Align Technology Announces $75 Million Accelerated Stock Repurchase Program
August 02 2021 - 8:30AM
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 has entered into a new
accelerated stock repurchase agreement ("ASR") with Goldman
Sachs & Co LLC, to repurchase $75 million of Align's
common stock under Align’s $1.0 billion stock repurchase
program announced on May 13, 2021.
Under the terms of the ASR, Align will receive
an initial delivery of approximately 86,200 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 is expected to be
completed by October 26, 2021 and will be funded with Align’s cash
on hand. 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 approximately
10.9 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 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. 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 our 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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