Medstone to Shore Up Stock Via Repurchase

Medstone International Inc., saying the price of its stock doesn’t reflect the company’s true long-term value, announced plans Tuesday to repurchase up to 500,000 shares of its common shares.

The Aliso Viejo medical products company’s shares have lost about 21% of their value over the last year. The stock closed Tuesday at $6 a share, off 13 cents.

Medstone has about 5.1 million shares outstanding.

The company also named David A. Reed to the board. Reed was president and chief executive of St. Joseph Health System in Orange.

Medstone makes medical devices and therapeutic procedures to treat urological diseases.