Eight notes:
1. The company announced the layoffs in its third quarter financial documents filed Oct. 23.
2. As part of its global restructuring plan, laid off employees will receive severance and other benefits based on applicable laws, severance plans or contracts related to their position and country of employment, Align said in a news release.
3. The company will also eliminate the role of executive vice president and managing director of the Americas region and chief marketing officer, currently held by Raj Pudipeddi. Mr. Pudipeddi will leave the company during the fourth quarter of this year.
4. John Morici, Align Technology’s CFO and executive vice president of global finance, said the layoffs are meant to align the company’s operations with the current business environment.
5. Align anticipates restructuring charges during the fourth quarter, including approximately $30 million in severance.
6. Align Technology previously conducted a restructuring of its business during the fourth quarter of 2023, which led to approximately $14 million in restructuring expenses, according to a Form 10-Q filed with the U.S. Securities and Exchange Commission Nov. 5.
7. Align also announced plans to repurchase $275 million of the company’s common stock.
8. The company reported $977.9 million in total revenue for the third quarter of 2024.
