IRVINE, Calif., Sept. 18 /PRNewswire-FirstCall/ -- Edwards Lifesciences Corporation , a world leader in the products and technologies to treat advanced cardiovascular disease, announced today that its board of directors has authorized an additional share repurchase program to acquire up to $250 million of the company’s outstanding common shares. During its regularly scheduled September meeting, the board also adopted a majority voting standard for director elections beginning in 2008 and appointed a new company officer.
New Share Repurchase Program
“Given the confidence we have in our future growth prospects, this new share repurchase program provides us with an opportunity to continue to increase shareholder value,” said Michael A. Mussallem, Edwards Lifesciences’ chairman and CEO.
The company expects to continue repurchasing shares under an existing 4 million share repurchase program that was initiated in May 2006. Since January 1, 2007, Edwards has repurchased approximately 2.2 million shares for a total of $107.2 million. In 2006, the company repurchased 3.3 million shares for a total of $145.8 million. As of August 31, 2007, the company had approximately 56.8 million shares 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.
Adoption of Majority Voting Standard
The board of directors also voted to amend the company’s bylaws to provide for majority voting in uncontested director elections.
“The board’s decision to adopt this standard demonstrates our continued commitment to best-in-class corporate governance practices and accountability to our shareholders,” said Mussallem.
Under the new voting standard, a director nominee will be elected only if the number of votes cast “for” that nominee constitutes a majority of the total number of votes cast in that director’s election. Previously, directors were elected under a plurality voting standard in which candidates receiving the highest number of votes were elected regardless of whether those votes constituted a majority.
Appointment of New Corporate Officer
In addition, the board of directors appointed Paul C. Redmond, 43, corporate vice president, global Vascular operations. Redmond joined Edwards in June 2007, bringing more than 21 years of medical device experience. Most recently, he served as vice president, cardiovascular technologies at Cordis Cardiology, a Johnson & Johnson company. Previously, Redmond served as vice president, new product development, at Cordis.
“We are pleased to appoint Paul as a corporate officer of Edwards,” said Mussallem. “His vast experience in the medical device industry and extensive knowledge of peripheral vascular technologies will be tremendous assets as we continue to develop innovative solutions for patients fighting peripheral vascular disease.”
About Edwards Lifesciences
Edwards Lifesciences, a leader in advanced cardiovascular disease treatments, is the number-one heart valve company in the world and the global leader in acute hemodynamic monitoring. Headquartered in Irvine, Calif., Edwards focuses on specific cardiovascular opportunities including heart valve disease, peripheral vascular disease and critical care technologies. The company’s global brands, which are sold in nearly 100 countries, include Carpentier-Edwards, Cosgrove-Edwards, FloTrac, Fogarty, LifeStent, 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. 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, 2006.
Edwards is a trademark of Edwards Lifesciences Corporation. Edwards Lifesciences, 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. LifeStent is a trademark of Edwards Lifesciences AG and is registered in the United States Patent and Trademark Office.
Edwards Lifesciences Corporation
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/
