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.
- 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.
- Joe Hogan purchased 7,576 shares at $131.49 each, totaling $996,131, bringing his total investment to approximately $8 million since 2021.
- Align’s Invisalign system controls over 90% of the clear aligner market and the company serves 286,400 doctor customers with a network of 230,000 trained providers.
- The company achieved 3.1% revenue growth over the past year and maintains minimal debt with adequate liquidity, underscoring its solid financial position.
- Profitability has eased, with an operating margin of 16.09% and a net margin of 11.04%, down from historical highs.
- Q2 2025 revenues of $1,012.4 M (–1.6% y/y, +3.4% q/q); clear aligners $804.6 M (–3.3% y/y, +1% q/q), systems & services $207.8 M (+5.6% y/y, +13.9% q/q).
- GAAP operating margin of 16.1% and non-GAAP margin 21.3%; GAAP EPS $1.72 (non-GAAP EPS $2.49).
- Q3 guidance: revenues $965 M–$985 M, GAAP gross margin 64%–65%, GAAP op margin 10.5%–11.5%, non-GAAP op margin ~22%. FY 2025: clear aligner volume low-single-digit growth, revenues flat to slightly up, GAAP op margin 13%–14%, non-GAAP >22.5%.
- One-time restructuring charges $150 M–$170 M (cash ~$40 M) for workforce reductions and manufacturing optimization, targeting ≥100 bps margin improvement in FY 2026.
- Completed $1 B share repurchase program in Q2—585,100 shares at $164.14 avg; Board authorized new $1 B buyback in April 2025.
- Innovation Focus: The company emphasized a transition to game-changing technologies, including a next-generation ClinCheck software that drastically reduces treatment planning time, signaling significant efficiency improvements.
- EMEA Expansion Strategy: Align is aggressively targeting the underpenetrated EMEA market through tailored go-to-market approaches and peer-to-peer programs, leveraging local dynamics such as the UK’s GP-dominated market.
- Product Launch Highlights: Multiple new product launches were discussed—palatal expander, mandibular advancement device, and Lumina restorative—with early positive feedback and promising market impact.
- LRP Guidance Update: The company highlighted a long‐range plan for 2026–2028 featuring revenue acceleration and operating margin expansion based on strong product momentum and stable North American volume, while leveraging favorable FX and cost productivity initiatives.
- Global Market Focus: Emphasis was placed on robust double-digit growth in international markets (APAC and EMEA) compared to a stagnant North American market, with tailored strategies for each region and an expanding role in teen and lower-priced product segments.
- Innovative Technology and Margin Improvement: The introduction of the new Lumina IOS platform, along with cost efficiencies in systems and services, underpins the drive for better gross margins and operational scalability.
- Amendment Approved: The company's 2025 Annual Meeting on May 21, 2025 approved an amendment to the 2005 Incentive Plan aimed at attracting and retaining key personnel, including increasing the authorized number of incentive shares.
- Detailed Plan Provisions: The document outlines provisions for various award types such as stock options, SARs, restricted stock, and performance shares, with specific terms for vesting, exercise, and adjustments in corporate events.
- Proxy Vote Outcomes: Voting results detailed for board elections, executive compensation advisory, auditor ratification, and changes to corporate charter requirements were provided, emphasizing share-based decisions in the meeting.
- Executives detailed the recent Analyst Day where innovation across digital scanning (Lumina), software, and 3D printing—including the early stages of direct fabrication—was discussed.
- The updated long-range plan now guides 5%-15% growth for 2026-2028 and 15%+ growth from 2029 onward, underpinned by new product developments and market resilience.
- Stability in the U.S. market was emphasized with robust adoption of new technologies via tailored clinical education and pathways, alongside targeted expansion initiatives in emerging markets like Latin America.
- New $1 Billion Stock Repurchase Program: The Board has authorized a $1 billion repurchase effort to be executed over the next three years, succeeding the prior program completed in May 2025 .
- Strong Financial Position: As of March 31, 2025, the company reported 73.1 million shares outstanding and $873.0 million in cash and cash equivalents, underscoring its capacity to support the repurchase .
- Digital Transformation Strategy: Leadership detailed a 30‐year journey from analog processes to a comprehensive digital ecosystem that enhances treatment planning, patient experience, and clinical precision (e.g., via ClinCheck and iTero innovations) .
- Innovative Product Development: Showcased advancements include direct 3D printing of aligners, high-performance SmartTrack materials, and upgraded scanning solutions like Lumina, with pilots for retainers and aligners .
- Global Market and Operational Focus: Emphasis on strategic expansion in regions like APAC and EMEA, alongside cost efficiency measures in manufacturing and logistics, while also addressing shareholder initiatives .