Brentwood, Tenn.-based Ardent Health’s board of directors has authorized a share repurchase program of up to $50 million.
“With a strong balance sheet and significant financial capacity, we are well positioned to act decisively when market conditions present attractive opportunities,” Marty Bonick, president and CEO of Ardent Health, said in a Nov. 18 news release. “The program enhances our flexibility to deploy capital in ways that align with our view of intrinsic value, while continuing to invest in strategic growth initiatives that advance our mission and expand our reach.”
Existing cash resources will fund the program and will not limit Ardent Health’s ability to pursue strategic growth, including M&A activity. The health system reported $609 million in cash and a lease-adjusted net leverage ratio of 2.5x at the end of the third quarter.
Ardent Health comprises 30 acute care hospitals, 280 care sites and more than 1,800 employees across six states, the release said.
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