Boston Scientific Announces $1.0B Share Repurchase Program
NATICK, Mass., July 28, 2011 /PRNewswire/ -- Boston Scientific Corporation's (NYSE: BSX) Board of Directors has approved a new program authorizing the repurchase of up to $1.0 billion of its common stock and re-approving the approximately 37 million shares remaining under an existing share repurchase program.
"This repurchase program reflects our confidence in the strength of the Company's long-term business prospects, earnings growth potential and our ability to generate strong cash flow," said Ray Elliott, President and Chief Executive Officer of Boston Scientific. "Having reduced our gross debt to $4.2 billion, which is consistent with our targeted capital structure, we believe this new program provides us with added flexibility in our commitment to delivering value to shareholders."
Any share repurchases are at the Company's discretion, subject to applicable law, market conditions, stock price and other factors.
About Boston ScientificBoston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
Cautionary Statement Regarding Forward-Looking StatementsThis press release contains 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 may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looki