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InMode Posts Robust Q3 Results; Street Says Buy
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InMode Posts Robust Q3 Results; Street Says Buy

Medical technologies provider InMode Ltd. (INMD) has reported better-than-expected results for the third quarter ended September 30, 2021. The strong results were primarily driven by growth in revenues.

Following the earnings, shares of the company appreciated marginally to close at $88 in extended trade on Tuesday.

Quarterly revenues rose 58% year-over-year to $94.2 million, topping the consensus estimate of $89.26 million. The increase witnessed in revenues was majorly driven by the strong demand for minimally invasive technology and international revenues that were up 68% year-over-year.

The company reported quarterly earnings per share (EPS) of $0.52, a growth of 85.7% from the same quarter last year. Also, the figure surpassed the consensus estimate of $0.50 per share.

For full-year 2021, the company expects revenues to hover between $343 million and $347 million. It expects to post earnings in the range of $1.91 per share to $1.93 per share.

The CEO of InMode, Moshe Mizrahy, said, “We are very pleased to announce another quarter of record results, solid growth and success with our latest product launches. During what is normally a slower summer quarter, sales of hands-free devices very nearly matched the prior quarter. And our advancement into the women’s health space was off to a promising start with its inaugural roll-out in the U.S.” (See InMode stock chart on TipRanks)

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On October 26, Needham analyst Michael Matson reiterated a Buy rating on the stock with a price target of $103, which implies upside potential of 17.7% from current levels.

Consensus among analysts is a Strong Buy based on 5 unanimous Buys. The average InMode price target of $90.4 implies upside potential of 3.3%.

InMode scores a 7 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have gained about 349.5% over the past year.

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