Zynex Inc, an innovative medical technology company, said on Wednesday that its board of directors had approved a program to buy back up to $20.0 million of its own common stock.
The program is to begin on November 1st and is slated to end on the earlier of November 1st 2024, or when the $20.0 million limit is reached.
“Zynex recently announced strong earnings,” Thomas Sandgaard, Founder and Chief Executive Officer of Zynex, said in a press release.
“This stock buyback program reflects our belief in the strength of our business and our continued focus on stockholder returns,” the CEO added.
The specific prices, numbers of shares as well as timing of purchase transactions will be determined by Zynex Inc from time to time, it said.
The firm expects to fund the purchases with existing cash balances.
As of October 30th 2023, the company had nearly 41.9 million shares issued and 33.9 million shares outstanding.
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