Bio-Rad Authorizes New $250 Million Share Repurchase Program
November 28 2017 - 9:00AM
Business Wire
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global
provider of life science research and clinical diagnostic products,
today announced that its board of directors has authorized a new
share repurchase program, granting the Company authority to
repurchase, on a discretionary basis, up to $250 million of the
outstanding shares of the Company’s common stock.
“We are pleased that our balance sheet and cash flow enable us
to return value to our shareholders through share repurchases as we
continue to invest in internal and external opportunities," said
Norman Schwartz, Bio-Rad President and CEO. “Earlier this year we
discussed our capital allocation approach and a share repurchase
program is part of this strategy.”
Repurchases may be made at management's discretion from time to
time on the open market or through privately negotiated
transactions. The repurchase program has no time limit and may be
suspended for periods or discontinued at any time. Any shares
acquired will be available for general corporate purposes,
including supporting employee stock plans, funding acquisitions and
minimizing dilution from stock issuances. This new share
repurchase program supersedes the Company’s prior share repurchase
program.
About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) develops,
manufactures, and markets a broad range of innovative products and
solutions for the life science research and clinical diagnostic
markets. The Company is renowned for its commitment to quality and
customer service among university and research institutions,
hospitals, public health and commercial laboratories, as well as
the biotechnology, pharmaceutical, and food safety industries.
Founded in 1952, Bio-Rad is based in Hercules, California, and
serves more than 100,000 research and healthcare industry customers
through its global network of operations. The Company employs more
than 8,350 people worldwide and had revenues exceeding $2 billion
in 2016. For more information, please visit www.bio-rad.com.
This release may be deemed to contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, statements we make regarding the share
repurchase program, our capital allocation approach, returning
value to our stockholders, and continuing to invest in internal and
external opportunities. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as,
“anticipate,” “believe,” “expect,” “assume,” “continue,” “may,”
“will,” “intend,” “estimate,” or similar expressions or the
negative of those terms or expressions, although not all
forward-looking statements contain these words. Such statements
involve risks and uncertainties, which could cause actual results
to vary materially from those expressed in or indicated by the
forward-looking statements. These risks and uncertainties include
our ability to develop and market new or improved products,
difficulties in implementing our global enterprise resource
planning system, our ability to integrate acquired companies,
products or technologies into our Company successfully, our ability
to compete effectively, foreign currency exchange fluctuations,
recent and planned changes to our global organizational structure
and executive management team, product quality and liability
issues, international legal and regulatory risks, reductions in
government funding or capital spending of our customers, supply
chain issues, changes in the healthcare industry, global economic
conditions, and natural disasters and other catastrophic events
beyond our control. For further information regarding the Company's
risks and uncertainties, please refer to the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the Company’s public reports filed with
the Securities and Exchange Commission (the “SEC”), including the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2016, and its Quarterly Report on Form 10-Q for the
fiscal quarter ended September 30, 2017. The Company cautions you
not to place undue reliance on forward-looking statements, which
reflect an analysis only and speak only as of the date hereof.
Bio-Rad Laboratories, Inc. disclaims any obligation to update these
forward-looking statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171128005609/en/
Bio-Rad Laboratories, Inc.Tina Cuccia, 510-724-7000Corporate
Communicationstina_cuccia@bio-rad.com
Bio Rad Laboratories (NYSE:BIO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bio Rad Laboratories (NYSE:BIO)
Historical Stock Chart
From Apr 2023 to Apr 2024