06.08.15
Pleasanton, Calif.-based Natus Medical Inc. is expanding its existing stock repurchase program. The board has authorized the repurchase of up to an additional $20 million of the medical device company’s common stock. There is no expiration date for the program. In June last year, the company announced the adoption of a share repurchase program for the repurchase of up to $10 million of said stock, which the company expects to complete by June 30 this year.
Natus intends to use cash on hand, cash generated from operations, existing credit facilities or other financing to fund the share repurchase program. As of March 31, the company had cash and cash equivalents of approximately $67 million and availability under an existing line of credit of $25 million.
The timing and amount of repurchases will be subject to applicable legal requirements including federal and state securities laws. Purchases will be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or in privately negotiated transactions.
Natus makes healthcare products and services used for the screening, detection, treatment, monitoring and tracking of common medical ailments in neurological dysfunction, epilepsy, sleep disorders, newborn care, hearing impairment and balance and mobility disorders.
Natus intends to use cash on hand, cash generated from operations, existing credit facilities or other financing to fund the share repurchase program. As of March 31, the company had cash and cash equivalents of approximately $67 million and availability under an existing line of credit of $25 million.
The timing and amount of repurchases will be subject to applicable legal requirements including federal and state securities laws. Purchases will be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or in privately negotiated transactions.
Natus makes healthcare products and services used for the screening, detection, treatment, monitoring and tracking of common medical ailments in neurological dysfunction, epilepsy, sleep disorders, newborn care, hearing impairment and balance and mobility disorders.