Align Technology Repurchases $150 Million of Common Stock in Ongoing $1 Billion Program

Align Technology (Nasdaq:ALGN) has announced plans to repurchase $150 million of its own common stock as part of the company’s ongoing $1 billion stock repurchase program approved in January 2023. This move comes after executing several repurchases throughout the year, including a $250 million repurchase in February, another $250 million in an accelerated program in October, and a $100 million repurchase in November.

Based in Tempe, Arizona, Align Technology aims to carry out these repurchases while taking into account market conditions and various factors such as stock price, trading volume, general business and market conditions, and capital ability. The company intends to complete the repurchases by the end of July 2024 and finance them with its cash reserves. As of March 31, 2024, Align had approximately 75.3 million shares outstanding and $902.5 million in cash, cash equivalents, and short-term and long-term marketable securities.

John Morici, Align CFO and EVP of global finance, expressed confidence in the company’s ability to leverage its strong balance sheet and cash flow generation. He emphasized that the Board believes in Align’s potential to capitalize on its market opportunity while delivering value to shareholders. As a leader in clear aligners, Align Technology has made strategic investments in technology and scalability to drive growth and transformation in the orthodontic industry with the goal of making Invisalign the standard of care through a doctor-centered model.