Align Technology Inc - ALGN STOCK NEWS

Align Technology (NASDAQ: ALGN) has initiated a $250 million accelerated stock repurchase (ASR) agreement with Citibank, part of its $1 billion stock repurchase program. This move showcases the company's strong cash flow and balance sheet health. Align's CFO emphasized confidence in growth opportunities and commitment to enhancing shareholder value through stock buybacks and strategic growth investments. CEO Joe Hogan and CFO John Morici also plan to personally purchase $1.0 million and $0.2 million of stock, respectively. The ASR is expected to conclude by April 26, 2023, and will be funded from the company's cash reserves.

Align Technology reported Q4 2022 revenues of $901.5 million, reflecting a 1.3% sequential increase but a 12.6% decline year-over-year. Total revenues for 2022 reached $3.7 billion, with $3.1 billion in Clear Aligner revenues. The company faced significant foreign exchange impacts, losing approximately $67.6 million year-over-year in Q4. Net income for Q4 was $41.8 million or $0.54 per diluted share, down 42.5% from Q3. Align plans a new $1 billion stock repurchase program, succeeding the current one, demonstrating confidence in future growth despite macroeconomic challenges.

Align Technology (NASDAQ: ALGN) will announce its fourth-quarter and full-year 2022 financial results on February 1, 2023, after market close at 4:00 p.m. ET. A conference call will follow at 4:30 p.m. ET for investors to discuss these results. Tentative earnings release dates for fiscal 2023 are set for April 26, July 26, and October 25. The information will be accessible on the company's Investor Relations website, along with a telephonic replay available until February 15, 2023.

Align Technology (NASDAQ: ALGN) has opened its 2023 Research Award Program, offering up to $300,000 in funding for clinical and scientific dental research globally. Since its inception in 2010, the program has allocated approximately $2.7 million to support dental research. Awards include four one-year grants of up to $25,000 each, available across the Americas, EMEA, and APAC regions. Applications are due by March 3, 2023, with recipients notified by June 5, 2023.

Align Technology and Desktop Metal have announced a strategic collaboration to enhance digital restorative dentistry. Align will supply its iTero Element™ Flex intraoral scanners to Desktop Labs, connecting general dentists with a premium lab network in the U.S. This exclusive partnership aims to streamline workflow and improve patient care by enabling dentists to perform full arch scans and send files directly to labs. The collaboration reflects Align's commitment to advancing digital dentistry and improving treatment efficiencies.

Align Technology and Desktop Metal have announced a strategic collaboration to integrate iTero Element Flex intraoral scanners into the Align Digital Platform. This partnership aims to enhance digital restorative dentistry by connecting general dentist locations with Desktop Labs' extensive lab network. The iTero scanner will facilitate better workflows for dentists, enabling efficient communication with labs and quicker patient evaluations. The collaboration signifies a substantial step toward advancing digital dentistry and improving patient care.

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 May 2021. CEO Joe Hogan will personally purchase an additional $2 million of Align shares, enhancing shareholder value. As of September 30, 2022, Align had approximately $1.1 billion in cash and 78.2 million shares outstanding. The ASR is expected to be completed by February 1, 2023.

Align Technology reported Q3'22 results with total revenues of $890.3 million, down 12.4% year-over-year. Clear Aligner revenues declined 12.5% year-over-year, totaling $732.8 million. The company faced substantial foreign exchange impacts, decreasing revenues by $57.4 million year-over-year. Operating income was $143.7 million with a 16.1% operating margin, impacted by foreign exchange as well. Align celebrated reaching 14 million Invisalign patients and opened its first EMEA manufacturing facility in Poland.

Align Technology has announced the release of the iTero-exocad Connector, enhancing digital workflows for dental professionals. This integration allows users to visualize tooth structures using iTero intraoral cameras and NIRI images within the exocad DentalCAD 3.1 Rijeka software. Available for iTero Element 5D systems, this innovation streamlines design processes, enabling lab technicians to begin designing restorations with a single click. The release is effective from October 3, 2022, and is aimed at improving communication between labs and doctors, ultimately enhancing patient care.