Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement

Align Technology
align technology


Align Technology has entered into a new accelerated stock repurchase agreement (ASR) with Citibank, N.A. (‘Citi’) to repurchase $250 million of Align’s common stock as part of Align’s approved $1.0 billion stock repurchase program, which was authorized by Align’s board of directors in January 2023.

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“We have an enormous opportunity in a vastly underpenetrated market to continue driving the adoption of digital orthodontics and restorative dentistry with the Invisalign System®, the most trusted brand in the orthodontic industry globally,” said Joe Hogan, president and CEO. “This latest $250 million ASR reflects our continued confidence in the long-term value of Align and our commitment to increasing shareholder value while balancing investments to drive growth as we transform the orthodontic industry.”

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 conducted based on the terms of the share repurchase program, including specified prices, volumes, and timing conditions. As of June 30, 2023, Align had approximately 76.5 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 one million shares. The final number of shares to be repurchased will be determined 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 around January 30, 2024, and will be funded with Align’s existing cash reserves.

Pursuant to the accelerated share repurchase agreement, Citi will use commercially reasonable efforts to conduct a portion of its hedging activity 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, intends to personally purchase $1.0 million 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 technological 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 for more information.

For additional information about the Invisalign system or to find an Invisalign trained doctor in your area, please visit For additional information about the iTero digital scanning system, please visit For additional information about exocad dental CAD/CAM offerings and a list of exocad reseller partners, please visit

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, Align’s expectation that it will finance the ASR transaction with cash on hand, as well as other statements regarding the ASR, and the anticipated amount and timing of stock purchases 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 June 30, 2023, which was filed with the SEC on August 4, 2023. Align undertakes no obligation to revise or update publicly any forward-looking statements for any reason.