Zynex Inc (NASDAQ:ZYXI) announced a new share buyback program of up to $10.0 million of its common stock.
The program will start on June 14, 2023, and is expected to conclude on June 13, 2024, or when the buyback limit of $10.0 million is reached.
As of June 13, 2023, Zynex had approximately 41.6 million shares issued and 36.4 million shares outstanding.
In Q1 2023, the company completed the repurchase of shares worth $3.4 million.
The company expects to finance the purchases with existing cash balances, which is not expected to have a material impact on capital levels.
Zynex witnessed an operating cash flow of $1.9 million in the quarter and had $16.8 million of cash as of March 31, 2023.
Price Action: ZYXI shares are up 9.63% at $9.45 on the last check Wednesday.
