AUDUBON, Pa., March 04, 2022 (GLOBE NEWSWIRE) — Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal solutions company, today announced that its Board of Directors has expanded the Company’s share repurchase program by authorizing the repurchase of an additional $200 million of the Company’s common stock. The new authorization, plus the approximate $95.3 million currently available under its existing share repurchase program, approved in March 2020, provides the Company with over $295 million available for future share repurchases.
“Our announcement today reflects the continued confidence that we have in our long-term growth profile and underlying earnings strength,” noted David Paul, Executive Chairman. “We continue to view Globus as an attractive investment opportunity over the long-term and our strong balance sheet provides us with the financial flexibility to drive continued strategic investments, both organic and inorganic, while also providing returns to our shareholders through this share repurchase program.”
The timing and actual number of shares repurchased will be determined by management at its discretion and will depend on a variety of factors, including market price of the shares, general business and market conditions, applicable legal requirements, and alternative investment opportunities. The repurchase program will be executed consistent with the company’s capital allocation strategy of prioritizing investment to grow the business over the long term.
Repurchases may be made through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. The Company intends to utilize its cash reserves to fund the share repurchase program.
About Globus Medical, Inc.
Based in Audubon, Pennsylvania, Globus Medical, Inc. was founded in 2003 by an experienced team of professionals with a shared vision to create products that enable surgeons to promote healing in patients with musculoskeletal disorders. Additional information can be accessed at www.globusmedical.com.
