Intuitive Surgical (NSDQ:ISRG) said today that its board approved a share repurchasing program worth up to $1 billion.
"We continue to use our cash to invest in our business by advancing our technology, growing our presence outside of the U.S. and driving adoption of robotic-assisted minimally invasive surgery," CFO Marshall Mohr said in prepared remarks. "We also seek to return excess cash to our shareholders, and this authorization gives us the flexibility to act given the right opportunity."
Sunnyvale, Calif.-based Intuitive said the timing and amount of the buybacks will depend on market conditions.
The buybacks will be funded by the $2.5 billion Intuitive is carrying in cash and equivalents, according to a press release.
ISRG shares were off nearly 31% as of Jan. 30 from their $525.38 close Jan. 22, when it released 4th-quarter results showing rising expenses, sliding profits and poor year-on-year comps.
The stock was trading at $497.00 per share in early-morning activity today, up half a percent.