NEW YORK (360Dx) – Oxford Immunotec on Sunday said that its board has approved a share repurchase program of up to $100 million of the company's outstanding ordinary shares over a five-year period.
The program will be presented for shareholder approval on or before the company's annual general shareholder meeting on June 18.
Under the program, share repurchases will be made in the open market or in any private transaction, from time-to-time and in accordance with applicable laws, rules, and regulations, Oxford Immunotec said.. The timing and actual number of shares repurchased will depend on a variety of factors including price, market conditions, and applicable legal requirements.
The share repurchase program does not obligate the company to repurchase any specific number of shares and may be suspended or terminated at any time without prior notice, Oxford Immunotec said.
"Today's announcement reflects our continued confidence in our independent growth prospects, and reinforces our commitment to deliver value to our shareholders," Oxford Immunotec CEO Peter Wrighton-Smith said in a statement. "We believe the potential to repurchase our shares around recent levels represents a highly compelling opportunity to deploy some of the proceeds from the divestiture of our US laboratory services business late last year. The plan approved by the board provides the company with the flexibility to pursue share repurchases that enhance shareholder value while still maintaining ample capital for investments in the business."
Also on Sunday, Oxford Immunotec noted that Wrighton-Smith plans to reaffirm fiscal fourth quarter growth expectations when he presents at the JP Morgan Healthcare conference this week. As previously disclosed, the company expects double-digit T-Spot.TB test volume growth in the US, strong year-over-year revenue growth in Asia, and an acceleration in year-over-year revenue growth in Europe and the rest of world.