Joe Hogan, president and CEO, and John
Morici, CFO and executive vice president, global finance, intend to
personally purchase $1.0 million and $0.2 million, respectively, of
Align’s common stock
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 Citibank,
N.A. (“Citi”), to repurchase $250 million of Align's common stock
under Align’s $1.0 billion stock repurchase program announced on
May 13, 2021.
"We're pleased to announce this latest $250 million ASR, 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 December 31, 2022, Align had approximately 77.3
million shares outstanding and $1.0 billion in cash, cash
equivalents and short-term and long-term marketable securities.
Under the terms of the ASR, Align will receive an initial
delivery of approximately 580 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 is expected to be completed by
approximately April 26, 2023 and will be funded with Align’s cash
on hand.
Pursuant to the accelerated share repurchase agreement, Citi
will use commercially reasonable efforts to conduct a portion of
its hedging activity by effecting purchases through one or more
designated brokers, including CastleOak Securities LP, Drexel
Hamilton, LLC, and Siebert Williams Shank & Co., LLC.
In addition to the ASR, Align announced that Joe Hogan,
president and CEO, and John Morici, CFO and executive vice
president, global finance intend to personally purchase $1.0
million and $0.2 million, respectively, of Align’s common
stock.
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 239 thousand doctor customers
and are key to accessing Align’s 500 million consumer market
opportunity worldwide. Over the past 25 years, Align has helped
doctors treat over 14.5 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 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 and Align Digital Platform are
trademarks of Align Technology, Inc.
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 under the ASR and the new stock repurchase program,
Align's expectation that it will finance the ASR transaction and
the new stock repurchase program with cash on hand as well as other
statements regarding the ASR and the new stock repurchase program,
and the anticipated amount and timing of purchases of stock by
Align's president and CEO and CFO. 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, 2021, which was filed
with the Securities and Exchange Commission on February 25, 2022
and our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2022, which was filed with the SEC on November 4,
2022. Align undertakes no obligation to revise or update publicly
any forward-looking statements for any reason.
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version on businesswire.com: https://www.businesswire.com/news/home/20230206005196/en/
Align Technology Madelyn Valente
(909) 833-5839 mvalente@aligntech.com Zeno
Group Sarah Johnson (828) 551-4201
sarah.johnson@zenogroup.com
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