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MiMedx Group, Inc. (NASDAQ: MDXG), an integrated developer, manufacturer and marketer of patent protected regenerative biomaterials and bioimplants processed from human amniotic membrane, announced today its Board of Directors has approved a stock repurchase program. Under the terms of the program, the Company may repurchase up to $10 million of its common stock from time to time through December 31, 2014. The timing and amount of repurchases, if any, will depend upon the Company's stock price, economic and market conditions, regulatory requirements, and other corporate considerations. The Company may initiate, suspend or discontinue purchases under the stock repurchase program at any time.
"The announcement of the stock repurchase program reflects the Board's and management's confidence in the long-term growth prospects of the Company's business and favorable outlook for earnings and cash flows," said Parker H. "Pete" Petit, Chairman and CEO. "As I mentioned in our last investor call, we recently developed the MiMedx five-year strategic plan. Based on its review of the strategic plan, our Board of Directors feels strongly that the Company's future product initiatives and opportunities are solid, and that the Company has ample capacity and ability to deliver those initiatives and react to market changes. In view of those factors, as well as the Company's historical and forecasted results, the Board is confident that the Company's future cash flows will be very strong."
"We believe repurchasing our shares is a prudent use of a portion of our cash. The plan approved by the Board allows us to continue to make investments necessary to fueling our growth while returning value to our shareholders through disciplined repurchases of shares of our common stock at what we believe are undervalued prices," concluded Mr. Pete Petit.