InMode (INMD): Moshe Mizrahy, Michael Kreindel

Israeli Health & Biotech | Olam.business

InMode Ltd. (Nasdaq: INMD) is the Israeli medical-aesthetic device company that has, since its 2008 founding in Yokneam, become one of the most commercially successful Israeli-built medical-device platforms on US public markets. Founded as Invasix by Moshe Mizrahy and Dr. Michael Kreindel — both alumni of Syneron Medical, the Israeli medical-aesthetic device pioneer that listed on Nasdaq in 2005 — InMode built a radio-frequency-based platform for minimally invasive plastic surgery, gynecology, dermatology, and ophthalmology procedures.

The company went public on Nasdaq in August 2019 at a $378 million pre-money valuation. By 2023 it had peaked at a market capitalization of more than $7 billion and annual revenue of approximately $500 million, with 78% gross margins. By 2026 the operating environment had compressed — the October-2023 war, reservist drafts of Israeli employees, anti-Israel commercial pressure at European trade conferences, and high interest rates affecting medical clinics' ability to finance equipment purchases — and InMode finds itself in the middle of a corporate-control battle that Mizrahy described in a February 2026 Globes interview as "the big question of whether InMode will remain in Israel."

Snapshot

Ticker	Nasdaq: INMD
Founded	2008 (as Invasix), Yokneam, Israel
Co-founders	Moshe Mizrahy (CEO; Chairman until July 2024); Dr. Michael Kreindel (CTO; board director)
Founder background	Mizrahy: co-founder and former CEO of Syneron Medical (NASDAQ: ELOS); Kreindel: former Syneron executive; PhD in physics and mathematics
Headquarters	Lake Forest, California (US commercial HQ); R&D centre in Yokneam, Israel; offices in Canada
Nasdaq IPO	August 8, 2019 — shares priced at $14, raised approximately $77 million; pre-money valuation $378 million
Peak market cap (2023)	More than $7 billion
Peak annual revenue	~$500 million (2023)
2025 revenue guidance	$365–375 million (revised)
Gross margins	~78%
Installed base	~22,000 systems across 92 countries (~9,200 in the United States)
Technology portfolio	22 technological innovations (7 patented); 10 platforms; radiofrequency-based minimally-invasive and surgical procedures

The Mizrahy and Kreindel Backstory

Moshe Mizrahy is the central operational figure in the Israeli medical-aesthetic device economy of the past two decades. He holds a B.Sc. in Engineering from Tel Aviv University and an MBA from Pace University in New York. His commercial career began with the co-founding of Syneron Medical Ltd. — the Israeli medical-aesthetic device company that listed on Nasdaq in 2005 under the ticker ELOS at a $260 million valuation. He served as Syneron's chief executive officer through the public-listing era. He retired from the Syneron board in December 2005 and subsequently became an active angel investor in the Israeli life-sciences ecosystem, investing in more than twenty local startups.

In 2006, Mizrahy co-founded Home Skinovations Ltd. — an international medical-aesthetic consumer-device company addressing the home-use market. He served as Home Skinovations CEO and remained Chairman of the board until 2023. The company attempted three Nasdaq IPOs, most recently at a $300 million valuation, before backtracking on the listing.

In 2008 Mizrahy co-founded the company that became InMode — originally Invasix — alongside Dr. Michael Kreindel, another former Syneron executive. Kreindel holds a PhD in physics and mathematics and is an engineer and physicist with specialization in experimental and theoretical nuclear physics. Mizrahy has served as CEO and director since the founding; he was Chairman of the board from inception until July 2024.

The structural pattern is unusual. The Israeli medical-aesthetic device category was largely defined by Syneron (NASDAQ: ELOS, founded by Mizrahy and Shimon Eckhouse) and Lumenis (founded by Syneron co-founder Shimon Eckhouse, acquired by XIO Group in 2015 for slightly above $500 million). InMode is, in effect, the third major company Mizrahy has either founded or co-founded in the same category — and the most commercially successful by public-market scale.

The Product Platform

InMode's commercial product line is built on radio-frequency (RF) energy technology — specifically, RF designed to penetrate subdermal fat to enable body contouring, skin tightening, and minimally-invasive surgical procedures across plastic surgery, gynecology, dermatology, and ophthalmology indications.

The current platform inventory:

22 technological innovations, of which seven are patented.
10 commercial platforms — each targeting a specific clinical procedure category.
An installed base of approximately 22,000 systems across 92 countries, of which approximately 9,200 are in the United States.
97+ academic, industry, and mainstream publications citing InMode platforms; global regulatory approvals supported by extensive peer-reviewed clinical data.

The 2023 peak — $500M revenue, $7B market cap, 78% gross margins — reflected a category that had transitioned from elective-cosmetic positioning to clinically-credentialed minimally-invasive surgical adjacency, a transition InMode's product and clinical evidence helped to drive.

The 2024–2026 Compression

The post-2023 operating environment compressed InMode's revenue and equity-market posture along three vectors.

The first is the October 2023 war and its aftermath. Mizrahy described, in a February 2026 Globes interview, the material operational impact: Israeli employees called up to reserve duty, manufacturing and transport disruption, and — perhaps most surprisingly — explicit commercial pressure at European trade events. The Paris annual aesthetic-medicine convention, where InMode would historically book dozens of rooms each January, refused the company's reservations in November 2025. Trade-event exclusion is a structural commercial cost that has no historical parallel for Israeli medical-device companies of InMode's stature.

The second is the high-interest-rate environment of 2023–2026, which compressed the financing ability of the medical clinics that comprise InMode's principal customer base. Clinics that would have financed new InMode platform purchases at lower rates deferred the equipment investment. Patient-financing availability for the elective and cosmetic-adjacent procedures InMode's platforms enable also compressed.

The third is the corporate-control battle Mizrahy referenced in February 2026 — a structurally distinct dynamic from the operational compression. The control battle has, paradoxically, provided a tailwind for the InMode share price, as bidders evaluate the underlying value of the franchise relative to the temporary operating compression.

Why InMode Matters in Israeli Biotech

Three structural reasons.

First, InMode is the most commercially successful Israeli-built medical-aesthetic device company on US public markets — the Israeli equivalent of US category leaders like Hologic or Solta. The platform's 78% gross margins and pre-2024 commercial trajectory established the international credibility of the Israeli medical-aesthetic device category at a scale Syneron, Lumenis, and other Israeli competitors did not reach.

Second, the Mizrahy-Kreindel operating template — Syneron to Home Skinovations to InMode — is the canonical example of serial founder operating capability in Israeli medical devices. The pattern is structurally different from the typical Israeli technology founder profile of one-company exit followed by venture investing; Mizrahy has built three consecutive platforms in the same category across two decades.

Third, the current control battle is the structural test case for what happens when an Israeli-built, Israeli-engineered medical-device company faces post-October-7 operating compression alongside acquisition interest. The outcome — whether InMode remains an Israeli operating company or is acquired into a US strategic — will shape how the next cohort of Israeli medical-device companies positions itself in the next five-year cycle.

FAQ

Who founded InMode?
InMode was founded in 2008 as Invasix in Yokneam, Israel, by Moshe Mizrahy and Dr. Michael Kreindel. Both founders were alumni of Syneron Medical Ltd. (NASDAQ: ELOS), where Mizrahy had been co-founder and CEO and Kreindel had been a senior executive. Mizrahy has served as InMode's CEO and director since inception; he was Chairman of the board until July 2024. Kreindel serves as CTO and board director. Mizrahy holds a B.Sc. in Engineering from Tel Aviv University and an MBA from Pace University; Kreindel holds a PhD in physics and mathematics.

What does InMode make?
InMode develops, manufactures, and markets radio-frequency-based medical devices for minimally-invasive and surgical procedures across plastic surgery, gynecology, dermatology, and ophthalmology. The proprietary RF energy technology is designed to penetrate subdermal fat to enable body contouring, skin tightening, and other clinically-credentialed minimally-invasive procedures. The company has 22 technological innovations (7 patented) across 10 commercial platforms.

When did InMode go public?
InMode went public on Nasdaq on August 8, 2019, listing under the ticker INMD. The company priced its shares at $14 — the lower end of the previously suggested range — and raised approximately $77 million in gross proceeds at a pre-money valuation of $378 million. The stock closed up 3.3% on its first trading day. The pre-IPO Mizrahy ownership stake was approximately 20.6%.

How large is InMode commercially?
InMode peaked in 2023 at annual revenue of approximately $500 million and a market capitalization of more than $7 billion. Gross margins of approximately 78% reflect the proprietary IP and consumable-revenue mix of the platform business. The installed base is approximately 22,000 systems across 92 countries, of which approximately 9,200 are in the United States. Revenue guidance for full-year 2025 was revised to $365–375 million, reflecting post-2024 operating compression.

Why has InMode's revenue declined?
Three vectors. The October 2023 war and its aftermath imposed material operational costs — reservist drafts of Israeli employees, manufacturing and transport disruption, and explicit commercial pressure at European trade events (including the Paris aesthetic-medicine convention's November 2025 refusal of InMode's annual room block). The high-interest-rate environment of 2023–2026 compressed the financing ability of medical clinics — InMode's principal customer base — to purchase new platforms and patients to finance the procedures. The combined pressure compressed 2025 revenue guidance from the 2023 peak.

What is InMode's current corporate-control situation?
As of February 2026, InMode is in the middle of a corporate-control battle. CEO Moshe Mizrahy described the dynamic in a Globes interview, framing the question as "whether InMode will remain in Israel." The control battle has provided a tailwind for the share price as bidders evaluate the underlying franchise value against the temporary operating compression. Outcome and acquirer identity remain undetermined as of mid-2026.

Where is InMode headquartered?
InMode's commercial headquarters is in Lake Forest, California. The research-and-development center is in Yokneam, Israel, where the company was originally founded. Additional offices in Canada serve North American commercial operations.