Align Technology, Inc. (Nasdaq: ALGN), a leading medical device company renowned for its Invisalign® clear aligners and iTero™ scanners, has announced intentions to conduct a $150 million open market repurchase. This initiative is part of the company’s $1.0 billion stock repurchase program authorized by the Board of Directors in January 2023.
John Morici, Align’s CFO and executive vice president of global finance, highlighted Align’s robust financial position and ongoing confidence in their market potential. He emphasized the company’s commitment to shareholders while driving growth and innovation in the orthodontic sector, aiming to establish the Invisalign® system as the gold standard.
The $150 million open market repurchase program will be conducted in accordance with a Rule 10b5-1 trading plan. The timing and quantity of shares repurchased will be determined based on various factors, including market conditions and capital availability. This initiative is expected to conclude by July 2024 and will be funded using Align’s existing cash reserves, which stood at approximately $902.5 million as of March 31, 2024, with around 75.3 million shares outstanding.
Align Technology, Inc. is renowned for its Invisalign® system, iTero™ scanners, and exocad™ CAD/CAM software, which collectively enhance digital orthodontic and restorative workflows. With over 261 thousand doctor customers and access to a consumer market of 600 million worldwide, Align has facilitated treatment for over 17.6 million patients in its 27-year history. The company’s Align Digital Platform™ integrates various proprietary technologies to provide seamless solutions for patients, orthodontists, GP dentists, and lab/partners.
