INMD - Here's Why InMode Stock Soared Today
Shares of InMode (NASDAQ: INMD) soared on Thursday after the medical device company released preliminary financial results for the third quarter of 2022. The numbers were better than Wall Street anticipated. As a result, InMode stock was up 13% as of 11:45 a.m. ET.
InMode habitually releases preliminary numbers weeks before announcing official results. Today, the company released preliminary numbers for Q3, saying it expects to report revenue of $120.5 million to $120.9 million. This would represent about 28% year-over-year growth -- more than analysts projected.
Moreover, InMode's profitability looks strong as well. The company didn't give numbers according to generally accepted accounting principles ( GAAP ). However, non-GAAP (adjusted) gross margin for Q3 is expected to come in between 84% and 85%, which is up from its non-GAAP gross margin of 83% in the second quarter.
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Here's Why InMode Stock Soared Today