InMode

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InMode Ltd. is an Israel based multinational medical technology company, specializing in designing, developing and manufacturing platforms that harness novel radio-frequency based technology enabling new emerging minimally-invasive procedures. The company's medical technologies are used by physicians to restructure subdermal adipose in a variety of procedures including fat reduction, skin tightening, face and body contouring and ablative skin rejuvenation treatments. InMode’s products include a wide variety of procedures from fat killing and skin tightening to permanent hair reduction and altering skin appearance and texture among others.

Headquartered in 17 Hughes, Irvine California 92618, owning 8 product platforms: BodyTite, Optimas, Triton, and Embrace RF, Empower RF, EvolveX, Evoke, Morpheus8. At an operating expense of $156.295, InMode has a TTM (trailing twelve month) revenue of $404.184 with a gross profit of $339.676.

InMode Ltd.
Type	Public since 2019
Traded as	NASDAQ: INMD
Industry	Medical technology
Founded	2008
Headquarters	Israel Irvine, California
Key People	Mr. Moshe Mizrahy Mr. Yair Malca Dr. Michael Kreindel Mr. Shakil Lakhani Dr. Spero Theodorou
Products	BodyTite, EmbraceRF, EmpowerRF, Evoke, EvolveX, Morpheus8, Optimas, Triton
Website	https://inmodemd.com/

InMode Annual Revenue (Millions of US $)

Year	Revenue
2021	$357.565
2020	$206.107
2019	$156.361
2018	$100.162
2017	$53

InMode Stock

InMode LTD. went public in 2019 and their medical technologies are being acknowledged increasingly, with a market cap currently at $2.816 billion. The year InMode went public, it generated approximately $156 million in revenue. In 2021, it generated about $357 million, demonstrating a growth of 129% in just two weeks. Looking into July, it’s reported InMode was guiding for full revenue of $415 million to $425 million, a 16% to 19% year-over-year revenue growth.

On July 12, 2022, InMode released preliminary 2nd quarter results and augmented its full year guidance from $425 million to $435 million in the moment, soaring InMode’s stock. To add on, after just two weeks management had expected $113.3 million at most in Q2, but has reported $113.5 million, causing InMode to sky rocket yet again.

Furthermore, InMode stock’s valuation had dropped to an interestingly cheap level in 2022. In its recent low point, the stock traded at a price-to-earning ratio of less than 11, further implying bearish opinions of InMode’s prospects in 2022 coming off of such extreme growth over the past 2 years.

InMode stock with a 52 week all time low of 20.60 and an all time high of 99.27, it earns the No. 4 rank among its peers in the Medical-Systems/Equipment industry group, Haemonetics (HAE) and Shockwave. With a future revenue estimate of:

Revenue Estimate	Current Qtr. (Sep 2022)	Next Qtr. (Dec 2022)	Current Year (2022)	Next Year (2023)
No. of Analysis	3	3	3	3
Avg. Estimate	105.62 M	127.22 M	432.32 M	494.4 M
Low Estimate	104.5 M	124.07 M	430.62 M	485.5 M
High Estimate	107.08 M	129.8 M	433.8 M	508 M
Year Ago Sales	94.18 M	110.54 M	357.56 M	432.32 M
Sales growth (year/est)	12.20%	15.10%	20.90%	14.40%

Clinical Studies

InMode has peer-reviewed and textbook publications, published through PRS Global Open., IntechOpen, Journal of Cosmetics, Dermatological Sciences and Application, Aesthetic Surgery Journal, Journal of Cosmetic Dermatology, Lasers in Surgery and Medicine, Journal of Drug in Dermatology, and more. A list of InMode clinical studies can be found on InMode’s official website

Morpheus8

Minimally Invasive Combination Treatment including: Adjustable Depth Fractional Radiofrequency & Bipolar Radiofrequency for Skin Laxity

Many patients are currently seeking minimally invasive methods to tighten their skin using small incisions and few stitches. In other words, doctors will use a variety of techniques with high-end medical equipment to operate, resulting in less damage to the body compared to open surgery. The combination treatment, RadioFrequency micro-needling (Fractora modified to Morpheus8 InMode Aesthetic Solutions, Lake Forest, CA) with Bipolar Radiofrequency (FaceTite/BodyTite, InMode Aesthetic Solutions), addresses the risk of under- or over-treating the younger demographic who desires the skin tightening without the traditional operations, scars and downtime, patients whose soft tissue laxity is not “severe enough” for an excisional procedure, but also not “mild enough” to rely on liposuction alone, and those who experience recurrent laxity after undergoing traditional excisional procedures. The RF microneedling allows for subdermal adipose (fat) remodeling and skin tightening, along with the skin tightening of bipolar RF and its induction of neocollagenesis, elastogenesis, and angiogenesis at skin surface temperatures of 40° to 50°C. These technologies have been seen to be safe within these patient populations.

RADIOFREQUENCY MICRONEEDLING

The Morpheus8 (InMode Aesthetic Solutions) is a fractional Radiofrequency device with adjustable penetration depth and energy delivery. The 24 coated needles penetrate the subdermal tissue (the bottom layer of your skin), resulting in a coagulation of fat as well as the contraction of the reticular dermis and surrounding connective tissue. Simultaneously, the directional radiofrequency energy also stimulates neocollagenesis (wound repair), elastogenesis (formation and development of elastin protein fibers), and angiogenesis (development of new blood vessels). The adjustability of penetration depth and directional differs in customized treatment. For example, facial treatment 1 to 2 mm of depth will be sufficient, whereas for body treatment a 3 to 4mm penetration depth would be optimal.

EXAMPLES OF CLINICAL APPLICATIONS OF RF MICRO NEEDLING

Early Facial Aging and Recurrent Laxity After Facelift

Young patients who experience early facial aging, but are not yet optimal candidates for a traditional facelift procedure and the large population of patients who underwent a face lift, but suffer from recurring laxity are the ideal candidates for Radio-frequency micro-needling.

After other clinical practices, it has been noticed that patients respond best to Radio-frequency Micro-needling combined with Bipolar Radio-frequency (Embrace Protocol, InMode Aesthetic Solutions). The RF microneedling objective is to tighten the skin and remodel the subdermal adipose tissue, and the bipolar RF (FaceTite, InMode Aesthetic Solution) produces deep tissue heating to tighten the overlying fibroseptal network. The combination of deep and superficial energy optimizes treatment and soft tissue response.

Brachioplasty

According to the 2017 American Society of Aesthetic Plastic Surgery Data Bank, a whopping 20.1% increase in arm lifts were performed compared to the prior year. Despite the rise of brachioplasty, it is very limited by poor scarring, dehiscence, seroma, and infection.

CONCLUSIONS

The demand for minimally invasive solutions to avoid traditional operative treatment continues to increase. Radio-frequency technology has emerged as a method to safely tighten skin and reduce underlying adipose tissue. As our armamentarium expands, there's an opportunity to treat large portions of the population who were previously considered premature or borderline candidates for excisional operation. In our experience, combination RF technology broadens our ability to achieve tissue retraction that does not reliably occur with other energy based devices and liposuction alone.

Optimas

Intense pulsed light (IPL) technology has become a tool for skin rejuvenation. Since the IPL spectrum contains numerous peaks of hemoglobin absorption, and at longer wavelengths can penetrate the skin below by a few millimeters, and treat different kinds of vascular and pigmented lesions. Due to the amount of energy the pulses can supply, it can be adjusted for different treatments. The first IPL consisted of multiple features and a complex pulse structure, but future work centered on developing wide spectrum filtering. The IPL’s capability is to provide the ability to treat vascular and pigmented lesions with its highest power and lowest pulse length.

In a research study, the Lumecca IPL device (InMode Ltd.) was utilized in order to treat the vascular and pigmented lesions. The Lumecca IPL device has a maximum efficiency of 3.3kW/cm2, and an area of 3cm2. This arrangement creates an intensity of 10 J/cm2, with a pulse frequency of only 3ms, and such pulses frequencies relate to the TRT for vessels with a diameter of 70 m. Patients would receive a fluence of 8-16 J/cm2 and a screen of 515nm, and it would be checked on after 4 weeks.

As a result, patients showed a change in skin discoloration that was caused by vascular and pigmented lesions. Fluences as minimal as J/cm2 were used to produce the outcomes of the treatment of pigments. The Lumecca’s maximum power has an influence on vascular lesions that are similar to pulse dye laser.

Triton

Clinical Evaluation of Hair Removal Using an 810 nm Diode Laser with a Novel Scanning Device

The components of deep penetration and targeting of the hair follicle have made the Diode laser what it is today. The Diode laser 810 nm wavelength has high papilla absorption and can address a wide range of skin types, including skin type V and VI. Additionally, numerous published studies have evaluated long pulse 810 nm diode lasers to show long-term satisfactory hair clearance with comparable results. The objective of this current clinical study is to evaluate the safety and efficiency of hair removal using an 810 nm scanning diode laser.

An 810 nm laser using a scanning handpiece (Diolaze, InMode MD Ltd., Israel) was used in this study to determine hair reduction results. The laser has an 8 mm x 50 mm sapphire crystal that releases an 810 nm wavelength through scanning of short (30 ms) or long (80 ms) series of pulses and repetition rate that can be adjusted from single to auto-repeat. The 60 J/cm2 handpiece provided pre-cooling, parallel cooling, and post-cooling, ensuring that topical anesthesia is rarely required during treatment.

References

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