Align Technology (Nasdaq:ALGN) announced today that it plans to repurchase $150 million of its common stock.
This open market repurchase is part of the company's $1 billion share repurchase program approved in January 2023.
Align Technology executed a $250 million share buyback with Citibank in February 2023. In October, the company began repurchasing an additional $250 million in an accelerated program. A month later, Align bought it back for $100 million.
Align, based in Tempe, Arizona, plans to carry out stock buybacks based on market conditions and other factors. This includes stock price, trading volume, general business and market conditions, and capital capacity.
The share buyback will be covered by cash on hand and is scheduled to be completed by the end of July 2024. As of March 31, 2024, the number of outstanding shares of Align is approximately 75.3 million shares. It held $902.5 million in cash, cash equivalents, short-term and long-term marketable securities.
“Today's announcement of Align's $150 million open market repurchase underscores the strength of our balance sheet and cash flow generation, and our ability to deliver value while leveraging large untapped market opportunities. “To our shareholders, this reflects management and the board's continued confidence in our company's capabilities,” said John Morisi, Align's CFO and vice president of global finance. “As the leader in clear aligners, we have made strategic investments in technology and scalability that will enable a new phase of growth that will transform the orthodontic industry. Through our physicians, we have made the Invisalign system the standard in orthodontics. I remain confident in my ability to treat patients.'' – Centered Model. ”
