What happened
The stock of medical aesthetics tech company InMode (INMD -0.63%) 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.
So what
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.
The highly specialized healthcare company attributed its considerable gains to robust growth in the sale of consumables. It also benefited from demand from patients seeking aesthetic adjustments after using popular weight loss drugs.
Now what
Most investors, however, spend their time looking forward and not into the past. The catch with InMode's earnings announcement is that its guidance came in under estimates, as opposed to that successful first quarter.
For the entirety of 2023, the company is modeling revenue of $525 million to $530 million and adjusted earnings of $2.58 to $2.60 per share. Neither, alas, quite hits the average analyst projection of $531 million and $2.61 per share, respectively.
