Shares of InMode (NASDAQ:INMD) jumped on Tuesday after the medical technology specialist released preliminary third-quarter results. As of 2:50 p.m. EDT, InMode's stock was up more than 8% after rising as much as 14.5% earlier in the day.
InMode expects to deliver record revenue of $59.2 million to $59.5 million, which would represent growth of roughly 48% from the year-ago period. Analysts had anticipated revenue of only $38.2 million.
The cosmetic device maker also said that its adjusted earnings per share should come in between $0.60 and $0.62. That, too, was well above Wall Street's estimates, which called for adjusted EPS of $0.31.
InMode's preliminary Q3 results are a marked contrast to its second-quarter report. Its Q2 revenue plunged 21% year over year, to $30.8 million, as coronavirus-related shutdowns and elective surgery postponements took a heavy toll.
Better still, InMode boosted its full-year revenue forecast to a range of $192 million to $195 million, up from a prior projection of $156 million to $160 million. A faster-than-expected recovery in elective procedures and the rising popularity of InMode's radio-frequency devices among surgeons are helping to fuel its growth.
"InMode has proven once again that its two main electro-surgical proprietary and unique technologies; minimally invasive and hands-free, are becoming the gold standard of the minimally invasive surgical procedures for a variety of medical indications," CEO Moshe Mizrahy said in a press release. "We expect the underlying interest in our differentiated product suite will continue to drive sales into the fourth quarter of 2020."