Electromed Inc (NYSE: ELMD) said on Wednesday that its Board of Directors had authorized the repurchase of up to $5 million of the company’s common stock.
“I am pleased to announce Electromed’s next share repurchase authorization, which follows the recent announcement of our record performance in fiscal 2024, and the successful completion of our previous repurchase authorization during Q4,” Jim Cunniff, President and Chief Executive Officer, said in a press release.
“Electromed’s revenue growth and profitability profile are driving strong free cash flow, providing us with the flexibility to opportunistically provide incremental value to shareholders while also continuing to invest in the business. This new repurchase authorization reflects the confidence the board and management team have in achieving future growth as well as the belief that our stock has been undervalued after continued delivery of strong financial results. We believe that the repurchase of our common stock has represented an attractive investment opportunity and reinforces our commitment to deliver opportunities for returns to Electromed shareholders.”
Stock Performance
The shares of Electromed Inc (ELMD) closed 4.38% ($0.74) higher at $17.64 in New York on Wednesday, as they reversed a loss from the previous market session.
The company’s total market cap now stands at $154.205 million.
The shares of Electromed Inc (ELMD) went up 4.00% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 62.05% so far this year.
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