Cyberonics (NSDQ:CYBX) said it will expand its share repurchase program by an additional 1 million shares by the end of its 2015 fiscal year.
The Houston-based medical device company began repurchasing stock in February 2008. To date, the company has bought back 4.2 million shares for approximately $152 million, according to a press release.
Cyberonics closed its 2nd quarter strong after posting record sales. The company posted profits of $13.9 million, or 50¢ per diluted share, on sales of $70.1 million during the 3 months ended Oct. 25, 2013. That compared with profits of $13.6 million, or 48¢ per share, on sales of $63 million during the same period last year. The company beat Wall Street’s consensus estimate by 2¢ per share.
