A Medical Device Daily

Analogic (Peabody, Massachusetts), a provider of medical imaging and aviation security technology, said its board has authorized the repurchase of up to $30 million of the company's common stock. The repurchase program will be funded using the company's available cash. As of Oct. 31, Analogic had cash and cash equivalents of roughly $176 million. The company had about 12.8 million shares of common stock outstanding as of Nov. 30.

“We believe the repurchase of Analogic stock represents an excellent financial investment and demonstrates the confidence we have in our long-term strategy,“ said Jim Green, Analogic's president/CEO. “We believe the stock repurchase is an appropriate use of our funds and is in the best interest of our shareholders.“