A Medical Device Daily

Stryker (Kalamazoo, Michigan) said its board has authorized the company to repurchase up to $750 million of its common stock. Stryker had 397.7 million shares of common stock outstanding as of Oct. 31.

The company said that the manner, timing and amount of any purchases will be determined by management based on market conditions, stock price and other factors and will be subject to regulatory considerations.

"We continue to be pleased with our strong financial position," said Stephen MacMillan, president/CEO. "The actions of our board of directors today again demonstrate that we have the strength to continue to pursue investments in our business while returning significant capital to our shareholders through share repurchases and dividends."

Stryker's products include implants used in joint replacement, trauma, craniomaxillofacial and spinal surgeries; biologics; surgical, neurologic, ear, nose & throat and interventional pain equipment; endoscopic, surgical navigation, communications and digital imaging systems; as well as patient handling and emergency medical equipment.

In other financing activity, TelaDoc Medical Services (Dallas), a provider of telehealth medical consults, reported a $9 million investment to fund its next phase of growth.

Lead investor, HLM Venture Partners, was joined by healthcare specialist Cardinal Partners, along with existing investor, Trident Capital.

TelaDoc is a national network of board-certified physicians providing telehealth consultations 24/7, with its physicians using detailed clinical histories to remotely diagnose and recommend treatment. The TelaDoc model is designed to handle a significant portion of non-emergent medical cases and can resolve routine medical issues in a fraction of the time and cost often spent accessing care from urgent care facilities, emergency departments, or physician offices, TelaDoc said.