SANTA CLARA, Calif., April 29 Align Technology,Inc. (Nasdaq: ALGN) today announced that its board of directors has authorizeda stock repurchase program of up to $50 million, effective immediately.
"We are confident in our ability to generate cash in excess of our needsto grow the business," said Ken Arola, vice president and chief financialofficer of Align Technology. "Returning this excess cash to our shareholdersthrough a repurchase program will contribute to our goal of enhancingshareholder value. It will also have the effect of offsetting dilution fromour employee equity plans."
Any purchases under Align's stock repurchase program may be made, fromtime-to-time, in the open market, through block trades or otherwise. Theprogram does not obligate Align to acquire any particular amount of commonstock and depending on market conditions and other factors, these purchasesmay be commenced or suspended at any time, or from time-to-time without priornotice. As of April 25, Align had approximately 69.6 million sharesoutstanding.
In a separate announcement today, Align also announced financial resultsfor its first fiscal quarter of 2008. For more information, please seeAlign's press release titled, "Align Technology Announces First Quarter Fiscal2008 Results."
About Align Technology, Inc.
Align Technology designs, manufactures and markets Invisalign, aproprietary 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 limitationsassociated with braces. Invisalign is appropriate for treating adults andolder teens. Align Technology was founded in March 1997 and received FDAclearance to market Invisalign in 1998.
To learn more about Invisalign or to find a certified Invisalign doctor inyour area, please visit http://www.invisalign.com or call 1-800-INVISIBLE.
This press release contains forward-looking statements, includingstatements made by Mr. Arola on Align's ability to generate cash in excess ofAlign's needs and other statements about Align's common stock repurchaseprogram, including the maximum amounts that may be purchased under theprogram. The statements are based on current expectations, estimates andprojections, are not guarantees of future performance, and are subject tocertain risks, uncertainties and other factors, some of which are beyond theCompany's control and are difficult to predict, including, but not limited to,risks relating to Align's ability to sustain or increase profitability orrevenue growth in future periods while controlling expenses, continuedcustomer demand for Invisalign and new products, acceptance of Invisalign andnew products by consumers and dental professionals, competition frommanufacturers of traditional braces and new competitors, Align's ability todevelop and successfully introduce new products and product enhancements,changes in the market price of Align's common stock and changes in Align'sfinancial results, financial condition and cash requirements. These and otherrisks are detailed from time to time in Align's periodic reports filed withthe Securities and Exchange Commission, including, but not limited to, itsAnnual Report on Form 10-K for the fiscal year ended December 31, 2007, whichwas filed with the Securities and Exchange Commission on February 26, 2008.Investors should not place undue reliance on these forward-looking statements,which speak only as of the date of this press release. Align undertakes noobligation to update any forward-looking statements, whether as a result ofnew information, future events or otherwise.Investor Relations Contact