InMode (INMD): Moshe Mizrahy, Michael Kreindel, and the Israeli Radiofrequency Aesthetic-Device Franchise

InMode Ltd. (NASDAQ: INMD) is the Israeli medical-aesthetic device maker built by Moshe Mizrahy and Dr. Michael Kreindel — the Syneron Medical co-founders — on proprietary radiofrequency (RF) technology for minimally invasive aesthetic and surgical treatments. Founded in January 2008 as Invasix in Yokneam, Israel. IPO on Nasdaq in August 2019 at $14 per share, raising approximately $70 million at a $450 million valuation. Peak 2023: approximately $7 billion market cap, roughly $500 million revenue, and gross margins near 86 percent. Products sold in 63 countries through direct sales in Israel, Canada, the U.K., France, Spain, India, China, Hong Kong, and Australia.

The Syneron Prehistory

The founding pairing is a direct sequel to Syneron Medical Ltd., the Israeli medical-aesthetics company where Mizrahy was co-founder and CEO and Kreindel was co-founder and CTO from 2001 to 2007. Syneron went public in 2005; the company later merged with Candela Corporation in 2017. Mizrahy retired from Syneron and became an active angel investor in the Israeli life-sciences ecosystem, investing in more than 20 local startups; Kreindel departed to develop the next radiofrequency platform.

Kreindel holds a Ph.D. in physics and mathematics and graduated as an engineer and physicist specializing in experimental and theoretical nuclear physics from the Ural Polytechnical Institute in Russia. Mizrahy holds a B.S. in Engineering from Tel Aviv University and an MBA from Pace University in New York.

The 2008 Founding

Mizrahy and Kreindel co-founded InMode in January 2008, originally under the name Invasix, together with Israel Healthcare Ventures (IHCV) — a life-sciences fund managed by Dr. Hadar Ron, who had also backed Syneron. Ron and IHCV were the anchor institutional investor from inception and remained a top-three shareholder through the IPO.

The founding thesis: bring the radiofrequency platform Kreindel had developed at Syneron into a next-generation product line for minimally invasive aesthetic and surgical procedures. Initial market focus: aesthetic and wellness practitioners — plastic surgeons, dermatologists, OB/GYNs, ENTs, and ophthalmologists. Since 2010, InMode has launched more than 22 technological innovations, of which seven are patented, across 10 platforms.

The 2019 Nasdaq IPO

InMode listed on Nasdaq on August 8, 2019 at $14 per share, raising approximately $70 million in gross proceeds ($77M per subsequent disclosures) at a valuation of approximately $450 million. Book runners: Barclays and UBS, with Canaccord Genuity as lead manager and Baird as co-manager.

Pre-IPO revenue trajectory: 2017 approximately $54M, 2018 approximately $100M (nearly doubling), and Q1 2019 revenue of $30M (+46 percent). Q3 2019 delivered $40 million (+57 percent) and $16.2 million in net income (+87 percent). Gross margin ran at 86 percent. The share appreciated approximately 188 percent from IPO through late 2019.

Post-IPO shareholder structure at IPO date: Kreindel roughly 17 percent, IHCV 15.8 percent, and SpaMedica (owned by Canadian plastic surgeon Stephen Mulholland) 15 percent — plus a large employee position through options that Mizrahy publicly emphasized had been intentionally distributed (~30 percent of shares).

The 2020–2023 Growth and the $7 Billion Peak

The COVID-19 aesthetics boom accelerated InMode's growth. By 2023, InMode reached an approximate $7 billion market capitalization, ~$500 million in revenue, and gross margins in the high 70s to low 80s percent range. The platform strategy — recurring consumables and disposables alongside capital-equipment device sales — produced a compounding revenue model with unusually high margins for a medical-device franchise of its scale.

InMode's global sales footprint expanded to nine direct regional offices — Israel (HQ), Toronto, London, Paris, Madrid, Delhi, Beijing, Hong Kong, and Sydney — plus a distributor network reaching 63 countries.

The 2024–2025 Leadership Transition

In July 2024, Mizrahy stepped back from his role as Chairman of the Board while remaining Chief Executive Officer and a director. He had held the chairmanship continuously from the January 2008 incorporation — sixteen and a half years of concurrent CEO-and-Chairman tenure.

In November 2025, InMode appointed Michael Dennison as President of North America, positioned to re-energize the U.S. sales organization at a moment of slower North American aesthetic-capital-equipment demand. Yair Malca continues as CFO with a 2025 non-GAAP gross margin guidance range of 78–80 percent.

The concurrent shareholder-and-governance dynamics have made InMode one of the more actively debated Israeli medical-device franchises in 2024–2026 among institutional investors reassessing the aesthetic-capital-equipment cycle after the COVID-era demand pull-forward.

Why InMode Matters to the Israeli Medical Device Story

InMode is one of the two most commercially consequential Israeli aesthetic-medical-device franchises — the direct successor to Syneron in a technology lineage that dates back to the early 2000s. The Mizrahy-Kreindel founding pattern — Israeli-headquartered R&D, direct global sales into aesthetic practitioners, high-margin recurring consumables — has been replicated across a small cluster of Israeli companies but reached largest scale at InMode. The 2023 peak market cap of approximately $7 billion sits among the largest public-market outcomes for an Israeli medical-device company founded in the last two decades.

For adjacent Israeli enterprise founder profiles, see Yossi Carmil on Cellebrite, Shlomi Ben Haim on JFrog, and Adam Singolda on Taboola.

Frequently Asked Questions

What is InMode?
Israeli medical-aesthetic device maker (NASDAQ: INMD). Develops and markets radiofrequency-based devices for minimally invasive aesthetic and surgical treatments across plastic surgery, gynecology, dermatology, and ophthalmology. Founded 2008 in Yokneam, Israel.

Who founded InMode?
Moshe Mizrahy (CEO since inception) and Dr. Michael Kreindel (CTO since inception), together with Israel Healthcare Ventures (IHCV) fund led by Dr. Hadar Ron. Both founders previously co-founded Syneron Medical Ltd. — Mizrahy as co-founder and CEO, Kreindel as co-founder and CTO from 2001 to 2007.

When did InMode IPO?
August 2019 on Nasdaq under the ticker INMD. Priced at $14 per share, raising approximately $70 million in gross proceeds at a valuation of roughly $450 million.

What was InMode's peak valuation?
Approximately $7 billion market capitalization in 2023, on approximately $500 million in revenue and gross margins near 86 percent.

Who runs InMode today?
Moshe Mizrahy remains CEO and a director; he stepped back from the Chairman role in July 2024. CFO Yair Malca. President of North America Michael Dennison (appointed November 2025). Headquartered at the Tavor Building, Sha'ar Yokneam Industrial Park, Yokneam, Israel.