InMode Ltd (NASDAQ:INMD) sock is plunging today after the company reported a Q1 earnings beat, but the annual outlook lagged expectations.
InMode reported Q1 sales of $106.07 million, +23.5% Y/Y, beating the consensus of $101.29 million.
The company posted an adjusted EPS of $0.52, surpassing the consensus of $0.47.
It recorded quarterly revenues from consumables and services of $20 million, an increase of 43% compared to the first quarter of 2022.
“As we celebrate the 15th anniversary of the founding of our company, we are pleased to report a strong start to 2023, driven by growing demand for InMode’s procedures,” said Moshe Mizrahy, Chairman & CEO.
The gross margin was 83%, with the operating margin down from 44% to 43%.
This slight decrease was primarily attributable to higher sales and marketing expenses, mainly due to the addition of new sales representatives and investment in direct-to-consumer advertising campaigns, and hosting in-person events to support the company’s growth projections.
Guidance: InMode reaffirms FY23 adjusted EPS guidance of $2.58-$2.60 vs. $2.61 estimate, with revenues expected to be $525-$530 million compared to the consensus of $531.05 million.
Price Action: INMD shares are down 8.46% at $34.41 on the last check Tuesday.
