Israeli Medical Aesthetic Device Manufacturer InMode Raises $70 Million on Nasdaq IPO
CTech – Israel-based InMode Aesthetic Solutions has raised $70 million on its Nasdaq initial public offering Thursday, listing under the ticker INMD. InMode priced its shares at $14, the lower end of its previously suggested range, giving the company a pre-money valuation of $378 million. The company closed 3.3 percent up on Friday.
InMode develops medical aesthetic devices using radio-frequency energy technology, which can penetrate subdermal fat. The company’s main markets are Europe and the US, and it is headquartered in Lake Forest, California, with a research and development center in Israel and offices in Canada. For 2018, InMode reported revenues of $100 million, up from $53.5 million in 2017, and a net income of $22.3 million. For the first three months of 2019, the company reported revenues of $30.5 million and a net income of $10.16 million.
InMode was founded as Invasix in 2008 by CEO and chairman Moshe Mizrahi, one of the founders of Israel-based medical device company Syneron Medical. Prior to the IPO, Mizrahi held a 20.6 percent stake in InMode. In 2006, Mizrahi co-founded home aesthetics device developer Home Skinovations, which he previously tried to list three times, the latest earlier this year according to a $300 million company valuation.