Align Technology ( ALGN ) shares, in my opinion, are now noticeably oversold, and in terms of multiples they are trading at a clear discount to historical averages. I wrote about theHi there! I’m Narek, and I’ve been in the investment world for over six years. I started out as an equity analyst at European banks, digging into reports and learning how to spot value in the markets. I’ve worked across sectors — from telecom to industry — and found that behind every financial statement is a real story. I studie ...

Align Technology ( ALGN ) shares, in my opinion, are now noticeably oversold, and in terms of multiples they are trading at a clear discount to historical averages. I wrote about theHi there! I’m Narek, and I’ve been in the investment world for over six years. I started out as an equity analyst at European banks, digging into reports and learning how to spot value in the markets. I’ve worked across sectors — from telecom to industry — and found that behind every financial statement is a real story. I studie ...

Tempe, Arizona-based Align Technology, Inc. (ALGN) designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists. Valued at $11.4 billion by market cap, the company also manufactures software for dental laboratories and dental practitioners. Companies worth $10 billion or more are generally described as “large-cap stocks,” and ALGN fits right into that category with its market cap exceeding this threshold, refle ...

Key Takeaways ALGN launched the Invisalign System with MAOB in Thailand, expanding its Class II treatment portfolio. Align Technology saw a 0.1% after-market share rise after announcing Invisalign System with MAOB. ALGN targets a large global malocclusion market, citing 600 million affected and strong growth potential. Align Technology, Inc. (ALGN) recently announced the commercial availability of Invisalign System with mandibular advancement featuring occlusal blocks (MAOB) in Thailand.The Invisalign Syste ...

Investment Rating - The report indicates a positive investment outlook for the invisible orthodontics industry in China, projecting a compound annual growth rate (CAGR) of 13.9% from 2024 to 2030, with the market size expected to grow from 145 billion yuan in 2024 to 316 billion yuan by 2030 [8][9]. Core Insights - The invisible orthodontics market in China is characterized by a large patient population suffering from malocclusion, with a higher prevalence of complex cases compared to Western countries. The market is currently dominated by two major players, Angelalign and Invisalign, while local brands are emerging [5][6]. - The industry is experiencing rapid growth driven by technological advancements, increased consumer awareness, and a shift towards personalized treatment options. The competition is intensifying, but the overall market is expected to maintain a high growth trajectory [5][6][9]. Market Background - The invisible orthodontics industry in China has evolved over the past 20 years, transitioning from technology introduction to local innovation. Key milestones include the establishment of the first 3D printing production line for invisible aligners in 2007 and the introduction of regulatory frameworks to standardize the market [6][7]. - The demand for invisible orthodontics is significantly increasing due to rising aesthetic standards and the preference for less visible treatment options among consumers [5][8]. Market Status - The market size for invisible orthodontics in China is projected to reach 145 billion yuan in 2024, with a CAGR of 13.9% expected until 2030. The demand is driven by a high prevalence of malocclusion and the advantages of invisible aligners over traditional braces [8][9]. - The supply side is seeing advancements in materials technology, particularly in the development of heat-pressed film materials that enhance the performance of aligners [10]. Market Competition - The competitive landscape is marked by a "dual oligopoly" structure, with Angelalign and Invisalign leading the market. These companies leverage continuous technological innovation and extensive clinical data to build competitive advantages [16][17]. - The report identifies ten recommended brands in the market, highlighting their unique strengths and market positioning, such as Angelalign's extensive clinical database and Invisalign's patented technology [18][19][20]. Development Trends - The report outlines several key trends shaping the future of the invisible orthodontics industry, including enhanced control capabilities, increased predictability through AI and big data, reduced chairside time due to smart manufacturing, and expanded application flexibility through digital integration [31][32][33][34].

0.25%), crown accuracy (average error =0% - 0.9% < 1%) and inlay accuracy specimens (average error =0% - 0.4% < 1%). Data on file at Align Technology, as of August 26, 2024.**About Align Technology, Inc.**Align Technology designs and manufactures the Invisalign®System, the most advanced clear aligner system in the world, iTeroâ"¢ intraoral scanners and services, and exocadâ"¢ CAD/CAM software. These technology building blocks enable enhanced digital orthodontic and restorative workflows to improve patient o ...

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Align Technology FY Conference Summary Company Overview - **Company**: Align Technology (NasdaqGS:ALGN) - **Industry**: Healthcare Services and Dental Technology Key Points Product Portfolio Evolution - Introduction of the **Zero by Three product suite** aimed at providing flexibility to orthodontists with options for treatment duration and refinements [3][4] - The **three-year product** has become the top-selling product, reflecting advancements in technology and predictability [4][5] - The new product allows for **no refinements**, providing a lower-cost option while still offering the ability to purchase refinements as needed [5][6] Pricing and Revenue Model - The **average selling price (ASP)** is influenced by country growth and product mix, with lower list prices in emerging markets affecting overall ASP [12][13] - Anticipated **1%-2% decrease in ASP** due to new doctor onboarding and product mix changes, but gross margins are expected to remain strong at **75%-80%** [15][16] Market Dynamics and Demand Strategies - In the U.S., the market is described as **stable but discretionary**, with a focus on active patient engagement through visualization tools and financing options [19][20] - **Double-digit growth** in Doctor Service Organizations (DSOs) is noted, attributed to active marketing and patient engagement strategies [22][23] International Market Trends - Strong growth observed in **Eastern Europe, Middle East**, and parts of **Southeast Asia**, with ongoing efforts to expand in these regions [32][33] - The company is focusing on training and increasing the number of doctors using Invisalign in **Asia**, particularly in **Japan and China** [34][35] Direct Fabrication and Manufacturing Innovations - The company is advancing towards **direct fabrication** of aligners, which will eliminate the need for molds and allow for more customizable products [41][42] - Initial rollout of **directly fabricated retainers** is expected in 2026, with plans to scale up production for more complex aligners thereafter [46][47] Financial Outlook and Margin Improvement - Expected **100 basis points improvement** in operating margin due to product portfolio evolution and restructuring efforts [18][55] - The company aims to maintain a **CapEx** of **3%-4% of revenue** to support ongoing manufacturing needs and innovations [50][51] M&A Strategy - Align Technology remains focused on **M&A opportunities** that align with its core business of digital orthodontics, particularly in moving teeth [60][61] Future Goals - The company aims to drive **volume growth** and increase the number of doctors using its products, with a focus on maintaining stability in North America and expanding internationally [64][68] - Anticipation of **new product launches** and scaling of direct fabrication capabilities as key milestones for 2026 [65][66] Additional Insights - The potential impact of **stimulus checks** on consumer spending for orthodontic treatments is acknowledged, with historical data showing increased demand during such periods [25][26] - The company is well-positioned in China, with a focus on local manufacturing and treatment planning to navigate market dynamics effectively [39][40]

Core Insights - The conference marks Piper's 37th Annual Healthcare Conference, emphasizing the importance of client relationships and partnerships [1] Group 1: Consumer Confidence - Recent consumer confidence numbers indicate a decline, suggesting potential pressure on the U.S. consumer [3] - There is an expectation of a data vacuum from the government, which may impact the understanding of the current consumer landscape [3] - The macro environment for the U.S. consumer is under scrutiny, with questions about stability and pressure being pertinent for investors [2][3]

Align Technology FY Conference Summary Company Overview - **Company**: Align Technology (NasdaqGS:ALGN) - **Industry**: Dental Technology, specifically focusing on clear aligners and orthodontic products Key Points and Arguments US Consumer Environment - The US consumer environment is currently stable, with no dramatic changes observed in consumer confidence metrics [4][5] - Align Technology's business benefits from this stability, particularly in North America, which is a significant market for the company [5][6] Active Conversion Strategy - The company is focusing on active conversion strategies with dental service organizations (DSOs) and orthodontic service organizations (OSOs) to drive patient engagement and treatment uptake [10][12] - New products, such as the palate expander and mandibular advancement devices, are gaining traction, particularly among teens [11] International Growth - Over 50% of Align Technology's business is outside the US, with strong growth observed in regions like Southeast Asia, Latin America, and Eastern Europe, often exceeding double-digit growth rates [14][15] - The international market remains underpenetrated, providing significant growth opportunities as Align introduces new products and training for doctors [20][21] China Market Dynamics - In China, the majority of orthodontic cases are still treated with wires and brackets, with clear aligners representing less than 15% of the market [22][23] - Align Technology has a strong presence in tier one and tier two cities, where patients are willing to pay a premium for Invisalign treatments [23] - The company is well-positioned to navigate potential Value-Based Pricing (VBP) changes due to its established operations and manufacturing capabilities in China [26] Pricing Strategy - Align Technology expects to maintain a long-term average selling price (ASP) decline of 1-2%, primarily due to geographical and product mix effects [31][32] - The introduction of new products with lower service costs is expected to improve gross margins, despite potential pricing pressures from VBP [33][34] Portfolio Evolution - Align is evolving its product offerings to include fewer refinements and more options for doctors, which could disrupt the traditional orthodontic market [35][39] - The company is rolling out zero refinements in select markets, with broader implementation expected in North America starting in Q1 2026 [40] Future Outlook - Align Technology plans to continue its growth trajectory by leveraging both US and international markets, focusing on active conversion and product innovation [17][18] - The company is optimistic about the potential for increased utilization of clear aligners as the market evolves, particularly in response to VBP [27][28] Additional Important Insights - The company is actively working on scaling up direct fabrication processes, with initial products expected to launch in mid-2026 [41] - Align Technology's strategic focus on technology and product evolution positions it uniquely within the orthodontic industry, potentially setting new standards of care [39]