EDWARDS LIFESCIENCES ANNOUNCES $750 MILLION ACCELERATED SHARE REPURCHASE

Rhea-AI Summary

Edwards Lifesciences (NYSE: EW) has initiated an accelerated share repurchase (ASR) agreement worth $750 million. This move marks a total of over $1.7 billion in shares repurchased by the company in 2022. The ASR will provide an initial delivery of around 8 million shares, with the final amount contingent on the average share price during the agreement's term. Funding for this ASR comes from existing cash reserves, leaving approximately $900 million available under their share repurchase authorization.

Positive

• Repurchasing $750 million in shares boosts shareholder value.
• Total shares repurchased in 2022 exceed $1.7 billion, indicating strong commitment to returning capital to shareholders.

Negative

• None.

IRVINE, Calif., Nov. 1, 2022 /PRNewswire/ -- Edwards Lifesciences (NYSE: EW) today announced that it has executed an accelerated share repurchase agreement ("ASR") to repurchase $750 million of Edwards' common stock.  With this transaction, Edwards has repurchased more than $1.7 billion of shares in 2022.

Under the terms of this ASR, Edwards will receive an initial delivery of approximately 8 million shares and the remainder at the maturity of the ASR.  The final number of shares to be repurchased will be based on the volume weighted average share price during the term of the agreement.  The company is funding the share repurchase under the ASR with its existing cash.

Following this repurchase, Edwards has approximately $900 million remaining in its share repurchase authorization approved by its Board of Directors.

About Edwards Lifesciences         

Edwards Lifesciences is the global leader of patient-focused innovations for structural heart disease and critical care monitoring.  We are driven by a passion for patients, dedicated to improving and enhancing lives through partnerships with clinicians and stakeholders across the global healthcare landscape. For more information, visit Edwards.com and follow us on Facebook, Instagram, LinkedIn, Twitter and YouTube.

 

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SOURCE Edwards Lifesciences Corporation

FAQ

What is the purpose of Edwards Lifesciences' $750 million share repurchase?

The $750 million share repurchase is aimed at enhancing shareholder value by reducing the number of outstanding shares, thereby potentially increasing earnings per share.

How many shares will Edwards repurchase in the accelerated share repurchase agreement?

Edwards will initially receive approximately 8 million shares, with the final number determined by the average share price during the ASR term.

What is the total amount of shares repurchased by Edwards in 2022?

In 2022, Edwards has repurchased more than $1.7 billion in shares.

How is Edwards financing the share repurchase?

The share repurchase is being funded with Edwards' existing cash reserves.

How much remaining share repurchase authorization does Edwards have?

After this ASR, Edwards has approximately $900 million remaining in its share repurchase authorization.