St Jude Medical announces new share repurchase scheme

St Jude Medical has announced a new share repurchase scheme worth up to $700 million (427.5 million pounds).

The company's board of directors has authorised the new repurchasing of outstanding common stock in light of its recent strong business performance, with the programme to be funded with cash on hand, as well as other sources of available liquidity.

Terms and timescale for the repurchases will be decided by St Jude's management and may be effected through transactions in the open market, in privately negotiated transactions or otherwise.

As of December 6th 2013, the company had approximately 292 million shares of common stock issued and outstanding. It has returned $3.8 billion of capital to shareholders since the beginning of 2010.

Daniel Starks, St Jude Medical's chairman, president and chief executive officer, said: "This share repurchase programme reflects our confidence in the continued growth of St Jude Medical's business, our sustainable free cash flow and our commitment to enhancing shareholder value."

During the third quarter of 2013, the firm generated net sales of $1.34 billion, up by three percent year on year.