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.
For daily updates, subscribe to our newsletter by clicking here.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.