Core Viewpoint - Elliott Investment Management has acquired a significant stake in Align Technology Inc., aiming to engage with the company to enhance its stock price [1] Company Overview - Align Technology, founded in 1997 and based in Tempe, Arizona, specializes in clear aligners for teeth straightening, having served over 22 million customers [5] Stock Performance - Align's stock has significantly declined since its peak of $729.92 in 2021, attributed to reduced consumer spending on cosmetic procedures during the pandemic [2] - As of the latest trading session, Align's stock closed at $172.41, resulting in a market capitalization of approximately $12.3 billion [3] Market Analysis - Analysts at Barclays Plc suggest that the dental market may be stabilizing, with expectations for Align's stock to regain value lost since the onset of the war with Iran [4] - Barclays anticipates Align's stock to trade at around 12 times its earnings before interest, taxes, depreciation, and amortization (EBITDA), an increase from the current multiple of 10 times its estimated 2027 EBITDA, compared to historical averages of 17 and 21 [4]

J.P. Morgan Healthcare Conference Dan Scavilla President and Chief Executive Officer January 13, 2026 Forward-Looking Statements and Associated Risks This presentation contains statements that do not directly and exclusively relate to historical facts which constitute forward-looking statements, including, statements and projections concerning, among other things, the Company's return-to-growth action plan described in this presentation and statements and projections regarding the Company's use of technolog ...

Summary of Straumann Group Capital Markets Day 2025 Company Overview - **Company**: Straumann Group - **Event**: Capital Markets Day 2025 - **Date**: November 25, 2025 Key Industry Insights - **Industry**: Dental implants and orthodontics - **Market Trends**: - Shift from globalization to a fragmented market due to local manufacturing policies and tariffs [23][24] - Increased competition from Southeast Asia and China in dental technologies [26][27] - Digitalization and AI are transforming dental practices, enhancing efficiency and profitability [28][60] - Consolidation in dental service organizations (DSOs) is reshaping the market, representing about 30% of total dentistry [29] Financial Performance - **Revenue Growth**: Achieved a 16.2% CAGR from 2021 to 2024 in net revenue, translating to a 9% CAGR in Swiss francs [14] - **EBIT Growth**: 18.5% CAGR from 591 million to 983 million Swiss francs [14] - **Market Share**: Increased implant market share from 29% to 35% [18] Strategic Goals (2026-2030) - **Growth Ambition**: Targeting a double-digit growth CAGR and aiming to transform over 10 million smiles annually by 2030 [11] - **Focus Areas**: - Expanding leadership in implants and orthodontics [43] - Enhancing digital transformation and customer engagement through the Straumann Access platform [49][55] - Strengthening partnerships with DSOs to drive patient flow and treatment adoption [29] Digital Transformation - **Investment in Technology**: Over 50,000 intraoral scanners deployed, with a focus on creating a seamless digital workflow for dental practices [19][50] - **Cloud-Based Platform**: The Straumann Access platform aims to integrate various dental technologies, improving data exchange and collaboration [47][56] - **AI Integration**: AI is being utilized for data segmentation and treatment planning, enhancing the overall patient experience [60][67] Market Potential - **Addressable Market**: Estimated at $20 billion across all segments, with significant under-penetration in implants and orthodontics [36][34] - **Patient Demand**: Growing awareness and demand for high-quality dental treatments, particularly among aging populations [31][32] Competitive Landscape - **Emerging Competitors**: Notable competition from Chinese companies in implants and clear aligners [26][27] - **Response to Competition**: Emphasizing innovation and digitalization to maintain competitive advantage [44][54] Conclusion - **Future Outlook**: Straumann Group is well-positioned for growth through strategic investments in digital transformation, strong market presence, and a focus on customer needs, aiming for sustained revenue growth and profitability in the coming years [54][42]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud and unlawful business practices involving Align Technology, Inc. and its officers or directors, following disappointing financial results and a significant stock price drop [1][3]. Financial Performance - Align Technology reported total revenues of approximately $1.01 billion for Q2 2025, which was below both consensus estimates and the company's own guidance [3]. - The company lowered its revenue guidance for Q3 and full-year growth expectations, attributing this to economic uncertainty and reduced demand for its products [3]. - Following the announcement, Align's stock price fell by $74.56 per share, or 36.63%, closing at $129.01 per share on July 31, 2025 [3]. Legal Investigation - Pomerantz LLP is actively investigating claims on behalf of investors regarding potential securities fraud by Align Technology [1]. - Investors are encouraged to contact Pomerantz LLP for more information about the investigation and potential class action [1].

Core Viewpoint - Align Technology, Inc. has filed a complaint under Section 337 of the Tariff Act, addressing issues of unfair competition related to the importation and sale of goods [1] Company Overview - Align Technology is a leading global medical device company specializing in the design, manufacture, and sale of the Invisalign® System of clear aligners, iTero™ intraoral scanners, and exocad™ CAD/CAM software for digital orthodontics and restorative dentistry [1]

Financial Data and Key Metrics Changes - The company reported a 3.5% growth in the first half of the year, with expectations of normalizing to about 2.5% growth due to order timing adjustments [48][49] - For the second half, the company anticipates a growth rate of approximately 1.5%, normalizing to about 2.5% as well, aligning with the full-year guidance of 2% to 3% [49][50] - The purification and filtration divestiture is expected to provide a 25% to 30% annual benefit, with a significant portion of the EPS benefit realized in the fourth quarter [17][19] Business Line Data and Key Metrics Changes - The MedSurge business experienced a headwind in Q2 but is expected to accelerate in the second half, particularly in advanced wound care [49][50] - The dental segment has launched three new products this year, leading to strong traction and expectations for accelerated growth in the latter half of the year [36][38] Market Data and Key Metrics Changes - The company is focusing on attractive markets for innovation, leveraging its capabilities in material science and data science to drive growth [12][13] - The dental market is seeing a transformation with new product launches that are expanding market share and improving patient experience [38][39] Company Strategy and Development Direction - The company is undergoing a significant transformation in three phases: focusing on mission, talent, and culture; strategic alignment; and future transformation through portfolio rationalization [4][6] - The company aims to optimize its portfolio continuously, evaluating whether assets belong with them or should be divested [23][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving free cash flow guidance of $450 to $550 million despite a slow start in the first half due to timing issues [52][53] - For 2026, management anticipates tailwinds from commercial improvements and new product launches, while also acknowledging headwinds from SKU rationalization [55][56] Other Important Information - The company has made significant changes in leadership and talent within the MedSurge business to address past underperformance [14][15] - The partnership with Ensemble in revenue cycle management is expected to enhance the company's position in autonomous coding technology [42][46] Q&A Session Summary Question: How should we think about Q3 and Q4 in terms of cadence? - The company expects a normalization of growth rates in the second half, with specific improvements in advanced wound care and dental segments [49][50] Question: Can you talk about your confidence in achieving your free cash flow guidance? - Management is confident in meeting the guidance, with action plans in place to address the slow start in the first half [52][53] Question: What are your comments around valuations and the marketplace for tuck-in deals? - The company acknowledges that while attractive assets are not inexpensive, they will maintain a disciplined approach to acquisitions [35] Question: What are your expectations for pricing in 2025 and 2026? - The company expects pricing to be flat to plus 1%, focusing on sustainable volume growth rather than maximizing price [66][68]