• GAAP operating margin compressed to 12% (non-GAAP 17%) on higher COGS and North America sales structure changes.
• Net income $11.6M ($0.18 EPS); non-GAAP net income $15.9M ($0.25 EPS).
• Cash, marketable securities and short-term deposits totaled $537.2M; active buybacks returned capital to shareholders.
• FY2026 guidance: revenue $365–375M, non-GAAP operating income $73–78M, non-GAAP EPS $1.33–$1.38.

Headline financials

Revenue & EPS history

Management expects FY2026 revenue of $365–375 million, non-GAAP gross margin of 74–76%, non-GAAP operating income of $73–78 million, and non-GAAP diluted EPS of $1.33–$1.38.