INMD - Why InMode Stock Flew to a New 52-Week High Today
2023-07-12 16:40:00 ET
Shares of cosmetic medical device company InMode (NASDAQ: INMD) flew to new 52-week highs on Wednesday after the company released preliminary financial results for the second quarter of 2023 and raised its guidance for the year. As of 3:15 p.m. ET, InMode stock was up almost 11%.
InMode customarily releases preliminary quarterly financial results. And these results customarily surpass expectations. That was the case yet again today. For Q2, management expects to report revenue of $135.7 million to $135.9 million. Wall Street expected closer to $130 million in revenue.
With Q2 results tracking higher than expected, InMode's management also raised its full-year revenue guidance from $525 million to $530 million to $530 million to $540 million. In short, the company is performing above expectations, and that's sending the stock higher today.
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Why InMode Stock Flew to a New 52-Week High Today