INMD - InMode: Multi-Year Uptrend Is Far From Over Despite Valuation Concerns

• Growing demand for non-invasive and minimally invasive aesthetic treatments from patients has led physicians to increase orders for devices that make these procedures possible.
• INMD is a big beneficiary of this trend in the U.S. and internationally. It's doubled revenues between 2018 and 2020 selling devices to physicians while remaining profitable and debt free.
• The stock has returned more than 600% since its August 2019 IPO (200% of that in the past 1 year), handily outperforming the healthcare sector, medical devices industry and S&P 500.
• Key valuation multiples including P/E, P/S, EV/Sales and EV/EBITDA suggest the company is overvalued relative to industry peers. However, this premium is justified.
• Demand for INMD's devices and services will grow thanks to demographic shifts in the US and the company's international expansion. The company has huge cost advantages relative to peers and the management is shareholder friendly.

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