InMode Updates It Does Not Hold Cash Deposits at SVB

Rhea-AI Summary

InMode Ltd. (NASDAQ: INMD) announced on March 13, 2023, that it does not hold cash or securities at Silicon Valley Bank. The company keeps its cash and non-insured deposits in U.S. money center banks and major Israeli financial institutions. Consequently, InMode does not anticipate any operational impact from the bank's closure. The company will continue to monitor potential effects on its suppliers, vendors, and other partners.

InMode is recognized for its innovative medical technologies, particularly those utilizing radiofrequency (RF) technology, serving various medical fields including plastic surgery and dermatology.

Positive

• No exposure to Silicon Valley Bank mitigates financial risk.
• Continues to maintain cash with stable financial institutions.

Negative

• None.

YOKNEAM, Israel, March 13, 2023 /PRNewswire/ -- InMode Ltd. (NASDAQ: INMD), a leading global provider of innovative medical technologies, announced today that that it does not hold cash deposits or securities at Silicon Valley Bank. The company maintains its cash and non-insured deposits at U.S. money center banks and large Israeli financial institutions. As a result, the company does not expect the closure of Silicon Valley Bank to have an impact on its operations. The company will monitor for any effect on its suppliers, vendors and other strategic partners.

 

About InMode 

InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radiofrequency ("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.

Investor Relations Contact:
Miri Segal-Scharia
MS-IR LLC
ir@inmodemd.com 
917-607-8654

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SOURCE InMode Ltd.

FAQ

What was InMode's announcement regarding Silicon Valley Bank on March 13, 2023?

InMode announced that it does not hold cash deposits or securities at Silicon Valley Bank and does not expect any operational impact from its closure.

How is InMode managing its cash deposits?

InMode maintains its cash and non-insured deposits at U.S. money center banks and large Israeli financial institutions.

What sectors does InMode operate in?

InMode operates in several sectors, including plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology, utilizing innovative RF technologies.

What is the stock symbol for InMode?

The stock symbol for InMode is INMD.