Align Technology (Nasdaq:ALGN) has announced its plans to repurchase $150 million of its own common stock as part of its $1 billion stock repurchase program approved in January 2023. This open-market repurchase comes after the company executed a $250 million repurchase in February 2023 and triggered another $250 million repurchase in an accelerated program in October. A month later, Align made a $100 million repurchase.
Based in Tempe, Arizona, Align Technology intends to execute its repurchases taking into consideration market conditions, stock price, trading volume, general business and market conditions, as well as capital ability. The company aims 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 and $902.5 million in cash, cash equivalents, and short-term and long-term marketable securities.
John Morici, Align CFO and EVP, global finance stated “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 untapped market opportunity while allowing us to provide value back to our shareholders.” As the leader in clear aligners, we have made strategic investments in technology and scalability to enable a new phase of growth transforming the orthodontic industry through our doctor-centered model.”