# Aesthetic medicine's high margins: whose profit are we measuring?

A manufacturer's margin, a clinic's profit and a patient's bill measure different parts of the business.

[Canonical HTML page](https://nosecrets.app/en/stories/aesthetic-industry-margins-treatment-price)

Published by: [No Secrets Research](https://nosecrets.app/en/about#methodology)
Added: 2026-10-20
Topic: Health & beauty

## Scope and context

Applies to: InMode FY2025 manufacturer results; US surgical-pricing guidance
Time context: FY2025 results released February 10, 2026
Sources checked: 2026-10-20

The 79% figure is one manufacturer's company-wide GAAP gross margin, not an industry average, treatment margin or evidence of overcharging. The surgery example is a separate business activity.

## The financial disclosure

InMode reported a 79% GAAP gross margin and a 23% GAAP operating margin for full-year 2025. The difference matters: gross profit is measured before operating expenses. These manufacturer-level figures do not reveal what a clinic earns from one customer's procedure.

[1: InMode · SEC filing](https://www.sec.gov/Archives/edgar/data/1742692/000117891326000375/exhibit_99-1.htm)

## A low advertised fee may cover only one component

ASPS explains that its rhinoplasty surgeon-fee estimate excludes anesthesia, operating-room facilities and other expenses. That is an example of why an advertised component price cannot be compared directly with another clinic's all-in quote.

[2: American Society of Plastic Surgeons](https://www.plasticsurgery.org/cosmetic-procedures/rhinoplasty/cost)

## Turn the quote into comparable items

Our checklist: request the exact procedure, product or device, practitioner, number of sessions and included follow-up. Ask which anesthesia, facility and complication-related costs are separate. Neither a high price nor a discount proves quality; compare the same scope before judging the markup.

[2: American Society of Plastic Surgeons](https://www.plasticsurgery.org/cosmetic-procedures/rhinoplasty/cost) · [1: InMode · SEC filing](https://www.sec.gov/Archives/edgar/data/1742692/000117891326000375/exhibit_99-1.htm)

## Sources

1. [InMode Reports Fourth Quarter and Full Year 2025 Financial Results](https://www.sec.gov/Archives/edgar/data/1742692/000117891326000375/exhibit_99-1.htm) — InMode · SEC filing. 2026-02-10. Company-reported FY2025 GAAP manufacturer margins; not clinic or individual-treatment margins.

2. [Rhinoplasty Cost](https://www.plasticsurgery.org/cosmetic-procedures/rhinoplasty/cost) — American Society of Plastic Surgeons. . Professional association's explanation of items excluded from surgeon fees; not an independent pricing audit.

## Disclosure

AI-assisted research, writing and translation by No Secrets, using the linked public documents. This is a source summary, not firsthand reporting or an independently audited investigation. No affiliate links are used in this article.

The source-check date is not the event date. Original documents control if a summary differs.