Hologic Inc. today announced that it has authorized the repurchase of the company's common stock worth USD250 million over the next three years.

According to CrunchBase, Hologic is a developer, manufacturer and supplier of medical imaging systems and diagnostic and surgical products focused on women healthcare needs. It is headquartered in Bedford, Massachussets.  

Hologic has made five acquisitions since 2005, totaling USD10.6 billion. This include Cytyc, Third Wave Technologies, Interlace Medical, TCT International and Gen-Probe.

In a statement, Hologic President and CEO Jack Cumming said that the authorization of the stock repurchase program reflects the Board and other executives' confidence in the company's long-term strategy and growth prospects. The diagnostics product company is committed to delivering increased value and returning capital to stockholders, he added.

Under the buyback program, Hologic is authorized to repurchase, from time-to-time, shares of its outstanding common stock in the open market and privately negotiated transactions in the US.