Yes, BUT: If saltwater comes in contact with the batteries, they release gas, pressure is built up, and this pressure pushes the corrosive cocktail into the strobe. Happened to one of my Z240s. I was lucky: I disassembled the strobe as far as I could, gave it a good freshwater rinse, let it dry - and alas, it has been working for more than two years now.
Had the same problem - a twisted o-ring that I did not notice. My fault, of course, but the Inon solution of sealing the battery compartment is less than ideal (IMHO).
Storker, for the next Inon you might want to invest into a second o-ring that you put into the cap before you dive (pics from h2o-tools.de):
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