Align Technology (Nasdaq:ALGN) has announced its plans to repurchase $150 million of its own common stock, as part of the company’s $1 billion stock repurchase program approved in January 2023. This move comes after executing a $250 million repurchase in February 2023 with Citibank, followed by another $250 million repurchase in an accelerated program in October, and a $100 million repurchase in November.
Based in Tempe, Arizona, Align Technology intends to carry out these repurchases taking into account market conditions and various factors such as stock price, trading volume, general business and market conditions, and capital ability. The company aims to complete the repurchases by the end of July 2024, financing 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, and emphasized the Board’s belief in the company’s potential to capitalize on its market opportunity while delivering value to shareholders. Align Technology, as a leader in clear aligners, has made strategic investments in technology and scalability to drive growth and transformation in the orthodontic industry, with the goal of making the Invisalign system the standard of care in orthodontics through a doctor-centered model.