ALGN
Updated: 24/09/2026, 07:34:27
Align Technology, Inc. is a medical technology enterprise that develops, produces, and markets its leading products: Invisalign transparent dental aligners and iTero digital intraoral scanners, along with related services. These offerings serve a wide range of dental professionals, including orthodontists, general dentists, and those specializing in restorative and cosmetic dentistry. The company's operations are divided into two main business units: "Clear Aligner" and "Scanners and Services." The Clear Aligner segment offers a variety of solutions. Its comprehensive products include the full Invisalign treatment for teenage patients, designed to address complex orthodontic needs such as mandibular advancement, patient compliance tracking, and managing tooth eruption. It also features specialized Invisalign First Phase I and Phase 2 packages for younger children, typically aged seven to ten, who have mixed dentition (a combination of primary and permanent teeth). Beyond these, the segment provides non-comprehensive aligner options like Invisalign moderate, lite, express, and Invisalign Go. Additional non-case products include retention devices, fees for Invisalign training, and sales of ancillary items such as cleaning materials and adjustment tools used by dental practitioners during treatment. The Scanners and Services segment centers around the iTero scanner, a unified hardware platform offering various software applications for both restorative and orthodontic procedures. It supplies specialized restorative software to general dentists, prosthodontists, periodontists, and oral surgeons, as well as distinct software for orthodontists to manage digital patient records, perform diagnoses, and facilitate the fabrication of printed models and retainers. This segment also provides computer-aided design and manufacturing (CAD/CAM) services, along with supplementary products like disposable covers for the scanner wand and iTero models and dies. Furthermore, it includes third-party scanners and digital scan solutions, the Invisalign Outcome Simulator (a chair-side and cloud-based application for the iTero scanner), the Invisalign Progress Assessment tool, and TimeLapse technology, which enables clinicians to compare a patient's historical 3D scans against current data. Align Technology distributes its products worldwide, with a strong presence in the United States, Switzerland, and China. Founded in 1997, the company is headquartered in Tempe, Arizona.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$4.0B
FY 2025 · Reported
Net income
$0.4B
FY 2025 · Reported
Gross margin
67.2%
FY 2025 · Calculated
Free cash flow
$0.5B
FY 2025 · Calculated
R&D intensity
9.2%
FY 2025 · Calculated
Share repurchases
$0.5B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Reportable segments
Two reportable segments: Clear Aligner and Systems and Services
“Our revenues are derived primarily from the sale of aligners, scanners, and services from our Clear Aligner and Systems and Services reportable segments.”
Customer channels
Doctors (orthodontists and GP dentists), DSOs, and dental labs; DSOs described as a large and growing adoption opportunity with possible financial investments or collaborations
“DSOs represent a large and growing opportunity to help drive adoption of digital technology across the dental industry. We have well established relationships with many DSOs globally”
Sales and distribution model
Sells directly or through authorized distributors in more than 100 countries; Invisalign accessory products in US e-commerce channels; doctor subscription plan for retainer business
“As of the end of 2025, we are selling directly or through authorized distributors in more than 100 countries.”
Systems and Services segment products
Systems and Services segment: iTero Element/Lumina intraoral scanners (iTero Lumina Pro with NIRI), exocad CAD/CAM software licensed separately, iTero Design Suite, Align Oral Health Suite, Invisalign Outcome Simulator Pro
“Our exocad CAD/CAM software platform addresses restorative needs in an end-to-end digital platform workflow to facilitate ortho-restorative and comprehensive dentistry.”
Foreign currency exposure
Large portion of net revenues and expenses in foreign currencies; uses foreign currency forward contracts to moderate exposure
“a large portion of our net revenues and expenses are generated in foreign currencies. While we forecast our balance sheet exposures to foreign currency fluctuations and utilize foreign currency forward contracts”
Regional manufacturing footprint
11 fabrication and treatment planning locations worldwide; clear aligner fabrication in Juarez Mexico, Ziyang China, Wroclaw Poland; scanner production/assembly in Ziyang China, Petah Tikva Israel, Blonie Poland, Juarez Mexico; treatment planning in Costa Rica, China, Germany, Spain, Poland, Japan
“We have regional fabrication facilities in our main markets for clear aligners, which are located in Juarez, Mexico; Ziyang, China; and Wroclaw, Poland.”
Primary freight carrier
Depends on commercial freight carriers, primarily United Parcel Service, Inc., to deliver products
“We depend on commercial freight carriers, primarily United Parcel Service, Inc., to deliver our products.”
Sole source supplier dependence
Highly dependent on third-party suppliers, some sole source, for scanning equipment, rapid prototyping machines, resins/advanced materials, and iTero scanner components; maintains single and sole supply relationships in limited locations
“We are highly dependent on our supply chain, particularly manufacturers of specialized and customized scanning equipment, rapid prototyping machines, resin and other advanced materials, as well as the optics, electronic and other mechanical components of our iTero scanners. We maintain single and sole supply relationships in limited locations for materials and manufacturing.”
Workforce location and restructuring
Approximately 91% of employees located internationally; restructuring plans in each of the past three fiscal years, most recently Q3 2025; return-to-office five days/week since September 2025
“approximately 91% of our employees are located internationally, and restrictive immigration or travel policies or legal or regulatory developments relating to immigration in the United States and other countries may negatively affect our efforts”
Cumulative patients treated and market size
Over 22 million patients treated with Invisalign System over 28 years; teen/younger market is ~70% of estimated 22 million annual global orthodontic case starts; 600 million potential patients with malocclusion
“the teenage and younger market makes up approximately 70% of the estimated 22 million total annual global orthodontic case starts”
2025 product development
2025 launches: restorative capabilities on iTero Lumina and new iTero Lumina Pro dental imaging system, iTero Digital Solutions ecosystem, Align Oral Health Suite, Outcome Simulator Pro with Smile Video, iTero Design Suite
“in 2025, we announced several new enhancements to the AlignTM Digital Platform, including (i) restorative capabilities to our iTero Lumina™ intraoral scanner (without iTero NIRI technology) and the new iTero Lumina™ Pro dental imaging system (with iTero NIRI technology)”
AI investment in Align Digital Platform
Investing in AI infrastructure, specialized talent, and strategic partnerships to enhance Align Digital Platform; AI seen as unlocking adjacent markets, automation, scalability and productivity
“we continue to invest in AI infrastructure, specialized talent, and strategic partnerships to further enhance the capabilities of the Align™ Digital Platform”
Accelerated depreciation from manufacturing asset disposal
Q3 2025 plan to dispose of manufacturing assets before end of useful lives; $76.9 million accelerated depreciation in 2025, reducing net income net of tax by $53.9 million or $0.74 per basic and diluted share
“In the year ended December 31, 2025, we recorded $76.9 million of accelerated depreciation expense related to these assets.”
International revenue growth expectation
Expects international revenues to grow faster than Americas' revenues over the longer-term due to growing international demand, investment, market size, and low penetration
“Over the longer-term, we expect international revenues to grow faster than Americas’ revenues as a result of growing international demand”
Global tax law exposure
Exposed to OECD Pillar Two 15% global minimum tax, BEPS framework, One Big Beautiful Bill Act, and complex SUT/VAT/GST indirect tax regimes across jurisdictions
“the OECD/G20 Framework’s Pillar Two 15% global minimum tax, and the One Big Beautiful Bill Act, or changes to how those laws are applied to our business could affect the amount of tax which we are subject to”
Tariff exposure on Mexico-manufactured aligners
Tariffs could raise costs and reduce demand; aligners made in Mexico shipped to US customers; U.S. Commerce Department Section 232 investigation into imports of medical equipment including devices
“we manufacture clear aligners in our facility in Mexico and ship them to the United States, primarily for our United States customers”
Clear aligner dependence on iTero/third-party scanner scans
A significant portion of clear aligner production depends on digital scans from the installed base of iTero and third-party intraoral scanners; discontinuation of support for older scanners could hurt aligner revenues
“A significant portion of our clear aligner production is dependent on digital scans from our globally dispersed and decentralized installed base of iTero and third-party intraoral scanners”
Macroeconomic and consumer discretionary spending risk
Macroeconomic conditions affect elective orthodontic demand; inflation, higher interest rates, fuel/energy/shipping costs, and FX fluctuations have adversely impacted costs and spending
“Macroeconomic conditions impact consumer confidence and discretionary spending, which can reduce or shift spending away from elective procedures”
Geopolitical exposure - Israel and Russia
iTero operations headquartered in Israel near Israel-Hamas conflict areas; operations and assets in Russia affected by Ukraine war; Mexico manufacturing exposed to drug trafficking and gang activity
“Our iTero operations, headquartered in Israel, are close to areas that have been affected by the conflict between Israel and Hamas.”
Clear aligner production relies on digital scans from the globally dispersed iTero and third-party scanner installed base; loss of interoperability or support for older scanners would impair aligner revenues.
“A significant portion of our clear aligner production is dependent on digital scans from our globally dispersed and decentralized installed base of iTero and third-party intraoral scanners”
US clear aligner supply is manufactured in Juarez, Mexico and shipped to US customers, exposing US revenues to tariffs, Section 232 investigation, and Mexican security risks.
“we manufacture clear aligners in our facility in Mexico and ship them to the United States, primarily for our United States customers”
Invisalign treatment is elective/discretionary; macro weakness, inflation, and higher interest rates reduce case starts and can push patients to cheaper wires-and-brackets treatment.
“Macroeconomic conditions impact consumer confidence and discretionary spending, which can reduce or shift spending away from elective procedures, drive patients to pursue less costly orthodontic treatments”
Significant international operations mean a large portion of revenues and expenses are in foreign currencies against a USD reporting currency; hedged partially with forward contracts.
“Although the U.S. dollar is our reporting currency, a large portion of our net revenues and expenses are generated in foreign currencies.”
iTero operations are headquartered in Israel near conflict-affected areas, risking disruption of scanner operations and supply.
“Our iTero operations, headquartered in Israel, are close to areas that have been affected by the conflict between Israel and Hamas.”
Higher inflation, fuel, energy, shipping, raw material, and labor costs raise production and shipping costs, pressuring gross margin with limited ability to pass through price increases.
“Higher inflation, as well as the cost of fuel, energy and domestic and international shipping costs, food and other essential or discretionary items, raw material prices and labor rates, has and may continue to rise, which could adversely impact the costs of producing, procuring and shipping our products.”
DSOs are a large and growing adoption channel for digital dentistry; Align has established relationships and may financially invest in or collaborate with DSO partners.
“DSOs represent a large and growing opportunity to help drive adoption of digital technology across the dental industry. We have well established relationships with many DSOs globally”
Product delivery depends on UPS as primary freight carrier; disruptions or fuel-driven freight cost increases would hurt revenues and gross margin.
“We depend on commercial freight carriers, primarily United Parcel Service, Inc., to deliver our products.”
Commerce Department Section 232 investigation into imports of PPE, medical consumables, and medical equipment including devices could result in tariffs raising costs of products sourced outside the US.
“the U.S. Department of Commerce has initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, to determine the effects on the national security of imports of personal protective equipment (PPE), medical consumables, and medical equipment including devices”
AI investment aims to differentiate the Align Digital Platform from competitors, unlock adjacent markets, and drive automation, scalability and productivity.
“We believe our commitment to AI can unlock new and adjacent market opportunities, and sharpen our operational focus and capital efficiency by driving automation, scalability, and productivity across our operations”
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