Here's Why InMode Stock Surged Today
Shares of medical-device company InMode (NASDAQ: INMD) surged on Thursday after the company reported financial results for the second quarter of 2022. The company keeps beating expectations, and investors are celebrating it today. As of 3 p.m. ET, InMode stock was up 14%.
In Q2, InMode generated revenue of $113.5 million, a quarterly record and an increase of 30% year over year. It's worth noting that management gave a preliminary revenue range just two weeks ago, and actual results today surpassed the high end by $0.02 million.
InMode's profits grew at a slower rate than its revenue. In Q2, the company's gross margin slipped from 85% last year to 83% now. This is partially due to inflation, which is making the company's material costs go up. Furthermore, its net income of $44 million was only up around 8% year over year, with higher stock-based compensation slightly eating into its bottom line.
Source Fool.com
