NEW YORK (GenomeWeb) – Bruker announced today that its board of directors has approved a new $225 million share repurchase program.
The firm said the repurchase program commenced yesterday and will run for two years. During that time Bruker may repurchase its common stock from time to time in amounts and at prices that it deems appropriate. It added that the repurchases may be made on the open market, privately negotiated, or through other transactions.
"Our new $225 million share buyback program reflects our confidence in the progress Bruker is making in its transformation and in its ongoing margin expansion," Frank Laukien, president and CEO of Bruker, said in a statement. "With a strong balance sheet and improving cash flow, we now have flexibility to return capital to shareholders, while we continue to invest for profitable growth."
Bruker said that it also is suspending its previous share repurchase program until Jan. 1, 2017. Under that program the firm was authorized to repurchase its common stock in amounts that were intended to offset, on an annual basis, the dilutive effect of shares that were issued pursuant to option awards or restricted stock grants under the company's long-term equity incentive plans. Bruker had repurchased around 1.25 million shares of its stock for approximately $24.9 million under that program.
The firm recently reported that as of the end September it held $331 million in cash and cash equivalents, and $201.3 million in short-term investments.
In early Friday trade on the Nasdaq, shares of Bruker were up around 1 percent at $21.02.