Intuitive Surgical Announces Accelerated Share Repurchase
SUNNYVALE, Calif., May 2, 2014 (GLOBE NEWSWIRE) -- Intuitive Surgical, Inc.
(Nasdaq:ISRG), the industry leader in robotic-assisted surgery, today
announced that it has entered into an accelerated share repurchase program
(the "ASR Program") with Goldman, Sachs & Co., ("Goldman") pursuant to which
Intuitive Surgical will repurchase $1 billion of its common stock from
Goldman. The Company anticipates that a majority of the shares repurchased
under the ASR Program will be received and retired within two weeks. The
remaining shares, if any, under the program will be received and retired in
early November 2014, although they could be received earlier if the ASR
Program is ended sooner.
"Our decision to repurchase $1 billioninIntuitive Surgicalstock on an
accelerated basis reflects our long-term view of the value our company can
bring to patients, surgeons and hospitals," said Dr.Gary S. Guthart,
President and CEO ofIntuitive Surgical.
The Company had $1 billion remaining under Board authorized repurchases prior
to this ASR Program. Additional repurchases by the Company will require
additional Board authorizations. The Company expects to fund the ASR Program
through cash and investments. As ofMarch 31, 2014, the Company had
approximately$3 billionof cash, cash equivalents and investments.
AboutIntuitive Surgical, Inc.
Intuitive Surgical, Inc.(Nasdaq:ISRG), headquartered inSunnyvale,
California, is the global leader in robotic-assisted, minimally invasive
surgery.Intuitive Surgicaldevelops, manufactures and markets
thedaVinci®Surgical System.Intuitive Surgical'smission is to extend the
benefits of minimally invasive surgery to those patients who can and should
benefit from it.
About thedaVinciSurgical System
The da Vinci Surgical System is a surgical platform designed to enable complex
surgery using a minimally invasive approach. The da Vinci Surgical System
consists of an ergonomic surgeon console or consoles, a patient-side cart with
three or four interactive arms, a high-performance vision system and
proprietary EndoWrist® instruments. Powered by state-of-the-art technology,
the da Vinci Surgical System is designed to scale, filter and seamlessly
translate the surgeon's hand movements into more precise movements of the
EndoWrist instruments. The net result is an intuitive interface with improved
surgical capabilities. By providing surgeons with superior visualization,
enhanced dexterity, greater precision and ergonomic comfort, the da Vinci
Surgical System makes it possible for skilled surgeons to perform more
minimally invasive procedures involving complex dissection or reconstruction.
For more information about clinical evidence related to da Vinci Surgery,
da Vinci® and EndoWrist® are trademarks ofIntuitive Surgical, Inc.
This press release contains forward-looking statements. 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. The statements in this press release that could be
deemed forward-looking statements include statements regarding the repurchase
by the Company of approximately$1 billionof its common stock from Goldman,
the expected completion dates of the repurchases, our source of funds for the
repurchases, and our plans with respect to the repurchased shares. These
forward-looking statements should, therefore, be considered in light of
various important factors, including the following: the market prices of the
Company's common stock during the term and after the completion of the ASR
Program; the ability of Goldman to buy or borrow shares of the Company's
common stock; the uncertainty regarding the Company's ability to complete the
share repurchases within the proposed timing or at all; the uncertainty
regarding the amount and timing of future share repurchases by the Company and
the origin of funds used for such repurchases; the impact of global and
regional economic and credit market conditions, as well as the risk of bank
failures, insolvency or illiquidity of other financial institutions and other
adverse conditions in financial markets that could cause a loss of our cash,
cash equivalents and investments; the terms and conditions of the Master
Confirmation and Supplemental Confirmation with Goldman; and other risk
factors under the heading "Risk Factors" in our annual report on Form 10-K for
the year endedDecember 31, 2013, as updated from time to time by our
quarterly reports on Form 10-Q and our other filings with theSecurities and
Exchange Commission. Statements concerning forecasts, revenue growth,
procedure growth, future financial results and 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, except as required by law.
CONTACT: Investor Relations
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