Align Technology Announces a New $1 Billion Stock Repurchase Program
May 13 2021 - 4:00PM
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 its Board of Directors has
authorized a new stock repurchase program. Under the program, Align
may purchase up to $1.0 billion of its common stock over the next
three years. This latest authorization follows a $600 million
authorization announced on May 23, 2018 for which Align recently
entered into a $100 million accelerated stock repurchase
transaction on April 30, 2021 that is intended to complete that
repurchase program.
"We're pleased to announce a new $1.0
billion stock repurchase program, which 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 the large market opportunities in our target markets and
trajectory for growth," said John Morici, Align
CFO. "Returning capital to our shareholders through stock
repurchase programs while simultaneously investing in our strategic
growth drivers, is consistent with our capital allocation strategy
and commitment to increasing shareholder value."
Our latest stock repurchase program will operate
in accordance with guidelines, specified under Rule 10b5-1 of the
Securities Exchange Act of 1934. Accordingly, transactions, if any,
will be affected in accordance with the terms of the share
repurchase program, including specified prices, volumes, and timing
conditions. As of March 31, 2021, Align had approximately 79.1
million shares outstanding and $1.1 billion in cash and cash
equivalents.
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 200 thousand doctor customers
and is key to accessing Align’s 500 million consumer market
opportunity worldwide. Align has helped doctors treat over 10.2
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.
Forward-Looking StatementsThis
news release contains forward-looking statements including
statements regarding our intentions to repurchase shares of our
common stock, the amount, prices and timing at which our shares may
be repurchased, our expectations for our recently announced
accelerated stock repurchase program, our beliefs regarding our
balance sheet and future cash generation, our expectations
regarding our target markets and our growth trajectory, our
expectations regarding the benefits that will be realized from our
stock repurchase programs, our expectations for future investments
as well as other statements regarding our future operations,
financial condition and prospects and business strategies.
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, 2020, which was
filed with the Securities and Exchange Commission (SEC) on February
26, 2021 and its latest Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021, which was filed with
the SEC on May 5, 2021. Align undertakes no
obligation to revise or update publicly any forward-looking
statements for any reason.
Align
TechnologyMadelyn Homick(408) 470-1180mhomick@aligntech.com |
Zeno
GroupSarah Johnson(828) 551-4201sarah.johnson@zenogroup.com |
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