ALGN - Earnings call transcript Q4 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings and welcome to the Align 4Q and Fiscal Year Earnings 2020 Call. [Operator Instructions] It is now my pleasure to introduce your host, Shirley Stacy. Thank you, Shirley.

You may begin.

Shirley Stacy

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

full Joe for through on We approximately A telephone month. be replay p.m. and X:XX February and our P.M. on telephone results website with today's Time should replay, call available dial the me by one approximately archived Today's XXX-XXX-XXXX number available being which XX. Hogan, via Eastern International pound. the issued with XXXX dial GlobeNewswire, will today by callers call quarter at X:XX CFO. Joining be callers access XXX-XXX-XXXX on Morici, Time audio conference for is Eastern President webcast same our conference today is will financial To followed should XXXXXXXX website domestic number. John CEO fourth conference investor.aligntech.com. year is and and

reports information a predictions that statements, Align's in statements about forward-looking reminder, discussed forward-looking more obligation detail forward-looking are As sec.gov. are include and with vary our and may Actual periodic assumes and Commission filed our These any the today recent and most will uncertainties including Exchange results involve the outlook. Securities at risks expressly Align statements events significantly provided future described to available on update in no and and product website statement. and only

the detailed and to with our on quarter the files Quarterly I including are Align CEO, more information. GAAP our under Please President fourth reconciliation year call reconciliations, over applicable, turn Hogan. statements, that, and corresponding to have Results. Joe posted Technology's historical and including And Joe? these website like financial We to non-GAAP XXXX for call our if refer slides full conference

Joe Hogan

two and on more Services. fourth additional and and our and On our afternoon for the Good segments the will share year, provide I'll call our provide business Clear detail some John Shirley. color results performance Systems full then of quarter and highlights operating discuss Aligners on from us. briefly today, joining trends. financial Thanks, thanks

and call a key back that, the summarize few questions. and come open points Following I'll to

was increased year and Our and flow. a operating as Invisalign volumes scanners, well gross quarter fourth finish record to EPS aligners margins, with and from as cash margins, revenues strong iTero both the

fourth driven strong channels and and growth Our across year-over-year quarter momentum is performance by sequentially. customer regions continued

adoption shipment the During X strong the millionth a This reflects achieved be in patient will month. next Invisalign from with with to that that Invisalign quarter, growth. milestone the EMEA-wide EMEA milestone we and major amplified campaign will launch in acceleration our

were year-over-year. QX, of XX.X% sequentially million, revenues QX, increased Aligner up up shipped teenagers, XX.X% were both and adoption year-over-year. increase XX.X% were XX.X% a and XX.X% XXX,XXX total and up and and Clear sequentially increased sequentially XX.X% we up revenues In record $XXX.X $XXX.X adults an For QX of XX.X% reflects from Invisalign Invisalign respectively. QX year-over-year year-over-year. 'XX million XX.X% cases, which

in and Our visitors campaign unique our XX% in increase generation. website year-over-year Teen consumer and increase XX% generated Mom-focused leads to

Tiffany Zoe, like and social Milian, their and Rachel to among millions exciting followers. content media Mowry deliver Charli influencers for new Martin, D' engagement Marsai Tisha and of Invisalign Ma, In Christina addition, Amelio, Campbell-Martin, consumers with the Tahj brand Invisalign continued increased

of iTero Our to doctors gain digital traction platform as continues uses scanners increase.

times and in active in increase resulting out versus Consumer monthly a than ago. users apps XX rolled more Our app markets, and Patient than more XXXX download to was year in X.X a

used usage continues Invisalign patient times. appointment Our Virtual example, XX,XXX for feature increase, to was

and XX,XXX was XX,XXX feature used Invisalign patients enrolled times verification Our more Care in insurance Virtual in than XXXX.

and in markets is website around driving increased the new out effectiveness was more to XX Our rolled generation. consumer lead world than

in This more will are as especially the There more launched Invisalign U.S. next Canada moving digital other markets and an the with including towards Invisalign to across digital perspective, strong From practices optimization. conversion doctors expanded new support in our months. are website and the growth also improved few and program, a non-comprehensive journey. product for We to recruitment practice Go was Moderate. doctor Invisalign cases portfolio, us engaging Transformation ADAPT Digital through Practice also or Align be

clinical XX,XXX worldwide two recall, practices. were enable first and which you'll support service time was transform a years of their to a record the As ADAPT is commercialized relevant to In standalone we piloted providing shipped as doctors Invisalign over being ago doctors digitally a record marketing X,XXX customers. workforce, QX, and

System $XXX.X reflecting over 'XX strong by also We Americas X,XXX were including and in and growth up of Pacific. trained momentum XX% in QX, doctors. revenues and year-over-year, up the EMEA driven docs in and international million Asia over QX XX% Services EMEA, new X,XXX sequentially

capabilities all plus treatment improved position call for and a announced. capabilities offers iTero in Our we expanded across is that our launched restorative availability region and broader Element being new software Today, remains planning the next-gen Element The our ergonomically have of with scanning a seamless our and Their each launch time we across a the teeth all of to we new Plus We of announced availability of doctors Systems our results of scanner predictability Series range Plus scanners designed the expands builds advanced our the of Auto of iTero Further, rely Innovation award winning cornerstone solutions XD, serve several processing planning, in intraoral a Imaging enhancements regions. the only which Pro faster family in digital visualization include Series, the success portfolio to X.X of represented earnings last Element sleek new reflect iTero Systems proprietary segmentation. existing business. visualization iTero Element and improved is experience strong on in announced the the uptake of in which to detection marketplace. Imaging volumes Scanners Final dental caries third of with orthodontic our GX come and iTero package. QX. scaling Element rapidly on, the Invisalign treatment continued ClinCheck iTero including in-face and approximately

our also We Care new Virtual several added features tool. to

revenues net up total a Invisalign X.X%. record revenues were of XXXX, up growth billion, year year-over-year. $X.X full X.X% shipments were million billion $X.X the and Aligner record Clear For of $X.X a reflecting X.X%

been experienced. cases slightly year life-changing, XXX,XXX and from total year, During younger This and teens COVID-XX of the its other XXXX. Services XX.X% to or started unlike we System impact of or that record Invisalign personally new up down significant have XXXX. nearly XX.X% health priorities was and Align's marked loss and pandemic employees Invisalign XXXX revenues treatment. had were doctor, is and Through to by any been and separation, we've their digital well-being hold highs in The huge accomplishments. a and adapt, and compared the our forums the develop to evaluate acquisition Invisalign We swift their drive technology change all of supported education to navigate and professionally. doing lows, products their disruption, milestones uncertainty that priority customers investments and of we things and our their and our ways Even and renewal, pandemic. plans our all, the a our recovery our time it stay and has through Despite consumer Accelerated to in in doctors constant. XXXX, families and accelerated strategy remains the for provided went and the with new pandemic with didn't the tools help need uncertainties create PPE of demand teams online awareness to a patients, marketing doctors' completed for doctors And with that those that market connected offices. growth. our of beyond virtual them to enable brand staff. and the exocad, or and onset of continued both

stronger and off to strategic XXXX a a of investments, and we than started As we great result start. is our focus the exited continued year

around Now, quarter Americas. let's specifics with starting our turn the to the fourth

reflecting for orthodontic sequentially XX.X% increased QX volume the With of treatment up up XX.X% and was Americas region, case and utilization channels. both GP Invisalign Invisalign year-over-year,

continued Our iTero marketing are Clear and drive growth in of and on and investments Invisalign segmentation Aligners strong products. sales helping market focus programs digital

and continues wires to BuyBack products. adoption we initiatives our brackets drive iTero Switch North During from aligners. to continued partners America 'XX to Bracket Invisalign in The and program, we the sales quarter, QX doctor drive of offering launched help clear Invisalign conversion in to which

-- trained Centers the program through QX. as are resulted has wires Invisalign doctor. is similar go-to The and treating doctors how experts of awareness brackets it to and a docs this Awesomeness clear patients to to treatment. causing programs treatment is We Invisalign increased halo an of their of also Invisalign lives the in about less resulting to are seen for Teen beautiful disruptive a with outcome teens who direct at believe effect XX,XXX Invisalign switching smile with and from new cases aligners this QX, During patients benefits the with

an presence to within First in year-over-year, channel. increased around our utilization general marketing GP dentist in orthodontic strong Mexico. GP Latin Invisalign support needs, across exclusively strategies. practice grow implementing the kids continue treatments region. The clinical America that plan We North led channel continue Brazil iTero up is and as America of continued is for the designed needs provides the for and younger program all-encompassing growth centered to with We treatment Accelerator driving increased treatment practitioner also we with market growth saw We in American huge Go on and integration, Invisalign based maximizing support Latin see adoption Ortho the Moderate. by comprehensive believe volume in new was for

DSO to We enrolled led that iTero have the scanner. a with continues as in doctors Docs. iPro be utilization and installed GP strong also Smile program have utilization increased increased growth Heartland also and that driver see as by dentists with the well

[ph], X.X% On and up strong in by business, Invisalign shipments doctors year-over-year led APAC. a seasonally full International the increases EMEA slower EMEA reflecting volume holiday were volume Americas sequentially offset up X.X% somewhat International as period year, in throughout returned China. up season, QX from our Invisalign basis, summer XX.X%, case both For by growth was was a For

For was up the Invisalign full year, XX.X%. International volume

on XX.X% EMEA, up a markets, For XX.X% strong basis all performance and volumes sequentially with year-over-year across GP Ortho channels. across QX were and both

we Go. both GP with acceleration in Invisalign saw the Within utilization shipments and channel specifically,

Recovery saw businesses. also last expansion markets, our along Ortho in growth Program as markets, core growth our introduced continued and started acceleration in EMEA quarter in both led Benelux. their our Iberia, Central orthodontists core with markets, We they Eastern with We XXX to and by the by in and the and reopening UK expansion support Europe France, led

QX, program. As in have the orthodontists X,XXX of enrolled

Program quarter, the II Recovery support a growth for to programs doctors and COVID-XX. their events launched EMEA we all during refreshed During relief website efforts featuring the with tools, education digital

where two-day forum the beginning attended keynotes and of held Digital approximately also the GP, XXX doctors, Innovation at dental event our We digitization the of Forum practices. both with Ortho December on

the GP by aligner launched ClinCheck launched We so also To Excellence webinars help drive continued across team. Invisalign Plus, quarter, EMEA, Digital our Throughout XXX Invisalign digital innovations Go program doctors, utilization. far. the and support clear with following our X.X GPs Invisalign also launched iTero were X,XXX GP we our Recovery quarter, over of Series the to enrolled GX, last Pro

offer education to online XX,XXX reached cumulatively. GPs continued on-demand We and which events, over

volume For year, EMEA the up Invisalign was full XX.X%.

For segment, GP had pleased prior APAC, channel. region. we to utilization and Japan QX, volumes year, we in the continued Invisalign was growth see with typical were with also in growth doctors QX China, In non-comprehensive and continued ANZ the the sequentially Invisalign strong and QX Notwithstanding the across XX.X%. compared increase Teen seasonality cases the Adult segment product Moderate strong ANZ. APAC saw saw an down Southeast XX% from the a acceleration in amongst year-over-year We in we to Japan were strong Asia. in basis, On growth and reflecting following up a

with For improved dentistry, including their offering year, XX.X.%. we enables path learning improved the treatment new opportunities and recommended Last orthos, comprehensive Invisalign with comprehensive education. digital up role-specific learning spotlight for more now, expanded online what's functionality teams. based team and for planning, The full digital and features a learning a our GPs categories trending on for learning platform experiences, doctors' was content and year, environment APAC volume launched doctors

the completed an and the modules, GP how-to Among learning more engaged viewing learning For site accessed over than digital XX,XXX unique doctors with videos, ortho with the have year, doctors recorded over content. self-paced XX,XXX from unique with lectures, channel, channel. million XXX,XXX X.X additional the users have pages new users watched certified of

growth and in and mentioned, which good customer to greater will independent to ADAPT higher we've seeing into business service clinics' Align are offered practices. enhance adoption and of staff which the consulting orthodontic patient translate turn an we optimize expert program, and workflow As by is efficiencies satisfaction, and operational processes experience fee-based for

result, after implementation. in ADAPT improved As practices significantly profitability the a service participating QX

globally leads to educating about created, we capitalizing offices. strong XXX the Invisalign XX% campaigns than increase is in Our adult digital increase in our influencer driven massive and on Invisalign smiles, XX% In demand the our driving mom-focused unique focused visitors, doctor in and engagement million global on transform teen-focused increase locator to and searches system consumer doc more with market that marketing opportunity XXX% content. QX, saw and by consumers

Invisalign reach Japan. tests and resulted them those potential Aligner reach to NFL multimillion for NFL and generated with live, Our Tampa France teen the not be billion consumers, our previously in the million league play, XX The designed the Buccaneers Official the Bay engagement in which US and having over to Invisalign City well dollar increase and including announced on are opportunities Clear very patients only XXX Align sensation while aligner and EMEA are XXXX, in within helping reach perform brand shared the National videos, Chiefs. a the engage UK, in doctor's QX. that impressions key a to we we at our to of in worked QX of that Australia but in looking brand show to demand in in on a marketing consumers, EMEA six-times educating have benefits in impressions Several mom-focused to metrics through X-times office. in very launched These Twitch the drive activation, region increase speak with is awareness expand teams, the always the national presentation in successful and Mom/Teen partnership, more treatment continued the leads connect they website. Kansas and quarterly in this and multi-touch help key slides Germany APAC. with is consumers with X.X The drive new wherever level, in and campaign statistics a TV YouTube markets. and relevant why I League, increased designed in clear In QX, treatment also consumers the region garnered campaign influencer-led spot, media available Invisalign with to well a APAC is Charli Invisalign Football of work, us of the to mega markets a activity our NFL, D'Amelio also leads and than team and is Sponsor custom and doctors the included agreements

Services shipments and XX% Systems our For due higher revenues QX were to sequentially revenues. services up business, and

up to in regions the System, and iTero significant a XD to Element sales and Element gaining revenues higher On Systems year-over-year Flex in basis, Imaging continued momentum all see with Services due with traction were XX% We services. EMEA. shipments

scanners. over have with XX.X iTero Services For restorative the performed year, year-over-year. Cumulatively, million scans and X.X and scans Systems were our X.X% million total been down revenues orthodontic

total to to QX Award. category. engagement Impressioning to proud support quarter, that panel Also, XXXX communications as within in judging International last WOW! represents Americas cases XD our in National also last scanners iTero the scanner enhancing same production. from Journal of Dental year. Americas for of Dentaltown submitted the the orthodontists XX.X%, the of the submitted cases QX, award in Invisalign laboratory recognition Dental Association XX.X% We're the Laboratories that Element scans Award of XX% see the to from quarter increased during are efficient Choice North digitally. of digital the increased the The submitted XX.X% XX.X% by iTero were For and Digital share intraoral commitment winner XXXX American the to We're of year. Element Townie with winners pleased patient up that the Technology selected a

Morphing. with new to and of during that including XX in exocad, launched enhanced reduce XX design features includes edentulous For exoplan enhanced time, surgical over and Instant history, over guides. DentalCADX.X Galway functionalities software XX XX support of such and two significant the design of the quarter features planning functionalities Galway as Anatomic exoplan. releases improvements over largest X.X we over new includes cases, the DentalCAD

exoplan new manufacturers quarter, to I'll that, implant With exocad as Brazil. also added John. now in During the over for turn two large it OEMs

John Morici

Thanks, Joe.

Total QX prior the up year the the our from financial XX.X% quarter for fourth quarter were results. Now up for a million, XX.X% from revenues quarter $XXX.X and ago. corresponding

and points $XX.X aligners, partially ASPs points. exchange, reflecting primarily approximately deferrals impacted For up QX by Clear XX.X% growth on up due lower foreign million Aligners, year-over-year a additional $XX down regions, revenues favorable of sequentially in cases revenues Invisalign and X.X a exchange or or to growth all by was of new QX favorably related were higher of X.X approximately Invisalign versus $XXX.X revenue ASPs. million foreign sequentially lower by Clear promotional offset were by increased sequentially approximately partially Aligner XX.X% approximately $X year-over-year mix basis offset million to and discounts. volume

for did given As their last our price year-over-year during we our a continued summer, to raise ASPs pandemic. implement to decision foreign efforts $XX partially a promotional we due not primarily discounts, decreased our quarter, recovery exchange. revenue prices helping additional the and in On in basis, customers Invisalign QX offset favorable cases aligners, by to approximately last higher new increased mentioned deferrals versus commitment not increase XXXX

sheet deferred Clear are as clear be As on and XX.X% increased the up up million year-over-year. QX aligner Total and the sequentially $XX will XX.X% of shipped. million were and additional $XXX a recognized XXX,XXX cases aligners balance shipments sequentially revenue result, year-over-year Aligner

the and sequentially to year-over-year base due was and an of Year-over-year our up the by due of revenue up and to System Imaging in services XX% up CAD/CAM increase the XX% will due ASPs. XX% ASPs. for in fourth service sequentially and higher Services revenues, the offset services revenues and revenue Systems higher exocad's $XXX.X scanner be was Services increase over Our installed and CAD/CAM scanner sales, from System services, primarily revenue, and and deferral sales inclusion scanner revenues was deferred scanner increased which the service partially ratably sales quarter million, lower larger up recognized Services to XX% period.

by year-over-year. points margin revenue. up higher year-over-year up $XXX.X ASPs, is offset for sequentially operating higher expense operating intangibles warranty, operating operations. was $XX.X activities, up stock-based by sequentially sales manufacturing The XX.X% Moving year-over-year quarter and higher and QX sequentially increased up reflecting to for X.X expenses Year-over-year, and lower productions partially quarter were Systems X.X X.X up was spending Clear Aligner as gross result lower points manufacturing On and a manufacturing up due points business were X.X increased gross from year-over-year. additional other favorable higher to margin continued lower marketing X.X and commensurate to fourth point costs the quarter, product partially as overall costs. costs increased due higher basis, R&D margin. XX.X% primarily margin gross sequentially amortization by up was services XX.X% increased quarter aligner ASPs. the gross up ASPs fourth and mix up manufacturing volumes. scanner Fourth XX.X% and of for manufacturing absorption reasons from million, higher freight lower marketing, earlier. fourth investment iTero expenses to basis, the on and volume, XX.X%, points margin was non-GAAP Services by to compensation Services other ASPs, margin due points was $XXX.X due in costs million, sequential other expenses down and year-over-year X.X XX.X% increase and and up Systems and exocad, due XX.X%, efficiencies partially overall media offset our points year-over-year. points manufacturing and sequentially non-GAAP X.X expenses X.X spend offset to to warranty Clear growth. gross increased of a gross XX.X%, volumes related On margin and due described was up Aligner in operating with gross to excluding the million, primarily and a sequentially

intangibles prior due GAAP same basis was XX.X% of basis, fourth diluted to quarter, and quarter tax of points $XX of leverage. lower fourth exocad, third of stock-based and net to operating The share sequentially, X.X quarter acquisition-related includes year-over-year XX.X% fourth favorable related was in to margin non-GAAP for are and million, $X.XX Our up income sequential fourth quarter was tax income in and was primarily related million quarter's tax X.X Interest The compensation, tax quarter non-GAAP provision, year fourth benefits to year-over-year. the income points a and and share rate positions. million foreign in points reason Fourth tax fourth an basis, was On in and a operating quarter up ago. higher rate which prior margin year. to the was our and and $X.X operating income $X.XX, excludes by XX.X% points $X.XX the was X.X the up resulted On year-over-year. regards net to primarily increases prior XX.X%, sequentially a other up per rate the expense, quarter, unrecognized $XXX.X years' $X.XX a driven in non-GAAP quarter the compared attributed per sequentially XX.X%, sequentially rate a approximately margin tax the operating for X.X the net year-over-year. on quarter adjustments income up $X.XX up amortization operating The which quarter gross benefit costs, and non-GAAP diluted operating $X.XX to fourth of With the compared XX.X% stated. previously and for exchange. margin up up than primarily

the on sheet. balance Moving to

approximately cash approximately prior an December due International higher million, $XXX.X by was $XXX.X equivalents million, of sequentially. entities. receivable cash quarter, balance million equivalents, the was in our $XXX.X the cash and held million flow operations. XX, U.S. X% QX is from increase million which and our cash from up cash XXXX, $XXX.X As $XXX.X $XXX.X to was were Of and million of of accounts primarily held

related days sales $XX.X X approximately fourth the days, quarter were down X was as year flow aligner million, quarter strong expenditures, was Our we from investment defined to cash to expenditures Capital Program, continued less facilities. last collections. days and in XXXX for fourth increasing have and as capacity million. from our QX our available primarily compared approximately for cash to XX for Under amounted overall $XXX.X common due Free Cash million flow, down to $XXX $XXX.X stock. operations capital flow still operations May Repurchase cash outstanding the days million. repurchase of sequentially our

in with Aligner full benefit XX.X% from $XX operating on With of on XXXX. a included Total of benefit was $XX billion, shipped $X.X million, year to million X.X% volume of X, million Store move up XX.X% a for Invisalign record down XXXX, operating closures to year deferred in XXXX XX.X% million XXXX $XXX and a impact would Full Americas tax we which our volume Before full the $XXX.X versus growth first million, a from reflecting revenue year International XXXX. million the and income tax Clear reorganization a XXXX our tax results. year-over-year. certain comments associated down versus related margin sale growth from XX.X% sales. equipment and XX% to XXXX I intra-entity corporate at rights with the few exocad we revenues asset a a regards our current revenues pandemic structure COVID-XX property a net billion, X.X% approximately of reflects GAAP compared X.X% tax operating X.X%. quarter outlook, Invisalign of of XXXX year-over-year. Systems provision, forward including the compared operating up of litigation benefit net income to cases, on XXXX margin X.X% of includes X.X XXX.X%, XXXX. of This our one-time from In billion, record like were rate XXXX, was revenues year-over-year, Services $XXX.X volumes and $X.X completed and negative an of April System year the make were resulting doctors up to recognition in to Services $X.X a intellectual amortization, doctors. record

Excluding related XX.X% non-GAAP stock-based tax structure related to the of a compensation adjustments, year the effects and benefit other rate on tax corporate tax EPS non-GAAP the was reorganization and basis, non-GAAP to flow our full for On XXXX, for compared million XXXX. XXXX. a was XXXX Free EPS XXXX $X.XX. down was cash $XXX.X XX% diluted diluted $XX.XX. was million $XX.X basis versus

let Overall, turn Clear we which are business, our to and in performance me QX for and and through January with continued momentum pleased has our Aligners Now, strong Systems the our Services. both outlook. very

market. investments As operating capacity seasonal as we discussed to expenses investments these higher manufacturing investments underpenetrated in all in to margin a at expected percentage return as a huge, lower accelerate are with drive to and sequentially These investing a regions are us coupled good seen. significant marketing, sales, historically committed percent in customer QX to across to adoption operating revenue confidence result typically we These have innovation we seeing making we in our Investor of give on day in and and November, growth continue are channels. strong returns

focus remains are surrounding environment what execute. to will global the the control on While pandemic confident continue and uncertain, ability we can we we to in to our continue

patients. Our the needs driving responsibility continue and their our of customer and innovation delivering doctors is to on

XX past demand doctor billions creation of has customers. in consumers to Align innovation, Over the our with marketing consumer invested and years, connect millions technology,

to this the expansion. Digital including Platform, adoption to and drive will manufacturing business of drive to in We Align invest demand and operational continue

always will responsible. We be

growth ROI. comments. and and for we've final remain operating to to XX% margin to for We model of done With our like XX%. Joe in and Services, that, Just and it turn target the I'll to committed revenue past, Systems growth we over to investments drive long-term of XX% back Clear make Aligners XX% maximize Joe?

Joe Hogan

in The our protect model. have to and balance John. we on confidence XXXX, strength of of because employees, support and press our for made the forward choices strategy business sheet customers, Thanks, our the we were in possible growth,

exocad a we been moment in-office and XXX the deliver consumers for In Digital opportunity Align is unleashed of embracing orthodontics from tools It virtual and dentistry pervasiveness treatment From economy. better and across orthodontists as to is change the practices suite to business and Align a workflows the workflows, iTero huge our smile, to can environment software purposefully in our And enormous the lives. includes digital. technologies proprietary tell actions the Platform, Invisalign digital benefit and with iTero in are not cases leveraging to and this, to future the to minimize and end-to-end providers Doctors consumer workflows, treatment. scanner seamless, particularly, transform market partners. digital a more lab for the and acceleration annually and building it to appointments scanners GP treatment, starts solution central of iTero more critical million treatment due Our ways is Digital known are patients orthodontic power growth delivered is reshape need is now remains combined COVID-XX. dentists, Align the doctor-directed, a and integrated by than XXX relevant components their than will and unique, is massive digital that opportunities, and always all that benefits us of now blocks which reflect standpoint, have and market, We've the and of core XX sense, region their personalized restorative around an consumers, new of of who With digital are the million but ever the become around more million COVID-XX dentistry. our create has has exocad services the to accentuated smiles and uncertain for practice accessing conviction have iTero the to we that before. practice every and general digital needs digital Invisalign treatment. GP just the meets key and treatment. Invisalign macro the opportunity. driving using scanners,

most disposable in income past for channel our to keeping by employees consumers, counter is the the supporting uncertainty over transformation. a of focus and that our us customers many identified their of And long-term and our strategy, are we supporting range more innovative each and re-direction we've still Our digital digital plan taking that's and can values, help support customers, mindset and to our the of through year, reach focused the living programs that mind demand with allows drivers channel. within that hold support on staying customers importantly, more products and wider

our long are may forward stakeholders. We lives, of how the our also few be to and stop you to thoughts In as customers but not good of a going closing, driving the employees, our business I for with of year. and it we're begin not COVID-XX reality leave the and want their patients, the ignoring part new we

focus on While is the we our what control a considerable can in there world, turmoil is of company. as amount

during more events with it not combined and growth COVID-XX. priorities, lead outcomes customers remarkable times a momentum. pleased international and to focused and and a are we'll also when on with that, but of as We also a of for over more focused Invisalign to very execution calls. to strategic that growth, year leads only strategy year support dentist have GP summary, solid as which expansion, with our turn such practice treatment. fourth It Align's stay conversion, We'll smiles. quarter XXXX, patient With our Align's strong result during the can utilization, is and this having the operator demand for beyond orthodontist control results we business In take full

Operator

Instructions] you. [Operator Thank

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

Ravi Misra

for the Hi. question. Hi. Thanks are you? How

Joe Hogan

Good.

Ravi Misra

Happy Year. New

others wanted kind volume amidst slightly the I'll but things the start was me strong of growth talk you're a that maybe one maybe So let -- stable driving of extremely to declining of trends, kind quarterly I stood environment. to about what's out the just to on pricing

of huge kind Just out we've first, that of curious, in of ROI where think the that the always of the some conversion terms cards? kind I putting that area been able you'll market rates us still understand when talking around teen there? that's able kind leads advertisements And next you're model pricing? you then you're that the timing Can kind market looking you that get lead to growth, about take and you there. of of as to to long takes generate generations. back Is do in leg go And is to the at secondly, the the you're think and an prior put the is the the out help conversion how of this the into be

Joe Hogan

because first keep mix on prices, of you and whether have in all, eyes mix, First or can products selling those Invisalign gross carry selling to lot things. this so your guess, as Moderate lower mix, iGo huge margin, you actually strongly and is I and higher to of often communicate mix international product The can Ravi, it's it's see average prices. progress as products. up We on your is first question like we those average we on a in but margins, try

we in practices and a the many concerned wouldn't said, as year gross we that say we Like drove focused increase for just we're difficult customers at this about in ASPs. supporting keep productivity and show we're our I'd on transition don't So kind increase have difficult right didn't this that able really emphasizing those a of -- ASPs ASPs John and sure responsible be margins. business the interested same been now or overly is instituting making is time, across But sense. to incredible price because

but few can of We've I years, So about the a the taking this place. that. you and talking hope community for see out actually rest analysts been there actually

you teen from if standpoint, conversions And the lot from just areas. a of through going you of start we February start work really States of in to really we side lot advertising different a out an to I social lot of and United mean, a -- are ways in season, and different the On teen aspects different and come media. to have have the we

advertise You that. moms and and you things different for like differently teens do

I We understand the doing the been here we and for get properly. as you years. it to add? how we've timing social of that it. And how more and we John, a a more to coefficient implement want business, and we anything become understand in do on have sense you much more the can't as correlation pieces we back, advertising And well specific but of give you So invest

John Morici

No.

-- said, in are that others equation. the there's I it's mean, you As

and as so You on. we have and teen, about influencers to described, Joe reach the talked social

that. we with then have and the to the formula right reach doctors. You the also And try parents have

So the getting those treatment three to think key. into really about going is

Ravi Misra

more, volumes. of the last to one think are I you thinking maybe gotten of do to can mean as we're are you. that guys one the reopening is consumer that environment to things kind spending where Then about and kind where going the advertising increasing. going click patient start where the one Okay. a and just the the is? investment ask kind options here How have vaccination progress more on if term is as you require baseline kind of Thank of starting near in that really here with you've the or ramp you're at I doing

John Morici

in consumer it volume, turn really countries And we it's refining a NFL market. response Ravi, continue. some look, we we And strong good spend. this see influencers, vastly underpenetrated areas countries, talk some talked a a just great like that see started the areas investment. spending it's are return return. are about how grow about we the We on we've as our and that, in and matter about to Yes, see we're question. of of other see advertising into In things. mean, we other to looking response, will talked I always those We and maximize that those a that that U.S., in

to So our way. at we'll and find we're on always grow ways looking that to able volume return investment be

Joe Hogan

Thanks, Ravi.

Operator

Thank you.

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

Jon Block

And pent-up did I'm growth XXXX I'm isolating as just trying I XXXX, level, for cases, is going XQ the From off XQ for guidance Hey, with Joe, high pretty guidance off of the so mentioned for back is Joe. low XXXX the to sort quarter. likely And management some set this were to of demand. fourth single-digits at what expectation you Good in XXXX sequentially? what's pre-COVID afternoon. level of up a to guess cases benefited the part just case consistently, from great you where a start. I'm

into just how So the early the trend of should think if part you XXXX? we about line, would,

Joe Hogan

let that that I'll the strong have was continues. orders really momentum just John I quarter, tell you a January Jon, really would so specifics.

John Morici

we that our is saw January well, leave that felt projecting help And exited it, because we're We as what Jon, controlling guide. drive want outside that we've We at to without don't as the as as really we said, and We in things about we'll information making investments kind said basically good there And look this we I is. how -- think look, business. can you QX. latest we of trying of is control, it to haven't control. forward. are give that we're What Joe

Jon Block

huge. is second type Okay, underlying with teen's point, of second was would, if share of fair but one. And maybe number for comp, your going you XX% to of gangbusters, part call I of growing? sort out just the share. this almost was up think ortho I is I'll shout it quick teen What anything guys. out the I'm the market you to mean, a was Thanks, a XX% Joe. two-part enough. there? And of ask Markus, EMEA then mean, was Where just do up a XX%, conviction with inflection the

Joe Hogan

bringing EMEA, business across mean, performance Asia. segments, It in just North just And across since like a doing It growth. that I've when that you was that really fourth deep you that the I too XX to an it's of was Jon, breadth see I countries, amazing years growth I that. wasn't was and amazing. I that, appreciate Europe see quarter was wasn't up think you on by was across America. orthos. It GPs, the been me, just story

think inflection had you doctors, X,XXX ready to point. doctors talked a an that X,XXX us we is XX% All that XX,XXX in to my can about that's say then when Jon, more And I'm about, too. for record more about script. doctors, that's I talk not So I ordered

and demand executing, drive we that now. for So advertising just Look, to and stay really on meaningful. catching gearing Invisalign, up We're Jon, it. this obviously will way see treatment focused digital right a we're on in it's big

Jon Block

Thanks, guys.

Shirley Stacy

Thanks, Jon.

Next question?

Operator

you. Thank

your question. Our next from Please question Wolfe Beuchaw Research. with comes Steve with proceed

Steve Beuchaw

margins for you that of days. a the John, view between critical agree relationship sure to prepared guys. try it ASP certainly Hi. over flagged, going to to deferrals that as understand we're better your I but wanted couple the metric, bit the with ASP. and tonight really and questions gross Thanks in the of about are I'm I things a next time lot here, to some relates of little the the get remarks

and So reverse? little one, we'd relationship the bit revenue both deeply, ASP deferred aligners you I see what's And and here be a more on to we wonder that could seeing why do scanners? if more us understand help

John Morici

as we new that's is future have a you new and margin there's much certain will for the back needs look where from then refinements amount maybe don't we lot lines, get at And use cases Steve, -- as doctor standpoint, shipment deferrals rec. way additional more you're to much When as even Yes, get just or then year revenue of there make previous volume a as That aligners demand that on that new is margin a on we your a mix basic they from standpoint that what also be impacts recognize case is margin so rev more, like revenue, cases. going made accretive. get for percentage ASPs. this this new a for cases, to you revenue We're we quarters certain our where out. revenue. When Many ship on a a getting that think have, amount the deferred that. And where a to we is about we've that we there get there based of we there cases that a at are future just previous modifications you mix got future on as And or that revenue into for you you've that that. needed. for those look that deferred have it's that that revenue our

You get the but the deferred don't revenue, of margin. as you get much

fourth have. like a significant dynamics those we increase is have quarter. in So you there We our we saw that saw third volume and just when

Steve Beuchaw

you, wanted a about do I if more I that shift my exocad then sort Maybe has you we I in kids understand ortho incremental grow wonder deeply. lastly, you gangbusters clip One And could growth another. one a the at apologize been driver to think of lately. should channel. to try bit two, channel? do the way I And channel of then being is the the John. this point? about follow-up Okay. think GP it at relative Thank for a has little think GP that been screaming just in to or here DSOs to background. variable And continues to the

Joe Hogan

drive over Europe different of to we we three like channel in because That's a can a lot important a it standpoint. GP. that's States we ago the It's then like life that's now Yes, adults. why can't segmenting iGo it's that and I a It it's specific to the have we a communicate a products were It's with with it where a I not in iTero mean, like world. But And to different. that's salesforce are, market. products, but it's it. do front-end where patients mean, that when workflow they started that you and from conversation introduced when all why call. And about just GPs going, we live tell their orthos. the I you we talk that's in specific than XXX teen them. I And off are big that's and every We did and understand. is we so first on my where standpoint, now, has From doing million GP a script, happens a Steve. touch years

right It adding programs don't Your kind our question on penetration We're code just will We're drive now. volume these rolling starting big piece for a to into going but new integrate GP driver just the in increased it's software into think that's future. to us. be iTero products. exocad and of out that certainly is, legitimate us, and that's I to for think big we is a

Steve Beuchaw

much Thank here. you it. for all Got perspective so the

John Morici

Steve. Thanks, Yes.

Shirley Stacy

Next question?

Operator

Thank you.

Please comes Robert Jeff W. Johnson from Our your question with & Baird proceed next Co. with question.

Jeff Johnson

this evening, do it's know you. Thank how especially with brackets is any of Joe. I of the I -- there think to but aligners way zoom start even about kind a versus wires. effect over and Good to wanted not quarters, volume maybe clear guys. it, and to way tough Hey, penetration been true the has much versus last two backlog versus patient of accelerating

any there some we've secular been metrics you backlog that this is kind to you're waiting effect? for of or any at that looking the and truly all Just is of zoom uptick tells versus way bucket

Joe Hogan

too. becomes as of that. the talk of we we that less less doctors and that's had we quarter was. part great structure, a The further lot the the to rolled our don't. right. the felt second third. a hey, and noise well, as get of obviously January further really And I analysts, much in second of how We into them. less We as know third think good we what and And of it fourth quarter had really question I was the that Jeff, don't they our from the either it obviously orders about don't backlog feel really obviously wonder, quarter was, know

number is traditional United markets, shows struck It's of with world. breadth X,XXX this is really soon. ANZ us, moving entire like too, what's you of quoted all tremendous question away and and It's just The really is So growth going we're docs that XX,XXX not over the really on. in in Jeff, I APAC. new Japan just And States, ordering here Latin Europe. total the over thing think me what's docs in from I from this this in it's America, China, in

this GPs breadth about, So segments there is and to talked and orthos. we the then both

some fourth there think backlog quarter the quarter. the the we backlog There has third in But overriding don't been in or have So here. look, to be that's whatever. story

Jeff Johnson

more a one that's then fair. And other kind maybe conceptual question. Yes, of

to moving getting here moving But me guys through it to just are to you're more or convert is? -- your volume guys both kind what conceptually, to a but up high going importantly think it's the really guys, Double about Advantages the the seeing program, you Diamond in it doctors that own it to sure Bronze it And there are to the mix Platinum you but Invisalign? volume up those that, Platinum? to you're guys base. Does it I'm is I go customer on Diamond? of Gold volume of Is guys be seeing of low about all would I Just matter your lower as tell or completely which high think helpful and

Joe Hogan

Yes.

to answer Jeff, broad. we actually It's not way in digital see have a expand that? on see way see it, growth is discussion. accounts mix. that. area, And across digital it going a breadth and because not actually And and kind function to a You for way. carry customer move that know of mean, a Other And all and Bronze We on one really people adoption seeing they it question, segment practices I this of Golds just to the helped one add allows asking I and do right. can the me how fewer the The allows to country, just platform. board. normal is a it's And John, they again, all weren't start advantages doctors them in those the But toward Plus. touches it's to not that Diamond the in segments. Diamond of think program. one it's They on it's COVID digital kind them their are Advantage environment really a that in in logical, to anything just overall, of And them. patients we

John Morici

new come echo you to cases. that X,XXX breadth. I ecosystem cases come the I'd have that in doctors this, and into doctors, want and do Joe said, start with our mean, new like

people of cases lot doctors of the to have and done a see even start cases. cases pyramid, the just who top they you few really do a accelerate doing and more are that have at then You

of excited. makes part the like And about of that's everywhere. phenomena, it and So breadth said, we not what it's this growth when U.S. pretty Joe it's much a just talk

Joe Hogan

don't that who see we the care. large think kind which -- you talk is thing was serve last about with care we I said us. We want how of work just Jeff, And to I low really want end, and We is end, interesting you market want great. like company on market we doctors the to We do this thought to terrific. is to is. that's on be this work this to them. It's high is, wherever with up it And that's growth side set to the well see able terrific. just under-penetrated that's the It's service how either

Jeff Johnson

Thank you. I appreciate comments. the

Joe Hogan

Thanks, Jeff.

Operator

Thank you.

Elizabeth next your Please question. Our comes proceed from Anderson with question Evercore. with

Elizabeth Anderson

finally Like it go and it scanner? the about Obviously, in Hey, see color market the what Is many I Is are the revenue. orthodontists share? third as there? number the of so always there ortho one adding of high. could be nice growth yes, I'll taking was very it of helpful. digitally digital? other bit little the Any scanner would total more Is quarter Hi, Thanks their Joe. much sort really obviously you GP, guys. saying, on submitted you the for talk people question. a provide channel? cases Can the parts of -- -- was CAD/CAM the you thought where you

Joe Hogan

you work us, okay. Elizabeth, could for

is, still taking lot a is There and share, lot impression from all share. dentistry these They're doing is And it different You in of completely kind just places. pieces. demand how just say that you of so of described it's analog where a is exactly still when different coming analog. you're much

And tremendous that so it's the growth in sense. been has

in of Your what you they these up of the see the the their question second in constantly. see the that tool GP front scanner see chair. we practice up being you'll they do. ends know move -- Invisalign, is communication part and yes, they'd there a a on can are that every but and orthodontists past, things you say, a about really And couldn't, Because you'd segment into scanner. to mirror scanner part What the the It's being that, you at of use back molar see you up right. start say, significant hold

throw doctor and It's the patient-communication what helps convince of incredible going validity a to that It tool Now, patients the on you done be screen. of do what what's and wants your of can live, see it an in kind needs sense on. dentist of to exactly a you where to becomes is and treatment.

shape And dentistry speed where you is scanner this arguably highest in it, world, it the the the cavities and color make So is to you treatment rendering, going. NIRI also performing be of to with look that sure a start to able dentition when to movement. able or caries good see before real who that that to to is at exactness iTero, the kind except the orthodontists it, is even technology is benefit, of enough want of in

that our and So in plays a of time digitization big the this front-ends for and iTero inside platform. that's it digital just dentistry role -- is

John Morici

given environment, to time COVID that and that's you able this a in iTero fast be lends have something want be to have Especially much digital workflow, that you on so part and the well. don't and really impressions want fact for as of itself to

Joe Hogan

Yes.

Elizabeth Anderson

Okay, ramp that's in to sort discussed of helpful. be super what to follow Midwinter side, new we lot the sort announced keep the on or the about And IDS. moving back of And Chicago impacts I it in have something year? there terms other of half talking you'll IDS to like we anything One, question. move up mind of and you that from products Is imagine Arizona. then Joe, your the of the would that's the you obviously a and announcement about just virtual saw of new today sort housekeeping a of obviously more the should products in

Sounds if that in just any in impact terms on on of touch that exciting. else had didn't should well. as I we model just taxes or know anything to something

John Morici

tax answer and we have become in when campus can No, tax Jose impact. the look I we not of expansion a at center, came we a constraint. from the really that think it. It that I Yes, San have the to really down we technology piece space

with kind expand office innovation. in Tempe moving center to for And center, here we technology keep San want that just head to And to Jose in innovation that out that so to and that sense help more then and of add made that us.

Elizabeth Anderson

Okay, thanks.

Joe Hogan

business Yes, it that the A talked Keep But requires highlight We it year, those during looked to on have. development, we a the product it. not digital you'll in those invent be from waterfall used Plus we are In at is iterations things agile, $XXX is anymore. that sense, the on our aspect the to Midwinter spend places advertising constant agile dentition. And waterfall more innovation, year the development year. the and FiPos, to of that's products. that's X.X great out iGo, and new also announced we a positioning kind million This see see you'll products. obviously new if on a new talked mind we in-face monthly product upon adapt pace ourselves waterfall new We -- of a software than Elizabeth. based philosophy pieces. IDS. in product products lot why introductions an rolling of asking, had about type one release don't we and the lot you're of to period what new of we scanner. obviously visualization. of as our final iTero We changes to a more, the us new just it's More just about And

Elizabeth Anderson

Makes total so sense. much. you Thank

Joe Hogan

Yes.

welcome. You're

Operator

Thank you.

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

Richard Newitter

for thank taking questions. Hi, the you

associated fairly could to least Just if extremely off at successful there and on I'm maybe program, you. maybe how start internal thinking about is much the runway kind which you're just comment know curious you that been program, Switch of for has your more to how modeling? from

Joe Hogan

the and huge actually it's -- not Japan to United ago U.S. just Yes, think amount think started a years it's a mean, you and just breadth look, in this it We introduced has in of I about States. brackets And it. and people our I for and simple like winner, is it we people script, go in much how with from people's Invisalign, product to line. those more said, using better for teeth our understanding, is detaching wires comfortable great

think a going keep have room we and to supporting -- it's of grow So to lot we it. we're

John Morici

looking mean, of in Rich, ROI. cases could Yes. nothing an types we and at was glued incremental it promotions an these now for Invisalign. come looking than be many John. are I they off to at those go cases, it someone's And it's teeth more standpoint, incremental onto always they from and And

So talk we teeth like those experience And their Invisalign. message. and people about those had on who sends great brackets It with their dynamics can wires a there.

it of the a U.S. in we've as there and started Japan. to well. to places in positives And great is lot said, success it, we other So seen as look Joe

Richard Newitter

to a long-range it. were there? plan think how encouraging towards Helpful. get And good only the portion it's trend Joe, curious, for January. end? long-term I'm in of what the whole growth, times do of in for is I'm kind mid falling if you're seeing sense the understanding XX% a a kind now just to you'd of how few kind trends you be have but Got do just to the one been of that you said the year, think where in month, you your XX% trying of to well upper

Joe Hogan

to talking volatility to It's we'll and guidance. keep to years. all that -- XX% growth our to uncertain Nice about to I model giving really committed is say just try, right happy really we're a committed we've model Look, very several XX%. Richard. we're we're but right that It can execute growth for in with now. down, now not long-term continue we're That's we're all We're been why XX% about living XX% heads Rich, environment. our January. and

Richard Newitter

you. Thank thanks. Okay,

Shirley Stacy

Next question?

Operator

Thank you.

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

John Kreger

Joe. Hey,

the if order fulfillment, with and about answer, you fabrication quarter. were to up your deliver of at do above ability the are that In How on of that you metrics point? terms sticking holding those were volumes terms this in Just that fourth sustained? flow in obviously how feel

Joe Hogan

supply that try we Our chains, ahead to in sense. keep

adequate in plans to have I able handle and we be the right capacity now So, surge feel to demand.

John Kreger

Great.

and I past us? a a reasonable about coming the realized And maybe Or is less But in is planning thinking still talked a downward year? of reasonable more for assumption of think over thing pricing a that guys lot and, kind ASP, flattish trend John, you've kind the front, then, there's a are and you puts on of takes. therefore, of the Okay.

John Morici

It's tough primary of these you more can of get the cases some have impacts because becomes compared end because secondaries, I to kind spoke result, it ASPs. you as if really in

or of of there in some that general, pricing. a some think, would I significant change of that expect the some is not mix in we that

in that But expect that forward from wouldn't our much ASPs. demand on like comes I So that you fluctuations said, being it too said, doctors. depends

John Kreger

flow And we'd adults Got typical Is QX QX. one of think more, be then sorry, assume in of order bigger expect it, the seasonal Joe, okay. throughout to kind teen of would of we a in 'XX or sort that likely kind in and teens you kind pattern would now, you spread year, be evenly know in would what year. do be given big same more

Joe Hogan

saw in But than standpoint, that United Hey, a see saw it don't you say fourth became much seasonal it continued. this teens Obviously, year. we normally as from got we -- States know. John, I'd stronger quarter muted we

to ride curve scripts continue goes. advertise summer in the it's we're think think talked pattern. we'll all this don't, before. take on how demand. to and going just have just little to and we it through So retreat COVID continue that place binary. going that I going we've don't to I But to really this might back to months of I the our expecting have bit, we really I to and start feel execute see could a to But be us that confident had patterns the about as here drive significant us are fall to teen have to to -- a We're we think changed can

John Kreger

thank Great, you.

Joe Hogan

John. Thanks,

Shirley Stacy

two take one Operator, we'll please. or more questions

Operator

Okay.

proceed Our next with Bednar comes from Please with Piper your question. Sandler. question Jason

Jason Bednar

on end shared questions at my off Hey, notable some strong quarter. Joe, good what another really or discussed. on geographic afternoon, prepared context January any you were if here. Thanks I building real-time the December, of a for expand the seeing appreciate the your adults? all everyone. maybe in perspective teens you Maybe Congrats you for from October there, of perspective, or can the utilization you're taking call-outs commentary curious details where in maybe of in good we January just a through remarks

Joe Hogan

any really continued call-out, just really. strong. There the in particular to be geography dominated it in and ortho think the or that was I just Jason, is breadth GP of wasn't segment to it

glued continuation business and So when especially to in you're year, fourth a you this, the at That's what just obviously is see momentum that. to year to like new month quarter. a we you're the John, momentum exit strong we our had a -- the that of see, on that anything in and add

John Morici

the lot of doctors it lot digital they're hand. system is to is across a of doctors GP in them a And cases and breadth we that our into lot my new with come we come then the think I that in of do this geographies of Invisalign between a are we tier, in described note higher-up can the in on continuing that what And orthos. and to that get ecosystem. volume, start have

QX. from QX So, into that continued

Jason Bednar

maybe Aligner There seasonality of this call that discussion market Clear that against But your of focusing in deal less business then great happens you're moment. can in And your expand here quick impression, just some wondering in maybe Okay. in and the helpful, the a what wasn't China APAC other guys. on just memory here That's call specifically than probably but fourth China quarter, the in if recent with maybe on markets. seeing particular. for on other a just you compare China and any

Joe Hogan

planning when about the the I'd they training feel, manufacturing pretty are we extent there good China, different public The COVID, hospitals capabilities. move about use we about iTero geared unlike in move we our IT with is about in pretty honestly, our felt really or shape certain feel helps standpoint places good piece good legitimizes that. our our We're they in and procedures. see for quarter systems good Chinese The in Shanghai We're to those. the growth China, throttled our we treatment quickly. But protection China data XX% issues feel investments us China. a Yes, periodically, towards quarter we great to great assembling and feel about been overall. shutdowns draconian, from centers, the be now. have We have

recover a too half will So in of think big China the remain we bullish the that. expect to the overall, start will to, we be we and with second world, and of of on that year China start rest part to next

Jason Bednar

Got it. Very Thanks, helpful. guys.

Shirley Stacy

Operator, one I we'll know take more question, went please. we over.

Operator

Okay.

with Nathan Rich question Our last your from comes Please with Goldman Sachs. proceed question.

Nathan Rich

really me COVID, to to this XXXX. over hopefully Joe. get for the out to happens Obviously, normal in. tough we'll results with look past Thanks know back XXXX, life it's later squeezing what or Hey, have Good been we of guess, couple afternoon. strong. quarters start but year I when to

I where you It at is growth. to modeled consensus like comfortable seems target. with feel XX% think still XX% think a the revenue as on I we high-teens look

of level line of this in we this with range type feel of long-term like growth you're be of that in see expecting should half volumes you year. the back the starting new that do higher off So to

Joe Hogan

confident feel growth. that. of XX, to to XX% try about continue we to in those we to ranges much -- as that's operating order to target Nathan, XX% emphasize very we profit can, do as XX% And

talked rates drive in putting John investor in we're us about So see that that place you'll to demand.

committed remain that we -- growth. make to we model So

John Morici

starts with to there. have when about. to that breadth able but market we investment over do op at it time a And return. all the can opportunities on, how that that, of to pull we in under-penetrated tried we investments, rate. XX%-plus to of vastly continue invest XX% and we grow changes drive And we're so talk give belief market the we levers into we it that And be the the is terms that and and and make invested we in make you of a to under-penetrated still different margin that where those forward We kind that. think It

Joe Hogan

Yes.

Nathan Rich

on strong congratulations Well, Great. the quarter.

Joe Hogan

Nathan. a appreciate Thanks I it lot,

Shirley Stacy

This concludes our everyone earnings thank joining Well, Nate. for Thanks, call. us you today.

great any look questions, have Relations Have please a day. up our upcoming and virtual you you conferences forward events. to follow-up contact And with If we at Investor following department.

Operator

concludes conference. This today's

this time. your your Have for you participation. a disconnect wonderful Thank lines may You evening. at

Align Technology (ALGN) 4 Feb 212020 Q4 Earnings call transcript