Shares of cosmetic medical device company InMode (NASDAQ: INMD) flew to new 52-week highs on Wednesday after the company released preliminary financial results for the second quarter of 2023 and raised its guidance for the year. As of 3:15 p.m. ET, InMode stock was up almost 11%.
InMode customarily releases preliminary quarterly financial results. And these results customarily surpass expectations. That was the case yet again today. For Q2, management expects to report revenue of $135.7 million to $135.9 million. Wall Street expected closer to $130 million in revenue.
With Q2 results tracking higher than expected, InMode’s management also raised its full-year revenue guidance from $525 million to $530 million to $530 million to $540 million. In short, the company is performing above expectations, and that’s sending the stock higher today.
Today might not be the final surprise for InMode investors. The company often reports official financial results ahead of what it reported with the preliminary numbers. In Q1, for example, management’s preliminary numbers showed revenue of $105.9 million at most. But official Q1 revenue was $106.1 million.
InMode expects to report finalized Q2 results on July 27. It’s not guaranteed to beat its preliminary numbers, but that is its custom. And the additional surprise could lead to yet another new 52-week high.
10 stocks we like better than InMode
When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
They just revealed what they believe are the ten best stocks for investors to buy right now… and InMode wasn’t one of them! That’s right — they think these 10 stocks are even better buys.
See the 10 stocks
*Stock Advisor returns as of July 10, 2023
Jon Quast has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends InMode. The Motley Fool has a disclosure policy.