Investment Thesis
As low-cost competitors were battling strict regulations amid safety concerns, Align Technology, Inc. (ALGN) had merely started its growth recovery. And then came the coronavirus outbreak in China, threatening one of its largest foreign markets. As the virus spreads across the borders forcing the public to delay non-essential treatments, a demand drag looms large for a company already dealing with supply-side issues.
The management forecasts look grim, even excluding the full impact of the outbreak. With a global pandemic, the slowdown will be even sharper this year. Yet, Align looks like