Align Technology Announces $200 Million Accelerated Stock Repurchase Agreement Under Its $1 Billion Repurchase Program
Align Technology has announced a new accelerated stock repurchase agreement (ASR) to buy back $200 million of its common stock, part of a $1 billion repurchase program initiated in
- CEO Joe Hogan's continued investment of $2 million in company shares strengthens confidence in Align's future.
- The ASR reflects a strategic commitment to enhance shareholder value.
- Align has a robust cash position with $1.1 billion available, allowing for strategic investments.
- None.
CEO
Under the terms of the ASR, Align will receive an initial delivery of approximately 849 thousand shares. The final number of shares to be repurchased will be based on Align's volume-weighted average stock price during the term of the ASR, less an agreed upon discount. The ASR transaction will be funded with Align's cash on hand and is expected to be completed by approximately
As of
“I am confident in the incredible under-penetrated market opportunity for digital orthodontics and restorative dentistry and the long-term value of Align,” said
“We're pleased to announce a new
About
For additional information about the Invisalign system or to find an Invisalign trained 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, Smile Architect, Invisalign Go, and ClinCheck are trademarks of
Forward-Looking Statements
This news release contains forward-looking statements including statements regarding the expected completion date of the ASR transaction, the number of shares of common stock that will be repurchased, Align's expectation that it will finance the ASR transaction with cash on hand as well as other statements regarding the ASR, the anticipated amount and timing of purchases of stock by Align's President and CEO, management's beliefs regarding market opportunities, current and future market conditions and Align's value, and management's financial and strategic goals and Align's ability to achieve to them. 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.
Factors that might cause such a difference include, but are not limited to:
- macroeconomic conditions, including inflation, fluctuations in currency exchange rates, rising interest rates, market volatility, weakness in general economic conditions and recessions and the impact of efforts by central banks and federal, state and local governments to combat inflation and recession;
-
customer and consumer purchasing behavior and changes in consumer spending habits as a result of, among other things, prevailing macroeconomic conditions, levels of employment, salaries and wages, inflationary pressure, declining consumer confidence, and the military conflict in
Ukraine ;
- the impact of the COVID-19 pandemic and its variants on the health and safety of our employees, customers, patients, and our suppliers, as well as the physical and economic impacts of the various recommendations, orders, and protocols issued by local and national governmental agencies in light of continual evolution of the pandemic, including any periodic reimplementation of preventative measures in various global locations;
-
the economic and geopolitical ramifications of the military conflict in
Ukraine , including sanctions, retaliatory sanctions, nationalism, supply chain disruptions and other consequences, any of which may or will continue to adversely impact our operations and research and development activities inside and outside ofRussia ;
- the timing and availability and cost of raw materials, components, products and other shipping and supply chain constraints;
- unexpected or rapid changes in the growth or decline of our domestic and/or international markets;
- competition from existing and new competitors;
- rapidly evolving and groundbreaking advances that fundamentally alter the dental industry or the way new and existing customers market and provide products and services to consumers;
- the ability to protect our intellectual property rights;
- continued compliance with regulatory requirements;
- declines in, or the slowing of the growth of, sales of our clear aligners and intraoral scanners domestically and/or internationally and the impact either would have on the adoption of Invisalign products;
- the willingness and ability of our customers to maintain and/or increase product utilization in sufficient numbers;
- the possibility that the development and release of new products or enhancements to existing products do not proceed in accordance with the anticipated timeline or may themselves contain bugs, errors or defects in software or hardware requiring remediation and that the market for the sale of these new or enhanced products may not develop as expected;
-
a tougher consumer demand environment in
China generally, especially for manufacturers and service providers whose headquarters or primary operations are not based inChina ;
- the risks relating to our ability to sustain or increase profitability or revenue growth in future periods (or minimize declines) while controlling expenses;
- expansion of our business and products;
- the impact of excess or constrained capacity at our manufacturing and treat operations facilities and pressure on our internal systems and personnel; and
- the compromise of our systems or networks, including any customer and/or patient data contained therein, for any reason.
The foregoing and other risks are detailed from time to time in our periodic reports filed with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20221030005062/en/
(909) 833-5839
mvalente@aligntech.com
(828) 551-4201
sarah.johnson@zenogroup.com
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FAQ
What is the purpose of Align Technology's $200 million stock repurchase agreement?
When is the expected completion date for the accelerated stock repurchase (ASR) by Align Technology?
How much cash does Align Technology have as of September 30, 2022?
Who is purchasing additional shares of Align Technology's stock?