01:31 PM EDT, 05/02/2024 (MT Newswires) -- InMode ( INMD ) shares rose 2.4% in recent Thursday even after the company reported declines in Q1 profit and revenue and cut 2024 guidance.

The medical-products company reported Q1 non-GAAP earnings of $0.32 per diluted share, down from $0.52 a year earlier.

Analysts polled by Capital IQ expected $0.41.

Revenue in the quarter ended March 31 fell to $80.3 million from $106.1 million a year earlier, the company said Thursday in a statement.

Analysts surveyed by Capital IQ expected about $91.4 million.

InMode ( INMD ), founded in Israel, lowered fiscal 2024 guidance to non-GAAP EPS of $2.01 to $2.05 on revenue of $485 million to $495 million from EPS of $2.53 to $2.57 on revenue of $495 million to $505 million.

Analysts polled by Capital IQ expect normalized EPS of $2.38 on revenue of $491.9 million.

The board approved a stock buyback program of up to 8.37 million shares, the company said.

"An inability to promptly receive needed supplies and materials due to the ongoing and unpredictable nature of the conflict in Israel and the surrounding region may adversely impact our ability to commercialize and manufacture our product candidates and products in a timely manner," the company said in the statement. "This could cause several delays and/or issues for our operations, which in turn would have a material adverse impact on our ability to commercialize our product candidates and our financial condition."

Price: 17.65, Change: +0.41, Percent Change: +2.38