Align Technology (Nasdaq:ALGN) announced today that it plans to repurchase $150 million of its own common stock.
The open-market repurchase falls under the company’s $1 billion stock repurchase program approved in January 2023.
Align Technology executed a $250 million repurchase in February 2023 with Citibank. In October, the company triggered another $250 million repurchase in an accelerated program. Then, a month later, Align made a $100 million repurchase.
Tempe, Arizona-based Align plans to execute its repurchases based on market conditions and other factors. That includes stock price, trading volume, general business and market conditions and capital ability.
It expects to complete the repurchases by the end of July 2024, funding them with cash on hand. As of March 31, 2024, Align had approximately 75.3 million shares outstanding. It had $902.5 million in cash, cash equivalents and short-term and long-term marketable securities.
“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 and untapped market opportunity while allowing us to provide value back to our shareholders,” said John Morici, Align CFO and EVP, global finance. “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-centered model.”
