MiMedx Group (MDXG) Board of Directors Declares Share Repurchase Program

MiMedx Group (NASDAQ:MDXG) declared that its board has authorized a stock repurchase plan, which authorizes the company to buyback $10.00 million in shares on Wednesday, December 13th, EventVestor reports. This buyback authorization authorizes the medical equipment provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

Shares of MiMedx Group (NASDAQ MDXG) opened at $11.99 on Thursday. The stock has a market cap of $1,293.56, a P/E ratio of 55.48, a P/E/G ratio of 2.96 and a beta of 0.87. MiMedx Group has a 12-month low of $7.64 and a 12-month high of $17.47.

MiMedx Group (NASDAQ:MDXG) last announced its earnings results on Thursday, October 26th. The medical equipment provider reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. The company had revenue of $84.60 million during the quarter, compared to analyst estimates of $84.60 million. MiMedx Group had a net margin of 11.64% and a return on equity of 17.49%. The firm’s quarterly revenue was up 31.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.06 earnings per share. equities analysts forecast that MiMedx Group will post 0.23 EPS for the current fiscal year.

MDXG has been the subject of several research reports. Needham & Company LLC boosted their price objective on shares of MiMedx Group from $20.00 to $21.00 and gave the company a “strong-buy” rating in a report on Tuesday, September 5th. Piper Jaffray Companies restated a “buy” rating and set a $18.00 target price on shares of MiMedx Group in a research report on Friday, December 1st. Zacks Investment Research lowered shares of MiMedx Group from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Finally, BidaskClub lowered shares of MiMedx Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 26th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $17.00.

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About MiMedx Group

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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