InMode Ltd.

InMode reported Q1 2026 revenue of $82 million, up 5% from $77.9 million in Q1 2025. Sales outside the U.S. were $38.7 million, or 48% of total sales, up 2.65% year over year. GAAP gross margin was 75% versus 78% last year; non-GAAP gross margin was 75% versus 79% last year. GAAP diluted EPS was $0.18 versus $0.26, and non-GAAP diluted EPS was $0.25 versus $0.31. GAAP operating margin was 12%, and non-GAAP operating margin was 17% versus 23% a year ago. Cash, cash equivalents, marketable securities and deposits totaled $537.2 million as of March 31, 2026. The company guided full-year 2026 revenue to $365 million-$375 million, non-GAAP gross margin to 74%-76%, non-GAAP operating income to $73 million-$78 million, and non-GAAP EPS to $1.33-$1.38.

Moshe Mizrahy said Q1 came in line with expectations and that the quarter added to his confidence that 2026 is moving in the right direction. He emphasized early stabilization in the U.S., a positive cultural shift from the North American sales reorganization, and stronger March performance, but cautioned that it is still too early to declare a durable trend. He also highlighted growth initiatives in lasers, the Envision ophthalmology/optometry platform, and international expansion, especially China and Argentina.

Yair Malca reported Q1 revenue of $82 million, gross margin of 75% GAAP and non-GAAP, GAAP operating expenses of $51.5 million, and non-GAAP operating expenses of $47.8 million. He said GAAP diluted EPS was $0.18 and non-GAAP diluted EPS was $0.25, with lower operating margin mainly tied to higher cost of goods, the North America sales structure change, and subsidiary build-outs. He also noted $537.2 million of cash, equivalents, marketable securities and deposits, $15.4 million from operating activities, and continued share repurchases under the 2026 buyback program.

Analysts focused on the new Erbium laser timeline, the impact of additional laser mix on gross margin, growth at the newer subsidiaries in Argentina and Thailand, China plans, Envision rollout, and capital allocation. Management said the Erbium laser is still under development and it hopes to seek FDA clearance in the next month or two for launch by year-end, while also noting the existing CO2 laser is U.S.-only and that its own CO2 program will take time due to regulation. On capital allocation, management said buybacks remain active but M&A, dividends and other uses are all on the table; on China, it plans to use a wholly owned Guangzhou company for a spa/aesthetic push with new products tailored to that segment.