INMD - Here's Why InMode Stock Jumped 48% in July
Shares of medical device company InMode (NASDAQ: INMD) jumped 48.3% in July, according to data provided by S&P Global Market Intelligence . The stock performed mostly in line with the S&P 500 during the month with the exception of two monster days. The first came midway through July when InMode reported preliminary financial results for the second quarter of 2022. The second came at the end of the month when the company reported official Q2 numbers.
InMode sells radio-frequency medical devices used by professionals including cosmetic surgeons and dermatologists. The company went public in 2019 and its devices are gaining in popularity. The year it went public, it generated just $156 million in revenue. In 2021, it generated $357 million -- 129% growth in just two years.
Going into July, InMode was guiding for full-year revenue of $415 million to $425 million, 16% to 19% year-over-year revenue growth. Management didn't give Q2 guidance, but results must have been coming in hotter than it expected. On July 12, the company released preliminary Q2 results and raised its full-year guidance to $425 million-$435 million at that time.
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Here's Why InMode Stock Jumped 48% in July