(Bloomberg) -- Newly public InMode Ltd. surged Wednesday after naming of Paula Abdul as a brand ambassador for its alternatives to cosmetic surgery and strong second-quarter results.
Shares of the medical technology company soared 25% at 9:50 a.m. Eastern time even as the broader stock market sank. The Lake Forest, California-based company only came public market in a $14 IPO just last week, led by Barclays, UBS, Robert W. Baird and Canaccord Genuity.
The provider of medical technologies that focuses on minimally and non-invasive beauty treatments teamed up with the singer and actress, who said she uses InMode’s BodyTite and FaceTite technology as an alternative to traditional cosmetic surgery.
InMode reported second-quarter revenue of $38.8 million, a 55% increase from the year prior, with margins that increased. The company’s chief executive praised the results and said in a statement that the results “are consistent with both our reported expectations and the positive trends we are continuing to see in our business.”
To contact the reporter on this story: Bailey Lipschultz in New York at firstname.lastname@example.org
To contact the editors responsible for this story: Catherine Larkin at email@example.com, Scott Schnipper
©2019 Bloomberg L.P.