Align Technology Announces $100 Million Open Market Repurchase
2023年11月6日 - 10:30PM
ビジネスワイヤ(英語)
Joe Hogan, president and CEO, intends to
personally purchase $1.0 million 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 is planning to
repurchase $100 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.
This $100 million open market repurchase is in addition to the $250
repurchase of Align's common stock under an accelerated stock
repurchase agreement that was announced on October 27, 2023.
“Invisalign is the most trusted brand in the Orthodontic
industry globally and we believe our record Q3’23 teenage shipments
reflect market share gains for our clear aligners,” said Joe Hogan,
president and CEO. “Today’s announcement of Align’s $100 million
open market repurchases along with my additional $1 million share
buyback demonstrates our confidence in our business and commitment
to increasing shareholder value. We will continue to focus on
execution of our strategic growth drivers including iTero systems
and services.”
The open market repurchases of Align’s common stock will be
executed pursuant to a Rule 10b5-1 trading plan entered into by
Align. 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 mid-December 2023 and will be funded with
Align’s cash on hand. As of September 30, 2023, Align had
approximately 76.6 million shares outstanding and $1.3 billion in
cash, cash equivalents and short-term and long-term marketable
securities.
Align also announced that Joe Hogan, president and CEO, intends
to personally purchase $1.0 million of Align’s common stock. This
amount is in addition to the $1.0 million of Align’s common stock
that Joe Hogan recently purchased in October 2023.
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 252 thousand doctor customers
and are key to accessing Align’s 600 million consumer market
opportunity worldwide. Over the past 26 years, Align has helped
doctors treat over 16.4 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 open
market repurchases, the number of shares of common stock that will
be repurchased, Align's market share gains in clear aligners,
Align's expectation that it will finance the repurchases with cash
on hand as well as other statements regarding the open market
repurchases, and the anticipated amount and timing of purchases of
stock by Align's president and CEO. 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, 2022, which was filed
with the Securities and Exchange Commission on February 27, 2023
and our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023, which was filed with the SEC on November 3,
2023. 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/20231106545321/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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