Cutera expands stock buyback to $40M

Cutera’s (NSDQ:CUTR) board of directors has expanded the company’s stock buyback plan from $10 million to $40 million, the company announced Wednesday.

The laser device-maker said it plans to begin repurchasing stock around Feb. 23. The company is under no obligation to acquire any particular number of shares.

The company said it plans to fund the buyback program through cash and investments. As of Dec. 31, 2014, Cutera had $81 million in cash and securities and 14.4 million outstanding shares.

Shares of Cutera rose nearly 6% to $12.57 in late afternoon trading Wednesday.

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