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Align Technology announces $150M open market repurchase

Align Technology, Inc. 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.
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