Globus Medical’s board of directors authorized a share repurchase program of up to $500 million of the company’s outstanding common stock.
Timing and number of repurchased shares will be determined by management based on a variety of factors including market price of the shares, general business and market conditions, applicable legal requirements and alternative investment opportunities, according to a May 15 news release.
“We believe the recent volatility in our share price has created a meaningful disconnect between our intrinsic value and our market valuation,” Keith Pfeil, CFO and COO, said in the release. “Given our strong track record of growth and profitability, we are confident in the long-term strength of our business. This repurchase authorization reflects that confidence and reinforces our commitment to delivering long-term value to our shareholders.”
