Edwards Lifesciences (NYSE:EW) announced today that it executed an accelerated share repurchase agreement (ASR) worth $750 million.
Irvine, California-based Edwards’ ASR consists of the repurchasing of its common stock. With the transaction, Edwards repurchased more than $1.7 billion in its own shares in 2022.
Under the ASR terms, the company received an initial delivery of approximately 8 million shares. The remainder arrives at the maturity of the ASR. Edwards said the final number of repurchased shares relies upon the volume-weighted average share price during the agreement term.
The company plans to fund the share repurchase under the ASR with its existing cash. Edwards said that, following the repurchase, it has approximately $900 million remaining in its share repurchase authorization.
Edwards’ share repurchase comes less than a week after its stock took a hit on third-quarter financial results. EW shares fell more than 18% to $70.49 apiece on Oct. 28 after the company released its earnings.
The cardio device developer said persistent U.S. hospital staffing shortages and COVID headwinds in Japan impacted its TAVR sales. Edwards’ TAVR sales only grew 1% year-over-year in Q3, reaching $862 million.
Shares bounced back since then, though. On the back of the repurchase news, EW shares ticked up 0.6% to $72.86 apiece as the market opened today.