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Volcano Corporation Announces $200 Million Share Repurchase Authorization
Date:12/2/2013

SAN DIEGO, Dec. 2, 2013 /PRNewswire/ -- Volcano Corporation (NASDAQ: VOLC), a leading developer and manufacturer of precision guided therapy tools designed to enhance the diagnosis and treatment of coronary and peripheral vascular disease, today announced that its Board of Directors has authorized a $200 million share repurchase program.  The Company intends to fund share repurchases with cash on hand. 

As part of the program, Volcano will enter into a $100 million Accelerated Share Repurchase ("ASR") with J.P. Morgan Securities LLC ("JPMorgan"), as agent for JPMorgan Chase Bank, National Association, London Branch.  Under the ASR agreement, Volcano will pay $100 million to JPMorgan and will receive from JPMorgan an initial delivery of 3,557,137 shares of Volcano's common stock.  The final number of shares to be repurchased by Volcano under the agreement will be determined at the completion of the ASR program and will be based generally on the daily volume-weighted average share price of the Company's common stock during a period of up to approximately four months, less an agreed-to discount.  At settlement, the Company may receive additional shares of common stock from JPMorgan or, under certain circumstances, may be required to deliver shares of common stock or remit a settlement amount in cash, at the Company's option, to JPMorgan upon completion of the program.  All common shares repurchased under the ASR program will be retired.

"The Board of Directors believes this repurchase authorization and accelerated share repurchase program underscores our confidence in Volcano's prospects and long-term outlook," said Scott Huennekens, President and Chief Executive Officer of Volcano Corporation.  "Volcano's strong balance sheet provides us with the financial flexibility to retu
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