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

InMode brought in $370.5M of revenue in fiscal 2025, TransMedics $605.5M in fiscal 2025. Revenue changed by -6.2% at InMode and +37.1% at TransMedics on the year before, so TransMedics grew faster. InMode kept 25.3% of its revenue as net profit, TransMedics 31.4%. Free cash flow was $84.3M at InMode and $133.6M at TransMedics.

Side by side, latest fiscal year

INMDTMDX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$370.5M$605.5M
Revenue growth-6.2%+37.1%
Net income$93.8M$190.3M
Net margin25.3%31.4%
Free cash flow$84.3M$133.6M
Free cash flow margin22.7%22.1%
Earnings per share (diluted)$1.43$4.87
Cash$302.5M$488.9M
Debtn/a$10M
Price to earningsn/a17.5
Market value$903.5M$3B
Dividend yieldn/an/a
Rank by revenue in sector#211 of 523 · Health care#182 of 523 · Health care

Over the years

Revenue
INMD FY2019: $100.2MINMD FY2019: $156.4MINMD FY2020: $206.1MINMD FY2021: $357.6MINMD FY2022: $454.3MINMD FY2023: $492MINMD FY2024: $394.8MINMD FY2025: $370.5MTMDX FY2019: $14.7MTMDX FY2019: $25.8MTMDX FY2020: $28.4MTMDX FY2021: $31.4MTMDX FY2022: $93.5MTMDX FY2023: $241.6MTMDX FY2024: $441.5MTMDX FY2025: $605.5MFY19FY20FY21FY22FY23FY24FY25
INMD $370.5MTMDX $605.5M
Net income
INMD FY2019: $22.4MINMD FY2019: $61.1MINMD FY2020: $75MINMD FY2021: $165MINMD FY2022: $161.5MINMD FY2023: $197.9MINMD FY2024: $181.3MINMD FY2025: $93.8MTMDX FY2019: -$23.8MTMDX FY2019: -$33.5MTMDX FY2020: -$28.7MTMDX FY2021: -$44.2MTMDX FY2022: -$36.2MTMDX FY2023: -$25MTMDX FY2024: $35.5MTMDX FY2025: $190.3MFY19FY20FY21FY22FY23FY24FY25
INMD $93.8MTMDX $190.3M
Net margin
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%TMDX FY2019: -162.1%TMDX FY2019: -129.8%TMDX FY2020: -101.4%TMDX FY2021: -140.9%TMDX FY2022: -38.8%TMDX FY2023: -10.4%TMDX FY2024: 8.0%TMDX FY2025: 31.4%FY19FY20FY21FY22FY23FY24FY25
INMD 25.3%TMDX 31.4%
Revenue growth
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%TMDX FY2019: +76.3%TMDX FY2020: +9.7%TMDX FY2021: +10.7%TMDX FY2022: +197.8%TMDX FY2023: +158.5%TMDX FY2024: +82.7%TMDX FY2025: +37.1%FY19FY20FY21FY22FY23FY24FY25
INMD -6.2%TMDX +37.1%
Free cash flow
INMD FY2019: $36.5MINMD FY2019: $61.5MINMD FY2020: $78.8MINMD FY2021: $173.9MINMD FY2022: $180MINMD FY2023: $176.1MINMD FY2024: $132MINMD FY2025: $84.3MTMDX FY2019: -$26.4MTMDX FY2019: -$32.5MTMDX FY2020: -$30.7MTMDX FY2021: -$32.4MTMDX FY2022: -$57.7MTMDX FY2023: -$164.9MTMDX FY2024: -$80.9MTMDX FY2025: $133.6MFY19FY20FY21FY22FY23FY24FY25
INMD $84.3MTMDX $133.6M

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

Questions about InMode and TransMedics

Which is bigger by revenue, InMode or TransMedics?

TransMedics is bigger by revenue: $605.5M in fiscal 2025, against $370.5M for InMode in fiscal 2025.

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

InMode had a net margin of 25.3% in fiscal 2025; TransMedics had 31.4% in fiscal 2025.

Which grew revenue faster, InMode or TransMedics?

In their latest fiscal years revenue changed by -6.2% at InMode and +37.1% at TransMedics.

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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