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8-K - FORM 8-K - SYNOVIS LIFE TECHNOLOGIES INC | c56812e8vk.htm |
Exhibit 99.1
FROM:
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FOR: | |
Padilla Speer Beardsley Inc.
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Synovis Life Technologies, Inc. | |
1101 West River Parkway
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2575 University Ave. | |
Minneapolis, Minnesota 55415
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St. Paul, Minnesota 55114 | |
CONTACT:
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CONTACT: | |
Nancy A. Johnson/Marian Briggs
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Brett Reynolds, CFO | |
(612) 455-1745/ (612) 455-1742
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(651) 796-7300 |
FOR IMMEDIATE RELEASE
SYNOVIS LIFE TECHNOLOGIES ANNOUNCES NEW SHARE REPURCHASE PROGRAM
ST. PAUL, Minn., March 8, 2010 Synovis Life Technologies, Inc. (Nasdaq: SYNO), a leading
biomaterial and surgical products company, today announced that its board of directors has approved
a program for the company to repurchase up to 1 million shares of its common stock, in addition to
the approximately 66,000 shares remaining to be purchased under an existing share repurchase
program approved by the board in September 2009. Synovis plans to make purchases in either the
open market or through private transactions from time to time, in accordance with Securities and
Exchange Commission regulations. The timing and extent to which the company buys back shares will
depend on market conditions and other corporate considerations. The repurchase program does not
have an expiration date. As of Jan. 31, 2010, the company had $56.5 million in cash, cash
equivalents and investments. This represents the third stock buyback Synovis has announced in less
than two years.
Richard W. Kramp, president and chief executive officer, said, We are pleased to announce
that our board has authorized an additional share repurchase program. This action clearly reflects
our boards confidence in the companys financial strength, the long-term value of Synovis and our
overall commitment to our shareholders. We believe that our stock is undervalued in the market..
Kramp continued, Synovis offers a comprehensive portfolio of products for soft tissue repair,
and we are positioned for growth in several large, expanding markets. Our Veritas®
products are rapidly gaining acceptance among physicians. Additionally, the Flow Coupler just
received FDA marketing clearance, doubling our microsurgical opportunity. At Synovis Orthopedic and
Wound we recently hired and trained a direct U.S. sales team, with each sales representative
focused on establishing their respective
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Synovis Life Technologies, Inc.
March 8, 2010
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March 8, 2010
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territory. With a strong balance sheet, we have the resources to conduct another stock buyback
and invest in current operations to maximize our market opportunities while still being able to
respond to attractive M&A opportunities.
About Synovis Life Technologies, Inc.
Synovis Life Technologies, Inc., a diversified medical device company based in St. Paul,
Minn., develops, manufactures and markets mechanical and biological products used by several
surgical specialties to facilitate the repair and reconstruction of soft tissue damaged or
destroyed by disease or injury. The companys products include implantable biomaterials for soft
tissue repair, devices for microsurgery and surgical tools all designed to reduce risks and/or
facilitate critical surgeries, improve patient outcomes and reduce healthcare costs. For additional
information on Synovis Life Technologies and its products, visit the companys Web site at
www.synovislife.com.
Forward-looking statements contained in this press release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements can be
identified by words such as should, could, may, will, expect, believe, anticipate,
estimate, continue, or other similar expressions. Certain important factors that could cause
results to differ materially from those anticipated by the forward-looking statements made herein
include the timing of product introductions, the ability of our expanded direct sales force to grow
revenues, the impact of increased competition in various markets we serve, the ability to
re-establish our newly acquired Orthopedic and Wound products in the marketplace, outcomes of
clinical and marketing studies as well as regulatory submissions, the number of certain surgical
procedures performed, the ability to identify, acquire and successfully integrate suitable
acquisition candidates, any operational or financial impact from the current global economic
downturn, the potential impact of proposed healthcare reform legislation, as well as other factors
found in the Companys filings with the SEC, such as the Risk Factors section in Item 1A of the
Annual Report on Form 10-K for the year ended October 31, 2009.
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