MINNEAPOLIS, Nov. 13, 2014 (GLOBE NEWSWIRE) -- Vascular Solutions, Inc. (Nasdaq:VASC) today announced that its Board of Directors has authorized a share repurchase plan for up to $20 million of Vascular Solutions' common stock.
Under the plan, shares may be repurchased from time to time through open market transactions, block purchases, or private transactions at any time through December 31, 2015. The timing of purchases and the number of shares to be purchased will depend on market conditions. The plan does not obligate the company to acquire any specific number of shares and may be discontinued at any time.
Vascular Solutions currently has approximately 17.2 million shares outstanding. The company intends to fund any share repurchases with currently available working capital. At September 30, 2014, the company had cash and cash equivalents of $42 million and no debt.
About Vascular Solutions
Vascular Solutions, Inc. is an innovative medical device company that focuses on developing unique clinical solutions for coronary and peripheral vascular procedures. The company's product line consists of more than 80 products in three categories: catheter products, hemostat products and vein products. Vascular Solutions delivers its products to interventional cardiologists, interventional radiologists, electrophysiologists, and vein specialists through its direct U.S. sales force and international independent distributor network.
The information in this press release contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements. Important factors that may cause such differences include those discussed in our Annual Report on Form 10-K for the year ended December 31, 2013 and other recent filings with the Securities and Exchange Commission. The risks and uncertainties include, without limitation, risks associated with the need for adoption of our new products, lack of sustained profitability, exposure to intellectual property claims, significant variability in quarterly results, exposure to possible product liability claims, the development of new products by others, doing business in international markets, the availability of third party reimbursement, and actions by the FDA.
For further information, connect to www.vasc.com.