A Medical Device Daily

Illumina (San Diego) reported that its board has approved a stock repurchase program, authorizing the company to repurchase in the aggregate up to $120 million of its outstanding common stock.

"Given the underlying strength of Illumina's business and the recent turbulence in the equity markets, we think our current stock price is undervalued. Therefore, we believe the stock buy-back program is in the best interests of our stockholders," said President/CEO Jay Flatley.

The company also said that the purchases will be funded from already existing cash balances.

Illumina is life sciences company thatis a developer of life science tools and integrated systems for the large-scale analysis of genetic variation and biological function.