Intuitive Surgical, Inc.
ISRG, the industry leader in robotic-assisted surgery, today
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.
Additional purchases by the Company under the remaining authorization, or $1.0
billion, will depend upon market conditions and may be made from time to time
in open market purchases, privately negotiated transactions, accelerated share
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 June 30, 2013, the Company had
approximately $3.0 billion of cash, cash equivalents and investments.
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