DOMA Perpetual Capital Management LLC, a major shareholder of InMode Ltd. (INMD), Friday has issued a letter to InMode's Board of Directors urging the immediate resumption of its share repurchase program and the removal of CEO Moshe Mizrahy.
DOMA criticized Mizrahy's public remarks regarding past buybacks, calling them financially misguided and damaging to shareholder value. They asserted that the CEO's poor leadership has contributed to the company's underperformance and depressed stock valuation.
The letter highlighted DOMA's longstanding concerns with InMode's capital allocation strategy and cited repeated guidance cuts, failed M&A attempts, and the termination of key personnel as evidence of mismanagement. DOMA also challenged Mizrahy's refusal to consider relocating production to cost-effective countries, calling his reasoning misinformed.
According to DOMA, with roughly 60 percent of InMode's market cap held in cash, no debt, and strong free cash flow, share buybacks represent the most effective method of returning value to shareholders. The firm believes the company's strong fundamentals, including a globally recognized product line and high margins, are being overshadowed by weak leadership and urges the Board to act decisively in the interest of shareholders.
INMD is currently trading at $14.56, or 2.30% higher on the Nasdaq Global Select Market.
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