ST. PAUL, Minn.–(BUSINESS WIRE)–Synovis Life Technologies, Inc. (Nasdaq: SYNO), a leading biomaterial and surgical products company, today announced that its board of directors has approved a program for the company to repurchase up to 500,000 shares of its common stock. Synovis plans to make purchases in either the open market or through private transactions from time to time, in accordance with Securities and Exchange Commission regulations. The timing and extent to which the company buys back shares will depend on market conditions and other corporate considerations. The repurchase program does not have an expiration date. As of July 31, 2009, the company had $58.3 million in cash, cash equivalents and investments.
Richard W. Kramp, president and chief executive officer, said, “Our board fully supported management’s recommendation and made the decision to initiate this stock repurchase program to reinforce our confidence in Synovis’ strengths and growth prospects, and to enhance shareholder value.” This marks the second stock buyback program the company has announced in the past 16 months.
Kramp continued, “Synovis is poised for growth, with proven products in large surgical markets, an established direct sales force and talented employees. The recent acquisition of Pegasus Biologics added complementary products to our portfolio and gives us access to the large, expanding orthopedic and wound care markets, doubling our market potential. With significant cash flow from our ongoing business and a strong balance sheet, we have the resources to conduct a stock buyback and invest in current operations, as well as strategic opportunities as they arise.”