Intuitive Surgical, Inc. (ISRG) Enters $1B Accelerated Buyback Plan

Intuitive Surgical, Inc. (NASDAQ: ISRG) has entered into an accelerated share repurchase program (the "ASR Program") with Goldman, Sachs & Co., ("Goldman") pursuant to which Intuitive Surgical will repurchase $1 billion of its common stock from Goldman. The Company anticipates that a majority of the shares repurchased under the ASR Program will be received and retired within two weeks. The remaining shares, if any, under the program will be received and retired in early November 2014, although they could be received earlier if the ASR Program is ended sooner.

"Our decision to repurchase $1 billion in Intuitive Surgical stock on an accelerated basis reflects our long-term view of the value our company can bring to patients, surgeons and hospitals," said Dr. Gary S. Guthart, President and CEO of Intuitive Surgical.

The Company had $1 billion remaining under Board authorized repurchases prior to this ASR Program. Additional repurchases by the Company will require additional Board authorizations. The Company expects to fund the ASR Program through cash and investments. As of March 31, 2014, the Company had approximately $3 billion of cash, cash equivalents and investments.

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