Regenerative medicine company MiMedx Group announced that its board of directors has increased the company's authorization for its share repurchase plan from $10 million to $20 million. The new authorization amends the previous $10 million authorization approved in May 2014.
The timing and amount of repurchases, if any, will depend on the company's stock price, economic and market conditions, regulatory requirements, and other corporate considerations, the company noted. MiMedx may initiate, suspend, or discontinue purchases under the stock repurchase program at any time.
Parker Petit, chairman and CEO, stated in a press release that his company's fundamentals have not changed.
"Our Board of Directors feel strongly that taking advantage of the market's overreaction to recent events is a good use of our capital," he said. "As we previously announced, we will exceed our guidance for both the fourth quarter and full year 2014, and we have not changed our 2015 guidance."