Envision Healthcare Announces $250 Million Stock Repurchase
September 18 2017 - 4:32PM
Business Wire
Envision Healthcare Corporation (“Envision” or the “Company”)
(NYSE: EVHC) today announced the authorization of a program to
repurchase up to $250 million of its common stock. The decision to
return capital to shareholders is a reflection of the Company’s
successful efforts to rationalize its service offerings around a
physician-centric strategy and confidence in its ability to
differentiate Envision through its stated plan to drive operational
excellence and long-term growth.
Envision’s Board of Directors has decided to return capital to
shareholders in a manner that will not affect Envision’s strategy
to reduce its leverage, drive execution across its combined
platform, or pursue potential strategic, accretive acquisitions and
investments that will drive growth and substantial value.
Envision’s 2017 acquisition spend through early August has totaled
$620 million.
“In the 10 months since we completed our transformational
combination, the Board and management team of Envision have been
focused on reshaping the business to advance our physician-centric
strategy,” said Christopher A. Holden, President and CEO of
Envision. “The execution of this strategy will be enhanced by the
new organization structure and executive leadership, which we also
announced today. Our capital allocation priorities reflect
Envision’s view of the long-term potential of our organization and
our commitment to creating value for shareholders. We will maintain
financial flexibility to deliver on our strategic plan, invest in
our infrastructure to achieve sustained operational excellence,
continue our disciplined approach to acquisitions, and reduce
leverage.”
The share repurchase program authorized by the Company’s Board
of Directors permits Envision to acquire up to $250 million of its
common stock, which represents approximately four percent of the
Company’s current market capitalization. The timing and amount of
any shares repurchased will be determined based on the Company’s
evaluation of market conditions and other factors. Repurchases will
be made in accordance with the rules and regulations promulgated by
the Securities and Exchange Commission and certain other legal
requirements to which the Company may be subject. The program may
be suspended or discontinued at any time, and has no time
limit.
About Envision Healthcare Corporation
Envision Healthcare Corporation is a leading provider of
physician-led services and post-acute care, and ambulatory surgery
services. At June 30, 2017, we delivered physician services,
primarily in the areas of emergency department and hospitalist
services, anesthesiology services, radiology/tele-radiology
services, and children’s services to more than 1,800 clinical
departments in healthcare facilities in 47 states and the District
of Columbia. Post-acute care is delivered through an array of
clinical professionals and integrated technologies which, when
combined, contribute to efficient and effective population health
management strategies. As a market leader in ambulatory surgical
care, the Company owns and operates 263 surgery centers and one
surgical hospital in 35 states and the District of Columbia, with
medical specialties ranging from gastroenterology to ophthalmology
and orthopedics. In total, the Company offers a differentiated
suite of clinical solutions on a national scale, creating value for
health systems, payors, providers and patients. For additional
information, visit www.evhc.net.
Forward-Looking Statements
Certain statements and information in this communication may be
deemed to be “forward-looking statements” within the meaning of the
Federal Private Securities Litigation Reform Act of 1995.
Forward-looking statements may include, but are not limited to,
statements relating to the Company’s financial and operating
objectives, plans and strategies, including capital allocation,
industry trends, and all statements (other than statements of
historical fact) that address activities, events or developments
that the Company intends, expects, projects, believes or
anticipates will or may occur in the future. These statements are
often characterized by terminology such as “believe,” “hope,”
“may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,”
“estimate,” “project,” “positioned,” “strategy” and similar
expressions, and are based on assumptions and assessments made by
the Company’s management in light of their experience and their
perception of historical trends, current conditions, expected
future developments, and other factors they believe to be
appropriate. Any forward-looking statements in this communication
are made as of the date hereof, and the Company undertakes no duty
to update or revise any such statements, whether as a result of new
information, future events or otherwise. Forward-looking statements
are not guarantees of future performance. Whether actual results
will conform to expectations and predictions is subject to known
and unknown risks and uncertainties, including: (i) risks and
uncertainties discussed in the reports and other documents that the
Company files with the Securities and Exchange Commission; (ii)
general economic, market, or business conditions; (iii) the impact
of legislative or regulatory changes, such as changes to the
Patient Protection and Affordable Care Act, as amended by the
Health Care and Education Reconciliation Act of 2010; (iv) changes
in governmental reimbursement programs; (v) decreases in revenue
and profit margin under fee-for-service contracts due to changes in
volume, payor mix and reimbursement rates; (vi) the loss of
existing contracts; (vii) risks associated with the ability to
successfully integrate the Company’s operations and employees
following the completion of its merger with AMSURG; (viii) the
ability to realize anticipated benefits and synergies of the
business combination; (ix) the potential impact of the consummation
of the transaction on the Company’s relationships, including with
employees, customers and competitors; and (x) other circumstances
beyond the Company’s control.
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version on businesswire.com: http://www.businesswire.com/news/home/20170918006388/en/
Envision Healthcare CorporationBob Kneeley, 303-495-1245Vice
President, Investor RelationsBob.kneeley@evhc.net
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