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Align to repurchase $1B of its common stock

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Align TechnologyAlign Technology (NSDQ:ALGN) announced that its board of directors authorized a new stock repurchase program worth up to $1 billion.

Tempe, Ariz.–based Align may purchase up to $1 billion of its common stock over the next three years under the repurchase program, according to a news release.

Align said the authorization of the repurchase program follows a $600 million authorization from May 23, 2018, for which the company entered into a $100 million accelerated repurchase transaction on April 30 of this year. That transaction is intended to complete the earlier repurchase program.

“We’re pleased to announce a new $1.0 billion stock repurchase program, which 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 the large market opportunities in our target markets and trajectory for growth,” Align CFO John Morici said in the release. “Returning capital to our shareholders through stock repurchase programs while simultaneously investing in our strategic growth drivers is consistent with our capital allocation strategy and commitment to increasing shareholder value.”

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