InMode Announces Share Repurchase Program of Up to 1 Million Shares
YOKNEAM, Israel, Sept. 2, 2020 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies, announced today that its Board of Directors has approved a share repurchase program of up to 1 million ordinary shares on the open market or otherwise. "Based on our new product launch and the gradual return of elective surgeries, we anticipate increased demand for our minimally-invasive and hands-free platforms. Considering our momentum to date and strong financial position, the Board of Directors and management team have decided to establish a share repurchase program," commented Moshe Mizrahy, InMode's Chairman & Chief Executive Officer. "As patients seek aesthetics procedures again, we are confident in our ability to capture market share, expand, and continue to develop innovative platforms that will attract physicians and patients locally and globally." Shakil Lakhani, President of North America, added: "As of June 30, 2020, we've been expanding our North American sales and marketing network in order to reaccelerate the positive momentum we experienced prior to the COVID-19 outbreak."
"Given our profitable expansion, we view our shares as an attractive investment opportunity. InMode will continue to leverage its strong cash flow and balance sheet to support future growth and maximize shareholder value," noted Yair Malca, InMode's Chief Financial Officer.
The Company's ordinary share repurchases, if any, will be funded with available cash. Share repurchases may be commenced, suspended or discontinued at any time. About InMode
InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio-frequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically-accepted minimally-invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology.
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This press release contains certain forward-looking statements. Words such as "anticipate" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of InMode, including, without limitation, risks relating to the impact of the COVID-19 outbreak and the risk factors and other matters set forth in its Annual Report on Form F-20 for the year ended December 31, 2019 filed with the Securities and Exchange Commission on February 18, 2020. The COVID-19 outbreak has caused significant volatility and disruption in the financial markets both globally and in the United States. If COVID-19 continues to spread or the response to contain it is unsuccessful, InMode could experience material adverse effects on its business, financial condition, liquidity and results of operations. InMode undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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Company Codes: NASDAQ-NMS:INMD