Medical Aesthetic Devices Manufacturer InMode Looking to Raise $75 Million on Nasdaq

In June, Calcalist reported that InMode is looking to list on Nasdaq according to a company valuation of $400 million to $500 million

Israel-based InMode Aesthetic Solutions Ltd. is looking to raise $75 million in an initial public offering on Nasdaq, according to a Thursday filing with the U.S. Securities and Exchange Commission. The joint bookrunners for the offering are Barclays and UBS Investment Bank.

 

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Calcalist previously reported in June that InMode was looking to list on Nasdaq according to a company valuation of $400 million to $500 million.

Nasdaq. Photo: Shutterstock

 

 

InMode develops medical aesthetic devices using radio-frequency energy technology, which can penetrate subdermal fat. The company's main markets are Europe and the U.S., and it is headquartered in Lake Forest, California, with a research and development center in Israel and offices in Canada. For 2018, InMode reported revenues of $100 million, up from $53.5 million in 2017, and a net income of $22.3 million. For the first three months of 2019, the company reported revenues of $30.5 million and a net income of $10.16 million.

 

InMode stated it intends to use the proceeds for research and development, to hire additional sales and marketing personnel, and for general corporate purposes.