InMode Updates It Does Not Hold Cash Deposits at SVB
InMode Ltd. (NASDAQ: INMD) announced on March 13, 2023, that it does not hold cash or securities at Silicon Valley Bank.
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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.
Details
News Market Reaction – INMD
The recorded move for INMD in the trading session of this news was -0.13%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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.
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