InMode sinks on FY23 revenue forecast downgrade

InMode

12/10/2023 18:14

** Shares of Israel-based medical device maker InMode fall
~20.4% to $22.30 
    ** Co expects FY23 rev between $500 mln and $510 mln vs
previous expectations of $530 mln to $540 mln
    ** Says Q3 adj profit will be in the range of 59 cents to 60
cents per share, below analysts average estimate of 65 cents -
LSEG data
    ** Adds Q3 results will be released on Nov 2, 2023
    ** Brokerage Jefferies says the revised outlook reflects
various factors stemming from an economic slowdown impacting
credit
    ** Brokerage Baird cuts its price target to $32 from $61 and
Jefferies cuts PT to $45 from $55
    ** Five of 6 brokerages rate the stock "buy" or higher, and
one "hold"; their median PT is $52 - LSEG data
    ** Including session moves, shares down ~37.5% YTD

    

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))