IRVINE, CA--(Marketwired - May 14, 2013) - Edwards Lifesciences Corporation (
The company may repurchase shares in the open market or in privately negotiated transactions. The timing and extent of any repurchase will depend upon market conditions, corporate requirements and other factors.
The company also announced that Michael A. Mussallem, Edwards' chairman and CEO, will make a $5 million cash purchase of newly issued shares of Edwards common stock.
Under a subscription agreement approved yesterday by the Board of Directors, Mussallem will purchase the shares on May 15 at either the share price that is equal to the closing price on that day, or at a share price that equals the average closing price for the 10 trading days ending on May 13, whichever is higher. The common stock purchased in this transaction will be issued under a private placement. Not including this purchase, Mussallem today holds 322,952 Edwards shares outright.
"The Board of Directors' authorization of the new share repurchase program reaffirms our belief in Edwards' long-term growth potential, and provides us with an opportunity to continue returning value to shareholders," said Mussallem. "On an individual basis, I'm making this increased investment in Edwards to demonstrate my confidence in the future growth of the company and its continuing ability to aggressively develop innovative products and extend its leadership positions."
About Edwards Lifesciences
Edwards Lifesciences is the global leader in the science of heart valves and hemodynamic monitoring. Driven by a passion to help patients, the company partners with clinicians to develop innovative technologies in the areas of structural heart disease and critical care monitoring, enabling them to save and enhance lives. Additional company information can be found at www.edwards.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, but are not limited to, estimates for the timing, manner and magnitude of share repurchases and statements made by Mr. Mussallem regarding future growth potential and opportunities of the company, the company's ability to return value to shareholders, its ability to aggressively develop innovative products, and its ability to extend its leadership positions. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict. Our forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from those expressed or implied by the forward-looking statements based on a number of factors including but not limited to unexpected stock market conditions, uncertainties associated with the timing and extent of regulatory approvals, expanded indications and reimbursement levels for new products, particularly our transcatheter heart valves (THV), the ability of the company to lead in the THV field, the company's success in developing new products and expanding its markets, creating new market opportunities for its products and avoiding manufacturing and quality issues, the impact of competitive products, the timing or results of pending or future clinical trials and pre-clinical milestones, the rate of growth in the U.S. THV marketplace, actions by the U.S. Food and Drug Administration and other regulatory agencies, and economic developments in key markets. These and other factors are detailed in the company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2012.
Edwards, Edwards Lifesciences and the stylized E logo are trademarks of Edwards Lifesciences Corporation.