INMD - Inmode draws first Hold rating as Needham downgrades
- InMode Ltd. ( NASDAQ: INMD ) dropped for the second straight session on Friday as the Israel-based MedTech company received the first Hold rating on Wall Street after Needham downgraded it from Buy, citing its Q4 2022 results.
- According to Seeking Alpha’s Wall Street ratings, InMode ( INMD ) is a favorite on Wall Street with no Hold ratings and five Buy ratings.
- Needham’s downgrade comes even after the aesthetic medical product maker reported better-than-expected financials for Q4 2022 on Tuesday, leading to a sharp rise in company shares for two consecutive sessions.
- “Our 1Q23 aesthetics patient survey indicates that consumers are reducing their spending on procedures,” Bloomberg reported quoting the analyst Mike Matson. “Perhaps not coincidentally, INMD’s growth slowed somewhat in 4Q22 from 1Q22-3Q22” he added.
- InMode ( INMD ) reported $133.6M in revenue for the December quarter with ~21% YoY growth compared to ~30% YoY average in the first three quarters of 2022.
- Read: Seeking Alpha contributor Evan Rodick issues a Hold rating on InMode ( INMD ) despite seeing a “high potential in the upside case.”
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Inmode draws first Hold rating as Needham downgrades