Align Technology plans to appoint three new independent directors and increase its 2026 share repurchase commitment following discussions with Elliott Investment Management.
The company will search for directors with experience in healthcare technology, medical devices, global operations, consumer technology, innovation and scaling high-growth companies.
Align has also initiated a comprehensive review of its strategy and operating model with support from an unnamed global consulting firm. The review will focus on strengthening commercial execution, improving organizational effectiveness, optimizing resources and increasing scalability.
The company expects the work to support sustainable revenue growth, margin expansion, earnings growth and long-term shareholder value creation. Align intends to provide updates about the review and any material initiatives implemented as a result.
Align also increased its 2026 share repurchase commitment to between $400 million and $500 million, reflecting management’s confidence in the company’s long-term value.
The initiatives follow discussions with Elliott about Align’s board refreshment and governance process. Elliott described itself as one of the company’s largest investors and expressed support for the board changes and other strategic actions.
Align develops the Invisalign clear aligner system, iTero intraoral scanners and exocad dental CAD/CAM software. Its products support more than 302,000 doctor customers, and approximately 23.5 million patients have been treated with Invisalign over the past 29 years.
KEY QUOTES:
“Align remains focused on executing our strategy, advancing innovation, expanding access to digital treatment solutions, and creating long-term value for shareholders. The initiatives build on efforts already underway to strengthen our business, evolve our operating model, and ensure our Board continues to reflect the capabilities needed to support Align’s future growth opportunities.”
“We believe these actions position us to better serve our customers, employees and shareholders while reinforcing our leadership in digital orthodontics and restorative dentistry.”
Joe Hogan, President and CEO of Align Technology
“Board refreshment is an important and ongoing responsibility of the Board. We regularly evaluate the skills, experiences and perspectives needed to support Align’s long-term strategy and future growth opportunities. The three new independent directors will be appointed consistent with that approach. We appreciate the constructive dialogue with Elliott as we continue to advance Align’s strategic priorities.”
Kevin Conroy, Chairman of Align Technology
“We are one of Align’s largest investors because we believe the Company is a market leader with significant long-term growth opportunities. We believe the Board enhancements and other actions announced today are important steps toward delivering on this opportunity.”
Marc Steinberg, Partner at Elliott Investment Management
