Beauty Health to initiate share buyback program; stock gains

Skinhealth Systems

20/09/2023 13:26

** Shares of skin treatment devices maker Beauty Health
 SKIN.O  rise 5% to $6.35 premarket
    ** Company to initiate stock buyback program on Sept. 26,
following recent authorization by the board to repurchase up to
$100 mln of its common stock
    ** Company expects to fund share repurchases with existing
cash on hand
    ** A previous announcement of share repurchase
authorization, dated Sept. 12, incorrectly stated the trading
plan would be implemented in Q3 2024
    ** Company corrects to indicate the intention of management
to implement the trading plan in Q3 2023
    ** Seven of 11 brokerages rate the stock "buy" or higher, 4
"hold"; median PT is $10.50 - LSEG data
    ** Up to Tuesday's close, stock down 33.5% YTD

 (Reporting by Khushi Singh)
 ((Khushi.Singh@thomsonreuters.com;))