Pro-Dex Inc. said its board authorized a program to buy back up to 1 million of the company's common shares.

The Irvine, Calif.-based surgical instruments company said the repurchase program has no stated expiration and may be suspended or discontinued at any time.

The new share repurchase program follows another buyback plan announced in September 2013 for 750,000 shares, which is nearly complete.

Pro-Dex develops autoclavable, battery-powered and electric, multi-function surgical drivers and shavers used primarily in the orthopedic and maxocranial facial markets.