IRVINE, Calif., July 11 /PRNewswire-FirstCall/ -- Edwards Lifesciences Corporation , a world leader in products and technologies to treat advanced cardiovascular disease, announced today that its board of directors has authorized a new share repurchase program to acquire up to $250 million of the company’s outstanding common shares. Edwards recently completed a $250 million share repurchase program that its board of directors approved in September 2007.
“This new program reaffirms the confidence we have in our future growth prospects, and provides us with an opportunity to continue to increase shareholder value,” said Michael A. Mussallem, Edwards Lifesciences’ chairman and CEO.
Approximately 2.7 million shares were issued in June 2008 in response to the call for redemption by the company of its $150 million convertible debenture. During the second quarter of 2008, the company repurchased 2.3 million shares for approximately $135 million, partially offsetting the issuance of these shares.
During the first half of 2008, Edwards repurchased a total of 4.6 million shares for approximately $235 million. As of June 30, 2008, the company had approximately 56.2 million shares of common stock outstanding.
The company may repurchase shares in the open market or in privately negotiated transactions. The timing and extent of any repurchase will depend upon market conditions, corporate requirements and other factors.
About Edwards Lifesciences
Edwards Lifesciences is the global leader in the science of heart valves and hemodynamic monitoring. Headquartered in Irvine, Calif., Edwards treats advanced cardiovascular disease with its market-leading heart valve therapies, and critical care and vascular technologies. In 2008, Edwards celebrates 50 years of partnering with clinicians to develop life-saving innovations. The company’s global brands, which are sold in approximately 100 countries, include CardioVations, Carpentier-Edwards, Cosgrove-Edwards, FloTrac, Fogarty, PERIMOUNT Magna and Swan-Ganz. Additional company information can be found at http://www.edwards.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, but are not limited to, the company’s ability to promptly respond to the FDA’s questions and receive an SFA indication by the end of the year. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict.
Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements are detailed in the company’s filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2007.
Edwards is a trademark of Edwards Lifesciences Corporation. Edwards Lifesciences, the stylized E logo, CardioVations, Carpentier-Edwards, Cosgrove-Edwards, FloTrac, Fogarty, PERIMOUNT Magna, and Swan-Ganz are trademarks of Edwards Lifesciences Corporation and are registered in the United States Patent and Trademark Office.
CONTACT: Media, Amanda C. Fowler, +1-949-250-5070, or Investors, David K.
Erickson, +1-949-250-6826, both of Edwards Lifesciences Corporation
Web site: http://www.edwards.com/
