InMode (INMD) Jefferies Global Healthcare Conference 2026 summary

Company overview and evolution

• Founded in 2008–2009, received first FDA approval in 2017, and went public in 2019.

• Expanded from RF-based aesthetic devices to wellness, women's health, ophthalmology, and plans for ENT and men's health.

• Combines aesthetic and wellness procedures in device offerings.

Market trends and macro environment

• Aesthetic market has slowed in recent years but is showing signs of stabilization, with some recovery in the toxin (BOTOX) segment.

• Revenue is expected to be flat this year after two years of decline, with hopes for growth next year if economic conditions improve.

• Key growth drivers include improved economy, lower inflation, and increased patient demand for aesthetic procedures.

Margin dynamics and geographic/product mix

• Margins pressured by higher non-U.S. sales, product mix shift toward lasers, tariffs, and increased freight costs.

• U.S. sales yield higher margins; increased international sales and new laser products have temporarily reduced gross margins.

• Margin improvement expected with U.S. sales recovery and increased RF device sales.