Align Technology To Buy Back $275 Mln Of Shares

(RTTNews) - Align Technology, Inc. (ALGN), a medical devices company, said on Friday that it intends to repurchase $275 million of shares through open market under its $1 billion share repurchase program, which was approved by the Board in 2023.

The repurchase, to be funded by the company's cash on hand, are expected to be completed by the end of January 2025.

John Morici, CFO of Align, said: "Today's announcement 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 our large and untapped market opportunity while allowing us to provide value back to our shareholders."

ALGN was trading up by 2.46 percent at $221.74 on the Nasdaq.