InMode Ltd. (Nasdaq: INMD), a prominent player in the global medical technology landscape, has announced the approval of a share repurchase program encompassing up to 7.68 million ordinary shares. This decision, authorized by the company’s Board of Directors, underscores InMode’s robust financial standing and unwavering belief in its long-term prospects.
Moshe Mizrahy, InMode’s Chief Executive Officer, expressed his confidence in the company’s trajectory. “Following the completion of our share buyback program announced earlier this year, the board’s authorization to enact this new share repurchase program demonstrates our ongoing confidence in the long-term outlook of the company,” he stated.
Echoing this sentiment, Yair Malca, InMode’s Chief Financial Officer, highlighted the company’s continued profitability and cash generation, even amid a challenging economic climate. “InMode continues to be profitable and generate cash, even during challenging macro economic conditions,” Malca noted.
The company’s strong cash position and current valuation were key factors in the Board’s decision to authorize another buyback plan. “Based on discussions with tax advisors, the company believes that there will be no tax implications as a result of the existing program. Our strong cash position and the current low valuation triggered the decision of the board to authorize another buyback plan shortly after the previous one ended,” Malca explained.
InMode’s share repurchases, if executed, will be financed using available cash. The company retains the flexibility to initiate, suspend, or terminate these buybacks at any point.
About InMode
InMode stands as a leading global provider of cutting-edge medical technologies. The company specializes in the development, manufacture, and marketing of devices that harness innovative radiofrequency (RF) technology. InMode’s mission is to enable groundbreaking surgical procedures while simultaneously enhancing existing treatment modalities.
Leveraging its widely accepted minimally-invasive RF technologies, InMode offers a comprehensive range of products across various medical specialties. These categories include plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology.
For a deeper understanding of InMode and its comprehensive array of medical technologies, please visit www.inmodemd.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. These statements typically pertain to future events or InMode’s anticipated financial or operational performance. Actual outcomes and results may deviate significantly from those expressed or projected in these forward-looking statements.
Such statements are based on management’s current expectations and assumptions, inherently subject to uncertainties, risks, and evolving circumstances that are difficult to foresee. Consequently, actual results could differ materially from those indicated in these forward-looking statements.
When considering these forward-looking statements, it’s important to review the risk factors and other cautionary statements contained in InMode’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 13, 2024, along with future public filings.
InMode does not assume any obligation and does not intend to update these forward-looking statements to reflect events or circumstances arising after this press release. You are cautioned against placing undue reliance on these forward-looking statements, which are relevant only as of the date of this press release.
