Intuitive Surgical Announces $1 Bln Share Buyback - Quick Facts

(RTTNews) - Intuitive Surgical, Inc. (ISRG) announced that its Board has authorized the company to repurchase up to $1.0 billion of the company's outstanding common stock.

"We continue to use our cash to invest in our business by advancing our technology, growing our presence outside of the U.S. and driving adoption of robotic-assisted minimally invasive surgery," said Marshall Mohr, Chief Financial Officer, Intuitive Surgical. "We also seek to return excess cash to our shareholders, and this authorization gives us the flexibility to act given the right opportunity."

The company said it expects to fund the repurchase program through cash and investments. As of December 31, 2014, the company had approximately  in cash, cash equivalents, and investments.