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Axogen vs InMode: revenue, profit, margins and growth compared

Axogen brought in $225.2M of revenue in fiscal 2025, InMode $370.5M in fiscal 2025. Revenue changed by +20.2% at Axogen and -6.2% at InMode on the year before, so Axogen grew faster. Axogen kept -7.0% of its revenue as net profit, InMode 25.3%. Free cash flow was -$2.9M at Axogen and $84.3M at InMode.

Side by side, latest fiscal year

AXGNINMD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$225.2M$370.5M
Revenue growth+20.2%-6.2%
Net income-$15.7M$93.8M
Net margin-7.0%25.3%
Free cash flow-$2.9M$84.3M
Free cash flow margin-1.3%22.7%
Earnings per share (diluted)-$0.34$1.43
Cash$35.5M$302.5M
Debt$48.4Mn/a
Price to earningsn/an/a
Market value$2.3B$903.5M
Dividend yieldn/an/a
Rank by revenue in sector#245 of 523 · Health care#211 of 523 · Health care

Over the years

Revenue
AXGN FY2018: $83.9MAXGN FY2019: $106.7MAXGN FY2020: $112.3MAXGN FY2021: $127.4MAXGN FY2022: $138.6MAXGN FY2023: $159MAXGN FY2024: $187.3MAXGN FY2025: $225.2MINMD FY2019: $100.2MINMD FY2019: $156.4MINMD FY2020: $206.1MINMD FY2021: $357.6MINMD FY2022: $454.3MINMD FY2023: $492MINMD FY2024: $394.8MINMD FY2025: $370.5MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN $225.2MINMD $370.5M
Net income
AXGN FY2018: -$22.4MAXGN FY2019: -$29.1MAXGN FY2020: -$23.8MAXGN FY2021: -$27MAXGN FY2022: -$28.9MAXGN FY2023: -$21.7MAXGN FY2024: -$10MAXGN FY2025: -$15.7MINMD FY2019: $22.4MINMD FY2019: $61.1MINMD FY2020: $75MINMD FY2021: $165MINMD FY2022: $161.5MINMD FY2023: $197.9MINMD FY2024: $181.3MINMD FY2025: $93.8MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN -$15.7MINMD $93.8M
Net margin
AXGN FY2018: -26.7%AXGN FY2019: -27.3%AXGN FY2020: -21.2%AXGN FY2021: -21.2%AXGN FY2022: -20.9%AXGN FY2023: -13.7%AXGN FY2024: -5.3%AXGN FY2025: -7.0%INMD FY2019: 22.3%INMD FY2019: 39.1%INMD FY2020: 36.4%INMD FY2021: 46.1%INMD FY2022: 35.6%INMD FY2023: 40.2%INMD FY2024: 45.9%INMD FY2025: 25.3%FY18FY19FY20FY21FY22FY23FY24FY25
AXGN -7.0%INMD 25.3%
Revenue growth
AXGN FY2019: +27.1%AXGN FY2020: +5.2%AXGN FY2021: +13.4%AXGN FY2022: +8.8%AXGN FY2023: +14.7%AXGN FY2024: +17.8%AXGN FY2025: +20.2%INMD FY2019: +56.1%INMD FY2020: +31.8%INMD FY2021: +73.5%INMD FY2022: +27.0%INMD FY2023: +8.3%INMD FY2024: -19.8%INMD FY2025: -6.2%FY19FY20FY21FY22FY23FY24FY25
AXGN +20.2%INMD -6.2%
Free cash flow
AXGN FY2018: -$24.1MAXGN FY2019: -$24.5MAXGN FY2020: -$31.5MAXGN FY2021: -$41.2MAXGN FY2022: -$36.1MAXGN FY2023: -$19.6MAXGN FY2024: $1.4MAXGN FY2025: -$2.9MINMD FY2019: $36.5MINMD FY2019: $61.5MINMD FY2020: $78.8MINMD FY2021: $173.9MINMD FY2022: $180MINMD FY2023: $176.1MINMD FY2024: $132MINMD FY2025: $84.3MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN -$2.9MINMD $84.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Axogen and InMode

Which is bigger by revenue, Axogen or InMode?

InMode is bigger by revenue: $370.5M in fiscal 2025, against $225.2M for Axogen in fiscal 2025.

Which keeps more of its revenue as profit, Axogen or InMode?

Axogen had a net margin of -7.0% in fiscal 2025; InMode had 25.3% in fiscal 2025.

Which grew revenue faster, Axogen or InMode?

In their latest fiscal years revenue changed by +20.2% at Axogen and -6.2% at InMode.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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