Illumina, a San Diego-based sequencing and array-based technologies provider, has announced that its board of directors has authorized the company to repurchase, on a discretionary basis, up to $250 million of its outstanding common shares in the open market or in privately negotiated transactions, subject to market conditions and other factors. The company also announced the completion of the existing discretionary authorization of $96 million that was repurchased since the company reported earnings on Oct. 20.

“This announcement reflects our conviction in Illumina’s long-term strategy and revenue growth trajectory, as we penetrate the many large, untapped market opportunities ahead," said Marc Stapley, senior vice president and chief financial officer at Illumina. “It is also indicative of our strong financial position, which enables us to opportunistically execute share repurchases to deliver value to our shareholders, while investing in the long-term growth of the business.”