Align Technology Is A Buy: Secular Headwinds Temporary, Market Dominance Enduring

2025-08-05 09:15:52 ET

Company Background and Recent Quarterly Results

Align Technology, Inc. ( ALGN ) is a leading manufacturer of orthodontic treatments globally. They are based in Tempe, AZ, and were founded in 1997. They sell clear aligners (Invisalign and Vivera) alongside hardware (iTero scanners), and the associated CAD software, Exocad. Their main product, Invisalign clear aligners, has been used by over 22 million people worldwide, including over 6 million teens and children. They have ongoing relationships with over 2 million orthodontists. This gives them a commanding presence in the industry (and the largest market share) and leverage over key aspects of their supply chain: the doctors who prescribe treatments, the suppliers that provide solutions, the designers that create both hardware and software, and the manufacturers that build the aligners for patient’s teeth. Alongside their strong brand, this provides them with a competitive advantage, to leverage their international growth opportunities. They are the market leader in what might still be termed a nascent industry....

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