California-based surgical robotics major Intuitive Surgical said that its board of directors has authorized the repurchase of around $300 million of the company's outstanding common stock. The company, in connection with the repurchase, has entered into a collared accelerated share repurchase program (ASR Program) with Goldman, pursuant to which Intuitive will repurchase $150 million of its common stock from Goldman. 

The majority of the shares purchased under the ASR Program will be received and retired within 2 weeks. The remaining shares, if any, under the program will be received and retired by June, although they could be received earlier if the ASR Program is ended earlier.

Additional purchases by the company under the remaining authorization, or $150 million may be made from time to time in open market purchases, privately negotiated transactions, accelerated stock repurchase programs, issuer self-tender offers or otherwise, as determined by the company's management. The company expects to fund the $300 million program through cash and investments. As of December 31, 2008, the company had approximately $902 million of cash, cash equivalents and investments.

The company’s da Vinci(r) Surgical System consists of a surgeon's viewing and control console having an integrated, high-performance InSite(r) 3-D, high definition vision system, a patient-side cart consisting of three or four robotic arms that position and precisely maneuver endoscopic instruments and an endoscope, and a variety of articulating EndoWrist(r) Instruments.

The da Vinci(r) Surgical System seamlessly and directly translates the surgeon's natural hand, wrist and finger movements on instrument controls at the surgeon's console outside the patient's body into corresponding micro-movements of the instrument tips positioned inside the patient through small puncture incisions, or ports.