Surgery Partners' board of directors authorized a share repurchase program that allows the company to repurchase up to $50 million of its common stock.
"The authorization of this share repurchase program underscores our commitment to creating value for our shareholders and our belief in the strength of our business and its underlying industry trends," said Interim CEO Clifford Adlerz. "We have a strong, diversified platform and see the opportunity to drive growth and optimize performance, creating value in our shares at the current valuation. We intend to maintain ample capital to support both internal and acquisition-based growth initiatives in line with our long-term strategy."
Here are five quick notes:
1. The timing and size of repurchasing is undetermined; it will depend on market conditions as well as other factors.
2. The company isn't obligated to repurchase any shares, although it may repurchase common stock at any time without prior notice.
3. Surgery Partners' share repurchases will be made in accordance with the applicable securities laws in an open market or they can be privately negotiated transactions.
4. There isn't an expected expiration date for the share repurchase program, although it can be suspended, recommenced or discontinued at any time or from time to time without prior notice.
5. Surgery Partners currently includes more than 150 locations in 29 states, including ASCs, surgical hospitals and other healthcare facilities.