BY SEAN WHOOLEY

Align Technology (Nasdaq:ALGN) announced today that it plans to repurchase $100 million of its own common stock.
Tempe, Arizona-based Align Technology’s open market repurchase falls under its $1 billion stock repurchase program. The company’s board approved the program in January 2023.
Align Technology executed a $250 million repurchase in February of this year with Citibank. Last month, the company triggered another $250 million repurchase in an accelerated program.
As with other repurchase efforts, Align Technology President and CEO Joe Hogan intends to personally purchase $1 million in common stock. He did the same in the company’s accelerated program last month.
The company expects to complete the repurchases by mid-December 2023, funding them with cash on hand. As of Sept. 30, 2023, it had approximately 76.6 million shares outstanding with $1.3 billion in cash on hand.
“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,” Hogan said in a news release. “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.”
With $18.7 million in total compensation for Hogan in the company’s most recently completed fiscal year, he is one of the highest-paid executives in medtech