A group of investors led by Moshe Mizrahi, InMode’s founder and chief executive, submitted a new offer on Tuesday to buy the medical aesthetics company and delist it from the Nasdaq. The bid values InMode at about $950 million, or $16.20 per share, a 23% premium to its market price. Mizrahi is not joined in the new group by Meir Shamir.
This is the latest attempt to sell the company after InMode’s board held a sale process in early 2026, run by Bank of America, and received two offers, one from a Mizrahi-led group with Shamir and another from Korean private equity firm Centroid. The board ultimately rejected both proposals. Those earlier bids were higher, implying a value of roughly $1.1 billion, but the share price has kept falling since then.
The push to sell followed a period of declining revenue and profitability, which sent the stock tumbling 87% from its 2021 peak. The board decided not to sell then after some signs of recovery in annual results, but the weakness has continued despite a share buyback program. Mizrahi himself increased his stake, buying about $10 million worth of shares around April and now holding about 7% of the company.
InMode’s first-quarter results showed revenue of $82 million, up 25% year over year, including $21.4 million from consumables, up 6%. Profitability weakened, with gross margin at 75% versus 78% a year earlier, operating margin at 12% versus 20%, and net income down 27% to $11.5 million. The company generated $15.4 million in operating cash flow and ended the quarter with $537 million in cash. It reaffirmed 2026 guidance for revenue of $365 million to $375 million and gross margin of 74% to 76%.
Mizrahi, 72, founded InMode with his own money and said he has earned about $200 million from share sales so far. He was credited with the company’s early rise, but has also faced criticism over declining revenue in the past three years, which he has attributed to higher U.S. interest rates, the war, and shipping problems. Under investor pressure, he recently gave up the chairman role and remained only chief executive. The new chairman is Shlomo Nass, a restructuring and insolvency specialist.
