NEW YORK – QuidelOrtho announced on Wednesday that its board of directors has authorized the repurchase of $300 million shares of common stock over the next two years.
In a statement, the newly merged entity said the repurchase reflects the firm's confidence in its strong balance sheet and cash generation.
"This announcement just months after the close of QuidelOrtho's formative transaction reflects the substantial synergies already identified from our integration, as well as our confidence in our long-term growth strategy, the sustainability of our broad base of recurring revenues, and the durability of our strong margin profile," said Douglas Bryant, QuidelOrtho's chairman and CEO.
The firm will also continue to prioritize investments in research and development as well as manufacturing capacity expansion, Bryant added.
The share repurchase authorization permits QuidelOrtho to repurchase, on a discretionary basis, up to $300 million of its outstanding shares of common stock in the open market or in privately negotiated transactions, subject to market conditions and other factors, the firm said.