Align Technology, Inc. is a global medical device company specializing in the design, manufacture, and marketing of Invisalign® clear aligners, which are used by orthodontists and general dental practitioners to treat malocclusions, or misaligned teeth . The company also provides Vivera™ retainers for retention, iTero™ intraoral scanners and services for dentistry, and exocad™ CAD/CAM software for dental laboratories and practitioners . Align operates through two main segments: Clear Aligner and Imaging Systems and CAD/CAM Services, with the Invisalign system being the principal product line .
- Clear Aligner - Develops and markets Invisalign® clear aligners, which are used to treat teeth misalignment by orthodontists and general dental practitioners .
- Vivera™ Retainers - Offers retainers designed to maintain teeth alignment post-treatment .
- Imaging Systems and CAD/CAM Services - Provides iTero™ intraoral scanners and services for dental practices, along with exocad™ CAD/CAM software for dental laboratories and practitioners .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Emory Wright Executive | Executive Vice President, Direct Fabrication Manufacturing Platform | None | Joined ALGN in 2000, pivotal in scaling global operations and developing 3D printing capabilities. | |
Jitse Marree Executive | Vice President, Global Aligner Manufacturing Operations | None | Over seven years at ALGN, leading global aligner manufacturing operations. | |
John F. Morici Executive | Chief Financial Officer and Executive Vice President, Global Finance | None | Joined ALGN in 2016, has held various financial leadership roles, contributing significantly to the company's financial strategies. | |
Joseph M. Hogan Executive | President and Chief Executive Officer | None | Joseph M. Hogan has been the CEO since 2015, previously CEO of ABB and GE Healthcare, known for strategic and operational leadership in large public companies. | View Report → |
Julie Coletti Executive | Executive Vice President, Chief Legal and Regulatory Officer | None | Progressed from VP to EVP, focusing on legal and regulatory strategies since joining ALGN. | |
Mitra Derakhshan Executive | Executive Vice President, Chief Clinical Officer, Global Treatment Planning and Clinical Services | None | Focuses on clinical confidence and digital workflows, promoting Invisalign adoption. | |
Srini Kaza Executive | Executive Vice President of Research and Development | None | Over 25 years at ALGN, key in developing Invisalign and 3D printing technologies. | |
Stuart Hockridge Executive | Executive Vice President, Global Human Resources | None | Joined ALGN in 2013, has advanced through HR leadership roles, contributing to talent management and organizational development. | |
Anne M. Myong Board | Independent Director | None | Director since 2019, with experience in global operations and digital transformation at Walmart and Agilent. | |
C. Raymond Larkin Jr. Board | Chairman of the Board | Chairman of Shockwave Medical, Principal of Group Outcome L.L.C. | Director since 2004, Chairman since 2006, with extensive experience in medical devices and healthcare. | |
George J. Morrow Board | Independent Director | Board of Directors at Neurocrine Biosciences, Inc. | Director since 2006, with a background in commercial operations at Amgen and GlaxoSmithKline. | |
Joseph Lacob Board | Independent Director | Governor, Co-Executive Chairman, and CEO of Golden State Warriors, Board of NeuroPace, Inc. | Director since 1997, with expertise in strategic opportunities in technology and healthcare. | |
Kevin J. Dallas Board | Independent Director | CEO of EnterpriseDB Corporation | Director since 2018, with expertise in digital transformation and technology leadership. | |
Kevin T. Conroy Board | Independent Director | President, CEO, and Chairman of Exact Sciences Corporation | Appointed in 2023, known for leadership in cancer diagnostics and development of Cologuard. | |
Mojdeh Poul Board | Independent Director | Director at iRhythm Technologies, Member of CeramTec Advisory Committee, Director at Stanley Black and Decker | Appointed in 2023, with a background in healthcare leadership at 3M, Medtronic, and Boston Scientific. | |
Susan E. Siegel Board | Independent Director | Board of Directors at Illumina, Inc., Nevro Corporation, Chairman of MIT's The Engine, Trustee at KFF | Director since 2017, former Chief Innovation Officer at GE, recognized for contributions to healthcare innovation. |
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Given the continued sluggish consumer demand in the U.S., especially impacting patient throughput and treatment conversion rates, what specific strategies are you implementing to stimulate growth in your orthodontic and dental channels amid these challenges?
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With the recent restructuring actions, including the elimination of key executive roles and workforce reductions, how do you plan to maintain operational effectiveness and support your growth initiatives, particularly in scaling critical technologies like direct 3D printing?
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Considering the pressures on capital equipment sales due to high interest rates and economic conditions, how confident are you in driving adoption of the new Lumina scanner, especially with the upcoming restorative software release, and what measures are you taking to incentivize purchases in this tough market?
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International markets like China have shown growth for Align, but with geopolitical tensions and varying economic conditions globally, how sustainable is this growth, and what strategies are you employing to mitigate risks and capitalize on opportunities in these regions?
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As you invest heavily in future technologies amidst a period of economic malaise and restructuring, how are you balancing these long-term investments with the need to deliver margin accretion and meet near-term financial performance expectations?
Research analysts who have asked questions during ALIGN TECHNOLOGY earnings calls.
Elizabeth Anderson
Evercore ISI
4 questions for ALGN
Jason Bednar
Piper Sandler Companies
4 questions for ALGN
Jeffrey Johnson
Robert W. Baird & Co. Inc.
4 questions for ALGN
Jonathan Block
Stifel Financial Corp.
4 questions for ALGN
Kevin Caliendo
UBS
4 questions for ALGN
Michael Cherny
Leerink Partners
4 questions for ALGN
Michael Ryskin
Bank of America Merrill Lynch
4 questions for ALGN
Brandon Vazquez
William Blair & Company, L.L.C.
3 questions for ALGN
Erin Wilson Wright
Morgan Stanley
3 questions for ALGN
Steven Valiquette
Mizuho
3 questions for ALGN
David Saxon
Needham & Company
2 questions for ALGN
Erin Wright
Morgan Stanley
1 question for ALGN
Glen Santangelo
Jefferies
1 question for ALGN
Russell Yuen
William Blair & Company
1 question for ALGN
Vik Chopra
Wells Fargo & Company
1 question for ALGN
Vikramjeet Chopra
Wells Fargo & Company
1 question for ALGN
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Cubicure GmbH | 2024 | Completed on January 2, 2024, this acquisition involved purchasing the remaining 91% equity interest (with Align already holding 9.04%) for a total of approximately $87 million (with $79 million paid in cash) to enhance Align’s strategic innovation roadmap and expand its 3D printing, materials, and manufacturing capabilities via patented Hot Lithography technology. |
Recent press releases and 8-K filings for ALGN.
- Revenue: Q3 total revenues of $995.7 M, up 1.8% YoY and down 1.7% QoQ; clear aligner revenues $805.8 M (+2.4% YoY) and systems & services $189.9 M (-0.6% YoY)
- Profitability: Q3 non-GAAP operating margin at 23.9%, exceeding the outlook of ~22%
- Volume growth: Clear aligner cases reached 648,000, up ~5% YoY, driven by EMEA, APAC, and LatAm; North American retail channels remained mixed with strong DSO growth
- Innovation: Launched ClinCheck Live Plan, automating initial treatment plans in 15 minutes, and expanded iTero Lumina and exocad ART pilots to enhance digital workflows
- Align reported Q3 revenues of $995.7 M, up 1.8% YoY and down 1.7% QoQ, with a non-GAAP operating margin of 23.9%.
- Q3 clear aligner revenues were $805.8 M (+2.4% YoY) on 648 K cases (+5% YoY), while imaging systems & services revenues were $189.9 M (-0.6% YoY, -8.6% QoQ).
- The company repurchased 0.5 M shares at an average price of $136.77, leaving $928.4 M available under its April 2025 buyback program.
- Q4 2025 guidance: revenues of $1.025 B–$1.045 B; GAAP gross margin 65.5%–66%; non-GAAP gross margin ~71%; non-GAAP operating margin ~26%; fiscal 2025 clear aligner volume growth mid-single digits, revenue flat to slightly up YoY.
- Align reported Q3 revenue of $995.7 million, up 1.8% YoY and down 1.7% sequentially, with a non-GAAP operating margin of 23.9% (GAAP 9.7%).
- Clear aligners drove performance with $805.8 million in revenue, 648,000 cases (+5% YoY) and an average selling price of $1,245 per case.
- Cash and liquidity remained strong, with $1,004.6 million in cash and cash equivalents, $169 million in free cash flow, and repurchase of 0.5 million shares (remaining authorization of $928.4 million).
- For Q4, Align expects revenues of $1.025–1.045 billion, non-GAAP operating margin of ~26%, and for FY25 anticipates mid-single-digit clear aligner volume growth with flat-to-slightly-up revenues.
- Q3 2025 total revenues of $995.7 million, up 1.8% year-over-year and down 1.7% sequentially.
- Clear Aligner revenues reached $805.8 million (+2.4% YoY) with shipments of 647,750 cases (+4.9% YoY).
- GAAP operating income was $96.3 million (9.7% margin), with GAAP EPS of $0.78 and non-GAAP EPS of $2.61.
- Full-year 2025 outlook: mid-single-digit Clear Aligner volume growth, flat to slight revenue growth, GAAP operating margin of 13.6–13.8%, and non-GAAP margin slightly above 22.5%.
- Align launched ClinCheck Live Plan, an AI-driven feature that automates initial Invisalign treatment plans in 15 minutes, cutting planning cycles from days to minutes.
- The system leverages proprietary data from over 21 million prior Invisalign patients and automatically applies doctor-specific preferences via Flex Rx submissions.
- Doctors can submit an iTero intraoral scan with Flex Rx, then review and approve a detailed 3D plan during the patient’s visit, boosting practice efficiency and patient experience.
- Align plans a global roll-out of ClinCheck Live Plan in Q1 2026, supported by webinars and how-to guides for trained doctors.
- Aligned Data Centers and Calibrant Energy will install a 31 MW / 62 MWh on-site battery energy storage system at Aligned’s Pacific Northwest campus, enabling the facility to come online and scale years earlier than traditional utility upgrades; the system is slated for operation in 2026.
- This marks the first U.S. deployment of a purpose-built battery system to accelerate grid interconnection for a large-scale data center, functioning as a grid-responsive asset that discharges during peak demand to bolster reliability.
- Key equipment—including transformers, switchgear, and batteries—is manufactured or assembled in the U.S., emphasizing safety, multiple layers of fire mitigation, and 24/7 remote monitoring.
- Aligned and Calibrant are exploring similar projects in other markets, signaling a repeatable energy-unlock solution for data centers facing interconnection constraints.
- Alignment Health Plan announced a partnership with Suvida Healthcare to expand bilingual primary care access for Medicare Advantage members in Pima and Maricopa counties, effective October 1, 2025.
- Suvida’s holistic care model addresses the physical, behavioral, social and cultural needs of Hispanic Medicare-eligible seniors.
- Members enrolled in The ONE + Walgreens HMO, Heart & Diabetes (HMO C-SNP), Heart & Diabetes Plus (HMO C-SNP) and smartHMO plans can access Suvida centers in Phoenix and Tucson.
- Beginning January 1, 2026, members of the new Heart & Diabetes AZPlus (HMO C-SNP) plan will also receive Suvida’s services, and Alignment’s Arizona HMO earned a 4-star CMS rating for 2026.
- For 2026, Alignment will offer seven plans in Arizona, reaching over 1.06 million Medicare-eligible adults.
- Align Technology has filed a Section 337 complaint with the U.S. International Trade Commission to block imports and U.S. sales of Shanghai-based Angelalign’s clear aligners, seeking exclusion and cease-and-desist orders for alleged patent infringement.
- This action builds on prior legal filings in the U.S., Europe, and China targeting Angelalign over innovations in multilayer aligner materials, treatment planning, and advanced features.
- Align holds over 90% market share in the global clear aligner market and emphasizes protecting its significant R&D investments from unfair competition.
- The company reports a market capitalization of $9.35 billion and an operating margin of approximately 16%, underscoring a strong financial position.
- Angelalign denies all accusations, calling them meritless, and pledges a vigorous defense, highlighting its 20-plus year innovation and patent portfolio investments.
- Management reiterated Q3 guidance based on June trends and expects a sequential step-up in Q4 driven by seasonal volume increases in Europe and North America, more full iTero system sales and the normalization of UK VAT treatment.
- Margins are projected to rise from 22% in Q3 to higher levels in Q4, benefiting from volume leverage, an annualized £35 M VAT tailwind in the UK and ongoing cost and restructuring initiatives.
- The primary macro headwind is elevated interest rates, which are dampening patient conversion for elective dental treatments; expanding patient financing options is critical to sustaining demand.
- Strategic priorities include penetrating high-growth markets in APAC, Latin America and Eastern Europe, accelerating adoption within DSOs, diversifying the aligner portfolio with lower-refinement SKUs and driving capital equipment upgrades with the Lumina scanner.
- The company has initiated patent infringement lawsuits against Angel Align in the U.S., Europe and China to protect its intellectual property.
- Blackstone Credit & Insurance expanded Aligned Data Centers’ senior secured credit facility to over $1 billion.
- Facility will support Aligned’s plan to develop more than 5 gigawatts of data center capacity across the Americas.
- Aligned’s sustainable, adaptive designs—including advanced air and liquid cooling for high-performance GPUs—underpin the investment.
- The entire $1 billion commitment comes from BXCI’s Infrastructure & Asset-Based Credit Group, reflecting confidence in Aligned’s long-term strategy.