Align Technology, Inc. (NASDAQ: ALGN) shares fall Friday. Align, a leading global medical device company that designs, manufactures, and sells the Invisalign® system of clear aligners, iTero™ intraoral scanners, and exocad™ CAD/CAM software for digital orthodontics and restorative dentistry, today announced that it has entered into a new accelerated stock repurchase agreement with Citibank, N.A., to repurchase $250 million of Align's common stock under Align’s $1.0 billion stock repurchase program that was approved by Align's Board of Directors in January 2023.

"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 CEO Joe Hogan. “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."

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 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 by approximately January 30, 2024 and will be funded with Align’s cash on hand.

ALGN shares drooped $4.22, or 2.2%, to $186.34.