INMD - InMode: Steady State Revenue In Sight
Summary
- InMode Ltd. is filling a treatment gap in the market with innovative, minimally invasive cosmetic procedure technologies.
- Most of InMode’s revenue comes from growing adoption of devices. Soon, though, sales will be primarily to update its installed unit base as growth steadies.
- For my base case, I estimate an installed unit base of around 17,000 and 2023 revenue of around $434M, not far from current numbers.
- In my downside case, the stock is already at fair value, and I recommend a “Hold” rating, though there is high potential in the upside case.
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InMode: Steady State Revenue In Sight