Align Technology, Inc. announced on October 25, 2024, its plan to repurchase $275 million of its common stock through open market transactions. This repurchase is part of the company's existing $1.0 billion stock repurchase program, which was approved by Align's Board of Directors in January 2023.
The company's CFO and Executive Vice President of Global Finance, John Morici, stated that this action reflects the strength of Align's balance sheet and cash flow generation. It also signifies management's and the Board’s continued confidence in the company's ability to capitalize on its large market opportunity and provide value back to shareholders.
The open market repurchases are expected to be completed by the end of January 2025 and will be funded with Align’s cash on hand. As of September 30, 2024, Align had approximately 74.8 million shares outstanding and $1,041.9 million in cash and cash equivalents.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.