Beauty Health gains after authorizing share repurchase

Skinhealth Systems

12/09/2023 15:32

** Shares of skin treatment devices maker Beauty Health
 SKIN.O  rise 17.4% to $6.4 after it announces a business
transformation program 
    ** Stock on track to see highest single-day percentage gain
since February 2022, if gains hold 
    ** Co's board authorizes common share repurchase worth $100
mln, to be implemented in Q3 2024, to fund repurchase with
existing cash on hand 
    ** Program expected to realize annualized savings of over
$20 mln in Q1 2024, over $15 mln in Q2 
    ** SKIN down 29.3% YTD

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))