OraSure Technologies, Inc. (OSUR), Monday announced that its Board of Directors has authorized a $40 million Stock Repurchase Program under which the company may repurchase up to $40 million of its outstanding common stock over the next 24 months.
The repurchases will be made through various methods in compliance with the Securities Exchange Act of 1934, as amended.
The timing and amount of stock repurchased will depend on several factors, including market conditions, stock prices, and corporate considerations. The repurchase program will be in effect for 24 months and may be suspended or discontinued at any time.
However, OraSure is not obligated to repurchase any specific amount of stock.
OraSure Technologies is a leader in point-of-need and home diagnostic tests, as well as sample management solutions.
The company, along with its subsidiaries DNA Genotek Inc. and Sherlock Biosciences, develops and distributes rapid diagnostic tests and sample collection devices globally.
This stock repurchase program reflects OraSure' s strong financial position and its commitment to optimizing shareholder value while continuing to advance its innovative healthcare solutions.
Currently, OSUR is trading at $3.85 up by 11.91 percent on the Nasdaq.
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