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MiMedx Group, Inc. (NASDAQ: MDXG), the leading regenerative medicine company utilizing human amniotic tissue and patent-protected processes to develop and market advanced products and therapies for the Wound Care, Surgical, Orthopedic, Spinal, Sports Medicine, Ophthalmic and Dental sectors of healthcare, announced that its Board of Directors increased the Company's authorization for its share repurchase plan from $10,000,000 to $20,000,000. The $20,000,000 authorization announced amends the $10,000,000 authorization approved in May 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.
Parker H. "Pete" Petit, Chairman & CEO, commented, "Our Board of Directors feel strongly that taking advantage of the market's overreaction to recent events is a good use of our capital. 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. The fundamentals of our business have not changed since our Analyst Day conference on October 14, 2014, where we conducted educational presentations about our clinical and scientific studies, reimbursement coverage, strategic and tactical plans, Company performance and prospects."