Israel-Based Medical Technology Company InMode Trims FY23 Outlook Again; Stock Tanks

InMode Ltd INMD shares are trading lower by around 13% after it trimmed its FY23 outlook.

The company cut the revenue forecast to $485 million - $495 million (from $500 million - $510 million a year ago) vs. consensus of $509.33 million and adjusted EPS to $2.47-$2.50 (from $2.53-$2.57 earlier) vs. $2.54 estimate.

The guidance cut is mainly due to stronger-than-expected headwinds from the current macroeconomic environment, leading to a slowdown in platform sales, mainly in North America.

In October, the Israel-based medical technology company lowered FY23 revenue guidance to $500 million-$510 million, expecting an economic slowdown to impact its platform sales this year, including seasonal Q3 and slower purchase decisions due to lower aesthetic activity in the summertime.

Also Read: InMode Faces Revenue Headwinds Amid Challenging Economics: Analyst Cuts Price Target And Estimates

Price Action: INMD shares are down 12.9% at $20.57 premarket on the last check Wednesday.