Edwards Lifesciences Corp. (NYSE:EW) is gearing up for another stock buyback, after its board approved a $500 million share repurchasing plan.

The Irvine, Calif.-based heart valve pioneer said it had about $240 million remaining on the half-billion-dollar repurchasing plan it launched in February 2010.

Edwards expects to spend about $100 million buying back shares of its own stock during the third quarter, according to a press release.

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"We are confident in the long-term outlook of the company and believe this new stock repurchase program gives us an opportunity to continue to return value to our stockholders," CEO Michael Mussallem said in prepared remarks.