InMode Stock Dropped 9% Today
Shares of medical-device company InMode (NASDAQ: INMD) dropped on Wednesday after the company reported preliminary results for its upcoming fourth quarter. It also gave guidance for 2023. Both of these numbers looked good, but the stock was down nearly 10% Wednesday nonetheless.
On Oct. 27, 2022, InMode gave full-year 2022 revenue guidance of $445 million to $450 million, implying revenue of $124.3 million to $129.3 million in Q4. Today, InMode reported preliminary Q4 revenue of $133.2 million to $133.4 million, exceeding previous guidance.
Considering InMode expects to beat its previous guidance, it's surprising to see the 10% drop today. The company sells medical devices used often in cosmetic procedures and later sells consumable products as procedures are performed.
Source Fool.com
