SAN DIEGO, Aug 03, 2011 (BUSINESS WIRE) -- Illumina (Nasdaq:ILMN) today announced that on August 1, 2011, its Board of Directors authorized the Company to repurchase, on a discretionary basis, up to $100 million of its outstanding common shares in the open market or in privately negotiated transactions, subject to market conditions and other factors. The previous discretionary $100 million share repurchase program authorized in July 2010 was completed this week.
"We believe that the repurchase of our common stock represents an effective use of our capital and underscores our commitment to maximize value for our shareholders," said Illumina's Christian Henry, Senior Vice President, General Manager of Life Sciences and Chief Financial Officer. "Since 2008, we have bought over 12 million shares of our common stock through prior authorizations, returning nearly $450 million to shareholders. Through the Board's new authorization, we expect to continue our share repurchase programs."
Illumina (http://www.illumina.com) is a leading developer, manufacturer, and marketer of life science tools and integrated systems for the analysis of genetic variation and function. We provide innovative sequencing and array-based solutions for genotyping, copy number variation analysis, methylation studies, gene expression profiling, and low-multiplex analysis of DNA, RNA, and protein. We also provide tools and services that are fueling advances in consumer genomics and diagnostics. Our technology and products accelerate genetic analysis research and its application, paving the way for molecular medicine and ultimately transforming healthcare.
This release contains forward-looking statements that involve risks and uncertainties, including statements we make regarding future discretionary share repurchases. Important factors that could cause actual results to differ materially from those in any forward-looking statements are detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We do not intend to update any forward-looking statements after the date of this release.