InMode (INMD) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, InMode (INMD) closed at $46.04, marking a +0.55% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.24%. Meanwhile, the Dow gained 0.31%, and the Nasdaq, a tech-heavy index, lost 7.84%.
Coming into today, shares of the maker of cosmetic surgery devices had gained 22.07% in the past month. In that same time, the Medical sector lost 0.94%, while the S&P 500 gained 3.39%.
Wall Street will be looking for positivity from InMode as it approaches its next earnings report date. This is expected to be July 27, 2023. The company is expected to report EPS of $0.67, up 13.56% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $135.8 million, up 19.59% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.71 per share and revenue of $540 million, which would represent changes of +11.98% and +18.87%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for InMode. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. InMode is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that InMode has a Forward P/E ratio of 16.9 right now. Its industry sports an average Forward P/E of 24.11, so we one might conclude that InMode is trading at a discount comparatively.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 106, putting it in the top 43% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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InMode Ltd. (INMD) : Free Stock Analysis Report
