Share Buyback Plan Declared by MiMedx Group (MDXG) Board

MiMedx Group (NASDAQ:MDXG) declared that its board has authorized a share buyback program, which authorizes the company to repurchase $10.00 million in outstanding shares on Monday, October 9th, EventVestor reports. This repurchase authorization authorizes the medical equipment provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

MiMedx Group (NASDAQ MDXG) opened at 13.21 on Friday. MiMedx Group has a 52-week low of $7.64 and a 52-week high of $17.47. The firm’s 50-day moving average is $13.70 and its 200 day moving average is $13.81. The firm has a market capitalization of $1.42 billion, a P/E ratio of 69.53 and a beta of 0.91.

MiMedx Group (NASDAQ:MDXG) last issued its quarterly earnings results on Wednesday, July 26th. The medical equipment provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. MiMedx Group had a net margin of 7.48% and a return on equity of 15.95%. The firm had revenue of $76.40 million for the quarter, compared to analysts’ expectations of $74.22 million. During the same period in the previous year, the firm posted $0.05 EPS. The company’s revenue for the quarter was up 33.3% on a year-over-year basis. Equities analysts anticipate that MiMedx Group will post $0.31 EPS for the current year.

Several research firms have commented on MDXG. BidaskClub raised shares of MiMedx Group from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price (up from $15.00) on shares of MiMedx Group in a research report on Monday, June 26th. Lake Street Capital increased their target price on shares of MiMedx Group from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Piper Jaffray Companies reissued a “buy” rating and set a $18.00 target price on shares of MiMedx Group in a research report on Sunday, August 20th. Finally, Zacks Investment Research downgraded shares of MiMedx Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $14.83.

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MiMedx Group Company Profile

MiMedx Group, Inc is an integrated developer, processor and marketer of regenerative biomaterial products and bioimplants human placental tissue, skin and bone. The Company’s Regenerative Biomaterials segment includes the design, manufacture, and marketing of products and tissue processing services for the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental market categories.

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