InMode Faces Revenue Headwinds Amid Challenging Economics: Analyst Cuts Price Target And Estimates
InMode Faces Revenue Headwinds Amid Challenging Economics: Analyst Cuts Price Target And Estimates
Canaccord Genuity analyst Caitlin Cronin downgraded InMode Ltd (NASDAQ:INMD) to Hold from Buy at a lowered price target of $22 from $55.
Canaccord Genu 分析師凱特琳·克羅寧下調評級 InMode Ltd 納斯達克股票代碼：INMD）將從買入中持有，目標價從55美元下調至22美元。
Yesterday, the company reported Q3 preliminary results and a lowered FY23 outlook.
昨天，該公司公佈了第三季度的初步業績和下調的23財年展望。
The company expects Q3 revenue of $122.8 million-$123.0 million (vs. consensus of $136.94 million) and adjusted EPS of $0.59-$0.60 (vs. $0.66 street view).
該公司預計第三季度收入爲1.228億至1.23億美元（市場預期爲1.3694億美元），調整後的每股收益爲0.59-0.60美元（街景爲0.66美元）。
For FY23, INMD lowered revenue guidance to $500 million-$510 million from $530 million-$540 million, vs. consensus of $538.03 million).
對於23財年，INMD將收入預期從5.3億至5.4億美元下調至5億至5.1億美元，而市場普遍預期爲5.383億美元）。
The analyst is unsurprised by this result and believes tough comparables (on stronger Q3 FY22) and sentiment across MedTech suggesting Q3 returning to more normal seasonality acted as a headwind.
這位分析師對這一結果並不感到驚訝，他認爲強硬的可比數據（2022財年第三季度走強）和整個醫療科技公司的情緒表明第三季度恢復更正常的季節性是阻力。
At a recent conference, INMD stated that the financing pressures are impacting provider ROI on systems and highlighted challenges to providers securing financing, says the analyst.
這位分析師表示，在最近的一次會議上，INMD表示，融資壓力正在影響提供商對系統的投資回報率，並凸顯了提供商在獲得融資方面面臨的挑戰。
Cronin doesn't see these economic headwinds as a near-term story but rather as the beginning of a more subdued appetite for new capital, curbing potential consumable sales.
克羅寧認爲這些經濟不利因素不是短期的故事，而是對新資本需求更加低迷的開始，從而抑制了潛在的消耗品銷售。
Although the analyst cites GLP-1-induced skin tightening and expansion into health & wellness as driving patient demand, concerns about worsening provider economics for capital equipment sales can negate the impact of these positives.
儘管該分析師指出，GLP-1引起的皮膚緊緻和向健康和保健領域的擴張推動了患者的需求，但對供應商資本設備銷售經濟狀況惡化的擔憂可能會抵消這些積極因素的影響。
Consequently, Cronin lowered estimates for revenue and adjusted EPS to $506.7 million (from $540.8 million), $2.55 (from $2.70) for FY23, and $550.8 million (from $622.6 million), $2.66 (from $3.00) for FY24.
因此，克羅寧將23財年的收入和調整後每股收益預期下調至5.067億美元（從5.408億美元起）、2.55美元（從2.70美元起）以及24財年的5.508億美元（從6.226億美元起）、2.66美元（從3.00美元起）。
Price Action: INMD shares are down 6.65% at $20.91 on the last check Friday.
價格走勢: 在週五的最後一張支票中，INMD股價下跌6.65％，至20.91美元。