ALGNNasdaqOrthopedic, Prosthetic & Surgical Appliances & SuppliesUS GAAP · USD

Align Technology, Inc

Align Technology, Inc. is a global medical device company focused on digital orthodontics and restorative dentistry workflows. Its core business is the Invisalign System of clear aligners used to treat malocclusions, complemented by Vivera retainers and related orthodontic accessories. Align also sells iTero intraoral scanners and associated services, plus exocad CAD/CAM software used by dental laboratories and dental practices to design and manufacture restorative dental products. The company positions these offerings as an integrated “Align Digital Platform” that connects digital scanning, treatment planning, manufacturing, and ongoing clinical workflows for orthodontists, general practitioners, and lab partners.

Ask about the company
Revenue4,035m USD
+0.9 %y/y
Operating profit (EBIT)546m USD
−10.2 %y/y
EBIT margin13.5%
−1.7 ppy/y
Net income410m USD
−2.6 %y/y
Free cash flow491m USD
−21.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,0004,0005,000m USD2020: 2,472 m USD2020: EBIT 387 m USD20202021: 3,953 m USD2021: EBIT 976 m USD20212022: 3,735 m USD2022: EBIT 643 m USD20222023: 3,862 m USD2023: EBIT 643 m USD20232024: 3,999 m USD2024: EBIT 608 m USD20242025: 4,035 m USD2025: EBIT 546 m USD20254,035546
RevenueOperating profit (EBIT)
Ask Clarifo about Align Technology, Inc

Business

Share of revenue
Clear Aligner80 %

Invisalign clear aligner systems and related orthodontic treatment products sold to doctors.

Imaging Systems and CAD/CAM Services (Systems and Services)20 %

iTero intraoral scanners and related services plus exocad CAD/CAM software subscriptions and solutions.

Customers

Align primarily sells to orthodontists and general dental practitioners who prescribe Invisalign treatment and use digital scanning to plan and monitor cases. Dental laboratories and dental practitioners also buy exocad CAD/CAM software and may use Align products to support restorative workflows. A portion of sales is made directly to dental support organizations (DSOs) that contract with dental practices and can influence standardization of equipment and workflows across affiliated clinics. Depending on product and market, Align also sells accessory products through e-commerce, its doctor portal, and large retailers/pharmacies, which adds a consumer-oriented channel alongside the doctor-prescribed model.

Orthodontists

Buy Invisalign case shipments and retention products to treat malocclusions and drive practice throughput with digital planning.

General dental practitioners (GPs) and specialists

Use Invisalign and iTero to scan, identify, treat, and monitor malocclusion within general dentistry workflows.

Dental laboratories

Adopt exocad CAD/CAM software and integrated workflows to design restorative products and collaborate with dentists.

Dental support organizations (DSOs)

Purchase directly and influence product standardization across networks by bundling procurement and practice support.

Consumers (accessory products)

Purchase complementary Invisalign-branded accessories (e.g., cases, whitening, cleaning solutions/devices) through online and retail channels.

Strategy

Align’s strategy centers on expanding adoption of digital orthodontics and restorative workflows through its integrated Align Digital Platform spanning scanning, treatment planning, and manufacturing. Management highlights four growth pillars: international expansion, increasing GP treatment adoption, building patient demand, and driving orthodontic utilization. The company emphasizes innovation in products and pricing/actions to meet market demand while improving operational flexibility and efficiency amid macroeconomic and geopolitical uncertainty. iTero scanners and exocad software are positioned as workflow anchors that can increase Invisalign utilization by embedding Align into day-to-day clinical and lab processes.

International expansionMedium term

Broader geographic presence and doctor training increases addressable demand and reduces reliance on any single market.

Grow general practitioner (GP) treatment adoptionMedium term

GPs expand the prescriber base beyond orthodontists and can increase case volume through integrated digital workflows.

Increase patient demand and utilizationShort term

Consumer awareness and demand can drive case starts and improve practice-level utilization of Invisalign.

Embed iTero and exocad into clinical and lab workflowsLong term

Scanner and CAD/CAM adoption can lock in digital workflows and support Invisalign utilization through integrated planning and execution.

Geography

Q1/2026

Align operates globally with corporate headquarters in Tempe, Arizona and regional headquarters in Raleigh (Americas), Rotkreuz (EMEA), and Singapore (APAC). The company sells primarily through a direct, specialized sales force, supplemented by distributors and other intermediaries in certain countries, which can be important for market access and regulatory authorizations. Manufacturing and supply chain exposure is global, with reliance on specialized equipment, optics/electronics components, and resin/polymer materials that may be sourced from single or sole suppliers. The provided excerpts do not include an authoritative revenue-by-geography table, so regional revenue shares are not stated here.

United States39 %
Other countries (US filing)38 %
Switzerland24 %

Share of the revenue the company reports by geography.

Risks

Align’s results are sensitive to global macroeconomic conditions that affect consumer confidence and discretionary dental spending, as well as foreign exchange volatility given its international footprint. The business carries meaningful supply chain concentration risk because key manufacturing inputs and equipment (including resin/polymer materials and critical scanner components) are sourced from single or sole suppliers, making disruptions difficult to remediate quickly. Commercial execution in certain markets depends on distributors and other intermediaries, creating risks around continuity of market coverage, regulatory authorizations, and compliance with anti-corruption, trade, and marketing laws. The company also relies on complex IT systems and third-party/cloud platforms; cybersecurity incidents or system disruptions could impair order processing, manufacturing, and customer service, while trade restrictions and tariffs can force changes in suppliers, manufacturing locations, or data flows.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →IT systems and cybersecurity disruption (including third-party/cloud)1Supply chain concentration in specialized equipment and materials2Dependence on distributors and other commercial intermediaries3Macroeconomic and foreign exchange volatility4Trade impediments and geopolitical tensions5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. IT systems and cybersecurity disruption (including third-party/cloud)Impact: HighLikelihood: High

    Complex systems supporting ordering, manufacturing, and data are vulnerable to attacks or outages; expanding online platforms and remote workflows increases exposure.

    ExposureOperational disruptionData privacy/securityCustomer experience
  2. Supply chain concentration in specialized equipment and materialsImpact: HighLikelihood: Medium

    Single/sole-source suppliers for resin/polymer, CT/scanning and stereolithography equipment, and critical iTero optics components can cause production interruptions if disrupted.

    ExposureManufacturing continuityProduct availabilityCustomer relationships
  3. Dependence on distributors and other commercial intermediariesImpact: MediumLikelihood: Medium

    Non-exclusive, terminable agreements can lead to gaps in market coverage; intermediaries may also create legal/compliance and reputational exposure or control regulatory authorizations.

    ExposureInternational market accessCompliance (anti-briberyTradeAdvertising)Brand
  4. Macroeconomic and foreign exchange volatilityImpact: MediumLikelihood: Medium

    Inflation, recessions, and currency fluctuations can reduce demand and distort reported results across regions.

    Exposure: Global revenue demand and reported profitability

  5. Trade impediments and geopolitical tensionsImpact: MediumLikelihood: Medium

    Import/export controls and tariffs (including on goods, technology, and data) can disrupt supply chains and limit ability to offer products/services in certain jurisdictions.

    Exposure: Cross-border operations and supply chain configuration

Ask Clarifo about Align Technology, Inc

Accounting

Judgemental items
Revenue recognition (ASC 606) with multiple performance obligations

Contracts may bundle products and services; allocation and timing judgments affect recognized revenue and deferred/unfulfilled obligations.

Impact: Can shift revenue between periods and change segment mix and margins

Goodwill and finite-lived acquired intangible assets

Valuation and impairment assessments require estimates of future cash flows and useful lives, especially for acquired software businesses.

Impact: Potential non-cash impairment charges and amortization expense variability

Income taxes

Tax positions and estimates (including cross-border considerations) can materially affect the effective tax rate.

Impact: Volatility in net income and cash taxes

Legal proceedings and litigation estimates

Accruals and disclosures depend on probability and estimable loss judgments.

Impact: Potential charges and contingent liabilities affecting earnings

Similar listed companies

Publicly listed companies with a comparable business focus.

Envista Holdings Corp

NVST · Dental Equipment & Supplies

Dror Ortho-Design, Inc.

DROR · Dental Equipment & Supplies

Alignment Healthcare, Inc.

ALHC · Hospital & Medical Service Plans

Allient Inc

ALNT · Instruments For Meas & Testing of Electricity & Elec Signals

Vivos Therapeutics, Inc.

VVOS · Surgical & Medical Instruments & Apparatus

DENTSPLY SIRONA Inc

XRAY · Dental Equipment & Supplies

Last updated: 24/09/2026

Align Technology, Inc (ALGN) Revenue, Earnings & Financials 2025 – Clarifo