InMode Ltd. 20-F: No Major Customer Reliance, Deferred Revenue Outlook

TL;DR

InMode's 20-F shows no customer is too big to fail, and most deferred revenue hits in '26.

AI Summary

InMode Ltd. filed its 20-F for the fiscal year ending December 31, 2024. The company, a manufacturer of electromedical apparatus, reported no single customer accounted for 10% or more of its total revenues or net accounts receivable. Non-current deferred revenue is projected to be recognized primarily in 2026 (81%) and the remainder between 2027-2029.

Why It Matters

This filing provides insight into InMode's revenue diversification and future revenue recognition, indicating stability and predictable income streams.

Risk Assessment

Risk Level: low — The filing indicates a diversified customer base and provides clear projections for deferred revenue recognition, reducing uncertainty.

Key Numbers

• 81% — Non-current deferred revenue in 2026 (Indicates a significant portion of future revenue is expected to be recognized next year.)
• 10% — Customer revenue concentration threshold (No single customer accounted for this percentage or more of total revenues or net accounts receivable.)

Key Players & Entities

• InMode Ltd. (company) — Filer of the 20-F
• 20241231 (date) — Fiscal year end
• 20250204 (date) — Filing date
• $12 million (dollar_amount) — Payments for Amendment to the Investments Law and settlements with the Israeli tax authority in 2022

FAQ

Filing Documents

• zk2532597.htm (20-F) — 2618KB
• exhibit_4-13.htm (EX-4.13) — 146KB
• exhibit_11-1.htm (EX-11.1) — 72KB
• exhibit_12-1.htm (EX-12.1) — 12KB
• exhibit_12-2.htm (EX-12.2) — 12KB
• exhibit_13-1.htm (EX-13.1) — 5KB
• exhibit_13-2.htm (EX-13.2) — 5KB
• exhibit_15-1.htm (EX-15.1) — 3KB
• image0.jpg (GRAPHIC) — 37KB
• image1.jpg (GRAPHIC) — 26KB
• image2.jpg (GRAPHIC) — 21KB
• image3.jpg (GRAPHIC) — 45KB
• image00004.jpg (GRAPHIC) — 8KB
• 0001178913-25-000314.txt ( ) — 11256KB
• inmd-20241231.xsd (EX-101.SCH) — 81KB
• inmd-20241231_cal.xml (EX-101.CAL) — 69KB
• inmd-20241231_def.xml (EX-101.DEF) — 236KB
• inmd-20241231_lab.xml (EX-101.LAB) — 790KB
• inmd-20241231_pre.xml (EX-101.PRE) — 395KB
• zk2532597_htm.xml (XML) — 1829KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No TABLE OF CONTENTS Page PART I 1

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1

KEY INFORMATION

ITEM 3. KEY INFORMATION 1

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 31

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 66

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 66

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 73

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 91

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 93

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 93

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 94

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 105

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 105 PART II 106

DEFAULTS, DIVIDENDS ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDENDS ARREARAGES AND DELINQUENCIES 106

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 106

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 106

[RESERVED]

ITEM 16. [RESERVED] 107

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 107

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 107

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 107

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 107

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 108

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 108

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 108 ITEM 16H. MINE SAFETY DISCLOSURE 110

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 110

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 111

CYBERSECURITY

ITEM 16K. CYBERSECURITY 111 PART III 111

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 111

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 111

EXHIBITS

ITEM 19. EXHIBITS 112

SIGNATURES

SIGNATURES 113 - i - Certain Definitions In this Annual Report on Form 20-F, unless the context otherwise requires: references to "InMode," the "Company," "us," "we" and "our" refer to InMode Ltd., an Israeli company, and its consolidated subsidiaries; references to "ordinary shares," "our shares" and similar expressions refer to the Company's ordinary shares; references to "dollars," "U.S. dollars" and "$" are to U.S. Dollars; references to "NIS" are to New Israeli Shekels, the Israeli currency; references to the "Companies Law" are to Israel's Companies Law, 5759-1999, as amended; references to the "SEC" are to the U.S. Securities and Exchange Commission; and references to "U.S. GAAP" are to U.S. generally accepted accounting principles.

Forward-Looking Statements

Forward-Looking Statements The sections entitled "Item 3. Key Information – D. Risk Factors" "Item 4. Information on the Company" and "Item 5. Operating and Financial Review and Prospects" and elsewhere in this Annual Report on Form 20-F contain forward-looking statements that are subject to substantial risks and uncertainties. All statements, other than statements of historical facts, included in this Annual Report on Form 20-F regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking "may," "plan," "predict," "project," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Unless otherwise indicated in this Annual Report on Form 20-F, the basis for any statements regarding our competitive position is based on our own assessment and knowledge of the market in which we operate. These forward-looking statements include, among other things, statements about: our ability to identify and penetrate new markets for our products and technology; our ability to innovate, develop and commercialize our existing and new products and to expand beyond our traditional customer base; our ability to obtain and maintain regulatory clearances; the impact of the political, economic and military instability in Israel and the ongoing Israel-Hamas war on our ability to operate and develop, manufacture and deliver products and components; our expectation regarding the safety and efficacy of our products; the commercial experience of our management team; our commercialization, marketing and manufacturing capabilities and strategy; our estimates regarding the potential market opportunity for our products; developments and projections relating to our compet

IDENTITY OF DIRECTORS,

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors Our business faces significant risks. You should carefully consider all of the information set forth in this Annual Report on Form 20-F and in our other filings with the SEC, including the following risk factors that we face and that are faced by our industry. Our business, financial condition or results of operations could be materially and adversely affected by any of these risks. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may have similar adverse effects on us. This report also contains forward-looking statements that involve risks and uncertainties. Our results could materially differ from those anticipated in these forward-looking statements, as a result of certain factors, including the risks described below and elsewhere in this Annual Report on Form 20-F and our other SEC filings. See "Forward-Looking Statements" above. Summary Risk Factors Our business is subject to a number of risks of which you should be aware of before making an investment decision. These risks are discussed more fully in the "Risk Factors" section of this annual report. These risks include, but are not limited to, the following: our success depends upon market acceptance of our products; if there is not sufficient demand for the procedures performed with our products, practitioner demand for our products could decline, resulting in unfavorable operating results; the success and continued development of our products depends, in part, upon maintaining strong relationships with physicians and other healthcare professionals; we rely heavily on our sales professionals to market and sell our products worldwide. If we are unable to hire, effectively train, manage, improve the productivity of and retain our sales professionals, our business will be harmed,

View Full Filing

View this 20-F filing on SEC EDGAR