Financial Data and Key Metrics Changes - Q4 revenues reached a record $1.048 billion, up 5.3% year-over-year and 5.2% sequentially [5] - For the full year 2025, total revenues were a record $4 billion, up 1% year-over-year [5] - Q4 overall gross margin was 65.3%, up 1.1 points sequentially but down 4.8 points year-over-year [40][41] - Q4 net income per diluted share was $1.89, up $1.11 sequentially and up $0.50 year-over-year [51] Business Line Data and Key Metrics Changes - Systems and services revenues were $790 million, up 2.7% year-over-year [6] - Clear aligner revenues for Q4 were $838 million, up 5.5% year-over-year and up 4% sequentially [7][34] - Fiscal 2025 clear aligner revenues were $3.2 billion, up 0.5% year-over-year on record clear aligner volumes of 2.6 million cases [6] Market Data and Key Metrics Changes - Q4 clear aligner volume was a record 677,000 cases, up 7.7% year-over-year [8] - In EMEA, clear aligner volumes grew double digits year-over-year, with significant growth in Iberia, the Nordics, and the UK [18] - In APAC, clear aligner volumes also grew double digits year-over-year, with record shipments from China, India, and Korea [19] Company Strategy and Development Direction - The company is focusing on expanding international adoption and increasing orthodontic utilization, particularly among teens and kids [62] - Strengthening consumer demand conversion through localized last-mile marketing is a key strategy [62] - The company aims to enhance its digital platform and maintain leadership in treatment planning and 3D printing manufacturing [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the macro environment while highlighting strong fundamentals and execution [61][66] - The company expects Q1 2026 worldwide revenues to be in the range of $1.01 billion to $1.03 billion, up 3%-5% year-over-year [57] - For fiscal 2026, the company anticipates worldwide revenue growth of 3%-4% year-over-year [59] Other Important Information - The company repurchased approximately 0.7 million shares of common stock at an average price of $142.87 during Q4 [53] - Cash and cash equivalents as of December 31, 2025, were $1.0949 billion, up $90.3 million sequentially [52] Q&A Session Summary Question: Can you parse apart the improved volume performance? - Management noted stability in markets and effective execution, particularly with DSOs driving growth [71] Question: What are the assumptions for 2026 guidance regarding end markets? - Management expects markets to behave consistently with recent trends and emphasizes active conversion strategies [82] Question: Can you discuss the growth of DSOs and their adoption curve? - Management indicated that DSOs are expanding and that there are good growth parameters in this business [86] Question: What is driving the improvement in the adult business? - Factors include DSO growth, financial credit support, and effective patient conversion strategies [91] Question: How do you view the ASPs for 2026? - Management expects ASPs to be down 1%-2% year-over-year due to country and product mix [101]

Q4 and Full Year 2025 Financial Results Align Technology, Inc. February 4, 2026 ©2026, Align Technology Inc. All rights reserved. ©2026 Align Technology Inc. All rights reserved. 1 Q4 2025 Conference Call Details Conference Call Speakers: Webcast Archive: • Audio webcast archive will be available at http://investor.aligntech.com for one month Contacts Website: http://investor.aligntech.com Email: investorinfo@aligntech.com Tel: (602) 742-2000 Corporate and Investor Communications: ©2026 Align Technology Inc ...

Core Insights - Align Technology, Inc. is a leading global medical device company focused on the design, manufacture, and sale of the Invisalign® System, iTero™ intraoral scanners, and exocad™ CAD/CAM software for digital orthodontics and restorative dentistry [1] Group 1 - The company shared highlights from its 2025 Global Faculty Meeting, emphasizing its commitment to empowering doctors who utilize and educate their peers on Invisalign treatment techniques [1]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $979.3 million, down 1.6% sequentially and down 1.8% year over year [18] - Q1 clear aligner revenues were $796.8 million, up 0.3% sequentially but down 2.5% year over year [18][20] - Q1 systems and services revenue was $182.4 million, down 9.2% sequentially but up 1.2% year over year [21] - Overall gross margin for Q1 was 69.5%, down 0.6 points sequentially and down 0.5 points year over year [22] - Q1 net income per diluted share was $1.27, down $0.13 sequentially and year over year [26][27] Business Line Data and Key Metrics Changes - Clear aligner volumes grew 6.2% year over year, with significant growth in the EMEA and APAC regions [6][7] - Systems and services revenues were slightly up year over year due to the adoption of the iTero Lumina scanner platform [6][21] - Q1 clear aligner average per case shipment price was $12.40, down $110 year over year due to product mix shifts and discounts [20] Market Data and Key Metrics Changes - North America saw a year-over-year increase in clear aligner volumes, driven by the adoption of Invisalign First and other products [7][9] - EMEA region volumes reflected strong demand across both orthodontic and GP channels [8] - APAC region growth was led by increased utilization in both ortho and GP channels across various markets [8] Company Strategy and Development Direction - The company is focused on innovation in orthodontics, including the launch of the Invisalign Pallet Expander and the iTero Lumina scanner with restorative capabilities [10][12] - Align Technology aims to enhance clinical outcomes and patient experiences through its digital platform and new product offerings [13][40] - The company is committed to expanding its market presence and improving operational efficiencies to drive growth [39][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the clear aligner business despite global economic uncertainties [39] - The company anticipates Q2 2025 revenues to be in the range of $1.05 billion to $1.07 billion, indicating sequential growth [36] - Management highlighted the importance of digital workflows and the role of dental service organizations (DSOs) in driving growth [13][39] Other Important Information - The company received a favorable ruling regarding VAT applicability in the UK, which could enhance patient access to oral health [30] - Align Technology is actively managing tariff impacts through strategic production locations and supply chain adjustments [33][34] Q&A Session Summary Question: Strength in the quarter despite consumer sentiment decline - Management noted good volume growth across regions, particularly in North America, and highlighted the positive impact of new product launches [46][48] Question: Plans to mitigate tariff impacts - Management indicated confidence in their current production locations and supply chain strategies to mitigate tariff impacts [51][53] Question: Insights for the upcoming investor day - Management plans to provide a comprehensive overview of the company's technology and commercial positioning [55][56] Question: Clarification on 2025 revenue guidance and ASPs - Management confirmed that ASPs are expected to remain under pressure due to product mix shifts, but overall revenue growth is anticipated [58][60] Question: Performance of the teen segment - Management highlighted strong growth in the teen segment, driven by new products and effective distribution strategies [62][64] Question: ASP impacts from VAT and FX - Management discussed the potential for ASP improvements if the VAT situation in the UK is resolved favorably and noted that FX could become a positive contributor going forward [71][75]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $979.3 million, down 1.6% sequentially and down 1.8% year over year [18] - Q1 clear aligner revenues were $796.8 million, up 0.3% sequentially but down 2.5% year over year [19] - Q1 systems and services revenue was $182.4 million, down 9.2% sequentially but up 1.2% year over year [20] - Overall gross margin for Q1 was 69.5%, down 0.6 points sequentially and down 0.5 points year over year [22] - Q1 net income per diluted share was $1.27, down $0.13 sequentially and year over year [26] Business Line Data and Key Metrics Changes - Clear aligner volumes grew 6.2% year over year, with significant growth in the EMEA and APAC regions, and North America [6] - Systems and services revenues were slightly up year over year due to the adoption of the iTero Lumina scanner platform [7] - Clear aligner average per case shipment price decreased to $12.40, down $110 year over year due to product mix shifts and discounts [19] Market Data and Key Metrics Changes - North America saw a year-over-year increase in clear aligner volumes, driven by the adoption of Invisalign First for teens and kids [7] - EMEA region volumes reflected strong demand across both orthodontic and GP channels [8] - APAC region growth was driven by increased utilization in both ortho and GP channels across various markets [9] Company Strategy and Development Direction - The company is focused on innovation in orthodontics, including the launch of the Invisalign Pallet Expander system and the iTero Lumina scanner with restorative capabilities [10][11] - Align Technology aims to enhance clinical outcomes and patient experiences through its digital platform and new product offerings [12] - The company is committed to expanding its market presence and improving practice efficiency through digital workflows [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the clear aligner business despite global economic uncertainties and potential headwinds from tariffs [40] - The company anticipates Q2 2025 revenues to be in the range of $1.05 billion to $1.07 billion, indicating sequential growth [36] - For fiscal 2025, Align expects clear aligner volume growth to be mid-single digits year over year, with systems and services revenues growing faster than clear aligner revenues [39] Other Important Information - The company received a favorable ruling regarding VAT applicability for clear aligner sales in the UK, which could enhance patient access to oral health [31] - Align Technology is actively managing its supply chain to mitigate potential tariff impacts, maintaining a strong global presence [34][35] Q&A Session Summary Question: Strength in the quarter despite consumer sentiment decline - Management noted good volume growth across regions, particularly in North America, APAC, and Europe, indicating a decoupling from consumer sentiment trends [46][48] Question: Plans to mitigate tariff impacts - Management stated they are well-positioned to handle tariff impacts through global supply lines and operational adjustments [50][52] Question: Insights for the upcoming investor day - Management indicated that the investor day will provide a comprehensive overview of the company's portfolio and future positioning [56] Question: Clarification on 2025 revenue guidance - Management confirmed that the revenue guidance reflects a slight adjustment in ASP expectations, with clear aligner volumes expected to grow mid-single digits [58][60] Question: ASP dynamics and impacts from VAT - Management explained that the VAT impact from the UK could provide flexibility in pricing, potentially benefiting ASPs if the appeal does not proceed [72][74]