SonoSite Inc announces a stock repurchase program under which the company may purchase up to $50 million of its common stock over the next twelve months.
The company has already purchased approximately 3 million shares of its common stock since February through a modified Dutch Auction tender offer at a total cost of $88.8 million.
The repurchases will be conducted in compliance with applicable SEC and legal requirements, and will be subject to market conditions and other factors.
As of March 31, SonoSite had approximately $178 million in cash, cash equivalents, and short-term investment securities. Repurchases will be funded from available cash on hand.