INMD - Why InMode Stock Plummeted by 10% on Tuesday
2023-05-02 18:30:33 ET
The stock of medical aesthetics tech company InMode (NASDAQ: INMD) wasn't looking very pretty on Tuesday. The company published its latest set of quarterly figures, and some investors found them sorely wanting. In consequence the share price took a 10% hit on the day, a far steeper fall than that of the sputtering S&P 500 index with its 1.2% decline.
Before market open that day, InMode took the wraps off its first quarter. For the period, the company earned revenue of just over $106 million, representing a nearly 24% improvement over the same quarter of 2022. On the bottom line according to non- GAAP (adjusted) standards it earned $44.7 million, or $0.52 per share, again an improvement over the year-ago figure ($34 million).
Both results bettered the average analyst estimates, which were for slightly over $100 million on the top line and $0.46 in adjusted, per-share net income. Those headline results also edged past InMode's own guidance.
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Why InMode Stock Plummeted by 10% on Tuesday