ICU Medical board increases stock buyback program

ICU Medical board of directors boosts stock buyback program to $55 million

• On 2:40 pm EDT, Tuesday October 20, 2009

SAN CLEMENTE, Calif. (AP) -- Medical products maker ICU Medical Inc. said Tuesday its board of directors added $15 million to the company's stock buyback plan.

The company is now authorized to buy back up to $55 million in stock. The program was initiated July 18 with authorizations for up to $40 million in stock buybacks.

The company said it has the ability and intends to buy back up to about $43.5 million of its common stock in the open market.

As of Oct. 19, it has about 14.8 million shares of common stock outstanding.

Shares of ICU Medical rose $2.70, or 7.5 percent, to $38.49 in afternoon trading. The stock has traded between $25.33 and $44.06 over the last 52 weeks.