¿Es InMode (INMD) una oportunidad de compra antes de los resultados del cuarto trimestre de 2025, dado los indicadores mixtos y el sentimiento positivo entre los minoristas?

InMode (INMD), a leader in minimally invasive aesthetic and therapeutic technologies, has drawn renewed investor attention ahead of its Q4 2025 earnings report, scheduled for February 10, 2026. The company's mixed guidance for 2026, coupled with a valuation that appears starkly undervalued relative to the medical device sector, has sparked debate among analysts and retail traders. This analysis evaluates InMode's strategic valuation, forward-looking performance, and market sentiment to determine whether the stock warrants a "buy" designation.

Earnings Performance and Guidance: A Tale of Two Narratives

InMode's Q3 2025 results underscored its resilience. The company reported revenue of $93.2 million, exceeding analyst estimates of $90.52 million, with non-GAAP gross margins holding steady at 78%. For the full year, InMode reaffirmed its revenue guidance of $365–375 million, a target it is on track to meet given Q3's performance. However, its Q4 2025 guidance of $103.6–103.8 million, while in line with expectations, signals a slight deceleration compared to Q3 2024's $130.2 million revenue.

The mixed signals extend to 2026. InMode's preliminary revenue forecast of $365–375 million represents a downward revision from earlier guidance of $395–405 million. CEO Moshe Mizrahy attributed this to "market headwinds, particularly in North America," where discretionary spending remains sensitive to macroeconomic conditions. This caution contrasts with the company's 26% year-over-year growth in consumables and service revenues and 10% international sales increase, highlighting its diversification efforts.

Valuation: A Discounted Innovator

InMode's valuation metrics paint a compelling picture. As of late 2025, the stock trades at a P/E ratio of 10.1x and an EV/EBITDA of 3.32x, far below the medical device sector's average P/E of 31.1x according to Finance.yahoo.com. This discount is even more pronounced when considering InMode's net cash position of $526 million, which drives a negative EV/sales ratio compared to the sector's 4.5x average according to Finimize.

The company's gross margins (78–80%) and operating margins (24.8–26.8%) further bolster its appeal, outperforming many peers in the sector. Yet, these metrics must be weighed against the risk of margin compression in 2026, as InMode navigates pricing pressures and regulatory challenges in key markets like the U.S. and Europe.

Analyst and Retail Sentiment: Optimism Amid Caution

Analyst ratings for INMD are split. A consensus of "Hold" persists, with 25% of analysts recommending a "Buy" and 75% advising caution. Price targets range from $15 to $21, averaging $16.60–$17.33 according to TipRanks, implying a 6–21% upside from the current price of $15.55. Notably, Canaccord recently lowered its price target to $15 from $16 while maintaining a "Hold" rating, citing macroeconomic uncertainties.

Retail investor sentiment, however, is more bullish. Stocktwits data reveals heightened message volume, with traders highlighting InMode's "sequential growth" and "high margins" as catalysts. Retail trading activity has also surged, driven by the company's international expansion (new subsidiaries in Argentina and Thailand) and strategic forays into ophthalmology and wellness.

Strategic Outlook: Balancing Risks and Rewards

InMode's long-term prospects hinge on its ability to execute its innovation pipeline and expand in high-growth markets. The company's focus on minimally invasive platforms- accounting for 75% of Q3 2025 revenue-positions it well in the $15 billion global aesthetic devices market, which is projected to grow at a 7% CAGR through 2030. However, near-term risks include competitive pressures from larger players like Allergan and Botox, as well as regulatory delays for its ophthalmology products.

From a valuation standpoint, InMode appears attractively priced for risk-tolerant investors. Its P/E of 10.1x is 30% below its five-year average of 13.3x, suggesting potential undervaluation. Yet, the company's 2026 guidance, which assumes a flat revenue trajectory, raises questions about its ability to sustain growth in a tightening macroeconomic environment.

Conclusion: A Buy for Value Investors, With Caveats

InMode's combination of strong margins, a robust cash balance, and a discounted valuation makes it an intriguing candidate for value-oriented investors. The stock's 6–21% upside potential, as reflected in analyst price targets, aligns with its strategic focus on international expansion and product diversification. However, the mixed guidance for 2026 and macroeconomic headwinds necessitate a cautious approach.

For those willing to navigate the uncertainties, InMode's Q4 2025 earnings report-scheduled for February 10, 2026-will provide critical insights into its ability to deliver on its full-year 2025 guidance and address 2026 challenges. Investors should closely monitor the company's commentary on North American demand, international growth, and R&D progress during the earnings call.