Shares of InMode (INMD -1.01%) leaped 8.6% on Tuesday after the medical technology specialist boosted its full-year financial forecast.
InMode anticipates third-quarter revenue of $93.5 million to $94 million, which would signify year-over-year growth of roughly 57%. Management also expects the company to produce record adjusted earnings per share (EPS) of $0.53 to $0.54. Both figures were well above Wall Street's estimates, which had called for revenue and adjusted EPS of $74.9 million and $0.36, respectively.
Better still, InMode raised its full-year revenue and adjusted gross margin estimates. Management is now guiding for 2021 revenue of $343 million to $347 million -- up from a prior projection of $305 million to $315 million -- with an adjusted gross margin of between 84% and 86%
Doctors and patients were forced to postpone cosmetic and other elective procedures during the early stages of the COVID-19 crisis. But with vaccination rates rising steadily and social distancing restrictions easing, demand for InMode's minimally invasive surgical offerings is rebounding sharply.
InMode's radio-frequency devices allow surgeons to provide treatments for women's wellness and for increasingly popular procedures -- such as face and body contouring and hair removal -- that are less expensive, require less downtime, and have less risk of scarring than traditional surgical procedures. The company's sales and profits, in turn, are booming.
Investors can expect to receive the final tally of InMode's third-quarter results before the market opens on Oct. 26. Management will host a conference call at 8:30 a.m. EDT that day following the company's earnings release.