A Medical Device Daily

Quest Diagnostics (Madison, New Jersey), a provider of diagnostic testing, information and services, reported that its board has authorized $500 million in share repurchases.

The company reported about 190 million common shares outstanding as of Dec. 31, 2008.

"This repurchase program demonstrates confidence in our performance and commitment to increasing shareholder value," said Surya Mohapatra, PhD, CEO and chairman of Quest.

In 2008, the company repurchased about 5.5 million of its common shares for $254 million, exhausting its prior repurchase authorization, it said.

In other financing news, PhotoMedex (Montgomeryville, Pennsylvania) reported at its 2009 Annual Stockholders' meeting yesterday that it plans to amend its certificate of incorporation to effect a reverse stock split of its outstanding common stock at an exchange ratio of 1-for-7 and authorize its board to implement the reverse stock split at any time prior to the 2010 annual meeting of stockholders.

The company also said it plans to increase the number of authorized shares of common stock from 100 million to 150 million.

Additionally, the company said it has elected Richard DePiano, Jeffrey O'Donnell, Alan R. Novak, Anthony Dimun, David Anderson, Wayne Withrow and Stephen Connelly to its board.

PhotoMedex is developing an excimer laser and fiber optic systems and techniques for dermatological applications, with FDA 510(k) clearances to market the Xtrac laser system for the treatment of psoriasis, vitiligo and atopic dermatitis.