NEW YORK (GenomeWeb News) – Illumina said today that its board of directors has approved the repurchase of up to $120 million of its common stock.
"Given the underlying strength of Illumina's business and the recent turbulence in the equity markets, we think our current stock price is undervalued,” said Illumina President and CEO Jay Flatley. “Therefore, we believe the stock buy-back program is in the best interests of our stockholders.”
Earlier this week, the firm posted third-quarter revenue growth of 54 percent to $150.3 million.
Illumina said that the purchases would be made on the open market or through privately negotiated transactions. It will fund the purchases with existing cash balances, it said.