Invisalign maker Align Technology Inc. ALGN, +3.91% announced Monday that it has entered into a $200 million accelerated stock repurchase (ASR) program with Goldman Sachs & Co. LLC. The medical device company’s stock, which fell 1.4% in premarket trading, has plunged 71.3% this year, to make it the S&P 500’s SPX, +2.46% worst year-to-date performer, while the S&P 500 has lost 18.2%. The ASR, which is part of the $1 billion repurchase program announced in May 2021, represents 1.4% of Align’s market capitalization of $14.73 billion as of Friday’s close. Separate from the ASR, Chief Executive Joe Hogan plans to buy $2 million worth of Align’s shares.
