Activist investor cites 'egregious' failures, signals potential proxy fight or bid.
Steel Partners Holdings has issued a letter to InMode's board citing what it characterizes as "persistent and egregious governance failures," escalating pressure on the RF and ultrasound device maker. The move signals Steel Partners—which has built a meaningful stake—is prepared to pursue board representation or a full acquisition if governance concerns are not addressed.
InMode's stock has underperformed relative to peers over the past 18 months despite strong installed base and recurring revenue from consumables (tips, handpieces). Governance critiques typically center on capital allocation, dividend policy, and strategic direction—areas where activist investors often see value unlocking potential.
Activist investor Steel Partners escalates pressure on InMode board over governance.
For practices, this matters because device consolidation often follows activist campaigns. If Steel Partners succeeds in gaining influence or acquiring InMode, integration with other portfolio companies or a sale to a larger player (Cutera, Candela, or a PE fund) could reshape pricing, support, and loyalty-program terms. Watch for proxy filings and board composition changes in coming weeks.
Source: original report ↗
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