Align Technology announces US$150m open market repurchase

Align Technology has announced that it is planning to repurchase US$150m of Align’s common stock through open market repurchases under Align’s $1bn stock repurchase programme that was approved by Align’s board of directors in January 2023.

Open market repurchase
(Image: Align Technology)

“Today’s announcement of Align’s $150m open market repurchases reflects the strength of our balance sheet and cash flow generation, as well as management’s and the board’s continued confidence in our ability to capitalise on our large and untapped market opportunity while allowing us to provide value back to our shareholders,” said John Morici, Align CFO and executive vice-president, global finance.

The open market repurchases of Align’s common stock will be executed pursuant to a Rule 10b5-1 trading plan. The timing and number of shares repurchased will be based on an evaluation of market conditions and other factors, including stock price, trading volume, general business and market conditions, and capital availability.

The repurchases are expected to be completed by the end of July 2024 and will be funded with Align’s cash on hand. As of 31 Mar 2024, Align had approximately 75.3 million shares outstanding and $902.5mi in cash, cash equivalents and short-term and long-term marketable securities.

“As the leader in clear aligners, we have made strategic investments in technology and scalability to enable a new phase of growth to transform the orthodontic industry and we remain confident in our ability to make the Invisalign® system the standard of care in orthodontics through our doctor-centred model,” said Morici.

Related: Patterson Companies board approves US$500m share repurchase and regular quarterly cash dividend