Align Technology to add directors, launch review after deal with Elliott

Shares of the medical device maker were down 4.5% in extended trading.

Elliott, one of Wall Street's most prominent activist investors, has increasingly turned its attention to healthcare companies over the past year, often pushing for board representation and strategic reviews to boost performance.

Elliott's recent targets in the sector have included Dexcom DXCM.O, Medtronic MDT.N and Charles River Laboratories CRL.N.

Align manufactures dental retainers, scanners and software for dental laboratories and practitioners, and is widely regarded as a leader in the dental technology market alongside peers such as Envista NVST.N, Dentsply Sirona XRAY.O and Henry Schein HSIC.O.

Align rose to prominence as the maker of Invisalign, the clear dental aligner system that disrupted traditional braces and helped transform orthodontics through digital scanning and treatment planning.

Marc Steinberg, a partner at Elliott, in a statement called Align a market leader with significant growth potential. "We believe the board enhancements and other actions... are important steps toward delivering on this opportunity," he said.

The company said it raised its share buyback target for the year to between $400 million and $500 million, up from $200 million, citing confidence in its long-term value.