Align Technology Reports Financials and New Agreement
Ticker: ALGN · Form: 8-K · Filed: Apr 24, 2024 · CIK: 1097149
| Field | Detail |
|---|---|
| Company | Align Technology Inc (ALGN) |
| Form Type | 8-K |
| Filed Date | Apr 24, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $75 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: financial-results, definitive-agreement
Related Tickers: ALGN
TL;DR
Align Tech dropped Q1 earnings and signed a new deal. Details to follow.
AI Summary
On April 22, 2024, Align Technology, Inc. reported its financial results for the period ending April 22, 2024. The company also announced an entry into a material definitive agreement. Specific financial figures and details of the agreement are expected to be further elaborated in the filing.
Why It Matters
This filing provides investors with updated financial performance and signals a significant new business development for Align Technology.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement, which could introduce new risks or opportunities depending on its nature.
Key Players & Entities
- ALIGN TECHNOLOGY INC (company) — Registrant
- April 22, 2024 (date) — Date of Report
- Delaware (jurisdiction) — State of Incorporation
- 410 North Scottsdale Road, Suite 1300 (address) — Principal Executive Offices
- Tempe, Arizona (location) — Principal Executive Offices City and State
- 85288 (zip_code) — Principal Executive Offices Zip Code
- ( 602 ) 742-2000 (phone_number) — Registrant's telephone number
FAQ
What is the nature of the material definitive agreement entered into by Align Technology?
The filing indicates the entry into a material definitive agreement, but the specific details and nature of this agreement are not provided in this excerpt.
What period do the reported financial results cover?
The filing reports financial results for the period ending April 22, 2024.
Where is Align Technology's principal executive office located?
Align Technology's principal executive office is located at 410 North Scottsdale Road, Suite 1300, Tempe, Arizona 85288.
What is Align Technology's telephone number?
Align Technology's telephone number is ( 602 ) 742-2000.
In which state was Align Technology incorporated?
Align Technology was incorporated in Delaware.
Filing Stats: 704 words · 3 min read · ~2 pages · Grade level 11.1 · Accepted 2024-04-24 16:02:22
Key Financial Figures
- $0.0001 — ange on which registered Common stock, $0.0001 par value ALGN The NASDAQ Stock Market
- $75 million — he purchase of Class A Common Stock for $75 million (the"2024 Heartland Investment"). Align
Filing Documents
- algn-20240422.htm (8-K) — 27KB
- algn-q124earningspressrele.htm (EX-99.1) — 378KB
- image_0a.jpg (GRAPHIC) — 20KB
- 0001097149-24-000026.txt ( ) — 584KB
- algn-20240422.xsd (EX-101.SCH) — 2KB
- algn-20240422_lab.xml (EX-101.LAB) — 21KB
- algn-20240422_pre.xml (EX-101.PRE) — 12KB
- algn-20240422_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On April 22, 2024, Align Technology, Inc. ("Align") and Heartland Dental Holding Corporation ("Heartland") entered into a Subscription Agreement (the "Subscription Agreement"), which provides, among other things, for Align to acquire less than a 5% equity interest in Heartland through the purchase of Class A Common Stock for $75 million (the"2024 Heartland Investment"). Align is an existing holder of Class A Common Stock of Heartland (see Note 1 - Summary of Significant Accounting Policies to our audited financial statements for the year ended December 31, 2023 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2024). In connection with 2024 Heartland Investment, Align is bound by the Stockholders' Agreement, dated April 24, 2023, by and among Align, Heartland, Heartland Dental Topco, LLC ("Topco") and funds and accounts managed by affiliates of KKR & Co. Inc. ("KKR"), and the Side Letter, dated April 24, 2023, by and among Align, Heartland, Topco and KKR (the "Side Letter"). Subject to certain restrictions set forth in the Side Letter, the Company agreed to provisions applicable to Heartland's stockholders, including certain drag-along and voting obligations.
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On April 24, 2024, Align issued a press release and will hold a conference call regarding its financial results for its first quarter ended March 31, 2024. The full text of the press release is furnished as Exhibit 99.1 to this Form 8-K. This information shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release of Align Technology, Inc. announcing its first quarter ended March 31 , 2024 financial results 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ALIGN TECHNOLOGY, INC. By: /s/ John F. Morici John F. Morici Chief Financial Officer and Executive Vice President, Global Finance Date: April 24, 2024