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.
For more information about InMode, please visit
www.inmodemd.com
.
Forward-Looking Statements
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.
Investor Relations Contact:
Miri Segal-Scharia
MS-IR LLC
ir@inmodemd.com
917-607-8654
View original
content:http://www.prnewswire.com/news-releases/inmode-announces-share-repurchase-program-of-up-to-1-million-shares-301122431.html
SOURCE InMode Ltd.