SonoSite, a provider of point-of-care ultrasound systems, has begun a stock repurchase program under which the company may purchase up to $50 million of its common stock over the next 12 months.
Since February 2010, SonoSite has repurchased a total of approximately three million shares of its common stock through a modified “Dutch Auction” tender offer at a total cost of $88.8 million.
The Bothell, Wash.-based company may repurchase its common stock from time to time, in amounts, at prices and at such times as it deems appropriate, all subject to market conditions and other considerations. The company also expects to establish Rule 10b5-1 trading plans to affect such purchases when appropriate.
Sonosite said that the program does not obligate it to acquire any particular amount of common stock and the program may be modified or suspended at any time at the company’s discretion. Any repurchases would be funded from available cash on hand.
As of March 31, the company reported had approximately $178 million in cash, cash equivalents and short-term investment securities.