Shares of Zynex (NASDAQ: ZYXI) are up more than 9% early Wednesday afternoon after the medical equipment company announced it planned to do a stock repurchase. That said, the stock is down more than 32% so far this year.

Zynex makes electrotherapy medical devices for pain management and rehabilitation and a blood volume monitor for use in healthcare settings. The company announced on Wednesday morning that its board of directors had approved a $10 million stock buyback program that would begin Wednesday and run until next June. The buyback should be accretive to the stock's earnings per share (EPS), and will be financed with the company's cash reserves, so investors were happy.

The move is meant to show confidence in the company, especially with its shares down to start the year. Last year, the company did $30 million in stock buybacks.

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Source Fool.com