Align TechnologyALGN

10-Q · 5 aug 2026 · for the period to 30 jun 2026

accession 0001097149-26-000060

the reasons · as derived · open any one to read itat latest read

every reason’s state · derivation order

01Align possesses pricing power in its core Clear Aligner business, able to raise ASPs while simultaneously growing volume and doctor submitters even as management acknowledges orthodontic starts have declined for four consecutive years. This combination suggests the Invisalign brand commands enough clinical differentiation and patient demand that doctors continue prescribing it at higher prices despite a softening orthodontic market.

pricing powercan hold its price and keep the customer

holdsread 8 sep 2026

02Our Systems and Services segment consists of sales related to our iTero intraoral scanning systems, which includes a single hardware platform and restorative or orthodontic software options, scanner wand upgrades, and non-system revenues from leases of scanner systems, sales of pre-owned scanner systems, subscription software, disposables, pay per scan services, as well as exocad's CAD/CAM software solutions that integrate workflows to dental labs and dental practices.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.The Invisalign System competes primarily against traditional wires and brackets and increasingly with clear aligners manufactured and distributed by new market entrants and existing competitors.

switching costsis wired into how the customer already works

holdsread 8 sep 2026

03During the second quarter, we announced plans to expand our global manufacturing network with a new facility in Hyderabad, India, which is expected to commence operations in 2027 and will represent our first manufacturing facility in India. We expect to invest approximately $200 million over the next several years in connection with the project.The planned expansion is intended to support growth in high-demand markets, enhance supply chain resiliency, increase manufacturing capacity, improve operational efficiency, and further diversify our global manufacturing footprint.We manufacture clear aligners in our facility in Mexico and ship them to the United States, primarily for our United States customers, with the remainder eventually shipped to other international locations.

cost advantagemakes it for less than anyone else can

holdsread 8 sep 2026

04As of June 30, 2026, we had cash and cash equivalents of $1,103 million.We generate sufficient operating cash flow from our domestic operations and have access to $300 million under our revolving line of credit.We repurchased approximately $98 million during the first half of 2026, leaving $733 million available for future repurchase under the April 2025 Repurchase Program. We expect to repurchase up to $200 million of our common stock over a six-month period beginning on May 1, 2026.

capital disciplinea reason to hold, not a barrier

holdsread 8 sep 2026

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