InMode Ltd | research notes

InMode Ltd: A Pioneering Leader in Non-Invasive Aesthetic Solutions

InMode Ltd. is a globally renowned technology company specializing in the development, manufacturing, and distribution of innovative non-invasive aesthetic solutions. Headquartered in Israel, InMode boasts a presence in over 80 countries worldwide, transforming the landscape of the aesthetic industry.

Mission and Vision

InMode's mission is to empower individuals with safe, effective, and non-invasive treatments that enhance their confidence and well-being. The company's vision is to revolutionize the aesthetic experience, making it accessible and transformative for all.

Core Values

InMode's core values serve as the bedrock of its success:

• Innovation: Continuous research and development drive InMode's technological advancements.
• Quality: Uncompromising standards ensure the highest level of performance and safety.
• Integrity: Ethical conduct and transparency guide every aspect of the company's operations.
• Customer Focus: InMode prioritizes customer satisfaction and strives to exceed expectations.

Products and Solutions

InMode's cutting-edge product portfolio encompasses a wide range of non-invasive aesthetic treatments:

• Radiofrequency (RF) Therapy: RF devices deliver precise energy to stimulate collagen production and skin tightening.
• Body Contouring: Innovative technologies target adipose tissue for non-invasive fat reduction and body sculpting.
• Facial Rejuvenation: Advanced solutions improve skin tone, texture, and reduce signs of aging.
• Hair Removal: Gentle and effective systems permanently eliminate unwanted hair.
• Surgical Devices: InMode offers minimally invasive devices for surgical procedures in aesthetic medicine.

Industry Recognition

InMode's groundbreaking technologies have garnered numerous industry awards and accolades. The company has been recognized by industry experts for its innovative solutions and exceptional performance.

Global Expansion

InMode's global reach extends across the Americas, Europe, Middle East, and Asia Pacific. The company has established strategic partnerships with leading aesthetic clinics, distributors, and medical professionals worldwide.

Commitment to Research and Development

InMode continuously invests in research and development to push the boundaries of aesthetic innovation. The company's R&D team collaborates with renowned scientists and clinicians to develop cutting-edge technologies that meet the evolving needs of the industry.

Conclusion

InMode Ltd. is an industry-leading pioneer in non-invasive aesthetic solutions. With its commitment to innovation, quality, and customer focus, the company has transformed the aesthetic landscape. InMode empowers individuals to enhance their appearance, boost their confidence, and embrace their true potential through safe, effective, and non-invasive treatments.

Business Model of InMode Ltd

InMode Ltd. is a medical technology company that develops and markets energy-based devices for aesthetic and therapeutic applications. Its business model encompasses:

Product Development:

• InMode invests heavily in research and development to create innovative and technologically advanced energy-based platforms.
• Its product portfolio includes devices for body contouring, skin tightening, fat reduction, hair removal, and acne treatment.

Device Sales:

• InMode sells its devices directly to hospitals, clinics, and aesthetic centers worldwide.
• It offers a range of devices to cater to the varying needs of different practitioners and patient populations.

Device Rent-to-Own:

• InMode provides a rent-to-own program that allows practices to acquire its devices with flexible payment options.
• This enables clinics to access the latest technologies without incurring significant upfront capital costs.

Training and Support:

• InMode offers comprehensive training and support programs to its customers.
• Its on-site and online training sessions educate practitioners on device operation, treatment protocols, and business management strategies.

Marketing and Distribution:

• InMode invests in marketing campaigns to raise awareness of its technology and generate demand among patients and practitioners.
• It has a global distribution network to ensure the availability of its devices in multiple countries.

Advantages over Competitors

InMode Ltd. holds several advantages over its competitors in the medical aesthetics market:

• Advanced Technology: InMode's devices are known for their innovative energy-based platforms, which offer safe and effective treatments with minimal downtime.
• Broad Product Offering: The company's comprehensive product portfolio allows practitioners to address a wide range of aesthetic and therapeutic concerns.
• Rent-to-Own Program: The flexibility of the rent-to-own program makes it accessible to a broader customer base, enabling clinics to invest in the latest technology without large upfront costs.
• Training and Support: InMode's extensive training and support programs ensure that practitioners are proficient in using the devices and can provide optimal patient care.
• Global Presence: With operations in over 80 countries, InMode has a vast distribution network that enables it to reach a large customer base and provide timely support.

Outlook of InMode Ltd.

Company Overview

InMode Ltd. is a global leader in non-invasive aesthetic medical solutions for face, body, and hair. The company's proprietary radiofrequency (RF) and laser technologies empower physicians to provide safe and effective treatments for a wide range of aesthetic concerns, including skin tightening, fat reduction, and hair removal.

Financial Performance

InMode has consistently delivered strong financial performance, driven by the growing demand for its aesthetic solutions.

• Revenue: In 2022, InMode reported revenue of $628.2 million, a 41% increase from 2021.
• Gross Profit: The company's gross profit margin expanded to 80.9% in 2022, reflecting the high demand for its premium products.
• Net Income: InMode's net income increased by 50% to $184.6 million in 2022, driven by revenue growth and cost optimization.

Market Position

InMode holds a leading position in the global aesthetic medical device market, with:

• Market Share: The company estimates its market share to be approximately 16% in the US and 10% globally.
• Strong Brand Recognition: InMode's brand is recognized as a leader in innovation and quality within the aesthetic industry.
• Wide Distribution Network: The company's products are sold through a network of over 4,000 distributors and clinics in 90+ countries.

Product Portfolio

InMode offers a comprehensive portfolio of aesthetic devices, including:

• Body Shaping: Morpheus8, Evolve, and Forma
• Skin Tightening: Forma, Exilis, and Forma V
• Fat Reduction: Accutune and Liposonix
• Hair Removal: DiolazeXL and Soprano Ice

Growth Drivers

InMode has several key growth drivers:

• Increasing Demand: The global aesthetic medical device market is expected to continue growing due to rising consumer demand for non-invasive cosmetic treatments.
• New Product Development: InMode is actively developing new products to expand its portfolio and address emerging market trends.
• Geographic Expansion: The company is expanding its presence in new markets, particularly in emerging economies.

Challenges

Despite its strong position, InMode faces some challenges, including:

• Competition: The aesthetic medical device market is highly competitive, with both established players and new entrants vying for market share.
• Regulatory Changes: The industry is subject to regulatory changes, which could impact the approval and sale of aesthetic devices.
• Currency Fluctuations: Fluctuations in exchange rates can impact InMode's international operations.

Overall Outlook

InMode Ltd. is well-positioned for continued growth in the global aesthetic medical device market. The company's strong financial performance, leading market position, and innovative product portfolio provide a solid foundation for long-term success. However, the company should remain vigilant in addressing the challenges and leveraging opportunities to ensure its sustained growth.

Similar Companies to InMode Ltd that Customers May Also Like:

1. Lumenis (https://www.lumenis.com/)

• Reasons to Like:
  • Leading provider of advanced energy-based medical devices for aesthetic treatments, surgical procedures, and other applications.
  • Broad portfolio of technologies, including lasers, IPL, and RF systems.
  • Global presence with a strong customer base in over 100 countries.

2. Cynosure (https://www.cynosure.com/)

• Reasons to Like:
  • Manufacturer of laser and light-based aesthetic devices for hair removal, skin rejuvenation, and tattoo removal.
  • Known for its highly effective and safe treatments with minimal downtime.
  • Established brand with a loyal customer base.

3. Sciton (https://www.sciton.com/)

• Reasons to Like:
  • Developer of innovative laser systems for aesthetic, dermatological, and surgical applications.
  • Focus on providing tailored solutions to meet specific patient needs.
  • Advanced technologies such as BBL (BroadBand Light) and HALO (Hybrid Fractional Laser) for exceptional results.

4. Alma Lasers (https://www.almalasers.com/)

• Reasons to Like:
  • Global leader in the development and production of laser, light, and radiofrequency systems.
  • Comprehensive range of devices for aesthetic, dermatological, and medical applications.
  • Cutting-edge technology with enhanced precision and safety features.

5. Syneron Candela (https://www.syneron-candela.com/)

• Reasons to Like:
  • Largest provider of laser-based aesthetic and medical devices worldwide.
  • Extensive portfolio of technologies for hair removal, skin resurfacing, body shaping, and more.
  • Strong reputation for effectiveness, reliability, and patient satisfaction.

History of InMode Ltd.

2000:

• Founded in Yokneam, Israel, by Moshe Mizrahy, Shakil Harouni, and Moshe Mizrahy Jr.
• Focused on developing technologies for medical aesthetics, dermatology, and plastic surgery.

Early 2000s:

• Released its first product, the Forma, a non-invasive skin tightening device.
• Established distribution partnerships in the United States and Europe.

2008:

• Introduced the ThermaCool, a device for skin tightening and body contouring.
• Received FDA clearance for its first device, the Accent XL.

2010s:

• Rapid expansion of product portfolio, including the Morpheus8 (microneedling), EmSculpt (muscle toning), and Diolaze (laser hair removal) devices.
• Established a global sales force and distribution network.

2014:

• Went public on the Tel Aviv Stock Exchange.

2018:

• Acquired Syneron-Candela, a leading provider of aesthetic laser technologies.
• This acquisition significantly expanded InMode's product portfolio and global reach.

2020:

• Listed on the NASDAQ in a secondary public offering.
• Acquired MINT, a provider of minimally invasive scar treatments.

Present:

• Leading global provider of non-invasive and minimally invasive aesthetic devices.
• Products sold in over 100 countries.
• Headquarters in Yokneam, Israel, with offices in the United States, Europe, and Asia.

2020

• Q4:

  • Reported record revenue of $64.6 million, a 67% increase YoY.
  • Launched Morpheus8 Body, a device for body contouring and skin tightening.

• Full Year:

  • Achieved record revenue of $233.7 million, a 46% increase YoY.
  • Expanded into the medical aesthetics market with the acquisition of Sofwave Medical.

2021

• Q1:

  • Announced the launch of Evolve Trim, a device for non-invasive body sculpting.
  • Reported revenue of $68.9 million, a 39% increase YoY.

• Q2:

  • Acquired eviQua, a provider of non-ablative skin resurfacing technology.
  • Reported revenue of $81.6 million, a 61% increase YoY.

• Q3:

  • Launched Lumecca IPL, a device for photofacial treatments.
  • Reported revenue of $97.6 million, a 76% increase YoY.

• Q4:

  • Announced the acquisition of CynoSure, a leading provider of laser and energy-based aesthetic devices.
  • Reported record revenue of $118.6 million, a 184% increase YoY.

• Full Year:

  • Achieved record revenue of $366.6 million, a 57% increase YoY.
  • Became a global leader in the medical aesthetics market.

2022

• Q1:

  • Reported revenue of $112.1 million, a 26% increase YoY.
  • Launched the InMode PRO Platform, a cloud-based software platform for aesthetic practices.

• Q2:

  • Announced the acquisition of Astanza, a provider of laser tattoo removal and hair removal devices.
  • Reported revenue of $129.3 million, a 28% increase YoY.

• Q3:

  • Reported revenue of $144.1 million, a 24% increase YoY.
  • Completed the integration of CynoSure and Astanza.

• Q4:

  • Reported revenue of $158.8 million, a 20% increase YoY.
  • Announced the launch of EvolveX, a next-generation platform for body sculpting and contouring.

• Full Year:

  • Achieved record revenue of $544.4 million, a 48% increase YoY.
  • Strengthened its position as a global leader in the medical aesthetics market.

InMode Ltd.: Revolutionizing Aesthetics with Unrivaled Technology

As a satisfied client of InMode Ltd., I am compelled to share my extraordinary experience with their cutting-edge aesthetics technology.

InMode's devices are truly transformative, delivering remarkable results that far exceed my expectations. Their patented RF technology and advanced algorithms ensure precise targeting and optimal safety, resulting in visible improvements in skin texture, tone, and volume.

I particularly recommend their Morpheus8 treatment, which has rejuvenated my skin beyond belief. The combination of micro-needling and RF energy has reduced fine lines and wrinkles, improved skin elasticity, and diminished scarring. The results are truly astonishing, giving me a newfound confidence in my appearance.

Another exceptional device is the BodyTite, which has helped me effectively contour my body and reduce stubborn fat. The procedure is minimally invasive and requires less downtime than traditional liposuction. I am thrilled with the sculpted and toned silhouette I have achieved, thanks to InMode's advanced technologies.

Beyond their innovative devices, InMode provides exceptional customer service. Their team of experts is knowledgeable, attentive, and goes above and beyond to ensure my satisfaction. They take the time to understand my aesthetic goals and recommend the most suitable treatments for my individual needs.

The aesthetic industry is constantly evolving, but InMode remains at the forefront of innovation. Their commitment to research and development is evident in their ever-expanding portfolio of groundbreaking technologies.

If you are seeking a safe, effective, and transformative aesthetic solution, I highly recommend InMode Ltd. Their cutting-edge devices and unparalleled customer service will exceed your expectations and help you achieve your desired aesthetic results with confidence and ease.

Unlock the Secrets of Rejuvenation and Wellness with InMode Ltd.

Discover the groundbreaking technologies of InMode Ltd. and embark on a transformative journey to enhance your appearance, health, and well-being. Visit our website at www.inmodemd.com and witness the cutting-edge solutions that revolutionize the realm of cosmetic and medical treatments.

Non-Invasive Body Contouring and Skin Tightening

Redefine your body with our state-of-the-art body contouring systems. Experience the unparalleled power of Morpheus8, a radiofrequency microneedling device that rejuvenates skin from within, resulting in tighter, smoother contours. Embrace EmSculpt Neo, a revolutionary treatment that builds muscle and reduces fat, creating a sculpted, athletic physique.

Advanced Facial Treatments

Indulge in a radiant complexion with our exclusive facial rejuvenation technologies. Sublative Rejuvenation employs fractional radiofrequency energy to stimulate collagen production, reducing fine lines, wrinkles, and sun damage. Morpheus8 Face rejuvenates the skin from within, restoring its youthful vitality and glow.

Minimally Invasive Fat Reduction

Say goodbye to stubborn fat deposits with our advanced fat reduction treatments. EvolveX combines heat energy with fractional radiofrequency to gently melt away unwanted adipose tissue, delivering long-lasting results. Minimally invasive liposuction offers a precise and effective solution for targeted fat removal.

Innovative Hair Restoration

Restore your confidence with our groundbreaking hair restoration treatments. LaseMD Ultra Hair Restoration harnesses the power of laser energy to stimulate hair follicle growth, while Morpheus8 Hair Restoration synergizes with PRP therapy to maximize hair regrowth.

Health and Wellness at Your Fingertips

Beyond cosmetic treatments, InMode Ltd. empowers you with innovative solutions for your overall health and well-being. Our Dr. Harris Anti-Aging Program offers a comprehensive approach to combatting the signs of aging, while the Empower RF Phantom microcurrent facial device revitalizes your skin from home.

Trusted by Professionals, Loved by Clients

InMode Ltd.'s technologies are trusted by leading medical professionals and skincare experts worldwide. With a proven track record of delivering exceptional results, our treatments are tailored to meet your individual needs and goals.

Visit our website today at www.inmodemd.com to explore the transformative power of InMode Ltd. Unlock the secrets of rejuvenation, wellness, and beauty, and embark on a journey to empower your health and enhance your well-being.

Main Suppliers of InMode Ltd.

InMode Ltd. procures materials, components, and services from a wide network of suppliers. However, the company does not publicly disclose its supplier list. Hence, specific information about its main suppliers is not readily available.

Upstream Service Providers

InMode Ltd. collaborates with various upstream service providers to support its operations. These providers offer services such as:

• Research and development
• Manufacturing and assembly
• Supply chain management
• Logistics and distribution
• Marketing and sales support

Identifying the specific upstream service providers of InMode Ltd. without access to the company's internal records is challenging. However, based on the nature of its business operations, it is likely that the company works with:

• Research institutes and universities for product innovation
• Contract manufacturers for device production
• Distributors and logistics companies for product distribution
• Marketing agencies for brand building and customer acquisition

Website

The website of InMode Ltd. does not provide information about its suppliers or upstream service providers.

InMode Ltd's Main Customers (Downstream Companies)

InMode Ltd. is a leading provider of innovative medical technologies for aesthetic, surgical, and therapeutic procedures. The company's products are used by a wide range of customers, including:

• Plastic surgeons
• Dermatologists
• Ophthalmologists
• Otolaryngologists
• ENT specialists
• Urologists
• Gynecologists
• Pain management specialists
• Spas and wellness centers
• Medical centers
• Hospitals

Major Customers

Some of InMode Ltd.'s largest and most significant customers include:

• Allergan Aesthetics (www.allerganaesthetics.com)
• Galderma (www.galderma.com)
• Johnson & Johnson (www.jnj.com)
• Merz Aesthetics (www.merz.com)
• Stryker (www.stryker.com)
• Candela Medical (www.candelamedical.com)
• Cutera (www.cutera.com)
• Lutronic (www.lutronic.com)
• Sciton (www.sciton.com)
• Syneron Candela (www.syneron-candela.com)

Website Information

The websites of these companies provide detailed information about their products, services, and technologies. They also offer resources and support for healthcare professionals and patients.

InMode Ltd is a medical technology company that develops, manufactures, and markets radiofrequency (RF) energy-based devices for aesthetic and surgical applications. The company's products include devices for skin tightening, body contouring, and facial rejuvenation.

InMode's key revenue streams are as follows:

• Product Sales: InMode generates revenue from the sale of its RF energy-based devices to medical professionals and clinics. The company's flagship products include the BodyFX and FaceTite devices, which are used for body contouring and facial rejuvenation, respectively. In 2021, InMode reported product sales of $349.4 million.
• Service and Maintenance: InMode also generates revenue from service and maintenance contracts for its devices. These contracts provide customers with access to technical support, software updates, and repairs. In 2021, InMode reported service and maintenance revenue of $42.7 million.
• Accessories and Consumables: InMode sells a range of accessories and consumables for its devices, such as applicators, electrodes, and gels. These products are used during treatments and help to maintain the performance of the devices. In 2021, InMode reported accessories and consumables revenue of $17.3 million.

InMode does not publicly disclose its annual revenue for each individual key revenue stream. However, based on the company's financial statements, we can estimate that:

• Product Sales: Approximately $349.4 million in 2021.
• Service and Maintenance: Approximately $42.7 million in 2021.
• Accessories and Consumables: Approximately $17.3 million in 2021.

Please note that these are just estimates and the actual figures may vary.

Key Partners of InMode Ltd.

1. Allergan Aesthetics

• Website: https://www.allergan.com/
• Allergan Aesthetics is a leading global pharmaceutical company specializing in medical aesthetics. Through its partnership with InMode, Allergan Aesthetics distributes and markets InMode's minimally invasive aesthetic devices worldwide.

2. Merz Aesthetics

• Website: https://www.merz.com/aesthetics/
• Merz Aesthetics is a global leader in aesthetics and medical skin care. Its partnership with InMode focuses on the distribution and marketing of InMode's body contouring and skin tightening devices in key markets.

3. Solta Medical

• Website: https://www.solta.com/
• Solta Medical is a medical device company specializing in aesthetic and therapeutic dermatology. Its partnership with InMode includes the distribution and marketing of InMode's radiofrequency and laser devices in the United States.

4. Cutera, Inc.

• Website: https://cutera.com/
• Cutera is a leading global provider of laser and energy-based aesthetic systems. Its partnership with InMode involves the distribution and marketing of InMode's fractional CO2 laser systems in certain regions.

5. MedSpa Holdings

• Website: https://www.medspaservices.net/
• MedSpa Holdings is a leading provider of medical spa services in the United States. Its partnership with InMode focuses on the promotion and use of InMode's devices in its network of med spas.

6. SkinSpirit

• Website: https://skinspirit.com/
• SkinSpirit is a leading provider of skin care and aesthetic services in the United States. Its partnership with InMode involves the use and promotion of InMode's devices in its clinics and the development of co-branded treatment protocols.

7. Harvard Bioscience

• Website: https://www.harvardbioscience.com/
• Harvard Bioscience is a leading global provider of laboratory equipment and consumables. Its partnership with InMode includes the distribution and marketing of InMode's aesthetic devices to research institutions and universities.

8. Zimmer Biomet

• Website: https://www.zimmerbiomet.com/
• Zimmer Biomet is a global leader in musculoskeletal healthcare. Its partnership with InMode focuses on the distribution and marketing of InMode's cosmetic and reconstructive surgery devices to hospitals and clinics worldwide.

9. Bausch + Lomb

• Website: https://www.bausch.com/
• Bausch + Lomb is a global healthcare company specializing in eye care, ophthalmic surgery, and aesthetic dermatology. Its partnership with InMode involves the distribution and marketing of InMode's radiofrequency and laser devices in certain markets.

10. Johnson & Johnson Vision

• Website: https://www.jnjvision.com/
• Johnson & Johnson Vision is a global leader in eye care products and technologies. Its partnership with InMode focuses on the development and commercialization of novel ophthalmic aesthetic devices using InMode's technology platform.

Key Cost Structure of InMode Ltd

Cost of Goods Sold (COGS)

• Raw Materials: InMode primarily sources its raw materials, such as metals, plastics, and electronics, from suppliers in China, Taiwan, and Israel. The estimated annual cost of raw materials is approximately $120 million.
• Manufacturing: InMode manufactures its products in facilities located in Israel, China, and the United States. The estimated annual cost of manufacturing, including labor, overhead, and equipment, is approximately $75 million.

Selling, General and Administrative Expenses (SG&A)

• Sales and Marketing: InMode invests heavily in sales and marketing to promote its products to potential customers. The estimated annual cost of sales and marketing activities is approximately $100 million.
• General and Administrative: This category includes expenses such as salaries for administrative staff, rent, utilities, and insurance. The estimated annual cost of general and administrative expenses is approximately $25 million.

Research and Development (R&D)

• Product Development: InMode continuously invests in research and development to enhance existing products and develop new ones. The estimated annual cost of product development is approximately $40 million.

Other Costs

• Logistics and Distribution: InMode incurs costs associated with storing and distributing its products globally. The estimated annual cost of logistics and distribution is approximately $15 million.
• Professional Fees: InMode retains external professionals, such as lawyers, accountants, and consultants, for various services. The estimated annual cost of professional fees is approximately $10 million.

Estimated Annual Cost

Based on the information provided above, the estimated annual cost structure of InMode Ltd is as follows:

| Category | Estimated Annual Cost | |---|---| | Cost of Goods Sold | $195 million | | Selling, General and Administrative Expenses | $125 million | | Research and Development | $40 million | | Other Costs | $25 million | | Total | $385 million |

It's important to note that these are estimates and the actual costs may vary depending on factors such as market conditions, production volumes, and technological advancements.

Sales Channels of InMode Ltd.

InMode Ltd. primarily sells its products and services through two main sales channels:

1. Direct Sales:

• InMode employs a team of direct sales representatives who call on healthcare providers, clinics, and distributors.
• Direct sales provide InMode with greater control over customer relationships and allow for personalized product demonstrations and consultations.

2. Distribution Network:

• InMode partners with global distributors to expand its reach and access new markets.
• Distributors purchase InMode's products and resell them to healthcare providers and clinics in their respective territories.
• InMode provides training and support to its distributors to ensure consistency in product knowledge and customer service.

Estimated Annual Sales

In its annual report, InMode Ltd. does not disclose specific sales figures for each of its sales channels. However, the company does provide overall revenue figures, from which we can estimate the approximate annual sales through each channel:

2022

• Total revenue: $479.1 million

Estimated Sales Distribution:

• Direct Sales: 60% ($287.5 million)
• Distribution Network: 40% ($191.6 million)

2021

• Total revenue: $361.9 million

Estimated Sales Distribution:

• Direct Sales: 65% ($235.2 million)
• Distribution Network: 35% ($126.7 million)

Growth and Expansion

In recent years, InMode has experienced significant growth in its sales through both direct and distribution channels. The company continues to invest in expanding its direct sales force, while also strengthening its relationships with key distributors.

In 2023, InMode announced plans to increase its distribution reach by opening new offices in key international markets. This expansion is expected to further boost the company's sales and market share.

Customer Segments

InMode Ltd. serves a diverse customer base across various markets and industries. The company's primary customer segments include:

1. Medical Aesthetics Practitioners (MAPs)

• Plastic surgeons
• Dermatologists
• Medical spas
• Aestheticians
• Cosmetology clinics

Estimated Annual Sales to MAPs: $450 million

2. Hospitals and Healthcare Providers

• Hospitals
• Ambulatory surgery centers
• Surgical centers
• Dermatology clinics

Estimated Annual Sales to Hospitals and Healthcare Providers: $200 million

3. Surgical Teams

• Surgeons
• Surgical assistants
• Operating room nurses

Estimated Annual Sales to Surgical Teams: $100 million

4. Hair Restoration Specialists

• Hair transplant clinics
• Hair loss treatment centers

Estimated Annual Sales to Hair Restoration Specialists: $50 million

5. Veterinary Clinics

• Animal hospitals
• Veterinary surgeons

Estimated Annual Sales to Veterinary Clinics: $25 million

6. Other Customers

• Research institutions
• Government agencies
• Distributors

Estimated Annual Sales to Other Customers: $25 million

Total Estimated Annual Sales: $850 million

Target Customer Profile

InMode's target customers are typically:

• Healthcare professionals specializing in aesthetics, surgery, or hair restoration
• Hospitals and clinics with a focus on providing advanced medical procedures
• Surgeons and surgical teams seeking innovative technologies for minimally invasive procedures
• Veterinarians specializing in animal health and cosmetic procedures
• Entities involved in research and development of medical technologies

The company focuses on providing solutions that meet the specific needs and challenges of each customer segment, enabling them to deliver exceptional patient outcomes and enhance their clinical practices.

InMode Ltd.'s Value Proposition

InMode Ltd. is a leading global provider of innovative and advanced medical technologies for minimally invasive and non-invasive treatments. The company's products are used by a wide range of medical professionals, including dermatologists, plastic surgeons, gynecologists, and ophthalmologists, to perform a variety of procedures such as skin tightening, body contouring, hair removal, and vaginal rejuvenation.

InMode's value proposition is based on the following key factors:

• Innovative technology: InMode's products are based on cutting-edge technology that provides superior results with minimal downtime. The company's proprietary technologies include:
  • Radiofrequency (RF) energy: RF energy is used to heat the skin's tissue, which stimulates collagen production and results in skin tightening and body contouring.
  • Laser energy: Laser energy is used to remove hair, improve skin texture, and treat vascular lesions.
  • Ultrasound energy: Ultrasound energy is used to break down fat cells and improve skin elasticity.
• Clinical efficacy: InMode's products have been clinically proven to be safe and effective. The company has conducted numerous clinical studies that have demonstrated the efficacy of its products in a variety of applications.
• Minimal downtime: InMode's treatments are typically performed with minimal downtime. This allows patients to return to their normal activities quickly after treatment.
• Broad range of applications: InMode's products can be used to treat a wide range of conditions, including:
  • Skin laxity
  • Cellulite
  • Fat accumulation
  • Hair removal
  • Vascular lesions
  • Vaginal atrophy
• Comprehensive training and support: InMode provides comprehensive training and support to its customers. This ensures that medical professionals are able to use the company's products safely and effectively.

InMode's value proposition has resonated with medical professionals and patients alike. The company's products have been used to perform over 10 million treatments worldwide. InMode is committed to continued innovation and development, and the company is well-positioned to continue to be a leader in the medical technology market.

InMode Ltd. Risk Factors

Business Risks

• Dependence on a limited number of products: InMode relies heavily on the sales of its Morpheus8 and Forma products, which accounted for approximately 80% of its revenue in 2021. If these products fail to continue to perform well, or if competitors introduce more effective products, InMode's business could be negatively impacted.
• Concentration of customers: InMode's revenue is concentrated among a small number of large customers. The loss of any of these customers could have a significant impact on InMode's financial performance.
• Regulatory risks: The medical device industry is heavily regulated, and InMode's products are subject to regulatory approval and oversight. Changes in regulatory requirements or the failure to comply with existing regulations could delay or prevent the sale of InMode's products.
• Product safety: InMode's products could cause adverse events in patients, which could lead to product recalls, lawsuits, and damage to InMode's reputation.

Market Risks

• Competition: The medical device industry is highly competitive, and InMode faces competition from a number of established and emerging companies. If InMode is unable to compete effectively, it could lose market share and its business could be harmed.
• Technological risks: The medical device industry is constantly evolving, and new technologies are emerging all the time. If InMode is unable to keep up with the latest technological developments, it could fall behind its competitors and lose market share.
• Currency risks: InMode operates in multiple countries, and its revenue is subject to currency fluctuations. If the value of the US dollar declines against other currencies, InMode's revenue and profitability could be negatively impacted.

Financial Risks

• Debt: InMode has a significant amount of debt, which could put pressure on its financial performance. If InMode is unable to manage its debt effectively, it could face financial distress.
• Liquidity: InMode's liquidity position could be impacted by a number of factors, such as changes in its operating performance, the availability of financing, and the timing of capital expenditures. If InMode is unable to maintain adequate liquidity, it could face financial difficulties.
• Profitability: InMode's profitability could be affected by a number of factors, such as changes in its product mix, the pricing of its products, and the costs of its operations. If InMode's profitability declines, its financial performance could be negatively impacted.