Align Technology (Nasdaq:ALGN) has announced plans to repurchase $150 million of its own common stock as part of its ongoing $1 billion stock repurchase program. This open-market repurchase comes after the company executed a $250 million repurchase in February 2023 and triggered another $250 million repurchase in an accelerated program in October. A month later, Align made a $100 million repurchase.
Based in Tempe, Arizona, Align Technology aims to complete its repurchases by the end of July 2024, taking into consideration market conditions, stock price, trading volume, general business and market conditions, as well as capital ability. The company will fund the purchases with cash on hand. 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, global finance stated “Today’s announcement of Align’s $150 million 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 capitalize on our large untapped market opportunity while allowing us to provide value back to our shareholders.” As leaders in clear aligners, Align has invested strategically in technology and scalability to enable a new phase of growth that will transform the orthodontic industry. With their doctor-centered model they remain confident that Invisalign system will become the standard of care in orthodontics.