Premier, Inc. (NASDAQ: PINC), a leading healthcare improvement company, announced that its Board of Directors approved a share repurchase program under which the company may repurchase up to $250 million of its outstanding Class A common stock through the remainder of fiscal year 2022. The Board also approved a 5.3% increase in the company’s quarterly cash dividend to $0.20 per share. The cash dividend will be payable on September 15, 2021, to stockholders of record as of the close of business on September 1, 2021.
“The Board’s approval of our new share repurchase program and increase to our dividend demonstrates our balanced approach to capital allocation – one that prioritizes investments in growth, both organically and through acquisitions, that we believe will further strengthen our ability to deliver innovative, technology-based solutions for our members and other customers,” said Michael J. Alkire, President and CEO of Premier. “In addition, the Board’s decision reflects the strength of our financial position, our confidence in our future and our commitment to returning capital to our stockholders.”
The company expects to execute the necessary agreements and documentation to initiate the contemplated repurchase program during the next open trading window under the company’s insider trading policy, scheduled to occur shortly after fiscal 2021 fourth-quarter financial results are reported on August 17, 2021. However, there can be no assurance when or whether the repurchase program will be initiated or regarding the number of shares of Class A common stock that will be purchased under the program.
About Premier, Inc.
Premier, Inc. (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of more than 4,100 U.S. hospitals and health systems and approximately 200,000 other providers and organizations to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and consulting and other services, Premier enables better care and outcomes at a lower cost. Premier plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare. Please visit Premier’s news and investor sites on www.premierinc.com; as well as Twitter, Facebook, LinkedIn, YouTube and Instagram for more information about the company.
Cautionary Note Regarding Forward-Looking Statements
Statements made in this release that are not statements of historical or current facts, such as those related to Premier’s plans with respect to the repurchase program, including the possibility that the repurchase program is not adopted, the expected size of the repurchase program, or the possible suspension of or discontinuance of the repurchase program once adopted, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Premier to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. Forward-looking statements may include comments as to Premier’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside Premier’s control. More information on potential factors that could affect Premier’s financial results is included from time to time in the “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Premier’s periodic and current filings with the SEC and available on Premier’s website at investors.premierinc.com. Forward looking statements speak only as of the date they are made. Premier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date.
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