<p><em>向股东发出信函，详细说明提案将如何提供更优价值和长期参与 InMode 未来成功的路径</em></p>
<p><em>每股购买价格提案代表了对 InMode 未受影响股价的 29% 溢价</em></p>
<p><em>强调公司在过去 1 年、3 年和 5 年期间的股东回报惨淡、资本配置决策不当以及持续下调指引的历史</em></p>
<p>纽约 --（商业资讯）--Steel Partners Holdings L.P.（及其附属公司，统称 “Steel”）目前持有 InMode Ltd.（纳斯达克代码：INMD）（“InMode” 或 “公司”）约 1.3% 的流通股，今天向公司的股东发出了一封公开信。信件的完整文本如下。</p>
<p>2026 年 1 月 28 日</p>
<p>亲爱的股东们，</p>
<p><strong>我们写信是为了让您知道，我们已向 InMode 的领导层表达了 Steel Partners 以每股 18.00 美元收购公司 51% 流通股的兴趣，这一价格比 2026 年 1 月 23 日公司收盘股价溢价 29%，在媒体报道潜在交易的猜测之前。</strong> 1</p>
<p>Steel Partners 是一家多元化的全球控股公司，拥有并运营多个行业的业务，包括工业制造、能源、国防、供应链和物流、银行以及青少年体育。我们已经是 InMode 的股东一段时间，目前持有约 800,000 股，约占公司流通股的 1.3%。我们一直在密切关注公司的表现、战略方向，以及最近的预测。</p>
<p>在过去几个月中，我们多次尝试与公司会面，讨论创造股东价值的想法。<strong>我们最近也尝试与 InMode 的领导层进行私下对话，讨论我们的吸引人提案，但迄今为止遭到拒绝。因此，我们认为有必要让您，公司的真正所有者，了解这个机会。</strong></p>
<p>我们的估值基于我们对公司业务及其增长轨迹的当前理解。此外，我们的提案将完全由现有现金和借款能力资助，没有融资附带条件。</p>
<p>不幸的是，我们认为 InMode 未能发挥其真正潜力，在多个时期的股东总回报（“TSR”）表现惨淡，如下所示。</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>时间段</strong> 2</td>
<td><strong>股东总回报</strong></td>
</tr>
<tr>
<td>1 年</td>
<td>-19.18%</td>
</tr>
<tr>
<td>3 年</td>
<td>-59.35%</td>
</tr>
<tr>
<td>5 年</td>
<td>-53.24%</td>
</tr>
</tbody>
</table>
<p>此外，令人担忧的是，尽管 InMode 在资产负债表上拥有大量现金且没有债务，但公司并未采取措施以增值的方式持续向股东返还其过剩的现金。具体而言，截至 2025 年第三季度财报，InMode 持有 5.323 亿美元的现金及现金等价物，几乎占其当前市值的 50%——这一金额显然是无法合理化的。3 最后，尤其令人困惑的是，InMode 在过去九个季度中有七个季度下调了指引，包括在 2025 年 7 月 30 日最近一次下调，并在 2026 年 1 月 8 日再次降低了 2025 年收入和非 GAAP 毛利率的上限指引。4 最终，我们认为需要变革，以确保公司在长期内为股东最大化价值。</p>
<p><strong>我们的提议将为 InMode 的股东提供立即、确定且引人注目的价值，以显著的现金溢价形式，包括控制权溢价，因为我们希望拥有公司的多数股权。</strong></p>
<p>在提议交易成功完成后，Steel Partners 打算与 InMode 的管理团队和员工密切合作，以支持公司的下一个盈利增长阶段。我们相信，通过提高商业效率、加深客户参与和持续产品创新，同时保持对成本纪律和投资资本回报的适当关注，有着显著的机会来实现销售的有机增长。</p>
<p>此外，Steel Partners 还将寻求帮助公司追求有针对性的战略并购，以有序的方式扩展 InMode 的产品组合、地理覆盖和能力。任何此类举措都将以增强长期股东价值为重点进行评估。公司还将受益于 Steel Partners 的运营专业知识、严格的资本配置和全球关系网络。​</p>
<p>我们随时准备与 InMode 的领导层就我们的提案框架进行善意接触，包括签署合理的保密协议以促进讨论。与此同时，我们鼓励您向 InMode 的领导层表达您的声音。虽然我们希望 InMode 能立即并实质性地与我们就我们的指示性提案进行接触，但如果管理层和董事会不合作，Steel 可能会选择直接向股东提出具有约束力的提案。</p>
<p>此致，</p>
<p>Steel Partners Holdings L.P.</p>
<p>Warren Lichtenstein</p>
<p>执行董事长</p>
<table>
<thead>
<tr>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>\<em>\</em>\__________________________</td>
</tr>
<tr>
<td>1 “InMode 因传闻 11 亿美元收购要约而飙升至三个月高点，” _投资者商业日报，_2026 年 1 月 26 日，https://www.investors.com/news/technology/inmode-stock-takeover-offer-rumor/.</td>
</tr>
<tr>
<td>2 截至 2026 年 1 月 23 日的未受影响日期。</td>
</tr>
<tr>
<td>3 请参见 InMode 于 2025 年 11 月 5 日发布的新闻稿（https://www.prnewswire.com/news-releases/inmode-reports-third-quarter-2025-financial-results-quarterly-revenue-of-93-2-million-78-gross-margins-302605384.html）。</td>
</tr>
<tr>
<td>4 请参见 InMode 于 2025 年 7 月 30 日发布的新闻稿（https://www.prnewswire.com/news-releases/inmode-reports-second-quarter-2025-financial-results-quarterly-revenue-of-95-6-million-80-gross-margins-302515137.html）和 2026 年 1 月 8 日发布的新闻稿（https://www.prnewswire.com/news-releases/inmode-to-report-fourth-quarter--full-year-2025-financial-results-and-hold-conference-call-on-february-10--2026--expects-q4-revenue-between-103-6m-103-8m-302655588.html）。</td>
</tr>
</tbody>
</table>
<p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjAxMjg2ODI4ODNyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjAxMjg2ODI4ODNyMQ"/></p>
<p>在 businesswire.com 查看源版本：https://www.businesswire.com/news/home/20260128682883/en/</p>
<p>Longacre Square Partners</p>
<p>Steel-INMD@Longacresquare.com</p>
<p>来源：Steel Partners Holdings L.P.</p>

美国医药设备 ETF - iShares

SPLP

标普健康医疗设备 ETF - SPDR

INMD

<p>Steel Partners Holdings L.P. 提出了以每股 18.00 美元收购 InMode Ltd. 51% 股份的提议，溢价为其近期股价的 29%。该公司批评了 InMode 的股东回报和资本配置决策，强调其未向股东返还的巨额现金储备。Steel Partners 旨在通过运营专业知识和战略性并购来提升 InMode 的增长。他们表示愿意与 InMode 的领导层进行沟通，但如有必要，可能会直接将提案提交给股东</p>

<p><em>Issues Letter to Shareholders Detailing How Proposal Would Provide Superior Value and Pathway to Long-Term Participation in InMode’s Future Success</em></p>
<div class="lb-trans"><p><em>向股东发出信函，详细说明提案将如何提供更优价值和长期参与 InMode 未来成功的路径</em></p>
</div><p><em>Proposed Per Share Purchase Price Represents 29% Premium to InMode’s Unaffected Share Price</em></p>
<div class="lb-trans"><p><em>每股购买价格提案代表了对 InMode 未受影响股价的 29% 溢价</em></p>
</div><p><em>Highlights Company’s Dismal Total Shareholder Returns Over Past 1-, 3- and 5-Year Periods, Poor Capital Allocation Decisions and History of Persistently Cutting Guidance</em></p>
<div class="lb-trans"><p><em>强调公司在过去 1 年、3 年和 5 年期间的股东回报惨淡、资本配置决策不当以及持续下调指引的历史</em></p>
</div><p>NEW YORK--(BUSINESS WIRE)--Steel Partners Holdings L.P. (together with its affiliates, “Steel”), which beneficially owns approximately 1.3% of the outstanding shares of InMode Ltd. (Nasdaq: INMD) (“InMode” or the “Company”), today issued a public letter to the Company’s shareholders. The full text of the letter is below.</p>
<div class="lb-trans"><p>纽约 --（商业资讯）--Steel Partners Holdings L.P.（及其附属公司，统称 “Steel”）目前持有 InMode Ltd.（纳斯达克代码：INMD）（“InMode” 或 “公司”）约 1.3% 的流通股，今天向公司的股东发出了一封公开信。信件的完整文本如下。</p>
</div><p>January 28, 2026</p>
<div class="lb-trans"><p>2026 年 1 月 28 日</p>
</div><p>Fellow Shareholders,</p>
<div class="lb-trans"><p>亲爱的股东们，</p>
</div><p><strong>We are writing to make you aware that we have expressed interest to InMode’s leadership in pursuing an acquisition by Steel Partners of 51% of the Company’s outstanding shares for $18.00 per share, representing a 29% premium over the Company’s closing share price on January 23, 2026, before speculation around a potential transaction was reported in the media.</strong> 1</p>
<div class="lb-trans"><p><strong>我们写信是为了让您知道，我们已向 InMode 的领导层表达了 Steel Partners 以每股 18.00 美元收购公司 51% 流通股的兴趣，这一价格比 2026 年 1 月 23 日公司收盘股价溢价 29%，在媒体报道潜在交易的猜测之前。</strong> 1</p>
</div><p>Steel Partners is a diversified global holding company that owns and operates businesses across various industries, including industrial manufacturing, energy, defense, supply chain and logistics, banking, and youth sports. We have been a shareholder of InMode for some time, and we currently own approximately 800,000 shares, representing 1.3% of the Company’s shares outstanding. We have been closely following the Company’s performance, strategic direction, and, more recently, its projections.</p>
<div class="lb-trans"><p>Steel Partners 是一家多元化的全球控股公司，拥有并运营多个行业的业务，包括工业制造、能源、国防、供应链和物流、银行以及青少年体育。我们已经是 InMode 的股东一段时间，目前持有约 800,000 股，约占公司流通股的 1.3%。我们一直在密切关注公司的表现、战略方向，以及最近的预测。</p>
</div><p>Over the past several months, we have made multiple attempts to meet with the Company to discuss ideas for creating shareholder value.​ <strong>We have also recently attempted to engage in a private dialogue with InMode’s leadership around our attractive proposal, but have so far been rebuffed. Therefore, we believe it is imperative that you, the Company’s true owners, are made aware of this opportunity.</strong></p>
<div class="lb-trans"><p>在过去几个月中，我们多次尝试与公司会面，讨论创造股东价值的想法。<strong>我们最近也尝试与 InMode 的领导层进行私下对话，讨论我们的吸引人提案，但迄今为止遭到拒绝。因此，我们认为有必要让您，公司的真正所有者，了解这个机会。</strong></p>
</div><p>Our valuation is based on our current understanding of the Company’s business and its growth trajectory. Furthermore, our proposal would be fully funded from cash on hand and borrowing capacity under our existing credit facility, with no financing contingency.</p>
<div class="lb-trans"><p>我们的估值基于我们对公司业务及其增长轨迹的当前理解。此外，我们的提案将完全由现有现金和借款能力资助，没有融资附带条件。</p>
</div><p>Unfortunately, we believe that InMode has underperformed its true potential, with abysmal total shareholder return (“TSR”) over numerous periods, as illustrated below.</p>
<div class="lb-trans"><p>不幸的是，我们认为 InMode 未能发挥其真正潜力，在多个时期的股东总回报（“TSR”）表现惨淡，如下所示。</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Time Period</strong> 2</td>
<td><strong>Total Shareholder Return</strong></td>
</tr>
<tr>
<td>1-year</td>
<td>-19.18%</td>
</tr>
<tr>
<td>3-year</td>
<td>-59.35%</td>
</tr>
<tr>
<td>5-year</td>
<td>-53.24%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>时间段</strong> 2</td>
<td><strong>股东总回报</strong></td>
</tr>
<tr>
<td>1 年</td>
<td>-19.18%</td>
</tr>
<tr>
<td>3 年</td>
<td>-59.35%</td>
</tr>
<tr>
<td>5 年</td>
<td>-53.24%</td>
</tr>
</tbody>
</table>
</div><p>Further, it is concerning that, despite enjoying the enviable position of having a large amount of cash on its balance sheet and no debt, InMode has not taken steps to consistently return its outsized amount of cash on hand to shareholders in an accretive manner. Specifically, InMode, as of its third quarter 2025 earnings report, held $532.3 million in cash and cash equivalents, representing nearly 50% of its current market capitalization – an amount that is simply not justifiable.3 Finally, it is especially puzzling that InMode has cut its guidance in seven of the past nine quarters, including as recently as July 30, 2025, and then lowered the top end of guidance for 2025 revenue and non-GAAP gross margin on January 8, 2026.4 Ultimately, we believe that change is needed to ensure that the Company maximizes value for shareholders over the long term.</p>
<div class="lb-trans"><p>此外，令人担忧的是，尽管 InMode 在资产负债表上拥有大量现金且没有债务，但公司并未采取措施以增值的方式持续向股东返还其过剩的现金。具体而言，截至 2025 年第三季度财报，InMode 持有 5.323 亿美元的现金及现金等价物，几乎占其当前市值的 50%——这一金额显然是无法合理化的。3 最后，尤其令人困惑的是，InMode 在过去九个季度中有七个季度下调了指引，包括在 2025 年 7 月 30 日最近一次下调，并在 2026 年 1 月 8 日再次降低了 2025 年收入和非 GAAP 毛利率的上限指引。4 最终，我们认为需要变革，以确保公司在长期内为股东最大化价值。</p>
</div><p><strong>Our proposed offer would provide InMode shareholders with immediate, certain and compelling value in the form of a significant cash premium, which includes a premium for control, given our desire to own a majority stake in the company.</strong></p>
<div class="lb-trans"><p><strong>我们的提议将为 InMode 的股东提供立即、确定且引人注目的价值，以显著的现金溢价形式，包括控制权溢价，因为我们希望拥有公司的多数股权。</strong></p>
</div><p>Following the successful completion of the proposed transaction, Steel Partners intends to work closely with members of InMode’s management team and employees to support the Company’s next phase of profitable growth. We believe there are meaningful opportunities to grow sales organically through increased commercial effectiveness, deeper customer engagement and continued product innovation while maintaining an appropriate focus on cost discipline and returns on invested capital.</p>
<div class="lb-trans"><p>在提议交易成功完成后，Steel Partners 打算与 InMode 的管理团队和员工密切合作，以支持公司的下一个盈利增长阶段。我们相信，通过提高商业效率、加深客户参与和持续产品创新，同时保持对成本纪律和投资资本回报的适当关注，有着显著的机会来实现销售的有机增长。</p>
</div><p>In addition, Steel Partners would seek to help the Company pursue targeted, strategic M&amp;A that could expand InMode’s product portfolio, geographic reach, and capabilities in a disciplined manner. Any such initiatives would be evaluated with a focus on enhancing long-term shareholder value. The Company would also benefit from Steel Partners’ operational expertise, disciplined capital allocation, and global network of relationships.​</p>
<div class="lb-trans"><p>此外，Steel Partners 还将寻求帮助公司追求有针对性的战略并购，以有序的方式扩展 InMode 的产品组合、地理覆盖和能力。任何此类举措都将以增强长期股东价值为重点进行评估。公司还将受益于 Steel Partners 的运营专业知识、严格的资本配置和全球关系网络。​</p>
</div><p>We stand ready to engage in good faith with InMode’s leadership around our proposed framework, including by signing a reasonable non-disclosure agreement to facilitate discussions. In the meantime, we encourage you to make your voices heard by InMode’s leadership. While our hope is that InMode engages with us immediately and substantively around our indicative proposal, in the absence of cooperation by management and the Board, Steel may elect to proceed with bringing a binding proposal directly to the shareholders.</p>
<div class="lb-trans"><p>我们随时准备与 InMode 的领导层就我们的提案框架进行善意接触，包括签署合理的保密协议以促进讨论。与此同时，我们鼓励您向 InMode 的领导层表达您的声音。虽然我们希望 InMode 能立即并实质性地与我们就我们的指示性提案进行接触，但如果管理层和董事会不合作，Steel 可能会选择直接向股东提出具有约束力的提案。</p>
</div><p>Sincerely,</p>
<div class="lb-trans"><p>此致，</p>
</div><p>Steel Partners Holdings L.P.</p>
<div class="lb-trans"><p>Steel Partners Holdings L.P.</p>
</div><p>Warren Lichtenstein</p>
<div class="lb-trans"><p>Warren Lichtenstein</p>
</div><p>Executive Chairman</p>
<div class="lb-trans"><p>执行董事长</p>
</div><table>
<thead>
<tr>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>\<em>\</em>\__________________________</td>
</tr>
<tr>
<td>1 “InMode Flies To Three-Month High On A Rumored $1.1 Billion Takeover Offer,” <em>Investor’s Business Daily,</em> January 26, 2026, https://www.investors.com/news/technology/inmode-stock-takeover-offer-rumor/.</td>
</tr>
<tr>
<td>2 Through unaffected date of January 23, 2026.</td>
</tr>
<tr>
<td>3 See InMode’s November 5, 2025 press release (https://www.prnewswire.com/news-releases/inmode-reports-third-quarter-2025-financial-results-quarterly-revenue-of-93-2-million-78-gross-margins-302605384.html).</td>
</tr>
<tr>
<td>4 See InMode’s July 30, 2025 press release (https://www.prnewswire.com/news-releases/inmode-reports-second-quarter-2025-financial-results-quarterly-revenue-of-95-6-million-80-gross-margins-302515137.html) and January 8, 2026 press release (https://www.prnewswire.com/news-releases/inmode-to-report-fourth-quarter--full-year-2025-financial-results-and-hold-conference-call-on-february-10--2026--expects-q4-revenue-between-103-6m-103-8m-302655588.html).</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>\<em>\</em>\__________________________</td>
</tr>
<tr>
<td>1 “InMode 因传闻 11 亿美元收购要约而飙升至三个月高点，” _投资者商业日报，_2026 年 1 月 26 日，https://www.investors.com/news/technology/inmode-stock-takeover-offer-rumor/.</td>
</tr>
<tr>
<td>2 截至 2026 年 1 月 23 日的未受影响日期。</td>
</tr>
<tr>
<td>3 请参见 InMode 于 2025 年 11 月 5 日发布的新闻稿（https://www.prnewswire.com/news-releases/inmode-reports-third-quarter-2025-financial-results-quarterly-revenue-of-93-2-million-78-gross-margins-302605384.html）。</td>
</tr>
<tr>
<td>4 请参见 InMode 于 2025 年 7 月 30 日发布的新闻稿（https://www.prnewswire.com/news-releases/inmode-reports-second-quarter-2025-financial-results-quarterly-revenue-of-95-6-million-80-gross-margins-302515137.html）和 2026 年 1 月 8 日发布的新闻稿（https://www.prnewswire.com/news-releases/inmode-to-report-fourth-quarter--full-year-2025-financial-results-and-hold-conference-call-on-february-10--2026--expects-q4-revenue-between-103-6m-103-8m-302655588.html）。</td>
</tr>
</tbody>
</table>
</div><p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjAxMjg2ODI4ODNyMQ" alt="" original-src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260128682883r1&amp;sid=acqr8&amp;distro=nx&amp;lang=en"/></p>
<p>View source version on businesswire.com: https://www.businesswire.com/news/home/20260128682883/en/</p>
<div class="lb-trans"><p>在 businesswire.com 查看源版本：https://www.businesswire.com/news/home/20260128682883/en/</p>
</div><p>Longacre Square Partners</p>
<div class="lb-trans"><p>Longacre Square Partners</p>
</div><p>Steel-INMD@Longacresquare.com</p>
<div class="lb-trans"><p>Steel-INMD@Longacresquare.com</p>
</div><p>Source: Steel Partners Holdings L.P.</p>
<div class="lb-trans"><p>来源：Steel Partners Holdings L.P.</p>
</div>

Steel Partners Holdings L.P.宣布已向 InMode Ltd.董事会提出每股 18.00 美元的报价，计划收购其 51% 的股份 | INMD 股票新闻