Illumina To Repurchase $75 Million Worth Of Shares

NEW YORK (AP) — Illumina Inc. said Monday it plans to buy back $75 million worth of its common stock.

The San Diego-based maker of genetic research equipment said it will purchase the shares with cash. The company bought back $70.7 million in outstanding common stock a year ago.

"Given the continued strength of our cash flow, we believe that this program is an effective mechanism to return value to our shareholders," Jay Flatley, Illumina's president and CEO, said in a statement.

Illumina currently has 124.1 million outstanding shares. Its stock fell 28 cents to close Monday trading at $35.28. At current prices the repurchase plan would cover about two million shares.