What happened

InMode (NASDAQ:INMD) stock surged 64.7% last month, according to data from S&P Global Market Intelligence. For context, the S&P 500 returned 3.6% in November.

The Israel-based company makes devices that use radio frequency (RF) technology to perform a range of minimally invasive aesthetic procedures. Its stock has been on fire, increasing 250% from its early August initial public offering (IPO), which is sure to land it a spot on the year's best-performing healthcare stocks.

Close-up of a flexed well-conditioned woman's arm with a tape measure around it.

Image source: Getty Images.

So what

We can attribute InMode stock's powerful performance last month largely to the company's Nov. 5 release of third-quarter results that pleased investors. Shares popped 19.7% following the release and continued their upward climb throughout the month.

INMD Chart

Data by YCharts.

In Q3, the company's revenue jumped 57% year over year to $40 million. Growth was "driven primarily by the continued expansion of InMode's direct sales organization in the U.S.," according to the earnings release. Net income surged 87% to $16.2 million, which translated to earnings per share rising 62% to $0.42. This result easily beat the Wall Street consensus estimate of $0.30.

Now what

InMode appears to be an attractive stock that's worth putting on your watch list. It has a potentially huge total addressable market, with the global market for aesthetic procedures increasing, driven by the population aging and becoming heavier.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.