ALGN - Earnings call transcript Q1 2018

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Operator

Greetings, and welcome to the Align Technology First Quarter 2018 Earnings Conference Call.

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ms. Shirley Stacy. Please go ahead.

Shirley Stacy

afternoon. Good joining for us. you Thank Shirley President Investor Corporate and Vice I'm of Relations. Communications Stacy,

total. for Joe quarter Joining CEO; call investor.aligntech.com. is today's me is website our Morici, today GlobeNewswire, at results American We in that, available results on Previously, combined was and Latin Hogan, CFO. the includes for purposes U.S., included region EMEA issued and reporting financial in first XXXX international beginning Note XXXX, via Canada the which the America with now John and President QX and America. the Latin

should While webcast immaterial are our comps the results, will our on and approximately change conference Latin telephone PM approximately replay, prior-period America Align's on X. replay XXX-XXX-XXXX adjusted year-over-year audio region our To X:XX consistent. has access be months. Eastern same archived Today's callers this been with number should we've A pound. for reflect so Eastern dial to International website relatively conference Time regional callers XXX-XXX-XXXX today be call telephone Time XX available to X:XX PM breakouts being XXXXXXXX followed May overall dial is the will the by number. with conference by through domestic

Technology's are set filed more and These only reports risks obligation files including Securities Hogan. conference detailed forward-looking in quarter will over are information Joe? presenters predictions uncertainties Align for We've significantly, slides, Please statements forth that website second With a to Align's turn reconciliations As the I'll our reminder, call Quarterly statements will of Exchange the vary include discuss posted Results. including that events, forward-looking in involve recent information. outlook to and the more results results historical the CEO, President that, under these the and XXXX. refer the on our quarter our Joe financial for no Actual may today product forward-looking Align any and statements, future and about statements. detail with first periodic expressly most statements corresponding the expected and financial call update and Commission. to assumes

Joseph M. Hogan

us. briefly two Shirley. and provide and outlook scanners. second performance Thanks, afternoon, our of discuss quarter some and for more call segments, I'll results the in John our highlights On clear aligners the the discuss detail our thanks our today, provide operating will on for quarter. and financial Good joining

channels, was strong – Following continued year-over-year. report that, above pleased teen the year-over-year case volume growth a over volumes volume doctors customer Invisalign-trained and revenues back globally over I'll come Invisalign Record strong and well are for I'm QX new reflecting as across to increased with and including start the Align year-over-year, QX Invisalign as revenue which XX% sales of by base, included driven worldwide. up which X,XXX all our XX% scanner up customer XX% were a up quarter of growth year utilization, iTero key summarize to better-than-expected points geographies expansion to open strong and questions. few the first and guidance. EPS and results revenues, call with

our Turning results. first around to specifics quarter

of results our with start Let's Americas region.

which channels. in QX the growth X,XXX a We're Brazil Americas, reflecting Orthodontist region, alone. in volume XXX year-over-year, continued also both the and sequentially trained in For Invisalign XX% GP and a Invisalign doctors with up seeing new were good quarter for X.X% was Dentist our QX, ramp-up Invisalign Americas treatment. In of we

GP the of and American base, for new quarter. first GPs North record from who Americas quarter Invisalign Ortho customers reflecting continued North year-over-year modestly utilization were our the for with cases also growth QX submitted customer doctor. led utilization expansion another up cases Dentist For XXX the was GP for which per of American Ortho time America predominantly XX.X by although this Invisalign year-over-year, region, included North

quarter, on intended customers. these And growth certain sales drive to programs to in non-participating key focused QX, doctors rates with doctors. than During marketing we see among initiatives and in higher key among the we continued

saw our continued dental remain channel. growth strategic Invisalign their strategy, uptick from treatment service overall nice and workflow, of two digital our Meeting operations in as look their DSOs the iTero these scanning in about At our major Support in to scanners. the end-to-end practices special also across organizations, We QX Invisalign and including spoke DSO treatment they And of scale in a organizations. markets their to our part Dental week, very and or digital continues into for a of through accelerate partners region. team our largest Austin Association ADSO, on DSOs wins success Organizations, last to integrating investment build

of specifically of half X,XXX From For another the to sales more in volume customer the marketing see traction which year-over-year, the in international segmenting as positive base, providers another strong with driven from each GP we channel while quarter growth strong see beginning with perspective, QX strong XX.X% half and Ortho volume roughly continue X.X% from a to across GP EMEA board, both and and and around our APAC. Invisalign resources up included our channel practices, both channel. and new programs Invisalign we're customer expansion was doctors, case reflecting increased well adoption sequentially the Invisalign-trained as by

success were became following country Invisalign as first by market which our over the led up year-over-year, which United year-over-year. help largest aligners, one growth as The confidence which X,XXX expand we're worldwide and market new in largest Invisalign Year-over-year XX% cases approximately performance was the China, was well to GPs. doctors up continued in XX% our the EMEA growth with for after Iberia volume market. of third and in time over GP Iberia Invisalign EMEA, France, QX, Go complex clear second newly-trained channel, up States. market treating For was volume This for all record clear aligner half with XX.X% were with in reflects but in continuing core treatment in

growth sales across resources led saw Europe marketing key year-over-year, QX as to the Benelux, expansion China with In began markets board up and Eastern volumes solidifying and strong and consumer marketing We increase Australia across and XX.X% where our by led and programs. Central our to APAC, Invisalign China, second worldwide continue implement we by Japan also were our largest market.

strong QX from reflect overall teen Our and year-over-year. which XX% results up especially continued growth were cases,

over In addition, growth up we from channel, was year. saw compared last GP to our strong which XX%

to see uplift continue customers Invisalign scanners. with from also We iTero positive

Japan Element scanners. record For very purchased strong a iTero have and showed previously QX, from had who quarter doctors, growth

Thailand, we are still expansion Korea, Invisalign early where high Finally, adoption Singapore and all-time in QX our an was in for smaller development very and volume their and markets cycles.

patient increase the Now, turning year-over-year, of continued market. QX, teenagers and was than increasingly growth Invisalign quarter clear teen strong and X.X% across consecutive on non-comprehensive both grew adult teenage volumes all adoption tweens. QX Overall, among to Invisalign sixth sequentially driven adults. teen XX,XXX case with products. major XX.X% comprehensive that and the teens and younger In faster by aligners, is treatment outpacing regions growth an started

clear broader follow-up, Invisalign treatment range from friendly thriving packages, into XXX,XXX an straightening a and that experience First X, unique up X Go Doc for search up year, case effect the from as offers same are tracking this announced Invisalign which X Americas in with of we to users halo for Invisalign a teenagers average up States, seven Teen in XXX,XXX and products flexibility portfolio the worldwide. interest treatment clear strong potential desirable which choices XX% expanders portfolio metal over effective year-over-year, especially have over website treatment Teen patients Invisalign to early expanded worldwide, this year. Orthos old. product to analysis our dentistry new features quarter new higher younger XXXX. beginning young designed and before age their aligners options aligner an designed was cases. clear treatment, each continue region. we as up For options or features This are year. webpage, increased July QX, approval new years practices. teeth consumers X of seeking greater will greater the Earlier used patients. All XX XX% internationally consumer aligners. it, partial month. a that More extending or XXXX. and announced commercially Invisalign in Invisalign be therapy should month, Invisalign with comprehensive patient last websites X through this pending Invisalign we traditionally typically APAC young in adding all mixed Locator braces It metrics with support orthodontic interest treat Invisalign GPs have strong in clear growth of in First from for commercialize the we and Invisalign younger, than The and is with and North that across are FDA early to permanent suggests treatment first for is clear Invisalign doctors to provider well of visitors quarters simple which who ages and in half our in integrate consumer more XX% new through ramp internationally. options treat of Almost XXX,XXX among available Today, visitors year Phase on quarter Go get to to started treatment Advancement, makes months announced XX% have teeth intuitive XXX following offers quarter, average dentition. the version Invisalign continues treatment that age teenagers media for Advancement teens early roughly a off revamped Invisalign aligner July trend offers aligners falling is new the last interceptive a First, MAF consumers Invisalign year. last we United and with treat flexibility over portfolio The million the user Mandibular more and Mandibular for growth with worldwide, XX%. entire same approval be who dentition. Invisalign we MAF, includes patients younger patients lift that starts the continue The digital We and including First up America's Invisalign for arch a platform XX% social opt-ins results call specifically the patients treated downward, grew opted in creating will Invisalign option as by expanded of Invisalign earlier children, with for community product the mixed currently to over Invisalign percentage direct erupted, To-date, The year-over-year X is brand slotted across as XX. second been done product Invisalign

and examination a During is two San great a California. our QX, near year. ramp-up we doctor the expanded are until connect our pilot The clinical Invisalign customer who the Consumers doctor's San Jose personal San through stores case and stores, patient referred our to sharing also addition Coast, plan. completed. as We're a office the Philadelphia the The outreach these from treatment our look progress and follow visit learn are initial opening where Bethesda, consumers Francisco more pilot continue patient Invisalign in are providers throughout and headquarters to will area. seeing a a East in one We model. doctor authorized locations continuing the we'll Invisalign monitor forward Maryland both performs four In on we to the in an store and additional store stores quarter, Invisalign the on Jose, store of of to another doctor-based second activity. in we to

business. sequentially, and focus marketing and period expected our increase As to were offices. into on a we to highest In which for more marketing through for seasonality across down raising regions growth year-end very spend starts, were Year-over-year, scanners season iTero a PVS of Invisalign customer reflecting programs approach submissions our reflected of turning capital consumer following important teen which remains as mom we in to utilization. strong positive place summer QX, in up the catalyst XX% teenage and doctor's continues XX%, is digital the QX, Invisalign reflects how strong expand QX equipment a scanners includes for across very consumers year patients revenues into Invisalign to awareness central iTero of and overall utilization treatments. our head case all investment case of Invisalign program, the plan Use impressions for

expansion International up increased first record of launch new scanners CFDA, XX.X%, Element meeting at imaging up practices will scans portable and scanner market XX.X% that from have is in last been the increased both and greater works to our major not multiple week. last Element with while Today, million showcased clear scan base China iTero transport. with X who and launch in iTero quarter, compared supports the restorative from These digital business, we've and Element. Element a locations easy in less approval restorative convenient offering color iTero in workflows. grow fast represents iTero rate that's For total iTero To-date, anywhere. iTero Today, and have performance also iTero by high-precision, be we million scans started for Drug iTero times submitted the faster in next XX.X% portfolio, need and begun the in scanner iTero device with compatible QX in Xx Flex a Element additions streamlining Element penetration for of Food is have X.X a Xx The growth and Invisalign orthodontic iTero a cases also XX% our highly The perfect full designed to laptop AAO that China. year. wand-only next-generation and a transforms but processing from year. X% Flex the on to It's scanner to announced Element today scanner scanners a scans expected is the digital Element a China into that QX are announced scanner Americas the the dentistry than aligner scanner with and build China. X.X with received the XX.X%, Administration The computers more Element the Invisalign faster iTero startup to milestone new of that only scanners. existing The portfolio the XXXX. scanners. orthodontic for scan X times intraoral Element of we'll China Intraoral for we than

XX% Finally, a the a clear is third-party channel, of the with in equity SDC supplier doctor-directed are which at-home aligners. investment aligners, a non-Invisalign manufacture We in Align portion to SmileDirectClub company.

to produce we that SDC's program their separate Invisalign our For operation Today, a expected, to store as clear SDC sequentially, were QX, non-compete of provisions. commenting reflecting SDC's a the allegation desire own pilot breach press constitutes down issued and on shipments release aligners. launch of

we to As disclosed previously, in we pilot store and these continue proceedings. dispute SDC's allegations oppose on defend ourselves Invisalign and and program intend

minimal While is impact this dispute supply existing does through not effect XXXX. our we it in in second agreement which anticipate turn with that, to I'll the QX over XXXX, SDC With of John. from volume in SDC, half

John F. Morici

Joe. Thanks,

aligner and promotions all QX exchange QX Invisalign growth customer geographies mix, and partially by approximately revenue than Year-over-year of growth sales Invisalign Invisalign offset clear the revenue and to growth increased product exchange, revenue reflected ASPs for deferrals. includes sequentially $X shipment on $XXX.X a a On volume. record basis, $XX, across channels were exchange. our and from offset million, reflecting Total to favorable for X.X% sequentially additional was up reflecting Invisalign mix revenue foreign company and sales X.X% up up five XX.X% first higher partially QX favorable ASPs results. related Clear the financial Now, the point increases QX and aligner was a by revenue up and quarter promotions prior year-over-year XX.X% from foreign foreign from $X,XXX, Year-over-year ASPs. ago. product corresponding approximately strong $XXX.X quarter price aligners. were expected year favorable benefit from a up deferrals quarter million of

up first were up all shipments regions. XX.X% cases total driven across sequentially year-over-year, X.X% and growth of XXX,XXX the by Invisalign For quarter,

QX For Americas' was Invisalign sequentially X.X% and up volume XX% up year-over-year. Orthodontists, case

GP sequentially Americas' For up case and X.X% Dentists, XX.X% Invisalign volume year-over-year. up was

sequentially For and international doctors, XX.X% Invisalign case volume X.X% was up year-over-year. up

up seasonality discounts. due services down partially and to the primarily and higher for ASPs sequentially offset volume the was million, volume promotions scanner $XX.X year-over-year, by quarter lower effect to Our QX first revenue and the due XX% from due lower to XX%

on Moving to margin. gross

and year-over-year. point margin sequentially overall aligners Invisalign points due higher was year-over-year, sequentially year-over-year margin ASPs. offset X.X Scanner lower XX.X% gross to margin ASPs. planned higher Clear advertising as case gross regional quarter X.X Clear including higher up the points of XX% X.X The ASPs increased X down for increased discounts. quarter and due to down higher operating increase partially primarily aligner to down quarter operating well in in expansion aligner First in expenses was by our partially primarily million, year-over-year. compensation points partially related continued programs. sequentially per due increase was our first $XXX.X investment X.X points the head and promotions up lower points Scanner QX go-to-market scanner to and annual to services training activities higher XX%, spending, our down margins manufacturing primarily offset up XX.X%, offset gross geographic X.X lower reflects as XX.X%, scanner costs, gross expansion, by down in ASPs. due were margin count for were expenses gross activities employee to was worldwide expenses first to by sequentially related compensation costs due

million, up Our and XX.X% operating XX.X% down was first income year-over-year. quarter sequentially $XX.X

our points year-over-year as due year-over-year. operating margin and to just X.X Act aligner stock-based expenses first The increase compared in margin points primarily lower revenue. higher approximately regards On down a tax and which from primarily With to in operating lower points operating to includes gross reflects year. basis, last activities, and SmileDirectClub-related U.S. the sequentially relates up excess is described expansion by revenues million related and rate Jobs clear both operational rates. favorable was XX.X in quarter Our Tax to compensation as well down XXXX to tax sequential Cuts exchange first XX.X%, XX.X% and provision, to margin X.X X.X%, in QX in primarily higher the of December $XX.X benefits margin the due as enacted was services, tax decrease scanner foreign quarter operating and

share quarter per to and Act. earnings up impact First compared that XXXX to included due share was Tax $XX.X or diluted Recall $X.XX and up expense QX $X.XX earnings year. $X.XX $X.XX, per share the diluted prior per diluted Cuts $X.XX million sequentially U.S. the Jobs of

with adopted contracts we ASC method. customers the retrospective revenues from QX, in Finally, XXX full using

While condensed consolidated P&Ls QX has QX as sheet XXXX the the MOVING balance XXXX December to the are the recasted to XXX XXXX with to immaterial, been requirements. and on impact balance sheet. of XX, ASC comply

As cash equivalents at long securities, marketable repurchased and cash, million during $XXX equivalents million, million $XXX to primarily receivable $XX.X due QX short of was of held cash both up million, stock of our quarter. Of the and including million million. $XXX.X term the first $XXX.X XX.X% the a in $XXX approximately million $XXX held compares sequentially. marketable was of was investments decrease were end This and $XXX.X million approximately quarter, securities accounts to in the U.S. cash, and entities. by our balance international XXXX,

profile XX QX year. Our and overall X down Free Cash Ziyang, last DSOs, purchases days accounts was sales equipment facility has the aging from last in flow our days compared Even year. quarter though as days $XX.X XX flow from up expenditures for first as was up well from efforts to from amounted Capital related primarily available X DSO in up regions. was the first as to expansion expenditures, manufacturing outstanding, sequentially a quarter new cash sales million, sequentially million. operations, for million, certain improved, building defined capital global with extended the $XX.X payment as first purchases improvement, manufacturing million receivable less were cash for including days, quarter. result additional in our terms that the $XX.X mentioned China flow the the of prior $XX.X increased operations quarter to are and capacity, QX days

shares stock the of During program. XXXX – quarter, April $XXX the report approximately first million under we XXX,XXX also for repurchase repurchased

flow under of of in employees' this credit $XX.X the activities that our inform million units. million We upon existing vesting and for receipt Other let's during QX from stock quarter repurchase that, outlook. factors of with and restricted we repayment available SmileDirectClub their With view, outlook of starting turn existing remaining the our taxes authorization. $XXX the the to repurchase stock significant have million line demand included paid for cash $XX

international our of business to we're And sequential expect season. significantly We European first APAC their market the observing Year basis out in quarter. as market New winter Lunar the most the of a grow coming on is

in region, to to QX and grow we For expect America GP make as Latin and as continue the are expansion. our Americas our customers seasonally progress we Ortho busier

QX, in we in activities. iTero Brazil Element invest continue China We started Element in selling started to our We QX. and iTero iTero go-to-market have selling in in

expect increase sold iTero and units in We revenues. sequential

ago. as this mentioned over to the to As agreement, SmileDirectClub QX this as volume our to we Joe half are a quarter we a with in up to does expect our SmileDirectClub minimum cases impact not in relationship, our while expected the With the Invisalign store same XXX,XXX Invisalign second year the be state follows. regarding XX% XXXX. second currently of of up in for shape earlier, we volumes assuming period litigation is supply XX% approximately are of XXX,XXX the range case in pilot. And backdrop,

net million, $XXX revenues QX in million the $XXX of to an XX% expect range XX% of increase We year-over-year. be to to approximately

in operations, XX%, treatment XX.X% offset by ASPs. be of planning expenses expect partially regionalize range the our to QX gross higher as We margin manufacturing reflecting we to higher and

in investment activities. be We in $XXX expenses should the operating be XX.X%. to XX% of operating to to on go-to-market of a range the range million, margin million reflect our $XXX in basis QX up sequential to QX expect continued

$XX XX%. should tax Our of approximately excess million be benefit effective tax rate, including about an

$XX.X of any $X.X expect SmileDirectClub, a be approximately our related million should to to exclusive $X share million million and repurchases. diluted share loss outstanding We of shares

the range of $X.XX. be earnings diluted QX our expect we $X.XX per in share together, to to Taken

$XX and to we efforts, expect approximately to our we $XX to be to expansion $XX depreciation million, operational expect as addition, QX CapEx for $XX be continue operational to and – million. amortization we million In million

turn to Based be remainder the we planned our and Now, of our business and above model to-date for on low in XXs. total revenue momentum anticipate view in investments to XXXX of the let growth the long-term me our year, XXXX. our rate the now

We – Invisalign also same margin full be operating expect With continued turn growth strategic that, for Notwithstanding growth be we final in it range. margin XXXX XX%. Joe that volume in from I'll drivers, for year and flat Joe? revenue and operating over investments expect our to the volume to to up back to slightly of comments.

Joseph M. Hogan

as exciting of way at in their a third Then, and on Washington, in we'll as and version Thanks, changes with going We're continued today. the forward and new an Orthodontics AAO our pop healthy a of John, start We're are patients showcase on scanner up are lot store Singapore side Asia-Pacific pleased new of also be products opportunities hosting There to those call and to execution end treat thanks starting a to strategic answer of in and with the D.C. I the for remains also looking perspective think I'm to XXXX well happening pilot where customers. Dentistry to joining get the our our our to reach and industry our Summit. questions customer customers Invisalign to and Invisalign as program. have productive growth get progress for today. First. our But to and they May, our how new see we'll drivers. Meeting

in at a sharing going financial X,XXX We QX education and about will two-day We've be from you expecting across forward Day Investor on open On your more in the it up you. I May to sure. peer-to-peer May our a look New region York event. delegates on upcoming Thinking lot to attending with our got With over to for we'll that, operator, Monday questions. the and I'll about at Thank conference XX. turn XX.

Operator

you. Thank

of first proceed comes question question. from Our with Sachs. Robert Goldman your Please Jones

Robert Patrick Jones

sure expected attribute so on maybe combination insight at you really good was were question. think revenue order I maybe better ranked than than early of for just the expected model. you year, you for gate this several what pacing could above in new to has just rate factors, guys what new of give Thanks looking into better just year, to out growth Could about a launches. the the the hoping but be I'm the we know Great. off planned? long-term some the now if gone than has maybe iTero start Joe, certainly seems we teen Obviously, the gone us in expecting. year a product much better it's

Joseph M. Hogan

start segment with and an But plan it I'd had for America, continues we be you to year. aggressive business, the in Well, performance it. to at the good EMEA, the to strong Americas started international particularly off, Bob, if say, look really very APAC North around We too.

it. mentioned You

we just being well. see North sales is and customers And We are have sense. scanning our more and substantially And really way. that scanner, that American that's with is. when purchase whole recognizing talked see know about been we close pretty important terrific how that sales. now how iTero you can to in it Invisalign iTero more product working up teen workflow XX%, they more Our out digital

a Concierge Lastly, my standpoint. say gone also our docs Locator I and and I'd service better is consumers – script that's our target mentioned segmentation we Ortho and segmentation specifically expected more of And sense than in Doc specific and how and into in a segmenting very them more from consumers it too. little too, the of lead the GP

the company well been geographies and overall, across has So, and executing across plans. our product segmentation

Robert Patrick Jones

then, if I share First. you was with some addressable go you're already of seeing that looks changes it that appreciate us market actually after. wondering that Invisalign launch like I like early And how you product can And Great. a that. from the could traction maybe

thoughts expanded a First? would the that more around market some product younger be from much becomes with you how getting Just helpful like

Joseph M. Hogan

Yeah.

First prove standpoint of clinical launches in July. all, from cases actually in those put XXX cases were place we Those to thing. the we just did, a that whole study product

to just make go that customer have on. going you're clinical there see to that Bob, and we mean, of evidence do I – we more is XXX us that bases lot a out like sure work cases, really, more for our to So, to work do good

when Secondly, about Phase you XX% X we teen what call the palatal look at expansion, marketplace, the or marketplace. of represents

is expansion morphology expansion. have like not or this expansion. in palatal Now, It's bone rapid dental you

XX% also past, us a part X later to because their And the were through in has out dental you often does from roughly said standpoint whole it it's Invisalign that there. that we've the for kind XX%. we and expand have XX% that of that now, to going rapid then Phase X, a of that teens with to we palate another expansion too, X with are Phase cover teens. then, we're so served palatal currently expander market or on teens play good that entree children young have with goes treatments on it in XX%, Invisalign. increase First X work Phase X orthodontic an And age So, do the opportunity we'll is cases that that dental can another will and What can that expansion follow XX%

too. that, And good period for so, there's a transition

here. that before we great developed orthodontic and at technology it's specifically product of it's an It's that So segment the we've a haven't product. that marketplace had targeting

Robert Patrick Jones

Awesome. Great. Thanks for the questions.

Joseph M. Hogan

right, Thanks. Bob. All

Operator

next Jefferies. question of question. Couillard Brandon Our comes with your proceed from Please

Brandon Couillard

quarter? just forward of is SmileDirect. would chance afternoon. any them love the Good on John, us view extent hear what kind path the for could of with to And respect to with in cases Joe, SDC, then, you manufactured to share that you you're comfortable, the percent your first Thanks. the I

Joseph M. Hogan

say the clear in obviously, a We we're the sense of disagreement obviously and standpoint, be from to work just through to in have we're we can't litigation. David we're And we a we'll as contract that be relationship team, specifics. going this what's to continue litigation that with work his have a as through and to really to develops, good you just have so on. and going going able I'll with we through get litigation, into more

Brandon Couillard

the relative hear outs. to with your plans. to forward far initial the how store Coast on pulled more. East It quarters a be Fair so enough. perhaps of have learning what model, and like What the tracking looks you are one Joe, of you learned you're build curious then, And views respect by that's experience? Invisalign couple would things from some to the

Joseph M. Hogan

look a certain see The patient. their and as how has We lot and But speed the the we putting those options, in you sense that how and them marketing too a all, doing to visualization also. to patients the again we've visualization a turning the scan, is with of on can a There's forward. then over you as iTero a standpoint in respond Through from really then pull a possible, an treatment interest to lot software sense consumers you consumer making the this. important. of about that, key learned that time of these we treatment lot being confidence go too so in It's you sense as going a standpoint. critical just piece. software a it tell these our scanner are our and teeth also, can we've learn to able it of is show treatment of from helps take like to the in patient planning in real awful I'll was do had of basic a our to sense a In become plan turn turning translate all about doctors from words, for to really their of gives to first will but in and what the we're a doctor patient back smile sequentially And – learned lot into the a a that stores, what we're and them that that not also to lot what as XXXX a in complete store really software store, mean, piece. our doctor partners. we doc. other Those doctor important, We've Brandon, teeth look visualization, I you consumer and really how combinations That we kind move our to like. in. into – just their will see learned honestly, didn't learned them patients

Brandon Couillard

you. Very good. Thank

Shirley Stacy

Brandon. Thanks,

question, please. Next

Brandon Couillard

Yeah.

Operator

Kreger comes with William of question Please your proceed Blair. next from Our John question.

John C. Kreger

terms you the front? Thanks least much. sense on you're give low pricing at Hi. Are the Joe, at from of feedback in promotional in field very us or activity the sales seeing a competitors any force perhaps competitive hearing can you that changes your from end?

Joseph M. Hogan

No, at Obviously, we the the before. at AAO. expect we John. haven't XM still had any all, seen same cast we competitors are there out the change – product I mean, we mean, of that I

we or seen one sure in any of to the We they've We saw in are MTM announcement the to expansion translated XXX(k) strategy at that But marketplace the yet. done. haven't the pretty kind that supply see implementation there.

second We to in half. see the that expect

of midrange and what the John, this expect pretty the much been years we be couple over guess, products. we've teams rest Our you last telling the is, to is

ramp in So because some planning kind expected to in of manufacturing. this time and have a nature up of of treatment an area, or the kind XX in less aligner of just how scale also the takes we slow you business

I you So with last haven't that called. face for pretty the much kind sense of that this we see plan we analysis year mean, the year. just put of the thought would our and John in place forecast we really half of second since in changed together bullish We the we what had can

John C. Kreger

as or to that cause any the by Great. as this move appear? sales demand follow-up the Thanks. as you might scanner as U.S. tracking we stocking quick And in one through Did would end that of you year kind it on do business. Patterson see slow view well

Joseph M. Hogan

have that's policy here. In here. demand, we stocking No a

John C. Kreger

Thank All right. Great. you.

Operator

Erin surprises comes would LLC proceed Suisse. to contributor - any with question that recent growth? next financing be your of Please guess Wilson I Securities (USA) Can Credit Great. with and a Credit from more Thanks. sort to question. meaningful Wright the pilot, Erin initiative Wright you speak more Suisse of Our that when

John F. Morici

you of results. through customers – first where that and we have and quarter, we quarter, saw through of Yeah. John. – more work that the LLC the launch there can competitive (USA) and to the they in Suisse and starting have. today? options have the as then now Erin great terms wider China pilot Wilson also Securities might later the landscape quarter across announced financing and in well is segment Wright Thanks. fourth maybe iTero speak Credit the This is aligner end finance with broader the but not from opportunity flexibility took opportunity place on they a want follow-up as how ultimately clear on – U.S. The different patients just guess And there lot customers it this I going is Okay. - I'll I guess

Joseph M. Hogan

been over Joe mean, excited I is I – in our our growth think that. largest We're China, in Hogan. has second It's do now that right hard believe China to market, China is about Dr. growth there it's PVC our everything basically impression. tremendous. we

in I scanners my and penetration in China. of So about mentioned X% intraoral script

have to have being to you bring from for to things (USA) a standpoint, in this - that we our place Japan market sense of year in Wright Credit and – of this in from because Okay, So get to ramp you. be Securities competitive iTero sell, approved is train, of up speed in Thank technology people the up customers and Wilson the open Japan, wide place, could Suisse as how up we done. there's kind to now of we training ramp anticipating China, we able LLC and in have in saw that a and that a putting year sense Erin great. learned lot you we to last we're scanner are in and lot those our see to friction people

Joseph M. Hogan

Thank Yeah. you.

Operator

with Matt proceed Piper your Our next question Jaffray. comes from Please O'Brien of question.

Kevin M. Farshchi

here for kind most mandibular I the quarters. fast you. is Is being it a last today. secondly Kevin, to driving that Hi, of And approval the incredible strength. guys. Thanks for that U.S., two start have advancement abroad, how asking Thank been I've ramp is long this wanted with assuming taking customers heard ramp? what's something time? the Matt for Ortho about exactly with for then that on the in question. This the U.S.

Joseph M. Hogan

Joe. Hey, Kevin. It's

that's a I'd just unique. is a this math all, of First say product the from ramp standpoint, overseas,

obviously XX and and these mandibular are You standpoint. is and nothing XX forward that's twin teeth your also straightens composites. used your issues there's to teens really development tell block people, usually that bone this, a moves the have the jaw that's like jaw you in are looks the kids through like it world removable metal basically with with to address aligners and ages that And of move with a time. things torture does same forward device this with also at between What

why So that that's good pickup. breakthrough and market for I the think really a you true it's end see of

patients, to of to because in as the a is of increase line, to because slow in these is Secondly orthodontist teens of there all move wouldn't United moves some of build States, it, products advancement see the in with their want success it they kind continue they because on. to this takeoff that model they want credibility try States, of product kind I the huge United mandibular always

is half I the from with XXXX of sense say more maybe of this second kinds standpoint, this of a America would discussion of So in year a the in than North significant math opportunities

Kevin M. Farshchi

coming And view? I DTC just additional layering bit one then of pricing and kind also better helpful. becoming competitive and That's this the you things of had effort back your products years? increasing previous I on with like hearing a in question specifically Okay. discounts just Thanks, then the new the up pushing result aware as are Joe. on and customers looking on a on curious the really a follow they in for was secondly, and are next increasingly little from front of effort. the additionally DTC offerings your

Joseph M. Hogan

hard the really watch Kevin, and has to Invisalign wouldn't North I'd it's awareness not other mainly SDC I that want and anything say in extensive America run always sell. sense. customers But look like lower customers an in there's ad I into prices it's increasing any mean, and TV almost else to because world, so ad say, SDC in advertising in our or

serviced GP and say type tooth our a orthodontic range SDC that in wouldn't a customers there. there created marketplace the curve that a price more I segment out price has minor So lower things obviously with of is movement of that I big been opens that kind that very sensitivity elasticity way up kind and say hasn't of I'd before. new say will frankly the in

a not so social your think And a way a what's that's someone the smile just of look of aware a full is segmentation makes six or at that's comfortable doing I It's it do maybe just that a price say bite more of more on new best or to the not segment it's just in correction, pushback I'd of with, market priced doing that doctors the but service in the to how patients those a on and not different products us a correcting market. in with.

Kevin M. Farshchi

Okay, perfect. Thanks so much.

Operator

Stanley. question of next Morgan your comes Beuchaw proceed from question. Please Our Steve with

Steve Beuchaw

A taking for one. it's Hey new the thanks questions.

Joseph M. Hogan

Hey Steve.

John F. Morici

at... Hey, Steve. Steve, your are friends here

Steve Beuchaw

way, good in kind know the tougher to of you. influx. sticks Yeah. mean, to don't number the go the a GP in I we in field, in have you on I out something was it comp U.S. magic talk going there? out quarter on Good the what kind a GP Hi. of in The really Is really

Joseph M. Hogan

I know, know you don't magic it's not You not a surprise Steve and it's – say. I'd

big been all SDO for right. has – marketplace of First DSO the I mean us

opportunities. dental So Hartman, been North what's service there organizations, with around team you work at has know very other good those executing and America some in on going our

the effect honestly, asking or order Secondly, advertising, we is advertising doing, increased driving a the Invisalign that noticed so And year that patients overall okay, and we've we've that a GPs cranking effect last to a been residual GPPs. of that halo since help second an up effect started that with treatment. has kind for

to in that the salespeople, for within know want segmentation Thirdly, dentistry a Steve of that of of workflow. on simple more restorative you workflows, like utilizing kind in orthodontists, of are calling products them GPs of words, on type sense understanding normal GP to having and a kind other is workflow they use the we're In a don't be more a doing more way. GP

areas are So those doing three primarily.

Steve Beuchaw

lot may one as you Yeah. press guys, that. us And on Thanks in then of them. for But give level time a mean to one any of of and you new I we for way Super there's spend little much. for and so today the you next what GP does mean these the a you over bit sum market. total the Thanks of this the record you of more the know getting Joe iTero have channel products I any wonder and could afternoon. of helpful. What new on company cameras three sort view think years, China of for introduced lot two a automated, releases if the growth mean stuff profile high getting years? next getting two a the into set or more years a

Joseph M. Hogan

down you than previous of learning, up a a we weren't We're question continue as more I'd mean, tied be new too. data that iTero in we a about mentioned grow, a today sell we as more I to on first ago, enough aligners. Today in like lot Japan, we lot gaining that sell market start in is be year we to like APAC very honest we – aligners. sell still more like you you do, you completely really iTeros, we tell learned right. ramp confidence concretely I what tell because a we sell a iTero Steve, remember with you wouldn't we to more have if We're I'd can Asia.

anticipate than but need China go those been have different uptake what a in there, in we we sense will how we'll the of there you can know with completely China business of do in is – kind kind has do completely Japan how and we scanners. Now, of to

platforms, that that the we grew that announced up in equipment we're what that products equipment two are platforms right iTero's to remember this just on the sense. medical, help we business the iTero, extend know already in So are business. in new and that moving is forward I these these

extension. computer, for, to – asking what you around an scanner it new So product in is put the basically break breakthrough move different allows customers flex are compatible that's our technology a it of into offices, like the it's sort

a platform our but GPs that workflow just what to do wider we from a us as and see like not going the and of successful to there. work off want standpoint orthodontists that allows go geographical You're China, really in to sense to out us go a deeper our continue

Now that know you really just you for I breakthrough. at when do permanent you They first dentition. have years, Teen announced, didn't at couldn't a that's would think weren't look look we we completely erupted. Invisalign – truly the product teeth When

when Steve you understanding another that eruptions us. take those and open, always threw first year, could us the but you've it the understand technology we've are before. to time, time, to product and programmed marketplace know predict going cautious but it does in rapid it takes enough are and line long we over But that's will we Now takes the we market share lot had that another does with that expansion the it things we and those establish of XX% for what in of do team that's that a up XX% establish palatal been so that what haven't be wide establish of

moving from with geographies at So standpoint broaden too. our march a depth the those penetrating Technology look in mean I new continuum is technologies of opportunities breadth from this overall and just the of standpoint Align into marketplace to a

Steve Beuchaw

Really appreciate again. Thanks the color.

Joseph M. Hogan

right. All Yeah.

Operator

Please Capital with comes proceed question next your Berenberg of Markets. Our Misra question. Ravi from

Ravi Misra

know you flow if maybe points the secondly, guys And the on through on as itself question X some of the us call. with through from the down having you what SmileDirect It line long-term? could our just for out get What be just in would you. your the is I give a taking couple of contribution on One us here bottom of trying a to of line, and questions. sounds some you on based moderate great? the the of what be Hi. potential was them; appreciate housekeeping that, that? that like that A revenue kind see EPS sense information could that then pilot, to work you on negotiations the the you're just store expectations currency. Thank

Joseph M. Hogan

I'll last one. John, that take

John F. Morici

profitability. on get X so first on the the about points EPS, X we you – benefit as on our it know, I'll model Ravi Yeah. we – take to is as usually that revenue know times are on revenue and works you

Joseph M. Hogan

share pilot, that the understandable not and Ravi, pilots pilot it call have because going a more and we're So, any learning were We data store data share on learning because be growing to you reason, store we're more becomes with on right that them you. happy know just we but now. the we points, to through for we'd

specifically shared Align As we I never SDCs, have all, on to sell wanted the SDC expect quarter-to-quarter. what and to far evaluate stock wanted we we really as never that. do the SDC from you haven't

with This handicap when sense say, this say, SDC our we're of you views growth to of kind so lower that's a And we're business. this year, talking is. of in that what not volume. want inherent just generating you XX% would in not try this to think I the volume for volume is your we're moderation we We that moderating

Ravi Misra

your Yeah and by low pretty given start think XXs guidance clear I the that's case in now.

with issue about can – is So finally, going that? you on the American as be some Thanks. realigning just reapportionment business to Latin And I or the of you that's appreciate sales, then to the of are a that just well going whether that. talk just units internally reporting

Joseph M. Hogan

here, does mean I that is, have No, Ravi right. a we regional what strategy

had organization, have reporting another was from always been from into Europe. We've have just APAC kind of organization. we American America standpoint, We an the EMEA it's North Asia Latin part of

of also just key up Brazil straightens in bought organizational of our in having And this in those then each we're those intention and we and and frankly, moving in three America, areas. so Latin forward the one And our out areas, – but distributorships areas. regions

for allows throughout practices on So focus of organization. you to saw to best it regional the many doctors are able and retrained it good These be within a opportunities Americas more the a in alone. in us Brazil and sense us transfer

line with So just structure. it's move – in our regional a a it's it's

Ravi Misra

very much. Great. Thank you

Joseph M. Hogan

Yeah.

You're welcome.

Operator

Stifel. question. from question of proceed your with next Our Jon comes Please Block

Joseph M. Hogan

Jon. Hey

Jonathan David Block

Joe. for the question. taking Thanks Hey,

does that to the XX there code to just you So Joe you the view next iTero where that part first I new competition price one of they're maybe a iGo the stages. try with of up know crack a and it got seem overly offering, – bit? point sort iGo, that two, a of the product, follow-up. competition, but most in do in – is new is see offering, the on iTero don't then release and on didn't the I concerned going clearly I've the market sort you to And as Thanks. it's of weeks believe that couple a come susceptible the with

Joseph M. Hogan

and product John XX XX, years. analysis been this right, if kind that's a of for portfolio take you your well know is I to vacancy in the you up mean

– trying complexity do And it with know from cases. I do understanding if case that of this, with full an do – a – really you that to okay. all the so wouldn't without Yeah, stand iGo wasn't to you derived when we back call has you full

to here, in thing very you were competitor difficult a If a coming do. it's

You want ramp and to kind that. of to gradually learn up

about up seen seen in to I that's the from competition what logical, you before. just the see area. It offer ClearCorrect able we've probably to Angel structure of at conclusion had or in specific Align new or We've us for look competitors area. flexibility The competition when more was be the globally, when yeah down can gives place iGo, that whatever down these you go good products than below XX and to put not us. and whatever. is, MTM you thing the our logical the mean, list our So we're we've and customers in we But going that to John, at look range more Maui Maui

Yes. that been working is competition? Is continuation we already seen come Yeah, portfolio. our think with and an but to better a respond we've product we we customers structure just could that yeah, how how area of So we've our this in? and they'll

Jonathan David Block

Okay. well. the just Joe, I reports Great. I as appreciate others need do read you

when is several a playing there for role U.S., back, globally, the why scanners into and a over other globally a years years seeing America. emerging driving next from two comfortable moment, could up sort big a would step mentioned starting now out scanners the guys. be more played of you in clearly seen much Just step and take China to or now, versus In that North you reason the any seem look role utilization just When more you of pivot bigger China. utilization up That what be to which verifying. or the years and growth Thanks, these that's we the leg sort we've words step of get someplace different utilization we're past the especially like any markets? in three Japan some in of

Joseph M. Hogan

China. a It John that yes. at don't it's mean customers hasn't been there I uptake with think different Japan. I flat initial that out, going We to just to saw different Answer be is question iTeros an the any in took significantly. the

countries and too. expect same be to the way we So China other

think I in Brazil Brazil, in also. we've with iTero know been successful You

the another is growth that great is So it's synergistic company growth, in of yeah, component overall. What's right.

leads growth, of equipment have which growth to our core really Invisalign. is You the but product it line

Operator

Newitter question Leerink Partners. comes of your next from with question. proceed Please Our Richard

Richard Newitter

questions. Hi. Thanks for taking the

first on XX% tax for rate, Just the so one, the XQ.

Just wondering should for year? what we modeling full be the

John F. Morici

was given what on that XX% guidance Richard. had should you The for would year so XX%, total we earlier use, total was, in be

Richard Newitter

upward that current if how and you a you bullish have you little less possible, to a could question utilization Okay, on can And are outlook. back otherwise competition your about And felt how factored appreciate kind of just in comfortable how contemplated on maybe you I any providing of factoring at it? going outlook previously your that's a more then into just so and the your is thinking revised specifically signal. competition it how on it's compared I the just specific guess prior competition get and you But of incremental to you all, as earlier Street about The it thought you to unchanged. outlook. it impact if asked Joe, I is compare the that's quantifying was comment price, just would

John F. Morici

competitive Hasn't at any initiated sense. mean, We we major changed what plays think a we'd for didn't we year, the I competition, the can projected of in tell and honestly see that momentum really there's you beginning with it business have to during looked much we year knew our more but the basically how and share within think and in ASP of no sense areas. business forward in what and of numbers, the want you're seeing that our we what I specificity and that the we'd

you and as to line, bullish look us what in becomes look take and more how at we're Just we with a going business. our the share more we'll forecast visible and seeing forward competition at

Richard Newitter

And half. It plan to than feels your line talking a anything there you little outlook that mandibular questioning. Anything a I for and approval, back like half that specifically came same and baked was revenue know iTero. the that, for follow of earlier expect approval little contributing been into to about ramp up for is China a thought second of that in a for ahead came baked but actual – in kind I expected? in similar on had of you bit approval contribution that the

Joseph M. Hogan

iTero I iTero there's we I of on to no how anything we've sell we on America had on indicated, had for mentioned about – as North to continue China, just that you First We've with work we're our think thing MAF, fast approved. I good would calling that MAF it's not finally as be mean, a wouldn't in can We material move as we other through. that'll growth. partners when a through that we now, on and putting Right as to to be as put from from China, plan have place – and standpoint. infrastructure training Chinese it all there it On of not infrastructure get in any things lot happy China good place you were in able far work move through. sell to an over the upside

about been that great able a the what's move have kind to So wouldn't that would then much we up product. we as have half opportunity is, year be second as get can if to the that quarter it on of of

Richard Newitter

you. Thank

Joseph M. Hogan

You're welcome.

Operator

Valiquette next with from Steven Please Our Barclays. of question. comes your proceed question

Steve J. Valiquette

Good Okay, us taking quick the afternoon, Thanks great. question. just addressable follow-ups guess market. Joe here and the or I John. for one for two on

case an one treat within XX%, XX untapped of orthodontic can just probably starts First easy orthodontic That this First. with the to correct? sure we're when that here, talking prior Invisalign industry is that million of Is now annual view you worldwide roughly clarify about to make starts. but case XX%

Joseph M. Hogan

Steve, the bone, first really of all, palatal rounding moves about Rapid moves just arch, right? is which because mouth. teeth XX% dental you're palate, that's okay? First means XX%, the the and it's the taking expansion, Invisalign expansion not

of would First, Invisalign another for XX% So, expansion. XX% market would palatal rapid more be the be

Shirley Stacy

Hey, X, XX% cases Steve, you're of correct. and that's related Phase are talking to

Joseph M. Hogan

right. That's

Joseph M. Hogan

What Joe talking TAM, is explaining is right? you're about

Steve J. Valiquette

on was critical XX to after U.S. important TAM. correct. And the question approval, really we the you Yeah. day the here worldwide that's profile of now those generally have curious once that mean I Correct. million And is really, TAM real I'm just the think million think overall percent important of guess starts. advance. the on overall wanted also product the to to more would mandibular question once you about more could when XX get case I that with starts treat ask. More we I right at the approximate is orthodontic and stand end events First available question wanted my and orthodontic worldwide case Invisalign for Do where that's more the do approval you just really I Invisalign

Joseph M. Hogan

one takes $XX there, that's teens. First, And think adult that's the that said that Invisalign on XX% and get to takes expansion, rapid being to XX% Invisalign it – XX%. First palatal Once starts on based though XX%. it simple is case us XX%. before Steve out I us are we we the million

times XX number, X.X. XX% to really to take to you if So, you're of want have going nail that

Steve J. Valiquette

Okay. All right.

Okay. Thanks.

Joseph M. Hogan

Yes.

Operator

from question. W. Baird. your comes proceed question of final Robert with Our Please Jeff Johnson

Jeff D. Johnson

Good you. Thank guys. evening,

Joseph M. Hogan

Jeff. Hey,

Jeff D. Johnson

Hey, Joe.

you a Let half and think question in bit. way iTero me obviously iGo now things. in But the trying here, are view other the ton after the different we're stuff quite market stuff. go Phase expand right the all here, one X of guys all your maybe expansion the that you What's around guys with second competition launching circle I a to

so this so, much to isn't impact? to comps that competition, think seems or an implied it really having can half just little do And that get getting think strong just competition how a or You guys second of or put be so tougher out conceptually that market now way? up traction? that competition may are to out there gets do know you is much is expanding solid very get plays But it's you your much you try guidance some fast messy figure share, be How but doesn't in markets kind that how of this expansion? you that

Joseph M. Hogan

it'll don't as a will to Jeff, actually in think to look less the our competition give I extent this think aligners. comes best because look way share at Competition to just more clear at is, legitimacy and binary. We this certain share. that takes

planning Jeff, saying that for of so, facilities, team, our in aligners do sure it's time, obviously And this upper mean Sure. we Sure, them just product lose ship side sequence. saw end lines a expanding that is that it's time other in could. long of the we've to lower the can with marketplace you too with possibly ship the you the we're on this share? segment same areas. those iGo been mandibular At I some and advancement could we this. actually treatment hard making in

walk but it will all this. a first, cliff is is saying third first, it's not can really along do ramp patent know and there sensor, hold to you a they second, to it are – take time takes it third sales something and been aligners. through put out next and So biosimilar not a Putting that can this customers It the like that. competition. in with hand your day really in your second, their not we've and time a like It's you sell portfolio team

Jeff D. Johnson

Yeah.

willing last with of just procedures Invisalign qualitatively and like for are maybe anything Now restorative question of things scanners obviously iTero are sales talk about they to your get any for U.S. would that makes point me view what to things U.S. mindset that they kind are they is or now where just well the any want dentist cases Invisalign of to you helpful? at you that the seeing the but use what in they anything on there and right know one outside the for trying you just other sense can of iTero then as traction for are scanner kind be

Joseph M. Hogan

and the grow good and at in you restorative three has three same with a you a mean, helped if labs right, standpoint GP of in the whatever if a I mean I know look look with the – from position sense they've and marketplace. Yeah. shape I at workflow mean We're GPs to you to shape us the way.

We have a good scanner. restorative

out the We in standpoint the have overall from marketplace. of scanner Invisalign and of awareness and capability raised in kind a us both great

scans Jeff way these going to you're go for have is isn't primarily your starts scanner be at So, X.X digital honestly, GP this I going iTero. workflow forward to or we don't this to business, it in dentistry just you if the when It segment right, application you developed look in going and it iTero we well an is on brought I GP iTero's the means, for the it around If beginning those restoratives million reported model But across what go to orthodontist. to a that or know so restorative function Jeff you're know was of was had versus aligners done kind restorative we're beginning back bought thinking you I was you thing scanner. we a it one but dentistry. just for in another know function and you scanner more When long-term, know kind this that This marketplace that's restorative. you it and the that of think G of one be right, to well was that is general how the It'll what so we're developing know and things. back of through you around. a for and restorative, of flow rest, you shows sense that more – know

can do in lab, a calling that a you our do liners very when out about confident important dental can this is you are accurate communicate this, our team not scanner restorative with that that can So great I'm that's just with net your we're very is workflow. on there GP, talking really well

Jeff D. Johnson

there the U.S. is on you side? And guys scanner scanner a there sales growing good the market still, for in still

Joseph M. Hogan

question. no And

Jeff D. Johnson

guys. Thanks Yeah.

Joseph M. Hogan

Hey.

results scanner business. saw You the iTero the of

business know North You the vast the of America. in is majority still

Jeff D. Johnson

Yeah.

Brazil moving Americas Just with on and into where just the the wanted approval Japan you I did check and to that.

thanks. So

Joseph M. Hogan

All right.

John F. Morici

Okay.

Shirley Stacy

conference for Investor call will Well, at New our Day concludes XX. Hotel remind hosting thank York want that you, everyone. May we This the Park City our in be today. I to everyone on Central

directly reservation is Hotel XX. and find limited all us have to you your Do rooms locker know. any to hope you please You information our the Relations more We register make and questions, April on webpage. let group cutoff see are there. can and Investor

Operator

today's concludes conference. This

your at disconnect this you may time. participation. Thank your lines for You

Shirley Stacy	Align Technology, Inc.
Joseph M. Hogan	Align Technology, Inc.
John F. Morici	Align Technology, Inc.
Robert Patrick Jones	Goldman Sachs & Co. LLC
Brandon Couillard	Jefferies LLC
John C. Kreger	William Blair & Co. LLC
Erin Wilson Wright	Credit Suisse Securities (NYSE:USA) LLC
Kevin M. Farshchi	Piper Jaffray & Co.
Steve Beuchaw	Morgan Stanley & Co. LLC
Ravi Misra	Berenberg Capital
Jonathan David Block	Stifel, Nicolaus & Co., Inc.
Richard Newitter	Leerink Partners LLC
Steve J. Valiquette	Barclays Capital, Inc.
Jeff D. Johnson	Robert W. Baird & Co., Inc.

Align Technology (ALGN) 25 Apr 182018 Q1 Earnings call transcript