Joe Hogan, president and CEO, intends to personally purchase $1.0 million of Align’s common stock
Align Technology, Inc. (“Align”) 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.
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“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.”
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.
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