Masimo Announces Adoption of Stock Repurchase Program
Masimo (NASDAQ: MASI) today announced that its Board of Directors has authorized the repurchase of up to 6 million shares of the company's common stock. The stock repurchase program may be carried out at the direction of the company through open market purchases, block trades, one or more trading plans adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission, and in privately negotiated transactions. The repurchase program will become effective on February 20, 2013 and is expected to continue for a period of up to 36 months unless it is terminated earlier by the Board of Directors. Any repurchases will be subject to the availability of stock, general market conditions, the trading price of the stock, available capital, alternative uses for capital and the company's financial performance. The company expects to fund the stock repurchase program through its available cash, future cash from operations, or other potential sources of capital.
Joe Kiani, Chairman and Chief Executive Officer of Masimo, said, "In our five years as a public company, Masimo has established a solid track record of returning value to stockholders and this latest stock repurchase program further underscores our continued belief and optimism in Masimo's long-term growth prospects. Our management team and Board of Directors are confident in the power of our technology platform, global franchise and business model to take full advantage of our growth potential, and we believe the stock represents an attractive value relative to our future outlook."
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.