Intuitive Surgical announces accelerated share repurchase

theflyonthewall.com

Intuitive Surgical announced that it has entered into an accelerated share repurchase program with Goldman Sachs pursuant to which Intuitive Surgical will repurchase $1B of its common stock 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 $1B 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 $3B of cash, cash equivalents and investments.

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