Bio-Rad Announces New Share Repurchase Program
July 20 2023 - 4:30PM
Business Wire
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader
in life science research and clinical diagnostic products, today
announced that its board of directors approved a new share
repurchase program that grants the Company authority to repurchase
up to $500 million of outstanding shares of its common stock.
“The new share buyback authorization is consistent with our
disciplined approach and demonstrates our continued commitment to
using this tool as part of our capital allocation strategy," said
Norman Schwartz, Bio-Rad’s Chief Executive Officer.
The Company previously announced on June 5, 2023, that it had
completed the repurchase of all of its common stock authorized
under the prior share repurchase program approved by the Company’s
board of directors.
Repurchases under the new share repurchase program may be made
at management's discretion from time to time on the open market or
through privately negotiated transactions. The new share repurchase
program has no time limit and may be suspended or discontinued at
any time. Any shares acquired will be available for general
corporate purposes, including supporting employee stock plans,
funding acquisitions, and minimizing dilution from stock
issuances.
About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) is a leader in
developing, manufacturing, and marketing a broad range of products
for the life science research and clinical diagnostics markets.
Based in Hercules, California, Bio-Rad operates a global network of
research, development, manufacturing, and sales operations with
over 8,300 employees and $2.8 billion in revenues in 2022. Our
customers include universities, research institutions, hospitals,
food safety and environmental quality laboratories, and
biopharmaceutical companies. Together, we develop innovative,
high-quality products that advance science and save lives. To learn
more, visit bio-rad.com.
This release may be deemed to contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, statements we make regarding our new share
repurchase program and our continued commitment to using this tool
as part of our capital allocation strategy. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "plan", "believe," "expect,"
"anticipate," "may," "will," "intend," "estimate," "continue," or
similar expressions or the negative of those terms or expressions,
although not all forward-looking statements contain these words.
Such statements are based on assumptions and expectations of future
events that are subject to risks and uncertainties, which could
cause actual results to vary materially from the plans, goals, and
expectations expressed in or indicated by the forward-looking
statements. These risks and uncertainties include the impact of the
COVID-19 pandemic, supply chain risks, our ability to develop and
market new or improved products, our ability to compete
effectively, global economic and geopolitical conditions,
reductions in government funding and the capital spending programs
of our customers, international legal and regulatory risks, and
product quality and liability issues. For further information
regarding our risks and uncertainties, please refer to the "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operation" in Bio-Rad’s public reports
filed with the Securities and Exchange Commission, including our
most recent Annual Report on Form 10-K and our Quarterly Reports on
Form 10-Q. Bio-Rad cautions you not to place undue reliance on
forward-looking statements, which reflect an analysis only and
speak only as of the date hereof. We disclaim any obligation to
update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230720208629/en/
Investor Contact: Edward Chung, Investor Relations
510-741-6104 ir@bio-rad.com Media Contact: Anna Gralinska,
Corporate Communications 510-741-6643 pr@bio-rad.com
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