What happened
Shares of InMode (INMD -0.63%) jumped 9% this past week, according to data from S&P Global Market Intelligence, after the medical technology specialist delivered strong third-quarter financial results.
So what
InMode's revenue surged 29% year over year to $121.2 million, driven by rising demand for its minimally invasive surgical platforms. Strong growth in the company's consumable products and service offerings also contributed to the gains.
Moreover, InMode increased its profits, even as it spent aggressively to fund its expansion initiatives. The healthcare company's adjusted net income climbed 18% to $56.6 million. And its adjusted earnings per share, boosted by stock buybacks, leaped 20% to $0.66.
"We've continued to invest in increasing our brand awareness, including adding Eva Longoria as our new brand ambassador, which is another sign of our commitment to customers and to positive consumer perception," InMode president Shakil Lakhani said in a press release.
Now what
The strong results and encouraging ongoing sales trends prompted InMode to boost its full-year financial forecast. Management now expects:
- Revenue of $445 million to $450 million, up from a prior projection of $425 million to $435 million
- Adjusted operating income of $214 million to $217 million, up from $204 million to $209 million
- Adjusted earnings per share of $2.28 to $2.30, up from $2.11 and $2.16
CEO Moshe Mizrahy said InMode plans to expand into new categories, including ears, nose, and throat (ENT) and ophthalmology.
"Demand has remained strong despite the anticipated seasonality and the return of summer travel, and this positive momentum continues into Q4," Mizrahy said. "We're very happy with the successful market endorsement of our strategy as we expand from aesthetics into wellness and improved quality of life categories."
