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Align Technology's Q1 2022 operating income came out disappointingly at $198.1 million, a change of -12.1% YoY and -10.3% QoQ.
Revenue growth and margins are being impacted by reduced consumer confidence, increasing costs from high inflation, unfavorable foreign exchange rates, and Covid lockdowns in China.
Market competition is also intensifying after the company's key patents for clear aligners expired back in 2017, increasing uncertainty on long-term growth.
Based on our conservative Discounted Cash Flow valuation, the stock is still trading above its fair value.