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Align Technology, Inc. announced a $150 million open market repurchase as part of its $1.0 billion stock repurchase program. The company aims to capitalize on its market opportunity while providing value to shareholders. The repurchases will be executed through a trading plan and funded with the company's existing cash. Align Technology remains confident in its ability to lead the orthodontic industry with its Invisalign® system.
Align Technology, Inc. ha annunciato un riacquisto di azioni sul mercato aperto per 150 milioni di dollari, come parte del suo programma di riacquisto di azioni da 1,0 miliardi di dollari. L'azienda intende sfruttare le opportunità di mercato pur offrendo valore agli azionisti. I riacquisti saranno realizzati tramite un piano di trading e finanziati con il contante esistente dell'azienda. Align Technology rimane fiduciosa nella sua capacità di guidare l'industria ortodontica con il suo sistema Invisalign®.
Align Technology, Inc. anunció una recompra de acciones en el mercado abierto por 150 millones de dólares como parte de su programa de recompra de acciones de 1,0 mil millones de dólares. La compañía pretende capitalizar su oportunidad de mercado mientras ofrece valor a sus accionistas. Las recompras se ejecutarán a través de un plan de trading y se financiarán con el efectivo existente de la compañía. Align Technology sigue confiada en su capacidad para liderar la industria ortodóntica con su sistema Invisalign®.
Align Technology, Inc.는 10억 달러 규모의 주식 매입 프로그램의 일환으로 1억 5천만 달러 규모의 시장 개방 주식 매입을 발표했습니다. 회사는 시장 기회를 활용하면서 주주들에게 가치를 제공하고자 합니다. 매입은 거래 계획을 통해 실행되며 회사의 기존 현금으로 자금이 조달될 것입니다. Align Technology는 자사의 인비절라인® 시스템으로 치아 교정 산업을 선도할 수 있는 능력에 자신감을 가지고 있습니다.
Align Technology, Inc. a annoncé un rachat d'actions sur le marché ouvert de 150 millions de dollars, dans le cadre de son programme de rachat d'actions d'un milliard de dollars. L'entreprise vise à capitaliser sur ses opportunités de marché tout en offrant de la valeur à ses actionnaires. Les rachats seront effectués via un plan de trading et financés avec la trésorerie existante de la société. Align Technology reste confiante dans sa capacité à diriger l'industrie orthodontique avec son système Invisalign®.
Align Technology, Inc. hat den Rückkauf von Aktien im offenen Markt in Höhe von 150 Millionen Dollar angekündigt, als Teil seines Aktienrückkaufprogramms von 1,0 Milliarden Dollar. Das Unternehmen beabsichtigt, seine Marktmöglichkeiten zu nutzen und gleichzeitig Wert für die Aktionäre zu schaffen. Die Rückkäufe werden über einen Handelsplan durchgeführt und mit dem bestehenden Bargeld des Unternehmens finanziert. Align Technology ist weiterhin zuversichtlich, mit seinem Invisalign®-System die Führung in der kieferorthopädischen Industrie zu behalten.
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Insights
Align Technology's decision to initiate a $150 million stock repurchase indicates a self-assured stance on its financial health and future prospects. With a robust balance sheet boasting $902.5 million in liquid assets, the company's move to buy back shares could be interpreted as an attempt to signal underpricing to the market or to make efficient use of excess cash which might not be immediately required for operational purposes or investments. Historically, such repurchase programs can lead to a contraction in equity supply, potentially bolstering the stock price and EPS figures due to a decreased share count. Investors might view this positively as it often implies that the company believes its stock is undervalued. However, it's important for investors to consider the opportunity cost of this capital allocation, as the funds used for repurchases will not be available for other investments or growth opportunities.
The clear aligner market is rapidly expanding, with a growing emphasis on aesthetics and convenience in orthodontics. Align Technology, as a pioneer with its Invisalign system, is strategically placed to capitalize on this trend. The management team's decision to authorize a repurchase program might reflect not only a strong cash position but also confidence in sustaining leadership in the face of rising competition. From a market perspective, Align's emphasis on a doctor-centered model and ongoing investments in technology indicate a continual drive to innovate and expand their service offerings. This could potentially lead to long-term growth, which is an important consideration for investors looking beyond immediate stock price appreciation. Thus, this repurchase program could be regarded as a balancing act between returning value to shareholders and investing in the company's future.
TEMPE, Ariz.--(BUSINESS WIRE)--
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 that it is planning to repurchase $150 million of Align’s common stock through open market repurchases under Align’s $1.0 billion stock repurchase program that was approved by Align’s Board of Directors in January 2023.
“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 executive vice president, 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.”
The open market repurchases of Align’s common stock will be executed pursuant to a Rule 10b5-1 trading plan. The timing and number of shares repurchased will be based on an evaluation of market conditions and other factors, including stock price, trading volume, general business and market conditions, and capital availability. The repurchases are expected to be completed by the end of July 2024 and will be funded with Align’s 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.
About Align Technology, Inc.
Align Technology designs and manufactures the Invisalign® system, the most advanced clear aligner system in the world, iTero™ intraoral scanners and services, and exocad™ CAD/CAM software. These technology building blocks enable enhanced digital orthodontic and restorative workflows to improve patient outcomes and practice efficiencies for over 261 thousand doctor customers and are key to accessing Align’s 600 million consumer market opportunity worldwide. Over the past 27 years, Align has helped doctors treat over 17.6 million patients with the Invisalign system and is driving the evolution in digital dentistry through the Align Digital Platform™, our integrated suite of unique, proprietary technologies and services delivered as a seamless, end-to-end solution for patients and consumers, orthodontists and GP dentists, and lab/partners. Visit www.aligntech.com for more information.
For additional information about the Invisalign system or to find an Invisalign doctor in your area, please visit www.invisalign.com. For additional information about the iTero digital scanning system, please visit www.itero.com. For additional information about exocad dental CAD/CAM offerings and a list of exocad reseller partners, please visit www.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 statements regarding the expected completion date of the open market repurchases, the number of shares of common stock that will be repurchase, Align’s expectation that it will finance the repurchases with cash on hand, that the repurchases will provide value to our shareholders, as well as other statements regarding the open market repurchases along with our confidence in our business model. Forward-looking statements contained in this news release relating to expectations about future events or results are based upon information available to Align as of the date hereof. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. As a result, actual results may differ materially and adversely from those expressed in any forward-looking statement.
The foregoing and other risks are detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission ("SEC") on February 28, 2024. Align undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
