InMode at Baird Conference: Navigating Market Headwinds

On Wednesday, 10 September 2025, InMode Ltd (NASDAQ:INMD) presented at the Baird Global Healthcare Conference 2025, offering insights into its strategic plans amid current market challenges. Led by CFO Yair Malca, the company addressed both the hurdles of softening demand and rising interest rates, as well as potential growth areas in international markets and new product launches.

Key Takeaways

• InMode is tackling aesthetic market downturns with risk-sharing programs and product diversification.
• The company is debt-free, enabling strategic investments despite macroeconomic challenges.
• Growth is anticipated in international markets, particularly Germany and Japan, with cautious optimism for the U.S. market.
• New product launches in ophthalmology and women’s health are expected to drive future expansion.
• InMode maintains a positive outlook on achieving a 6% revenue growth in the coming years.

Financial Results

• Revenue Growth: InMode is comfortable with street estimates predicting a 6% revenue growth, targeting an annual increase of $25 million to $30 million.
• Tariffs Impact: A 2-3% headwind is expected in 2025 due to tariffs, with a potential 3% impact on gross margins by 2026.
• Debt-Free Status: The company remains debt-free, facilitating risk-sharing programs and strategic expansions.

Operational Updates

• Market Penetration: InMode is focusing on increasing its presence in the dermatologist market, where penetration is currently 5-7%, compared to 25-30% in the plastic surgeon sector.
• Product Lifecycle: Efforts are underway to upgrade existing customers to next-generation devices, such as Ignite RF.
• International Expansion: Positive momentum is noted in Germany and Japan, with China offering significant opportunities pending regulatory approvals.

Future Outlook

• New Product Launches: The company plans to launch new products in ophthalmology and women’s health, with anticipated market entry for dry eye treatments by late 2026 or early 2027.
• Women’s Health Division: Potential exists for women’s health to become a standalone division, with ongoing FDA discussions for additional indications.
• Strategic Initiatives: InMode’s strategy involves diversifying its customer base and expanding its product portfolio to become a comprehensive provider in the aesthetic space.

Q&A Highlights

• CFO Yair Malca emphasized the decision not to lower pricing, stating, "Lowering pricing, this is something we decided not to do because this is only a one-way street."
• Malca expressed optimism about market turnaround, noting, "With the upgrade cycle that we expect to see, as well as additional products, I think we should definitely be able to penetrate even further."
• On revenue projections, Malca commented, "I think conservatively, assuming those 5%, 6%, we are talking about adding $25 million to $30 million to the top line every year in the next few years."

InMode’s strategic focus and financial resilience position it well to navigate current challenges and capitalize on future opportunities. For a detailed account, please refer to the full transcript below.

Full transcript - Baird Global Healthcare Conference 2025:

Jeff Johnson, Senior Medical Technology Analyst, Baird: All right, good morning. Welcome to day two of the Baird Healthcare Conference. Why don’t we get started? My name is Jeff Johnson. I’m the Senior Medical Technology Analyst at Baird, and our first presentation this morning is InMode, a leading provider of innovative energy-based, minimally invasive surgical aesthetic and medical treatment solutions. With us today from InMode, we’re happy to have Chief Financial Officer Yair Malca. I think, Yair, we just want to go straight into Q&A.

Yair Malca, Chief Financial Officer, InMode: Absolutely. Thank you for having me.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Thank you for the long trip in from LA last night. I’m glad you were able to make it. A number of topics I want to cover. Maybe we’ll just get started kind of on end markets. You know, it’s been a couple of years now where end markets have been pressured, obviously, in aesthetics and a lot of discretionary medtech areas. What has InMode done to kind of adjust to this new environment over the last year or two? You know, what has worked, what hasn’t worked, and just kind of how do you see the operating outlook from here?

Yair Malca, Chief Financial Officer, InMode: You’re absolutely right. It has been exactly two years now, and the slowdown that we’ve been experiencing in the aesthetic space started in the summer of 2023.

Jeff Johnson, Senior Medical Technology Analyst, Baird: That’s right.

Yair Malca, Chief Financial Officer, InMode: What we have done is only addressing things that are under our control. A big part of it is macro-related. What are the main headwinds that we are looking at is softening in demand. On that, there’s only so much we can do. This is on a macro level. We can touch on that later. We had on the financing side, and just to remind you all, about 90% of our capital equipment sales are being financed by third-party leasing companies. Financing is a big part of our business and has a huge impact. On that front, we saw the rising interest rate that basically increased the monthly payment for our customers when they acquire capital equipment. We started seeing a more tight credit and a more diligent credit procedures when the banks came to provide approval.

If three years ago, all you needed is a credit app, and within two hours, you’ll get an approval. Now they are asking for much more information in addition to the credit app, and the approval takes longer. On that front, we were able to put some programs together with some of our leasing partners where we did some risk-sharing mechanism where we take a small part of the risk, usually around 6%, and they take the remaining 94% of the risk. In return, they were willing to move faster and what we call buy deeper.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yep.

Yair Malca, Chief Financial Officer, InMode: These are, of course, the things that we can control. InMode Ltd. is a very strong and solid company, debt-free, and has a very strong cash balance on our balance sheet. We can, you know, take use this on our advantage. That’s what we’ve done. On the demand side, this is where most of the impact is coming from. There’s only so much we can do. The aesthetic space is cyclical.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yep.

Yair Malca, Chief Financial Officer, InMode: We are experiencing a down cycle. No one knows how long down cycles usually last. Usually, they don’t last more than two or three years.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah.

Yair Malca, Chief Financial Officer, InMode: We are hoping for the best.

Jeff Johnson, Senior Medical Technology Analyst, Baird: As I think about that system side of the business, and we’ll talk about patient demand maybe in a second, on the system side of the business, have you changed product offering? Is there anything you can do from would it even help to have a lower-priced system? I know you’ve gone back to maybe some core laser products here more recently as well. Just, you know, success or learnings you’ve had maybe in some of those areas.

Yair Malca, Chief Financial Officer, InMode: Lowering pricing, this is something we decided not to do because this is only a one-way street. Once you lower the price, you will never be able to get them up again. We do want to try to become a one-stop shop for our customers. We are adding also lasers and other technologies so they don’t need to go and buy those elsewhere. Specifically on the CO2 laser that we launched earlier this year, there has been this trend that we’ve noticed in the market where providers offer what they call combo treatments. It’s a combination treatment to their patients. It’s also a way for them to try to get more money from the same patient. We’ve seen that one of the popular combination treatments was a Morpheus8 procedure with CO2 lasers. We’ve seen CO2 laser companies calling on our Morpheus8 customers, trying to sell them a CO2 laser.

We said, let’s try to capitalize on that. So far, it’s proven to be a successful move.

Jeff Johnson, Senior Medical Technology Analyst, Baird: That has worked. Good. On the minimally invasive RF side, you had significant success coming out of the IPO back in, what was that, 2019, if I remember right? 2018?

Yair Malca, Chief Financial Officer, InMode: ’18, ’19.

Jeff Johnson, Senior Medical Technology Analyst, Baird: 2018, 2019. You know, significant success with the Morpheus, but also the other BodyTite, FaceTite, AccuTite products. Where are you from a penetration standpoint in the plastic and the derm side? If we do get a macro recovery, or assuming we get a macro recovery here at some point with lower interest rates and system sales start to free up, is there still room to penetrate into that core plastic and derm part of the market with your minimally invasive RF technologies?

Yair Malca, Chief Financial Officer, InMode: That’s a very good question. I think these are two different groups. For us, we started with focusing on the plastic surgeon community, especially because back then in 2017, 2018, we were mainly focused on the minimally invasive RF technologies. Since then, we launched also non-invasive devices and even lasers, as you’ve seen. Our main focus early on, before the IPO, and even a little bit after the IPO, was on plastic surgeons. Our Chief Medical Officer was a plastic surgeon. All our advisory board was plastic surgeons. With this community, we are fairly penetrated. I would say probably 25%, maybe even 30%.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah.

Yair Malca, Chief Financial Officer, InMode: Dermatologists, that’s a different story. We are not as penetrated with them. Only in the last couple of years, we started the reach out to dermatologists, and we are going to expand on that. Technically, if you think about it, dermatologists is a bigger community than plastic surgeons. With them, I would say we’re probably maybe 5%, 6%, 7% penetrated. Still a lot of room to grow with there. Overall, I think in terms of penetration, I think InMode has a long way to go. Also in terms of upgrading, we keep innovating and bringing the next generations to the market. We definitely can go back to many of those plastic surgeons that bought the original FaceTite or BodyTite and upgrade them to the Ignite.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Right.

Yair Malca, Chief Financial Officer, InMode: Ignite RF, which is the next generation that has also the Quantum RF.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah. We’ll talk about that in a second. I want to ask, you know, 25% penetration in that plastics office. Do you think that’s about just as a general trend in aesthetics? Is that kind of about where you start topping out penetration? I think back to some of the cryoablation products and companies that have existed in the past before InMode. It seemed like they got to about 25%, maybe a little north of 25%. Is it tougher to get into one of every four offices?

Yair Malca, Chief Financial Officer, InMode: Obviously, to increase this penetration, it’s getting harder and harder.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah.

Yair Malca, Chief Financial Officer, InMode: I can see why you might think that 25% is the, this is where you max out.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah, just like historically.

Yair Malca, Chief Financial Officer, InMode: Historically, I think with the fact that we have a broad portfolio of products, we definitely can offer much more than only minimally invasive solutions. Some of those plastic surgeons can buy some of the non-invasive just to delegate it to their nurses. I think InMode is in a position to continue to penetrate the plastic surgeon. Yes, it’s getting harder and harder for sure. That is why we’re also reaching out to other communities.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah.

Yair Malca, Chief Financial Officer, InMode: With the upgrade cycle that we expect to see, as well as additional products that we expect to launch, I think we should definitely be able to penetrate even further.

Jeff Johnson, Senior Medical Technology Analyst, Baird: OK. If I think about, I’m trying to remember my model now as we’re talking of system placements, especially in the U.S. in 2018, 2019. That’s when the big inflection, you know, significant growth. We’re talking maybe six to eight-year-old units out in the field at this point. What is the typical life cycle of these units? Are doctors in this environment, plastic surgeons especially, willing to do trade-ins? Is it something even that interests them, or do they have a machine that can probably work for another three to five years, and they don’t need to trade in?

Yair Malca, Chief Financial Officer, InMode: It’s a very, very good question. In terms of the lifespan of the machine, our devices, generally speaking, radio frequency devices, and specifically our devices, tend to be very reliable and last for many years. Especially in this kind of environment, when there is some uncertainty on the macro level, if doctors know that they have a good operating machine, they might be a little bit hesitant before upgrading to the next generation.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah.

Yair Malca, Chief Financial Officer, InMode: Yes, the next generation is faster, better results. You know, they’re not as busy as they used to be, so the faster selling point is not as appealing to them as.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Sure.

Yair Malca, Chief Financial Officer, InMode: Exactly as it is when they are very busy. We definitely need to wait for the macro condition to improve before we see more upgrades. We do see that for sure. We started this earlier this year, some trading promotions for our existing customers. We definitely see them coming more and more. I believe that once we see the market improves, we’ll see more of them coming. One thing to mention is that the aesthetic space is very trendy. Even if the device is working and can last for many years, many of the doctors want to attract patients by being perceived as someone that also always has the latest and greatest technology. Also, patients coming to the doctor want them to offer something new and exciting and not exactly the same procedure they offered them seven, eight years ago.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah.

Yair Malca, Chief Financial Officer, InMode: They want something new. Luckily, that works in our favor. We are waiting for the market to turn around, and then we see more of those coming.

Jeff Johnson, Senior Medical Technology Analyst, Baird: OK. We’ll still get to maybe the patient demand side in a second. A couple of other questions is, you’ve gone from kind of the plastics, you’re now kind of 5%, 6%, 7% in the derms. What about some other physician categories? You know, have you gone down into the med spa space with any kind of success? It seems like you have brought out some non-invasive products over the last couple of years with kind of some success. How much of that focus is on med spa or, to your point, going into a plastics office and saying, hey, we can sell you a non-invasive so your staff can treat in your office? Is it more of having these non-invasive products just cross-sell into your current markets, or can you go all the way down into the med spa?

Yair Malca, Chief Financial Officer, InMode: Both. We are definitely going after the med spa as well. You know, nowadays, you see many types of med spas. Some med spas are owned by a plastic surgeon. They open the med spa side by side to their surgical center. We also have seen in many states some nurse practitioners that used to work under plastic surgeons for many years. Now they leave and open their own med spas. They used to work with the InMode device from the times that they worked under the plastic surgeon, and then they come to us to buy one. That’s definitely something that we’ve seen as well. You know, because of the fact that we don’t have only minimally invasive devices now, there’s a lot more platforms and procedures that we can offer to them as well.

Jeff Johnson, Senior Medical Technology Analyst, Baird: you still see that as more of a macro needs to get better to really execute better on that?

Yair Malca, Chief Financial Officer, InMode: Yeah, that’s all across the board.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Same on med spa, even though we haven’t seen a trade down from a bigger plastic procedure to.

Yair Malca, Chief Financial Officer, InMode: Usually, med spas are the first ones to get hit from macro conditions, and the plastic surgeons tend to be more resilient.

Jeff Johnson, Senior Medical Technology Analyst, Baird: OK. Let’s move down maybe from plastic surgeons, med spas. You know, ophthalmology is a market you’ve entered here recently, still waiting to get the dry eye indication. Where are we in the process of getting that official kind of label and indication? What are you seeing in just generally selling for lid and other kinds of ophthalmic procedures?

Yair Malca, Chief Financial Officer, InMode: We have the Health Canada approval for dry eye. We are in discussion with the FDA to finalize the study requirement. That probably would happen later this year, early next year.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Approval to start the study.

Yair Malca, Chief Financial Officer, InMode: To start the study. That means that once we start the study, another 6 to 12 months from there. We are talking about the end of 2026, maybe beginning of 2027. We do see some early success even without this specific indication. We do have a broader indication. Many ophthalmologists or optometrists are familiar with IPL, and they know that IPL can treat dry eye. We have one IPL handpiece on our Invision device. We also have radio frequency, and the combination of IPL and radio frequency, at least from what we have heard from our Canadian optometrists, is that it’s significantly better than IPL only. We start seeing this trend trickling into the U.S. as well.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Is that primarily, I mean, when I think of like one of your competitors, like an OptiLite product from Lumenis or something, they only offer IPL.

Yair Malca, Chief Financial Officer, InMode: Correct.

Jeff Johnson, Senior Medical Technology Analyst, Baird: You have the RF with it. We’ve talked to some InMode reps over the last few months that maybe you’ve converted 100, 150 Luminus accounts over the last six or nine months. Is there enough out there on the ophthalmic side to move the needle in the near term, or is this kind of a nice-to-have part of your business but not necessarily going to be a big growth driver?

Yair Malca, Chief Financial Officer, InMode: I think it will be a growth driver. Again, a big growth driver depends on what your expectations are. Definitely, it’s going to be a solid growth driver for us. While we are working with the FDA to get the indication, we are also putting together a standalone team to focus only on ophthalmologists and optometrists, only on the Invision product. We are in the process of currently doing that. I think the combination of those two, once we get the FDA clearance, the specific one, and have a standalone team that can focus only on that product, can definitely give us a nice boost.

Jeff Johnson, Senior Medical Technology Analyst, Baird: All right. Maybe the last topic I wanted to cover just from a procedural category, just on the women’s health care side, what’s the update there on product uptake and, you know, getting any kind of true indications there?

Yair Malca, Chief Financial Officer, InMode: We are working on that with the FDA as well on some studies. We do have indication to some of the handpieces with SUI, stress urinary incontinence, and we are looking to add additional indication. We are also looking to add additional application in the future. Women’s health is a big market for us, and we have some nice things going on on the R&D side. This is definitely a growth driver. A major growth driver for us would be the women’s health space. Maybe in the future, we would consider to do something similar to Invision and have its own standalone.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Because right now, it’s part of the core sales process.

Yair Malca, Chief Financial Officer, InMode: Yes. It’s not, you know, it’s more hybrid. In some geographic areas, we do have a separate sales rep for Empower OBGYN, but it’s not completely carved out.

Jeff Johnson, Senior Medical Technology Analyst, Baird: All right. Let me just ask from a procedural standpoint, if we put women’s health care combined with other plastic and procedures, what have you been seeing the last few months as you and I were talking here before we started? Obviously, patient demand, as you said, with higher interest rates and higher financing costs and really even CareCredit and some of those pulling back on approval rates over the last couple of years, patient demand has been relatively soft. Is it soft and at a kind of stable level? There’s been mixed feedback from some of our dental companies, even on orthodontics and that, of whether or not there’s been a little incremental softness even over the last few months post-tariff uncertainty. How have you seen the patient demand side the last several months maybe?

Yair Malca, Chief Financial Officer, InMode: I can tell you in the last couple of years, we’ve seen a decline in the demand from the patient side. The demand from the patient side has a big impact, a huge impact on the capital equipment sales. If doctors see that they are not as busy as they used to be, they would be very hesitant signing a leasing agreement for a new capital equipment for the practice.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yep.

Yair Malca, Chief Financial Officer, InMode: It goes hand in hand. We see that also from injectables. Botox and toxins are down. Fillers are down. Overall, procedures have been down in the last couple of years. If you ask me about the last couple of months, it looks like the decline started a little bit stabilized. It’s not as severe as it used to be last year, for example. Still.

Jeff Johnson, Senior Medical Technology Analyst, Baird: You feel like kind of flattish, not flattish necessarily.

Yair Malca, Chief Financial Officer, InMode: Yeah, close to flattish, close to flattish, yeah, stabilized.

Jeff Johnson, Senior Medical Technology Analyst, Baird: All right. Fair enough. Let’s see. Maybe I’ll move on to some middle parts of the P&L. What do we got here? Just maybe on the tariff, just we’ll try to get an update on tariffs here. You’ve talked, I think, about 200 to 300 basis points of headwind on a full-year basis for this year. How do we think about that potential impact into 2026? Does that 200 to 300 basis points grow next year, or do we anniversary through that and that can be kind of a non-impact year over year?

Yair Malca, Chief Financial Officer, InMode: It’s a good question. We don’t know yet. There are a lot of uncertainties about tariffs right now. The 2% to 3% that we provided earlier this year were assuming the tariffs were going to be at around 10% level.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah.

Yair Malca, Chief Financial Officer, InMode: They were set up at 15% a few weeks ago. However, we are working on some supply chain adjustments that might help us with lowering it even below the 10%.

Jeff Johnson, Senior Medical Technology Analyst, Baird: OK.

Yair Malca, Chief Financial Officer, InMode: I think sticking to the 10% now, which means 2% to 3%, probably closer to 2% this year and 3% next year, that’s my best guess at this point. As we move along the year, I believe within a quarter or two, we probably know better. When we provide guidance to 2026, I’m sure we’ll have a better understanding of where the adjustment of the supply chain that we’ve made was successful. Again, I’m still hoping that Israel and the U.S. will sign some new treaty to maybe ease the pain of those tariffs.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah. When you talk about moving supply chain or some supply chain adjustments, could you move some manufacturing to the U.S.?

Yair Malca, Chief Financial Officer, InMode: No, we are not looking at that.

Jeff Johnson, Senior Medical Technology Analyst, Baird: OK.

Yair Malca, Chief Financial Officer, InMode: At this point, although some of our products are manufactured in the U.S. or a component that we buy from the U.S., we are looking at ways to subtract them from tariffs. Usually, that tends to be pretty expensive. Some technical changes to the way we work with our subcontractors in Israel might help us reducing the tariffs even further.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah, fair enough. When you talked, last question on tariffs, just when you talked about 200 basis points, and I think this is the point you made last quarter as well, 200 basis points and then 300 next year, that’s an incremental 100 basis points next year on top?

Yair Malca, Chief Financial Officer, InMode: Yes.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Do I take 300 basis points off your 2025 gross margin to account for 2026?

Yair Malca, Chief Financial Officer, InMode: I think another %.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Another 1%.

Yair Malca, Chief Financial Officer, InMode: Yeah.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah, right. The net’s to three points total.

Yair Malca, Chief Financial Officer, InMode: Correct.

Jeff Johnson, Senior Medical Technology Analyst, Baird: That’s what I just want to make sure. You know what?

Yair Malca, Chief Financial Officer, InMode: We will provide an update later this year.

Jeff Johnson, Senior Medical Technology Analyst, Baird: No, that’s fine. I just want to make sure I’m setting your model up as close as I can. Outside the U.S., I forgot to ask here, you got back to pretty solid, I think, double-digit growth year over year in the second quarter. It had been four or five quarters of flat to down international. You’ve made some leadership changes there. What were other key drivers of getting that international back to that solid growth trend?

Yair Malca, Chief Financial Officer, InMode: I think it’s, as you mentioned, the leadership change, some of the new subsidiaries. We decided to go direct in some countries. It takes time, you know, from the moment you decide to go direct in a country until you build a team and start seeing some meaningful contribution. Now we start seeing some of the results of those changes that we’ve made a year or two ago, especially in terms of going direct in Germany, going direct in Japan. We start seeing this contribution. For some reason for us, we feel that the headwinds in the international market, and especially Europe, are not as severe as here in the U.S. That also can be because of the fact that we are a smaller player in the international markets. In the U.S., we are the biggest player when it comes to energy-based medical devices.

When you are a smaller player in certain markets, you can grow despite the headwind.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah. Do you feel like Germany, you know, we’ve heard mixed things on Germany, on France over the last several months? Has that market not only stayed better than the U.S., but pretty consistent here in the last few months as well?

Yair Malca, Chief Financial Officer, InMode: Yes, but keep in mind also before we used to have a distributor in Germany.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah, that’s true.

Yair Malca, Chief Financial Officer, InMode: Once we switched over to a subsidiary direct operation, by definition, you are going to see your sales grow.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Fair enough. Do you feel like international is in the position that it can continue here after four or five quarters of declines, one quarter of increase? Are we back on that kind of growth trajectory for the international markets?

Yair Malca, Chief Financial Officer, InMode: I would like to say yes, especially in some countries. Even in Europe, some countries are doing better than others. That’s why, at the moment, things are looking good for us. Hopefully, it will stay like that.

Jeff Johnson, Senior Medical Technology Analyst, Baird: All right. China has been kind of a market where there’s been a lot of talk of getting more and more product registered in China. It’s been kind of a slow go. Where are you in China in building out your presence and the ability to kind of sell all of your product in China?

Yair Malca, Chief Financial Officer, InMode: We are working with a distributor at the moment in China, and we don’t have full approvals for all of our products. It takes much longer to get a Chinese FDA approval than here in the U.S. It can take years, and you don’t really know where you are in the process. That being said, we are still having some nice sales in China. We definitely can and should do better once we get those additional approvals. Overall, we nominated a new Head of Asia Pacific for sales for Asia Pacific earlier this year, and we start seeing some results.

Jeff Johnson, Senior Medical Technology Analyst, Baird: the minimally invasive RF technologies products that you’re still waiting on, is that right?

Yair Malca, Chief Financial Officer, InMode: One of them, not only.

Jeff Johnson, Senior Medical Technology Analyst, Baird: OK.

Yair Malca, Chief Financial Officer, InMode: Also Empower. There are a lot of other things that we don’t have yet.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Yeah, OK.

Yair Malca, Chief Financial Officer, InMode: In China.

Jeff Johnson, Senior Medical Technology Analyst, Baird: OK, there are plenty. On that China piece, I’m blanking on what my question was going to be. I’ll come back to it. Let me just ask one question. I think we’re down to two minutes here. I know you haven’t guided 2026, and I’m assuming I’m not going to get you to guide 2026 here. The street is sitting at 6% revenue growth each of the next couple of years. I think as we went into the slowdown over the last two years, there was a point maybe a year ago or so that Moshe made comments around, look, when we come out of this, we can kind of get back to a kind of consistent mid-single-digit revenue growth trajectory. It doesn’t sound like we’ve necessarily come out of it from a macro standpoint.

How comfortable are you with the street sitting at 6% each of the next couple of years? Is that more of a growth rate you’d expect in a normal environment, and that’s tougher to deliver to in this environment, or just conceptually how to think about that?

Yair Malca, Chief Financial Officer, InMode: I think conservatively, assuming those 5%, 6%, we are talking about adding $25 million to $30 million to the top line every year in the next few years. I think it’s a good number to go with, especially in these very uncertain markets. We really would like to hope that, you know, things are not going to get worse. Assuming that is the case, hopefully, we start seeing some improvement next year, especially with the new products that we plan to launch. I think that they should be, you know, add at least those $25 million a year.

Jeff Johnson, Senior Medical Technology Analyst, Baird: It doesn’t sound like you’re uncomfortable with those.

Yair Malca, Chief Financial Officer, InMode: I’m not uncomfortable.

Jeff Johnson, Senior Medical Technology Analyst, Baird: OK, fair enough. I think we will wrap it there unless there are any questions from the audience. All right. Please join me in thanking Yair for a great presentation here on our overview of InMode. Our next presentation is set to begin at 9:05 A.M. Eastern Time, include Universal Health Services in the Grand Ballroom, Bright Minds Biosciences in Empire Room B. That’s it, I think. All right. Thank you. Take care.

Yair Malca, Chief Financial Officer, InMode: Thank you very much.

Jeff Johnson, Senior Medical Technology Analyst, Baird: Thank you, Yair.

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