IRVINE, Calif., Sept. 14, 2005 -- Edwards Lifesciences Corporation (NYSE: EW), the world leader in products and technologies to treat advanced cardiovascular disease, announced today that its Board of Directors authorized a new share repurchase program allowing the repurchase of up to 2 million shares of its outstanding common stock. Additionally, the Board approved a $15 million contribution to The Edwards Lifesciences Fund, a charitable fund.
"The new share repurchase program demonstrates our confidence in Edwards' future and enables us to offset the dilution of shares issued under our employee ownership programs," said Michael A. Mussallem, Edwards Lifesciences' chairman and CEO.
The company expects to continue repurchasing shares under its existing 2 million share repurchase program that was initiated in May 2004. Under that authorization, Edwards has repurchased 1.5 million shares for a total of $59.8 million. Since becoming a publicly traded company in 2000, the company has repurchased 5.5 million shares for a total of $170.5 million. As of July 30, 2005, the company had approximately 59.8 million common shares outstanding.
Edwards Donates $15 Million to The Edwards Lifesciences Fund
"The additional $15 million funding of The Edwards Lifesciences Fund completes our goal to establish an endowment that enables us to expand our support of the communities we serve," continued Mussallem. "We are fortunate to be able to take this action, based in part on the company's strong operating performance this year."
Earlier this year the company announced the creation of The Edwards Lifesciences Fund with an initial contribution of $5 million to provide philanthropic support to cardiovascular-related charitable causes that further advance knowledge in the field and improve the quality of life for patients. The additional $15 million contribution will result in a special after-tax charge of approximately $9 million that will be recorded in the third quarter.
About Edwards Lifesciences
Edwards Lifesciences, a leader in advanced cardiovascular disease treatments, is the number-one heart valve company in the world, and the global leader in acute hemodynamic monitoring. Headquartered in Irvine, Calif., Edwards focuses on specific cardiovascular opportunities including heart valve disease, peripheral vascular disease and critical care technologies. The company's global brands, which are sold in approximately 100 countries, include Carpentier-Edwards, Cosgrove-Edwards, Fogarty, LifeStent, PERIMOUNT, and Swan-Ganz. Additional company information can be found at http://www.edwards.com/. Information about The Edwards Lifesciences Fund can be found at http://www.Edwards.com/EdwardsFund.
This news release includes forward-looking statements that involve risks and uncertainties including those related to the company's strong financial performance this year, the ability to fund any potential share repurchases and/or offset the dilution of shares issued under employee ownership programs, and other statements that refer to expectations, projections or other characterizations of future performance of the company. Other more general risk factors are detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results or experience could differ materially from the forward-looking statements.
Edwards Lifesciences and Edwards are trademarks of Edwards Lifesciences Corporation. Carpentier-Edwards, Cosgrove-Edwards, Fogarty, PERIMOUNT and Swan-Ganz are trademarks of Edwards Lifesciences Corporation and are registered in the U.S. Patent and Trademark Office. LifeStent is a trademark of Edwards Lifesciences AG.
Contact Information :
Media, Amanda C. Fowler, +1-949-250-5070, or Investors, David K. Erickson, +1-949-250-6826, both of Edwards Lifesciences Corporation