InMode Ltd. (NASDAQ: INMD) released its quarterly earnings results on March 15, 2024, reporting an earnings per share (EPS) of $0.38. This figure surpassed analysts’ expectations of $0.32 by $0.06, according to Briefing.com. The healthcare company generated revenue of $93.17 million for the quarter, exceeding the anticipated $88.05 million.
Despite the positive earnings report, InMode’s revenue represents a decline of 28.5% compared to the same quarter last year, when it recorded an EPS of $0.70. The firm’s net margin stood at 44.50%, with a return on equity of 18.38%.
Trading activity reflected investor sentiment, as shares of InMode decreased by 0.5% to reach $14.56 during Wednesday’s trading session. The stock experienced a trading volume of 690,986 shares, compared to an average volume of 1,159,468. Currently, InMode maintains a market capitalization of approximately $920.39 million, with a price-to-earnings (PE) ratio of 5.90 and a beta of 2.11. Over the past year, the stock has fluctuated between a low of $13.14 and a high of $19.85.
Several institutional investors have recently adjusted their stakes in InMode. For instance, Disciplined Growth Investors Inc. in Minnesota increased its stake by 2.5% in the second quarter, acquiring an additional 7,432 shares for a total of 304,069 shares valued at approximately $4.39 million. Similarly, Royal Bank of Canada raised its stake by 5.7%, now owning 242,398 shares valued at around $4.30 million after acquiring an additional 13,032 shares. Other hedge funds, including Sei Investments Co. and Hudson Bay Capital Management LP, have also recently made changes to their positions.
As of now, hedge funds and other institutional investors hold approximately 68.04% of InMode’s stock.
InMode specializes in designing, developing, and marketing minimally invasive aesthetic medical products. The company leverages proprietary technologies, including radiofrequency-assisted lipolysis and deep subdermal fractional radiofrequency, to offer solutions for various procedures. These include liposuction combined with skin tightening, body and face contouring, and ablative skin rejuvenation treatments, as well as applications in women’s health.
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