Two energy-device makers reported second-quarter 2026 results a day apart, and they give different reads on the aesthetic device market in 2026. InMode said on August 5, 2026 that revenue was $95.6 million, level with the second quarter of 2025. Sofwave Medical said on August 4, 2026 that its revenue was $30 million, up 43%.

For an owner weighing a device purchase, the detail under those totals is more useful than the totals. It shows where each vendor's money now comes from.

InMode: flat on top, moving underneath

InMode's revenue was $95,589,000 against $95,602,000 a year earlier. Flat. But the mix shifted in three directions at once.

US capital equipment revenue rose to $43.1 million from $40.7 million, which by our arithmetic is a 6% gain, and it made up 45% of the total. International capital equipment fell to $30.2 million from $35.1 million, a drop of about 14%. Consumables and service revenue grew 13% to $22.3 million, or 23% of revenue, and the company said that line was "derived primarily from international sales."

"Overall revenue was consistent with the prior-year period, and we saw continued stability in our U.S. capital equipment business, reflecting steady customer demand," said Moshik Itzkovich, chief financial officer, in the release.

Margins went the other way. Gross margin was 75%, down from 80% in the second quarter of 2025, and GAAP operating margin fell to 13% from 24%. InMode blamed higher cost of goods sold, product mix, a restructuring of its North America sales team late in 2025, "additional marketing and sales investments to retain talent and maintain market share," and higher professional services costs. It added: "We expect these trends to continue for the foreseeable future."

The technology table shows what US practices bought. Non-invasive platforms were 28% of InMode's US revenue in the quarter, up from 23% a year earlier, while its minimally invasive line slipped to 71% from 73%.

GAAP net income was $17.1 million, down from $26.7 million. InMode ended June with $501.1 million in cash, marketable securities and short-term deposits. Its full-year 2026 outlook calls for revenue of $365 million to $375 million and non-GAAP gross margin of 74% to 76%.

There was no earnings call. InMode said it would not host one while a special committee of its board evaluated unsolicited proposals. On September 16, 2026 the company reported in a Form 6-K that an unsolicited, non-binding acquisition proposal from M.N. Business Strategy Ltd., submitted on June 17, had expired on September 15, and that it had entered into no agreement with that company.

Sofwave: smaller, with nearly half its revenue from usage

Sofwave is less than a third of InMode's size by quarterly revenue, and it reports under IFRS where InMode uses US GAAP, so the lines do not match one for one. Its ticker is TASE: SOFW.

The number that stands out is the usage fee. Sofwave said recurring usage-fee revenue was $13.9 million in the quarter, up 52.2%, and 46% of total revenue. The release ties that line to how much the installed systems are used. InMode's nearest equivalent, consumables and service, is 23% of its revenue.

Gross margin was 76.5%. IFRS operating income was $2.9 million, against $2.2 million a year earlier, and IFRS net income was $2.5 million. The company said it has sold approximately 3,100 systems to date and held $38.8 million in cash and deposits at June 30, 2026. Its release gives worldwide figures only. It does not break out the US.

"Our operating expense ratio continued to decline as a percentage of revenue," said Louis Scafuri, Sofwave's chief executive, in the release.

Two reads

Put side by side, the line that comes after the sale grew faster than the total at both companies. InMode's consumables and service line rose 13% while its total capital equipment revenue slipped about 3%. Sofwave's usage fees outgrew its revenue by about nine percentage points.

For a practice, revenue a vendor books after the sale is a cost that carries on after the purchase. (Injectable makers told a different second-quarter story, which we covered on October 9.)

Neither company had published third-quarter figures as of October 8, 2026, in the SEC filings and company news pages we checked.

Sources