Stocks To Watch ALIGN TECHNOLOGY INCORPORATED (NASDAQ: ALGN)
Up 32.79% on Friday
Align Technology (ALGN) designs, manufactures and markets Invisalign, a proprietary method for treating malocclusion, or the misalignment of teeth. Invisalign corrects malocclusion using a series of clear, nearly invisible, removable appliances that gently move teeth to a desired final position. Because it does not rely on the use of metal or ceramic brackets and wires, Invisalign significantly reduces the aesthetic and other limitations associated with braces. Invisalign is appropriate for treating adults and older teens. Align Technology was founded in March 1997 and received FDA clearance to market Invisalign in 1998. Today, the Invisalign product family includes Invisalign, Invisalign Teen, Invisalign Assist, Invisalign Express, and Vivera Retainers.
ALGN News:
October 27 - Align Technology (ALGN) Announces $150 Million Stock Repurchase Program
Align Technology, Inc. (Nasdaq: ALGN) announced that its board of directors has authorized a stock repurchase program of up to $150 million, effective immediately.
“Our strong balance sheet and healthy cash flow enable the company to return excess cash to our shareholders through a share repurchase program while continuing to invest in our strategic growth initiatives. It will also help offset dilution from our employee equity plans,” said Ken Arola, vice president and chief financial officer of Align Technology. “The Board of Directors believes that our stock represents an attractive investment for Align and its investors and the repurchase program demonstrates the company’s ongoing commitment to increasing shareholder value.”
Any purchases under Align’s stock repurchase program may be made, from time-to-time, in the open market, through block trades or otherwise. The program does not obligate ALGN to acquire any particular amount of common stock and depending on market conditions and other factors, these purchases may be commenced or suspended at any time, or from time-to-time without prior notice. As of October 26, Align had approximately 78.5 million shares outstanding and approximately $215 million in cash, cash equivalents, and marketable securities on hand.
In a separate announcement today, Align also announced financial results for its third fiscal quarter of 2011. For more information, please see Align’s press release titled, “Align Technology Announces Third Quarter Fiscal 2011 Results.”
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