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.
For more information about InMode, please visit www.inmodemd.com
