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Bullish over the next 6–12 months on Asia-led growth, buyback, and solid cash balance.
What happened and why it matters
InMode reported Q2 2026 GAAP revenues of $95.6 million, essentially flat vs 2025, with consumables and service up 13% to $22.3 million and Asia delivering a quarterly revenue record. The company asserted margin pressures but kept a 2026 outlook of $365–$375 million in revenue and $1.29–$1.34 non-GAAP EPS, supported by a $501.1 million cash position after repurchasing 6.38 million shares for $87.8 million. A new CFO and board chair were appointed, signaling governance changes as management prioritizes long-term growth and capital allocation.
The quarter shows revenue stability amid margin compression, but Asia strength and a sizable cash-backed buyback support value. New CFO/Chair and a defined 2026 revenue/EPS range reduce uncertainty, potentially lifting multiple and price over the next 6–12 months. Risks include ongoing margin pressure and geopolitical uncertainty in Israel; however, management's capex/operating plan and liquidity buffer mitigate downside.
Q2 2026 GAAP revenues: $95.6m, flat YoY.
Consumables/service revenue: $22.3m, +13% YoY; Asia revenue record.
GAAP operating income $12.3m; Non-GAAP $16.0m; margins pressured.
Cash position $501.1m; completed 6.38m share repurchase for $87.8m.
Outlook: 2026 Revenues $365–$375m; Non-GAAP EPS $1.29–$1.34.
Earnings category with corporate governance updates. The release combines solid Asia growth and a sizable buyback with margin headwinds and leadership changes, suggesting tempered near-term upside but potential longer-term value if 2026 guidance holds and costs stabilize.
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