This article was published on Feb. 24, 2026, at 10:15 a.m. on the ChosunBiz MoneyMove site.
Global aesthetic medical device corporation InMode, listed on the U.S. Nasdaq, has decided to suspend the sale of its controlling stake for the time being. The company concluded that none of the offers presented by bidders, including domestic private equity firm Centroid Investment Partners (Centroid PE), met its expectations.
According to a filing InMode submitted to the U.S. Securities and Exchange Commission (SEC) on the 23rd (local time), an independent transaction committee under InMode's board decided to halt the sale process. Accordingly, InMode's shares closed at $14.20, down 6.7% from the previous day.
The committee said, "After a thorough review of the final proposals received in connection with potential transactions, it concluded that none of the final proposals were appropriate and that they did not align with the best interests of the company and its shareholders."
IB industry sources say multiple bidders, including domestic asset manager Centroid PE, participated in the InMode acquisition. Centroid has actively pursued the acquisition, leveraging the cross-border M&A capabilities it demonstrated with its purchase of golf brand TaylorMade.
However, because InMode said it will "discontinue the process at this time," some observers note that there remains a possibility the sale could be pursued again in the future.
Headquartered in Israel, InMode is listed on the U.S. Nasdaq. A global leader in skin lifting and tightening, its market capitalization is about 1.3 trillion won. It produces aesthetic medical devices based on radiofrequency (RF) energy, giving it high brand recognition in global markets.
But its performance is declining. Last year, revenue was $370.5 million (about 534 billion won) and operating income was $85.39 million (about 123 billion won). Total revenue in 2023 was $492.1 million (about 709 billion won), meaning revenue fell about 25% in two years. Operating income fell to less than half compared with $197.92 million (about 285 billion won) for the same period.
InMode's push to sell its controlling stake has coincided with recent shareholder demands to boost shareholder value. Some shareholders, including activist fund Steel Partners, which offered to buy InMode's control, argued that the company's value is undervalued despite its large cash holdings and urged management to explore alternatives.
Centroid PE is focused on cross-border M&A. Last year it attempted a minority stake investment in plastic injection molding company Yudo, and in 2024 it sought to buy control of global laser medical device company Candela for 1.3 trillion won but the deal fell through. Recently it brought Hanwha Life Insurance in as its second-largest shareholder to strengthen funding and deal-sourcing capabilities.
Founded in 2015, Centroid PE has invested in Solid ENG, Kolon Fiber, Woongjin Booksen and South Spring CC. In 2021 it made headlines by acquiring global golf brand TaylorMade for 2.1 trillion won. TaylorMade is currently undergoing a process to sell its controlling stake.