Intuitive Announces Increase in Share Repurchase Program
SUNNYVALE, Calif., March 20, 2013 (GLOBE NEWSWIRE) -- Intuitive Surgical, Inc.
(Nasdaq:ISRG), the industry leader in surgical robotics, today announced that
its board of directors has authorized the Company to repurchase an additional
$1 billion of the Company's outstanding common stock. The $1 billion
repurchase authorization will be available after the Company's internal
trading window opens on April 23, 2013. With this authorization, the total
amount available for share repurchases by the Company is approximately $1.21
billion, which includes approximately $208 million remaining from previous
The timing and total amount of share repurchases will depend upon 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. The repurchases will be made in compliance with, and at such times
as permitted by, federal securities law and may be suspended or discontinued
at any time. The Company expects to fund the repurchase program through cash
and investments. As of December 31, 2012, the Company had approximately $2.9
billion of cash, cash equivalents and investments.
About Intuitive Surgical's Products
Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale,
California, is the global technology leader in robotic-assisted, minimally
invasive surgery. Intuitive Surgical develops, manufactures and markets
robotic technologies designed to improve clinical outcomes and help patients
return more quickly to active and productive lives. Intuitive Surgical's
mission is to extend the benefits of minimally invasive surgery to the
broadest possible base of patients. Intuitive Surgical — Taking surgery beyond
the limits of the human hand™.
About theda Vinci^®Surgical System
Theda Vinci^®Surgical System is a breakthrough surgical platform designed to
enable complex surgery using a minimally invasive approach. Theda
Vinci^®Surgical System consists of an ergonomic surgeon console or consoles,
a patient-side cart with three or four interactive robotic arms, a
high-performance vision system and proprietaryEndoWrist^®instruments.
Powered by state-of-the-art robotic and computer technology, theda
Vinci^®Surgical System is designed to scale, filter and seamlessly translate
the surgeon's hand movements into more precise movements of
theEndoWrist^®instruments. The net result is an intuitive interface with
breakthrough surgical capabilities. By providing surgeons with superior
visualization, enhanced dexterity, greater precision and ergonomic comfort,
theda Vinci^®Surgical System makes it possible for more surgeons to perform
minimally invasive procedures involving complex dissection or reconstruction.
This ultimately has the potential to raise the standard of care for complex
surgeries, translating into numerous potential patient benefits, including
less pain, a shorter recovery and quicker return to normal daily activities.
For more information about clinical evidence related to da Vinci^® Surgery,
please visit www.intuitivesurgical.com/company/clinical-evidence/
Intuitive^®, Intuitive Surgical^®,da Vinci^®,da Vinci S^®,da Vinci^®S HD
Surgical System,da Vinci^®Si,da Vinci^®Si-e^TMSurgical
Fluorescence Imaging andInSite^®are trademarks or registered trademarks of
Intuitive Surgical, Inc.
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including statements
regarding the amount of stock that the Company may repurchase in the open
market, the amount of cash that may be available for stock repurchases, and
the timing and form of stock repurchase transactions. These forward-looking
statements are necessarily estimates reflecting the best judgment of our
management and involve a number of risks and uncertainties that could cause
actual results to differ materially from those suggested by the
forward-looking statements. These forward-looking statements should,
therefore, be considered in light of various important factors, including the
following: the impact of global and regional economic and credit market
conditions on health care spending; health care reform legislation in the
United States and its implications on hospital spending, reimbursement and
fees which will be levied on certain medical device revenues; timing and
success of product development and market acceptance of developed products;
procedure counts; regulatory approvals, clearances and restrictions;
guidelines and recommendations in the health care and patient communities;
intellectual property positions and litigation; competition in the medical
device industry and in the specific markets of surgery in which we operate;
unanticipated manufacturing disruptions or the inability to meet demand for
products; the results of legal proceedings to which we are or may become a
party; our ability to expand into foreign markets; and other risk factors
under the heading "Risk Factors"' in our report on Form 10-K for the year
ended December31, 2012, as updated from time to time by our quarterly reports
on Form 10-Q and our other filings with the Securities and Exchange
Commission. Statements using words such as "estimates," "projects,"
"believes," "anticipates," "plans," "expects," "intends," "may," "will,"
"could," "should," "would," "targeted" and similar words and expressions are
intended to identify forward-looking statements. You are cautioned not to
place undue reliance on these forward-looking statements, which speak only as
of the date of this press release. We undertake no obligation to publicly
update or release any revisions to these forward-looking statements to reflect
events or circumstances after the date of this press release or to reflect the
occurrence of unanticipated events.
CONTACT: Investor Relations
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