Intuitive Surgical Increases Share Buyback Program
Intuitive Surgical (NASDAQ: ISRG) today announced that its board of directors has authorized the Company to repurchase an additional $1 billion of the Company's outstanding common stock. The $1 billion repurchase authorization will be available after the Company's internal trading window opens on April 23, 2013. With this authorization, the total amount available for share repurchases by the Company is approximately $1.21 billion, which includes approximately $208 million remaining from previous authorizations.
The timing and total amount of share repurchases will depend upon market conditions and may be made from time to time in open market purchases, privately negotiated transactions, accelerated stock repurchase programs, issuer self-tender offers or otherwise, as determined by the Company's management. The repurchases will be made in compliance with, and at such times as permitted by, federal securities law and may be suspended or discontinued at any time. The Company expects to fund the repurchase program through cash and investments. As of December 31, 2012, the Company had approximately $2.9 billion of cash, cash equivalents and investments.
About Intuitive Surgical's Products
Intuitive Surgical, Inc. (Nasdaq: ISRG), headquartered in Sunnyvale, California, is the global technology