SAN DIEGO, Oct. 24, 2017 /PRNewswire/ -- NuVasive, Inc.
(NASDAQ: NUVA), the leader in spine technology innovation, focused
on transforming spine surgery with minimally disruptive,
procedurally-integrated solutions, today announced that its Board
of Directors approved a share repurchase program authorizing the
purchase of up to $100 million of the
Company's common stock over a three-year period commencing
October 25, 2017.
Under this program, the Company may repurchase stock from time
to time, in amounts, at prices, and at such times the Company deems
appropriate, subject to market conditions, legal requirements and
other considerations. The Company's repurchases may be executed
using open market purchases, privately negotiated purchases or
other transactions. The share repurchase program is expected to
continue through October 2020.
The Company intends to fund repurchases under this share
repurchase program from cash on hand, cash generated from
operations and available borrowing under its existing credit
facility. The share repurchase program does not obligate the
Company to repurchase any specific number of shares, and may be
suspended, modified or terminated at any time without prior
notice.
"NuVasive's Board of Directors strongly believes in the ability
of the leadership team to execute against our strategic initiatives
and position the company for continued growth and value creation,"
said Gregory T. Lucier, chairman and
chief executive officer. "We are confident in our ability to fund
long-term organic growth initiatives and improve operating
profitability, while staying committed to disciplined capital
deployment and to driving value for our shareholders."
NuVasive had approximately 51.0 million shares of common stock
outstanding as of September 30,
2017.
About NuVasive
NuVasive,
Inc. (NASDAQ: NUVA) is the leader in spine technology innovation,
focused on transforming spine surgery and beyond with minimally
invasive, procedurally-integrated solutions designed to deliver
reproducible and clinically-proven surgical outcomes. The Company's
portfolio includes access instruments, implantable hardware,
biologics, software systems for surgical planning, navigation and
imaging solutions, magnetically adjustable implant systems for
spine and orthopedics, and intraoperative monitoring service
offerings. With $962 million in
revenues (2016), NuVasive has an approximate 2,300 person workforce
in more than 40 countries serving surgeons, hospitals and patients.
For more information, please visit www.nuvasive.com.
Forward-Looking Statements
NuVasive cautions
you that statements included in this news release that are not a
description of historical facts are forward-looking statements that
involve risks, uncertainties, assumptions and other factors which,
if they do not materialize or prove correct, could cause NuVasive's
results to differ materially from historical results or those
expressed or implied by such forward-looking statements.
Forward-looking statements include, but are not limited to,
statements about NuVasive's intention to repurchase shares of its
common stock, including the amount and timing of its stock
repurchase program. The following important factors, among
others, could cause actual results to differ materially from those
set forth in the forward looking statements: uncertainties as
to the market price of NuVasive's common stock, market conditions
in general and NuVasive's future operating performance.
Additional factors that may affect future results are described in
NuVasive's news releases and periodic filings with the Securities
and Exchange Commission. NuVasive's public filings with the
Securities and Exchange Commission are available at www.sec.gov.
NuVasive assumes no obligation to update any forward-looking
statement to reflect events or circumstances arising after the date
on which it was made.
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SOURCE NuVasive, Inc.