05.05.14
Sunnyvale, Calif,-based Intuitive Surgical Inc. has entered into another accelerated share repurchase (ASR) program with Goldman Sachs & Co. pursuant to which Intuitive Surgical will repurchase $1 billion worth of its common stock from Goldman. Last year, Intuitive bought back $500 million 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, although they could be received earlier if the ASR program is ended sooner.
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, the company had approximately $3 billion of cash, cash equivalents and investments.
“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 President and CEO Gary S. Guthart, Ph.D.
Intuitive Surgical makes robotic surgical systems, and its Da Vinci surgical system is approved to perform various minimally invasive procedures.
The company recently earned FDA clearance for the Da Vinci Sp surgical system.
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, although they could be received earlier if the ASR program is ended sooner.
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, the company had approximately $3 billion of cash, cash equivalents and investments.
“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 President and CEO Gary S. Guthart, Ph.D.
Intuitive Surgical makes robotic surgical systems, and its Da Vinci surgical system is approved to perform various minimally invasive procedures.
The company recently earned FDA clearance for the Da Vinci Sp surgical system.