Intuitive Surgical (ISRG) Raises Buyback Plan to $1.5B, $500M Accelerated
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Intuitive Surgical, Inc. (NASDAQ: ISRG) announced that its Board of Directors has authorized the Company to repurchase an additional $779 million of the Company's outstanding common stock. With this authorization, the total amount available for share repurchases by the Company is approximately $1.5 billion, which includes approximately $721 million remaining from previous authorizations.
In connection with this share repurchase authorization, the Company entered into an accelerated share repurchase program (the "ASR Program") with Goldman, Sachs & Co., ("Goldman") pursuant to which Intuitive Surgical will repurchase $500 million of its common stock from Goldman. A majority of the shares purchased under the ASR Program will be received and retired within 2 weeks. The remaining shares, if any, under the program will be received and retired by October 29, 2013, although they could be received earlier if the ASR Program is ended sooner.
"Our program to repurchase $1.5 billion in Intuitive Surgical stock, including $500 million on an accelerated basis, demonstrates our commitment to our shareholders as well as our confidence in the da Vinci surgical system and the benefits it brings to patients," said Dr. Gary S. Guthart, President and CEO of Intuitive Surgical.
In connection with this share repurchase authorization, the Company entered into an accelerated share repurchase program (the "ASR Program") with Goldman, Sachs & Co., ("Goldman") pursuant to which Intuitive Surgical will repurchase $500 million of its common stock from Goldman. A majority of the shares purchased under the ASR Program will be received and retired within 2 weeks. The remaining shares, if any, under the program will be received and retired by October 29, 2013, although they could be received earlier if the ASR Program is ended sooner.
"Our program to repurchase $1.5 billion in Intuitive Surgical stock, including $500 million on an accelerated basis, demonstrates our commitment to our shareholders as well as our confidence in the da Vinci surgical system and the benefits it brings to patients," said Dr. Gary S. Guthart, President and CEO of Intuitive Surgical.
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