11:38 AM EDT, 07/25/2024 (MT Newswires) -- InMode ( INMD ) faced a call from major shareholder DOMA Perpetual Capital Management to buy back 40% of the medical-device maker's stock in a tender offer.

In the letter Wednesday to the InMode ( INMD ) board, DOMA expressed concerns over the capital allocation strategy and declining stock price.

InMode's ( INMD ) strong financial position, including $800 million in cash, no debt and 80% gross margin, suggests a significant buyback would be a better use of resources than seeking acquisitions in the current market, DOMA said.

InMode ( INMD ) didn't immediately respond to a request for comment from MT Newswire.

InMode ( INMD ) shares rose 1.2% in recent trading Thursday.

Price: 17.91, Change: +0.20, Percent Change: +1.16