A medical aesthetic company is testing the IPO waters this week. Will investment in the shares give a facelift?
The IPO Terms
Yokneam, Israel-based Inmode Ltd. has filed with the SEC a preliminary prospectus to offer 5 million shares in an IPO, with the price range estimated to be between $14 and $16.
At the mid-point of the estimated price range, the offering is expected to raise gross proceeds of $75 million.
The shares of the company have been approved for listing on the Nasdaq under the ticker symbol INMD.
Barclays and UBS Investment Bank are joint book-running managers for the offering and CANACCORD Genuity is the lead manager. Baird is serving as the co-manager.
The Company
Inmode is a provider of innovative energy-based, minimally-invasive surgical aesthetic and medical treatment solutions, with products and solutions focused on face and body contouring, medical aesthetics and women's health.
Its products use medically-accepted radio frequency energy, which penetrates deep into the subdermal fat, allowing adipose tissue remodeling.
The company markets its products traditionally to plastic and facial surgeons, aesthetic surgeons, dermatologists and aesthetic obstetricians/gynecologists.
Inmode has 18 FDA clearances, with about 2,400 customers in the U.S. It also permitted to sell its products outside of the U.S., including Europe, Australia, China, CIS and Russia.
As of June 30, 2019, Inmode had a global installed base of over 3,900 product platforms capable of running various multi-use applicators and utilizing minimally-invasive consumables.
The Financials
Inmode reported revenues of $100.16 million for the fiscal year 2018, up 87.4% year-over-year. For the three months ended March 31, the company's revenues climbed 46.1% to $30.55 million.
Net income for 2018 increased year-over-year from $8.82 million to $22.37 million. Inmode's March quarter net income increased from $6.37 million in 2018 to $10.16 million in 2019.
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