NEW YORK (GenomeWeb) – Illumina's board of directors has authorized the repurchase of up to $250 million of its own common shares in the open market or in privately negotiated transactions, the firm said today.
The company also completed the existing discretionary authorization of $96 million that was repurchased since Illumina reported its third quarter earnings last month.
Although Illumina reported a 14 percent year-over-year increase in its third quarter revenues last month, the firm missed its target by 3 percent. It finished the quarter with $551.5 million in cash and cash equivalents and $887.9 million in short-term investments.
The repurchase program is "indicative of our strong financial position, which enables us to opportunistically execute share repurchases to deliver value to our shareholders, while investing in the long-term growth of the business," Illumina Senior Vice President and CFO Marc Stapley said in a statement. In addition, it "reflects our conviction in Illumina's long-term strategy and revenue growth trajectory, as we penetrate the many large, untapped market opportunities ahead," he added.
Shares of Illumina were up around 1 percent at $145.15 in early Monday trade on the Nasdaq.