The board of directors of Sunnyvale, Calif.-based Intuitive Surgical Inc. (Nasdaq: ISRG), a provider of robotic-assisted technology for minimally invasive surgery, has authorized the company to repurchase up to $400 million of its outstanding common stock. This represents an increase over the $101 million remaining under previous authorizations.
The timing and total amount of share repurchases will depend on market conditions and may be made from time to time in open market purchases, privately negotiated transactions, accelerated stock repurchase programs, issuer self-tender offers, or otherwise, as determined by the company’s management, according to a statement received by Robotics Trends.
Intuitive Surgical expects to fund the repurchase program through cash and investments. As of December 31, 2010, the company had approximately $1,609 million of cash, cash equivalents, and investments.