Align Technology Reports USD 200 Million Stock Repurchase Program
May 3, 2022 By MarketDepth
Align Technology, Inc. (NASDAQ: ALGN) has announced entry into a new accelerated stock repurchase agreement with Citibank, N.A. to repurchase USD 200 Million of Align’s common stock under Align’s USD 1 Billion stock repurchase program reported on May 13th, 2021. Align will receive an initial delivery of 552,000 shares. The final number of shares will be repurchased based on the company’s volume weighted average stock price during the term of the ASR. The ASR transaction is expected to complete by July 26th, 2022 and will be funded with Align’s cash on hand. John Morici, Align Technology CFO said, “We’re pleased to announce a $200 million accelerated 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. 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.”
In addition to the ASR, Align announced that Joe Hogan, president and CEO, intends to personally purchase $2.0 million of Align’s common stock.
“Over the past 25 years we transformed the orthodontic industry with a passion for innovation as we evolved from leading the evolution from digital appliance to digital platform. We are still in the early phases of transforming the orthodontic market. We remain confident in the huge underpenetrated market, our technology and industry leadership, and our ability to execute and make progress toward our Long-Term Model target of 20% to 30% revenue growth. We look forward to sharing more milestones over the next 25 years — as we continue to lead the digital evolution of orthodontics and dentistry to deliver great treatment outcomes and treatment experiences to doctors and patients around the world.”Joe Hogan, President and CEO