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Intuitive Surgical plans $300M stock buyback

SUNNYVALE, Calif. (AP) — Robotic surgery system maker Intuitive Surgical Inc. said Thursday it will buy back up to $300 million in stock.

Half of that amount will be bought from Goldman Sachs and Co. Most of the shares bought from Goldman will be purchased in the next two weeks, and that portion of the deal will be completed by June.

The other $150 million in stock will be bought on the open market, with the timing chosen by Intuitive Surgical.

Shares of the company, which makes the da Vinci surgical system, finished at $91.69 on Wednesday. At that price, Intuitive Surgical would be able to buy back about 3.3 million of its shares. As of Jan. 31, about 39.2 million shares of Intuitive Surgical were on the market.

Josh Sandberg

Josh Sandberg is the President of Ortho Spine Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

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