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Deep dive writeup on InMode ($INMD)
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Ticker Symbol: $INMD
Current stock price: $44.68
Industry: Medical Devices
Headquarters: Yokneam, Israel
IPO date: August 8th, 2019
IPO offering: 5 million shares at $14.00
52 Week High: $99.27
52 Week Low: $28.83
Shares outstanding: 76.38 million
Market Cap: $3.4B
Net debt/cash: -$400M
Enterprise Value: $3.0B
Number of Employees: 320+
% of analysts with BUY rating: 100%
Average price target: $88.00
Investor relations [click here]
Investor Presentation [click here]
2021 preliminary Full Year and Q4 earnings report [click here]
2021 Q4 earnings webcast on February 10th [click here]
2021 Q3 earnings report [click here]
Needham Virtual Growth Conference, January 2022 [click here]
Canaccord Virtual MedTech Forum, November 2021 [click here]
Stifel 2021 Healthcare Conference, November 2021 [click here]
If you want to see videos of treatments as well as before and after pictures then I suggest checking some of $INMD’s social media accounts:
InMode on Instagram [click here]
InMode on Facebook [click here]
InMode on YouTube [click here]
InMode on Vimeo [click here]
Performance data for $INMD as January 28, 2021
-36.7% over the past month
-52.8% over the past 3 months
-19.3% over the past 6 months
+49.4% over the past 12 months
+219.1% since the 2019 IPO
“To create innovative, life-changing technologies that lead the industry in enhancing beauty and well-being”
I’ve followed InMode for the past couple years and have owed the stock from time to time including now. Currently I have two medtech stocks in my portfolio, one is $SWAV (Shockwave Medical) which is a high-growth company with 70% revenue growth and 300% earnings growth (2022 will be their first profitable year). My other medtech stock is $INMD which is currently a 2.5% position in my portfolio. I don’t think I’d classify $INMD has a high-growth company any longer however they are very profitable thanks to incredible gross margins, operating margins and profit margins. Whereas $SWAV is trading at 11x 2022 EV/Sales, 60x 2022 EV/EBITDA and 95x 2022 GAAP EPS …. $INMD is only trading at 7x 2022 EV/Sales, 15x 2022 EV/EBITDA and 22x 2022 GAAP EPS. We’ll get into the $INMD fundamentals further down in this writeup.
Since I’m more of a growth investor my $SWAV position is twice the size of my $INMD position but I like both for different reasons.
$INMD has pulled back 55% from it’s all time high in early November and I think the current price and P/E multiple provides an attractive entry point for investors. After this pullback $INMD is starting to look like a value stock or at the very least a GARP stock.
InMode is an Israeli-based company that designs medical devices that use radiofrequency to perform a variety of non-invasive and minimally invasive cosmetic procedures to make patients look and feel better. InMode’s products enable physicians and other medical specialists to provide/perform office based procedures for patients/clients rather than full surgical procedures in hospitals that might require longer recovery times.
Some of these in-office procedures enabled by InMode include:
InMode products are sold in the form of workstations that act as the RF generator and main control terminal with a variety of handheld technologies (aka handpieces) that deliver the required therapy for each procedure.
More and more people over the age of 35 are looking to enhance their appearance and reverse some of the signs of aging that eventually catch up to all of us. InMode has built the platform, brand and reputation to be the market leader in these cosmetic procedures. It’s hard to deny that vanity is a big part of society these days with HD cameras in our pockets and social media absorbing more of our attention than ever before — InMode is well positioned to capitalize on these trends.
As you can see below, the composition of our skin changes as we get older and InMode’s technologies can help reverse and/or slow down this process.
InMode was founded as Invasix in 2008 by Moshe Mizrahy (current CEO) and Dr. Michael Kreindel (current CTO).
Prior to founding InMode, Mizrahy was a co-founder of another Israel-based medical device company called Syneron. After Syneron went public in 2005, Mizrahy retired from the company and became an active angel investor in the Israeli life sciences ecosystem, investing in over 20 local startups.
InMode currently has 9 regional offices spread across the globe (Israel (HQ, Toronto, London, Paris, Madrid, Delhi, Beijing, Hong Kong and Sydney).
InMode’s products are currently sold in 63 countries and serve a clientele of aesthetic and wellness practitioners such as plastic surgeons, dermatologists, OB/GYNs and ENTs (Ear, Nose & Throat) and Ophthalmologists.
InMode went public in August 2019, offering shares at $14 and raising $70 million at its IPO, which at the time valued it at roughly $450 million. The company listed on the NASDAQ.
There’s a lot to like about Inmode as a company and the industry it’s operating in — never underestimate how much money a consumer is willing to spend in order to look and feel better. Since most of InMode’s procedures are elective and cosmetic, they are rarely covered under someone’s health insurance plan so it’s probably fair to say that InMode’s network of specialists is catering to the middle & upper class that have disposal income to pay for these sorts of procedures.
InMode has managed to demonstrate a history of profitable growth while at the same time ensuring that its portfolio of products maintain worldwide regulatory approval supported by extensive, peer-reviewed published clinical data. You can read some of these peer reviews and clinicals papers at https://inmodemd.com/clinical-papers/
At a macro level, the total addressable market for InMode’s products tells a compelling story of massive growth potential provided that the company can continue to successfully execute. Every year, more than 40 million non-invasive laser procedures are performed plus another 2.5 million plastic surgery procedures.
Further, according to BCC Research, the global market for minimally invasive cosmetic devices was $21.2 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 7% through 2024, taking the size of the TAM to $30 billion. Related to this, the size of the global cosmetic surgery market which, according to international research company Fortune Business Insights, stood at $50 in 2018, and is expected to grow at a CAGR of 3.1% per year through 2026, taking the size of the market to $67 billion.
Intuitively, these growth estimates make sense to me given the fact that the world is constantly being driven by more “selfies”, and “self-care” beautification products, and the fact that both younger and older folks are becoming more concerned with their overall physical health and appearances.
The company sits in a position they call the “Treatment Gap” — the space between those wanting cosmetic/aesthetic procedures but unwilling to engage in full plastic surgery.
InMode sells several lines of minimally invasive surgical equipment that’s primarily used for aesthetic treatment. These aesthetic treatments include everything from skin tightening, to fat cell destruction (lipolysis) to face/body contouring. These procedures are done in an “office setting” and not a surgical environment. As such, there is no need for anesthesia or extensive recovery time which minimizes costs and makes the procedures available to a much wider market. The company also has some more specific medical devices around dental procedures, and gynecological complications (eg incontinence).
InMode makes the majority of their revenues when their customer (ie physician, medspa, etc) make a lumpsum payment for the workstations, and then can purchase the handheld technologies/devices as needed. Recurring revenue is established via the handheld technologies. InMode workstations can range anywhere from $25,000 to $100,000 — approximately 90% of the company’s revenue is generated via hardware sales (workstations & devices) with the other 10% coming from their consumables business.
Over the past 12 years InMode has launched a suite of products (workstations and handpieces) that have allowed them to become the leader in non-invasive and minimally-invasive cosmetic medtech products with countless awards and recognitions.
Rather than regurgitating all of the information below, I figured it would just be easier to take these screenshots off the InModeMD.com website and complement the descriptions with a video from the company’s YouTube page [click here]. If you go to the YouTube page you will not only see these slick animated videos but there’s also dozens of videos from the physicians and medical specialists discussing how they use their workstations in their day-to-day businesses. Some of the videos get a little graphic especially when they are injecting numbing agents into the face and neckline. I’m not a big fan of that stuff so some of them made me cringe.
While InMode’s business model appears to have all the ingredients of a strong company, I think there are a few key metrics that offer an insight into their sustainability.
Here, we’re looking at the number of machines Inmode has sold and have in use in treatment settings. I think this is an extremely critical datapoint because it speaks to whether Inmode can continue to sell more workstations and the pace at which this is growing. As at the end of Q3, the company reported a global installed base of 10,350 units with 5150 of those units in the US. These figures represent 29% growth in the global installed base from the previous quarter and a 21% increase in the US installed base from the previous quarter. For a business that requires a significant capital outlay by physicians to acquire its products, this kind of growth is nothing to sneeze at. It will be interesting to monitor these figures over time as a gauge for whether the company has approached the ceiling on their addressable market or whether it can sustain these impressive growth rates.
Much of what InMode does is predicated on the proprietary technology it has designed in the minimally-invasive aesthetic procedure space. InMode also has a strong patent portfolio which you can see by going to https://patft.uspto.gov/netahtml/PTO/search-bool.html and searching for InMode, InMode Ltd, Moshe Mizrahy and Michael Kreindel. Here’s a link to some of them [click here]. The company states it has “7 patented technologies around 10 product families”. InMode’s ability to protect its IP should stand as a barrier for potential competitors and position it to secure its market-leading presence. Having a robust and defensible IP portfolio also makes them an acquisition target by a larger medtech company such as Medtronic, Johnson & Johnson, Abbott or Phillips. Hopefully InMode continues their investment in R&D as they look to add new products and revenue streams.
In line with IP development, new product development is worth paying attention to. So far, InMode has been able to develop a consistent stream of products (averaging around 2 per year) to treat various aesthetic issues. In fact, according to the company’s CEO, the cycle time from new product development to rollout is typically one year — that’s very fast especially for a company that has to marry product conceptualization, testing, manufacturing and regulatory approvals. As far as I can tell, InMode still manufactures all their products in Israel which is probably where they have their entire product development team. Perhaps on the next earnings call we’ll find out if the company has any new product launches in the pipeline.
At the end of Q3, 66% of InMode’s sales came from the United States, with only 34% representing international sales. This is a bit of a “catch 22” for InMode. On the one hand, the US market is by far the largest market in the world for aesthetic and cosmetic procedures so it makes sense that the lion share of its sales and marketing should come from and be focused on this market. Since the company has already developed a foothold and credibility in the US, it makes it alot easier to attract customers. On the other hand however, the distribution of global sales and country growth should be monitored closely as it will define whether InMode can truly be an international company and capture international market share. The company currently sells into 72 countries which is up from 63 countries in the second quarter. According to their website, InMode’s products and solutions are marketed throughout the world through our subsidiaries and a growing network of distributors.
Part of my attraction to Inmode is their outstanding margins. The company has some of the best margins of any publicly traded medtech or manufacturing company. The company’s margins are even better than many software companies. We’ll discuss this more when we begin looking at its financials and valuation, but I’ll just state here that the company has managed to average 85% gross margins for the better part of 5 years. The company has been able to sustain these margins, in my view, as a result of differentiated technologies, extremely productive R&D spending to output, and low cost manufacturing in Israel. It is clear that the company prioritizes margins as per a statement from its CEO at the recently concluded 24th Needham Virtual Growth Conference:
“From the drawing board, from the first day, when we start to develop the product, we think about the gross margins. And that’s what we do. That’s the philosophy and DNA of this company. As far as the cost of manufacturing is concerned, we have also been very productive” ~Moshe Mizrahy, CEO
If gross margins are a priority metric for the CEO, then it should definitely be a priority metric for investors to monitor.
Having studied InMode’s business model and operational levers, I see the company having 3-4 main drivers of growth for its business in the future:
Inmode has innovated a way for one RF generator to perform different treatments by using different handpieces. Unlike its competitors (which we will analyze later), Inmode generators create an exclusive distribution channel to sell their handpieces. Thus, every generator Inmode sells strengthens its moat with customers.
Inmode holds a number of patents over its handheld technologies which act as a meaningful competitive advantage for current and future product development. As discussed earlier, patent protection and new IP can have a material impact on its future growth prospects.
The ability for InMode’s workstations to be used for multiple procedures because of the versatility of its handheld technology differs drastically from its competitors whose workstations only allows for one type of procedure. The optionality here means that InMode’s product line allows physicians to have a diversity of choice in terms of what they can offer end clients, while at the same time saving money and space.
Increasing demand for minimally-invasive procedures
As stated earlier, Inmode is in the fortunate position of riding a wave in the shift in consumers' ability to access, and preferences for cosmetic surgical procedures. Growing global demand for aesthetic procedures shows no signs of slowing down and this tailwind is blowing favorably in InMode’s direction.
Inmode targets surgically trained physicians in the US (100,000+) and globally (200,000+) in the areas of plastic surgery, dermatology, gynecology and aesthetics. To that end, the customer isn’t the end user, but benefits from the application of the products to solve their aesthetic issues. That said, the typical end user is a female between the ages of 35-65. As stated earlier, there are millions of people lining up for these procedures globally every year.
Additionally, according to Inmode, end users are typically looking for comparable results to plastic surgery but without the shortcomings of full surgery such as the costs, anesthesia, downtime and scarring. Speaking to the way Inmode manages to embed its products in the physician community, the company notes that 30% of customers purchase a second terminal within 18 months of the first purchase - quite a reasonable inventory turnover time period. The company also says that the ratio of new customers to existing customers is 80/20 — meaning 80% of customers are first time patients and 20% represent repeat customers.
Here are some before & after photos…
To see more before & after photos please go to [click here]
Over the years InMode has partnered with dozens of celebrities and brand ambassadors. I’m sure you’ll recognize some of these men and women.
The story of InMode’s financial performance is quite impressive — they also has a habit of pre-announcing results before officially releasing them on their earnings date. For the full year 2021, the company has pre-announced that it expects revenue of $356.5 million to $357 million which beats their previous guidance of $343 million to $347 million [click here].
They also announced record Non-GAAP earnings of $0.61/share to $0.62/share for Q4 and $2.02/share to $2.03/share for full year 2021. With the stock closing on Friday at $44.68 it means the stock is trading at approximately 22x 2021 earnings.
InMode also provided revenue guidance for 2022 in the range of $415 million to $425 million which would only represent 18% revenue growth however the company has a reputation of “sandbagging” their guidance which leads to the always popular “beat and raise” strategy. Knowing this, I would expect the company believes they could do $440 million to $460 million this year which would be ~25% YoY growth. At the very beginning of this writeup I said that $INMD is not a high-growth stock and this is why… 20-25% revenue growth is solid but it’s not 70% like $SWAV (Shockwave) however it’s those 45% profit margins from $INMD that keep me in this stock.
PS: InMode will release their 2021 Q4 and 2021 full year results before the market opens on Thursday February 10th, 2022 with the earnings call scheduled for 8:30am EST.
Even though growth is slowing at InMode, it’s still up almost 7x since 2017 with net profit up more than 18x during the same timeframe. This shows the type of operational leverage and expanding margins that InMode has clearly benefited from. It’s hard to imagine those margins getting much better from current levels so InMode does look like a maturing company but with that comes strong earnings and free cash flow that can continue to fuel R&D as well as expansion and perhaps we even see a dividend or stock buyback in the near future. InMode has no long term debt and will have close to $400 million on the balance sheet when they report Q4 earnings so maybe we get a 5-10% stock buyback :)
By many traditional valuation metrics, $INMD seems cheap at 22x 2021 earnings and even cheaper for 2022 depending where revenues and margins come in. For a company with a 50% historical growth rate since 2017 a P/E multiple this low would seem to a screaming “buy” however we do need to consider the slowing growth rates and whether the company is reaching saturation in certain geographies. Now that the top line growth rates are in the 20-25% range and earnings growth rates will likely be in the 15-25% range it’s unreasonable to think $INMD is going to see massive multiple expansion in the coming quarters — unless they blow past their own guidance and perhaps even the numbers that I suggested above (which is always possible).
Since 2021 is over and we already know the numbers, let’s turn our attention to 2022. I know they gave guidance of $420 million (midpoint) but I just don’t see any way they come in that low. As the world emerges from this pandemic, not just in the U.S. but also Canada, Europe and Asia (which has stricter lockdowns than the U.S.) I believe there’s going to be pent up demand for non-invasive and minimally-invasive procedures which should benefit companies like InMode.
I’m going to assume that $INMD does $445 million in 2022 with 85% gross margins, 48% EBITDA margins and 44% net income margins.
Using those numbers $INMD (with their $3 billion enterprise value) is currently trading:
6.7x 2022 EV/Sales
7.9x 2022 EV/GP (gross profit)
14x 2022 EV/EBITDA
15x 2022 EV/Net Income
6.6% FCF yield
The market for aesthetic surgical procedures can be considered almost a dual market. On one hand there are firms, products and medical practitioners who cater for more surgical procedures such as plastic and reconstructive surgery which require greater preparation, anesthetic, patient care and outpatient services. On the other hand there are firms and physicians (some of whom are Board-certified plastic surgeons themselves) who cater their services more specifically to the minimally invasive procedure side of the market. Since Inmode is more focused on the minimally invasive space, it makes sense to compare the company to other firms seeking to gain market share in that niche as well. From that perspective, Inmode has two main competitors: Cutera (trades under $CUTR) and APYX Medical (trades under $APYX).
In doing my research I compiled data on the two companies and I’ve included a quick snapshot of how Inmode matches up against these two companies as at the end of 2020. I’d like to add that in terms of its competitive positioning, Inmode has managed to protect their patents pretty well against competitive threats. All the technologies they use, they’ve invented, own and protect.
Both competitors have longer track records as public companies but I’d argue their fundamentals don’t look clearly as good as $INMD especially when focusing on profit margins. $CUTR is the first screenshot and $APYX is the second screenshot. As you can see, lots of negative numbers on these screenshots, especially for $APYX.
While I look at Inmode I see a company with a diversified product portfolio, solid balance sheet, strong management team and large addressable market.
I have to question the company’s long term growth potential and whether the days of 30-50% revenue growth are over. I’m guessing they are. At some point growth slows down (trees don’t grow to the sky) and since sales are effectively “one-time” with a large upfront payment plus smaller recurring revenue streams from the consumables, it means the company’s salesforce must constantly find new clinics to purchase equipment. It also means the R&D team needs to keep creating new products and services, I have no idea if they’ll be able to. My guess is the product portfolio won’t grow much over the next couple years but I could be wrong. I’m not too worried that 90% of sales come from hardware and only 10% from consumables. I did writeups last year on $CLPT (ClearPoint) and $TMDX (TransMedics) — their revenue splits are not as lopsided as $INMD although none of these companies are totally transparent when it comes to these details.
Elective aesthetic treatments are far more discretionary than medical treatments and typically paid “out of pocket”. This means that customers can delay them should their personal finances decline. If risk assets (ie stocks, crypto, real estate, etc) continue to stay volatile we could see the impact of the “wealth effect” whereby consumers pullback on their spending because they feel less wealthy. In the event of a recession, it’s very possible that $INMD’s customers could see less demand for cosmetic procedures.
The pandemic is not over and it’s always possible more Covid-19 variants could emerge causing less demand for procedures. InMode seems to be factoring this in as the CEO said at the recent Needham Growth Virtual Conference that they are sticking with a more “conservative” guidance for Q1 2022. He added that part of the challenge with Covid for Inmode was more the shutting down of medical offices and clinics rather than the virus itself. To InMode’s credit, the company did manage to grow quite nicely in the second half of the pandemic but there’s no guarantee they could perform as well if we ran into another wave of lockdowns.
Like many companies these days, the global supply chain is always a risk factor. The company depends on third party suppliers for all sorts of parts such as sensors and chips. Even the largest companies in the world have run into supply chain problems over the past year so it’s not inconceivable that InMode could too. So far, the company seems to have navigated these issues well, as there has been almost no word coming out of any of the company’s literature and presentations about the issue, and, more importantly, there has been no effect on 2021 sales as far as we can tell. The CEO, addressed this issue at the same Needham conference by outlining some of the contingencies the company is taking to avert supply chain issues. These included having two separate factories to manufacture the products in Israel, having two to three suppliers for every component and having access to multiple shipping companies.
While Inmode seems to be the dominant player in this market, there’s always a risk that more competitors emerge and try to take their market share. Whether this happens and whether they could get around InMode’s patents is not something we’re going to discuss today. However if this happened it could threaten their growth rates, margins, distribution partners, etc.
As you can see $INMD failed to hold that blue trendline which started at the May 2021 lows. Using a stop loss under that trendline at $79 when it failed to hold at the end of November would have been prudent risk management.
If you didn’t get out of $INMD when the trendline failed to hold, the next exit could have been the 100d SMA which isn’t shown here but the stock failed to hold that level on December 1st at $72.
Finally you could have exited $INMD when it failed to hold the 200d SMA on January 5th at $60.
I understand that not everyone uses stop losses and rather then trying to get out and then back in, they’d rather just be patient and ride out the volatility. Perhaps that works for some people but keep in mind that $INMD is down 50% from the highs so that patience would have cost you some significant money.
Now that $INMD is below all the moving averages we can see it has held up the past week above the VWAP which is anchored to the March 2020 lows. If the stock can’t hold that VWAP then I’d be worried it’s going to retest those May lows at $33.88 — personally I doubt that happens unless the broad markets roll over from here.
If you are starting a new position in $INMD after reading this writeup, I would recommend setting your stop loss at $39 which is 2% below the VWAP.
If the broad markets continue to struggle and move lower, it’s very possible $INMD’s 2022 P/E multiple would go from 15x (using my estimates) down to 12x which would take the stock down another 20% from current prices and very close to those May 2021 lows.
I wanted to include $INMD on the weekly chart, as you can see bounced off the VWAP and still above the 100 week SMA (which is the orange line)
$INMD remains founder-led Moshe Mizrahy and Dr. Michael Kreindel still leading the c-suite. I certainly prefer investing in company that are still led by the original visionaries. This has not been the case in some of my recent writeups including $SI (Silvergate), $DOCN (Digital Ocean) and $MU (Micron). Not only are the two co-founders still running the company but they are also the two largest shareholders which is not something you see very often — this means they have tremendous “skin in the game” and likely focused on the long-term success of the company rather than worrying about quarter-to-quarter financial fluctuations.
Board of Directors:
InMode has been public long enough whereby the early investors have already unloaded their stakes which means no lockups or selling pressure. TBH I don’t remember ever seen a company’s shareholder distribution table where the general public ie retail investors owned less than 3% of the company. I didn’t think many people knew about this company and perhaps this proves that point. If I had to guess, I’d say less than 10% of my subscribers were familiar with InMode.
FWIW, on September 14th, 2021, InMode’s board of directors approved a two-for-one stock split. This was the company’s first stock split post-IPO.
The combined ownership of the two co-founders totals 23.55% with Mizrahy owning 12.69% and Kreindel owning 10.86% — I love that the two largest shareholders are the two founders. I wish this was more common but it’s hard these days when companies have to raise hundreds of millions of dollars before going public — naturally that is going to dilute down the founders so by the time the company goes public they usually own less than 5% of the outstanding shares.
Overall, analysts appear to be bullish on Inmode — I suspect in part because of their proven growth and ability to sustain fantastic margins.
Even though all the analysts that cover $INMD have a buy rating with much higher price targets, none of them have updated those price targets since the end of October when the company reported Q3 earnings which was also before we got the massive pullback in growth stocks.
Over the next few weeks I would expect these analysts to come out and reiterate their “buy” ratings but also lower their price targets to reflect current market conditions and multiple contraction across most sectors. Down below are the analysts comments after the company reported 2021 Q3 results.
October 27, 2021 — Canaccord analyst Kyle Rose raised the firm's price target on InMode to $100 from $80 and keeps a Buy rating on the shares. The analyst said they produced another "home run" quarter as the company continues to benefit from exceptional commercial execution, opportune product cycles, and robust underlying demand from patients & physicians.
October 27, 2021 — Baird analyst Jeff Johnson raised the firm's price target on InMode to $96 from $80 and keeps an Outperform rating on the shares. The analyst said they delivered another strong performance in 3Q, and with momentum for MI RF products continuing and new product launches looming, he believes mid-20%+ revenue growth remains sustainable for at least the near/intermediate-term.
I’ll keep this short — InMode is a solid company in every way from products to management to financials. The big growth days are probably in the past but now you have a consistent 20-25% grower with insane profit margins and free cash flow that could set them up for dividends, stock buybacks and/or acquisitions. $INMD is one of those stocks that is stuck between growth and value, even though it’s one of my smaller positions it’s also one of my less risky positions along with stocks like $MU $CROX and $ZIM that are all trading at single digit P/E multiples. I’d love it if $INMD was trading at 30x 2022 earnings by year end but I think that’s very unlikely unless they really surprise us with some outstanding quarterly results.
Now that Powell and the Fed will be hiking interest rates and reducing their balance sheet (aka QT), I don’t think we need to be owning the super high multiple growth stocks right now — I think companies like $INMD with solid growth and a pristine balance sheet can provide some downside protection in a volatile market.
The more I think about it, the more disappointed I’ll be if $INMD does not announce a stock buyback in their Q4 earnings press release or on the Q4 earnings call. With $400 million of cash on the balance sheet, no debt and the stock 55% off the highs, it would be irresponsible for them to not announce a stock buyback in the $150-200 million range. It probably won’t happen because it seems too obvious but I’m throwing it out there anyways.
I will continue to own $INMD for now — I’ll admit that it’s not the most exciting growth stock in the world but I do think it could be a good fit for anyone looking for a less risky medtech stock trading at reasonable multiples with the possibility of a dividend, stock buyback or maybe even getting acquired by a larger company.
Disclaimer: The stocks mentioned in this newsletter are not intended to be construed as buy recommendations and should not be interpreted as investment advice. Many of the stocks mentioned in my newsletter have smaller market capitalizations and therefore can be more volatile and should be considered more risky. I encourage everyone to do their own research and due diligence before buying any stocks mentioned in my newsletters. Please manage your portfolio and position sizes in accordance with your own risk tolerance and investment objectives.