Intuitive Surgical To Buy Back $1 Bln Shares From Goldman Sachs

(RTTNews) - Intuitive Surgical, Inc. (ISRG) Friday said it will buy back $1 billion of its common stock from Goldman, Sachs & Co. (GS) under an accelerated share repurchase program. The company expects to fund the accelerated repurchase through cash and investments. Intuitive expects to receive and retire the shares within two weeks and the remaining of the process will happen in early November 2014. Gary Guthart, president and CEO of Intuitive Surgical commented: ""Our decision to repurchase $1 billion in Intuitive Surgical stock on an accelerated basis reflects our long-term view of the value our company can bring to patients, surgeons and hospitals."