Stratasys, Ltd. ( SSYS ) shares are trading higher premarket Monday after the company approved a $50 million share repurchase program.

The repurchase program is part of Stratasys’ strategy to enhance shareholder value and follows its restructuring plan, which aims to save $40 million annually starting in the first quarter of 2025.

The plan included a 15% workforce reduction by year-end and a focus on high-growth products and solutions, along with achieving annualized EBITDA margins of 8%.

Yoav Zeif, Stratasys’ Chief Executive Officer, said, “Our focus is on generating significantly higher profit and cash flow by driving revenue, aligning costs and reinvesting in growth initiatives. In addition, we intend to return value to shareholders through a share repurchase program that reflects the Board’s confidence in our strategy and ability to deliver long-term profitable growth.”

Last month, the company reported fiscal second-quarter 2024 revenue of $138.04 million, missing the analyst consensus estimate of $146.34 million. Adjusted EPS loss of 0.04 cents beat the analyst consensus estimate of 5 cent loss.

Stratasys ( SSYS ) held cash and equivalents of $150.86 million at the end of the second quarter of 2024.

Investors can gain exposure to the stock via Pacer BlueStar Engineering the Future ETF ( BULD ) .

Price Action: SSYS shares are up 4.68% at $7.38 premarket at the last check Monday.

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