Align Technology, Inc. (“Align”) (NASDAQ: ALGN), a leading global medical device company that designs, manufactures and markets the Invisalign System clear aligners, iTero intraoral scanners and exocad CAD/CAM software for digital orthodontic and restorative dentistry, today announced plans to repurchase $225 million of Align common stock through the open market. This move will complete the $1 billion share repurchase program approved by Align’s Board of Directors in January 2023.
“Today’s announcement of our plans to repurchase $225 million of common stock through the open market reflects our strong balance sheet and cash flow generation capabilities, as well as management and the Board’s continued confidence in our ability to execute on our significant market opportunity and return value to shareholders,” said John Morici, Align’s Chief Financial Officer and Executive Vice President of Global Finance.
“We have made strategic investments in technology and scalability to enable a new phase of growth for the orthodontic industry. We remain confident that through our physician-centric model, we can establish the Invisalign system as the standard of care in orthodontics.”
The open market repurchase of Align common stock will be conducted pursuant to a Rule 10b5-1 trading plan. The timing and amount of the repurchases will be based on an evaluation of market conditions and other factors, including share price, trading volume, general business and market conditions, and capital availability. The repurchases are expected to be completed in early May 2025 and will be funded from Align’s existing cash.
As of December 31, 2024, Align had approximately 73.8 million shares outstanding and $1,043.9 million in cash and cash equivalents.
Align Technology designs and manufactures the Invisalign system, the world’s most advanced clear aligner system, iTero intraoral scanners and services, and exocad CAD/CAM software.
These technology modules enhance digital orthodontic and restorative workflows, leading to improved patient outcomes and more efficient treatment for more than 271,600 physician customers, and are key to Align’s ability to capture the 600 million consumer market opportunity worldwide.
Over the past 28 years, Align has helped physicians treat approximately 19.5 million patients using the Invisalign system and is driving the transformation of digital dentistry through the Align Digital Platform, our unique combination of proprietary technologies and services that provide a seamless end-to-end solution for patients and consumers, orthodontists, general practitioners, and lab technicians/partners.
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