Medical Aesthetic Devices Manufacturer InMode Gearing Up for Nasdaq IPO
InMode develops devices that use radio-frequency energy technology, capable of penetrating subdermal fat
Golan Hazani : 2019-06-03T10:03:39..
Israel-based InMode Aesthetic Solutions Ltd. is gearing up for a Nasdaq initial public offering, looking to raise around $100 million according to a company valuation of $400 million to $500 million, two people familiar with the matter told Calcalist on condition of anonymity. The company has already chosen an underwriter, they added.
For daily updates, subscribe to our newsletter by clicking here.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 has an annual turnover of around $100 million with an annual growth of 10%, according to the people familiar with the matter. The company is headquartered in Lake Forest, California, with a research and development center in Israel and offices in Canada.
Other than InMode and Syneron, there are two other prominent Israeli companies in the industry. Israel-based medical and aesthetic laser company Lumenis Ltd., founded by Syneron co-founder Shimon Eckhouse, was acquired by London-based private equity firm XIO Group in 2015 for a little over $500 million. Xio is currently in the process of selling Lumenis to CVC Capital Partners and a Chinese partner. Israel-based aesthetic laser company Alma Lasers was acquired in 2013 by Shanghai-based Fosun Group, which paid $240 million for a 95% stake and in 2017 floated it on the Hong Kong Exchange as Sisram Medical. Syneron was acquired in 2017 by London-based private equity firm Apax Partners Worldwide LLP for $397 million.