Medical equipment company Cooper Cos. has expanded its stock repurchase plan by $1 billion.

Cooper Cos. announced that its board of directors has approved an increase of $1 billion in the stock buyback program. The medical equipment company stated on Wednesday that the total size of its stock buyback program has now reached $20 billion. CEO Al White stated that this decision reflects the company's strong balance sheet and the board's confidence in the company's long-term growth.