Align Technology, Inc. (“Align”) (Nasdaq: ALGN), a leading global medical device company that designs, manufactures, and sells the Invisalign System of clear aligners, iTero intraoral scanners, and exocad CAD/CAM software for digital orthodontics and restorative dentistry, today announced plans to repurchase $275 million of Align’s common stock through open market transactions as part of its $1.0 billion stock repurchase program, approved by Align’s board of directors in January 2023.
“Today’s announcement of our intent to repurchase $275 million in common stock reflects our robust balance sheet and cash flow generation, alongside management’s and the board’s confidence in our capacity to seize substantial market opportunities, while delivering value to our shareholders,” said John Morici, Align CFO and executive vice president, global finance. “As the leader in clear aligners, we’ve strategically invested in technology and scalability to drive new growth, transforming orthodontics and positioning the Invisalign System as the standard of care through our doctor-centered model.”
The stock repurchases will be executed through a Rule 10b5-1 trading plan. The timing and quantity of shares repurchased will be determined based on market conditions and other factors, including stock price, trading volume, general market conditions, and capital availability. The repurchases are expected to conclude by the end of January 2025 and will be funded with Align’s cash reserves. As of September 30, 2024, Align had approximately 74.8 million shares outstanding and $1,041.9 million in cash and cash equivalents.
About Align Technology, Inc.
Align Technology designs and manufactures the Invisalign System, the world’s most advanced clear aligner system, along with iTero intraoral scanners and exocad CAD/CAM software. These products enhance digital orthodontic and restorative workflows, improving patient outcomes and practice efficiencies for over 271,000 doctors and tapping into Align’s potential 600-million-consumer market worldwide.
Over the past 27 years, Align has helped doctors treat approximately 18.9 million patients with the Invisalign System, advancing digital dentistry through the Align Digital Platform, an integrated suite of proprietary technologies delivered as a seamless, end-to-end solution for patients, orthodontists, dentists, and labs.
For more information, visit aligntech.com.
For more on the Invisalign system or to find an Invisalign provider near you, visit invisalign.com. To learn more about the iTero digital scanning system, visit itero.com. For details on exocad CAD/CAM software and reseller partners, visit exocad.com.
Invisalign, iTero, exocad, Align, Align Digital Platform, and iTero Lumina are trademarks of Align Technology, Inc.
Forward-Looking Statements
This news release contains forward-looking statements, including those regarding the planned completion date of stock repurchases, the aggregate repurchase value and share volume, Align’s financing of the repurchases with cash on hand, and our outlook on capitalizing on market opportunities. These forward-looking statements are based on information available as of the date hereof and are subject to risks, uncertainties, and assumptions that are difficult to predict. Consequently, actual results may differ materially from those expressed in any forward-looking statement.
Risks are detailed in Align’s periodic reports filed with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 28, 2024, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed on August 2, 2024. Align undertakes no obligation to publicly revise or update any forward-looking statements.
