ALIGN TECHNOLOGY INC

10-K & 10-Q Filings

Align Technology, Inc. is a global medical device company primarily engaged in the design, manufacture, and marketing of Invisalign clear aligners for orthodontic treatment, Vivera retainers, iTero intraoral scanners, and exocad CAD/CAM software for dental laboratories and dental practices. The company's business strategy is to revolutionize orthodontics and dentistry through digital treatment planning and implementation using its Align Digital Platform, which combines software, systems, and services to provide interconnected, interdisciplinary workflows and treatment solutions. Align's corporate headquarters are located in Tempe, Arizona, and its stock is traded on the NASDAQ Global Select Market under the ticker symbol "ALGN." The company has two operating segments: Clear Aligner and Imaging Systems and CAD/CAM Services. The Clear Aligner segment focuses on malocclusion treatment, while the Systems and Services segment offers intraoral scanners and CAD/CAM software. The Align Digital Platform includes the AlignTM Digital Workflow, which supports consumer demand, patient diagnosis, doctor-patient communication, treatment planning, and retention. The company's products are sold directly to dental professionals, DSOs, and through sales agents and distributors. Align's website is www.aligntech.com.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$479.74
560.04
660.21
761.65
845.49
1079.87
1473.41
1975.07
2419.28
2471.94
3952.58
3734.64
3862.26
943.15
997.43
18.98%5.76%Cost of Revenue (-)
$118.46
143.65
162.10
183.21
205.38
264.58
356.47
518.63
662.90
708.71
1017.23
1100.86
1155.40
282.49
299.62
20.90%6.06%Gross Profit (+)
$361.28
416.39
498.11
578.44
640.11
815.29
1116.95
1447.87
1743.90
1763.23
2935.36
2633.78
2706.86
660.65
697.82
18.27%5.63%Selling, General & Administrative (-)
$231.33
247.88
292.80
332.07
390.24
490.65
665.78
852.40
1072.05
1200.76
1708.64
1674.47
1703.38
439.69
451.82
18.10%2.76%Research & Development (-)
$37.15
42.87
44.08
52.80
61.24
75.72
97.56
128.90
157.36
175.31
250.31
305.26
346.83
87.45
91.86
20.46%5.05%Non-recurring Operating Expenses (-)
$
36.59
67.01
-22.50
Operating Expenses (-)
$270.92
330.80
403.89
384.87
451.48
566.37
763.34
981.30
1201.40
1376.06
1958.95
1991.18
2063.53
527.14
543.68
18.44%3.14%Costs & Expenses (Total) (-)
$389.38
474.45
565.99
568.08
656.85
830.95
1119.80
1499.93
1869.81
2084.77
2976.18
3092.04
3218.92
809.63
843.30
19.25%4.16%Operating Income/Loss (+)
$90.36
85.59
94.21
193.58
188.63
248.92
353.61
466.56
542.49
387.17
976.40
642.60
643.34
133.52
154.13
17.77%15.44%Non-operating Income/Expense (+)
$-0.37
-1.30
-1.07
-3.21
-2.53
-8.04
7.97
-17.18
0.15
-11.35
32.92
-48.91
-19.39
-1.23
-0.14
88.53%Interest Expense (-)
$0.05
Earnings before Tax (+)
$89.94
84.30
93.14
190.37
186.10
242.57
364.80
466.65
562.65
378.95
1012.42
599.06
641.20
134.62
158.39
17.78%17.65%Tax Expense (-)
$23.23
25.61
28.84
44.54
42.08
51.20
130.16
57.72
112.35
-1396.94
240.40
237.48
196.15
46.83
53.36
19.46%13.95%Income/Loss (Continuing Operations) (+)
$66.72
58.69
64.29
145.83
144.02
191.37
234.64
408.93
450.30
1775.89
772.02
361.57
445.05
87.80
105.03
17.13%19.62%Net Income/Loss (+)
$66.72
58.69
64.30
145.83
144.02
189.68
231.42
400.24
442.78
1775.89
772.02
361.57
445.05
87.80
105.03
17.13%19.62%Net Income/Loss (Common) (+)
$66.72
58.69
64.30
145.83
144.02
189.68
231.42
400.24
442.78
1775.89
772.02
361.57
445.05
87.80
105.03
17.13%19.62%EPS (Basic)
$0.86
0.73
0.80
1.81
1.80
2.38
2.89
5.00
5.57
22.55
9.78
4.62
5.82
1.14
1.40
17.27%22.81%EPS (Diluted)
$0.83
0.71
0.78
1.77
1.77
2.33
2.83
4.92
5.53
22.41
9.69
4.61
5.81
1.14
1.39
17.60%21.93%Weighted Avg Shares (Basic)
77.99
80.53
80.55
80.75
80.00
79.86
80.08
80.06
79.42
78.76
78.92
78.19
76.43
76.92
75.17
-0.17%-2.27%Weighted Avg Shares (Diluted)
80.29
83.04
82.59
82.28
81.52
81.48
81.83
81.36
80.10
79.23
79.67
78.42
76.57
77.11
75.32
-0.40%-2.32%Cash
$244.70
307.96
242.95
199.87
167.71
389.27
449.51
636.90
550.42
960.84
1099.37
942.05
937.44
832.38
865.80
11.84%4.02%Short-term Investments
$7.39
28.48
127.04
254.79
359.58
250.98
272.03
98.46
318.20
71.97
57.53
35.30
51.64
33.10
13.91%-35.91%Receivables
$91.54
98.99
113.25
129.75
158.55
247.41
322.82
439.01
550.29
657.70
897.20
859.68
903.42
884.43
950.74
21.02%7.50%Inventory
$9.40
15.12
13.97
15.93
19.46
27.13
31.69
55.64
112.05
139.24
230.23
338.75
296.90
311.88
280.08
33.34%-10.20%Prepaid Expenses (Current)
$31.78
35.23
47.47
19.77
26.70
38.18
80.95
72.47
102.45
91.75
195.31
226.37
273.55
251.54
349.59
19.65%38.98%Other Assets (Current)
$
37.05
Assets (Current)
$384.82
485.79
544.68
657.16
732.01
952.98
1157.00
1302.48
1633.42
1849.54
2494.07
2424.39
2446.62
2331.88
2479.31
16.67%6.32%Securities & Long-term Investments
$
21.25
101.98
147.89
151.37
104.84
94.55
55.02
125.32
41.98
8.02
37.38
3.62
-90.32%Property, Plant & Equipment (Net)
$53.97
79.19
75.74
90.13
136.47
175.17
348.79
521.33
687.97
817.27
1203.18
1350.74
1408.86
1380.70
1400.71
31.24%1.45%Goodwill & Intangibles
$185.41
145.01
85.36
574.89
528.26
503.27
501.65
507.54
579.66
8.65%14.21%Other Assets
$25.08
25.06
24.39
92.82
138.78
163.16
177.51
173.63
179.31
1587.98
1591.28
1627.57
1718.73
1643.94
1692.46
42.23%2.95%Assets (Non-current)
$264.45
270.52
287.47
330.84
426.62
443.17
620.85
749.98
867.28
2980.14
3448.03
3523.56
3637.26
3569.57
3676.44
24.41%2.99%Assets (Total)
$649.26
756.31
832.15
988.00
1158.63
1396.15
1777.86
2052.46
2500.70
4829.68
5942.11
5947.95
6083.88
5901.45
6155.75
20.50%4.31%Accounts Payable
$95.86
93.80
98.06
111.13
142.12
162.93
230.97
298.94
407.21
547.71
771.20
582.24
638.90
627.81
613.84
17.12%-2.23%Other Liabilities (Current)
$52.25
61.98
77.28
90.68
129.55
191.41
266.84
393.14
563.76
777.89
1152.87
1343.64
1427.71
1376.79
1409.20
31.74%2.35%Liabilities (Current)
$148.12
155.77
175.34
201.81
271.67
354.33
497.82
692.07
970.97
1325.60
1924.07
1925.89
2066.61
2004.60
2023.04
24.56%0.92%Other Liabilities
$10.37
19.22
22.84
33.41
39.03
46.43
129.67
107.49
183.56
270.22
395.33
420.70
386.78
416.80
372.85
35.20%-10.54%Liabilities (Non-current)
$10.37
19.22
22.84
33.41
39.03
46.43
129.67
107.49
183.56
270.22
395.33
420.70
386.78
416.80
372.85
35.20%-10.54%Liabilities (Total)
$158.48
175.00
198.18
235.23
310.71
400.76
627.49
799.57
1154.53
1595.82
2319.40
2346.59
2453.39
2421.40
2395.89
25.65%-1.05%Retained Earnings
$-116.51
-89.63
-95.91
-30.51
27.39
131.45
263.36
378.14
439.91
2215.80
2619.37
2566.69
2447.17
2373.51
2502.68
5.44%AOCI
$0.05
0.20
0.29
-0.14
-0.98
-0.94
0.57
-2.77
-0.69
43.50
4.33
-10.28
21.17
1.83
18.44
66.69%904.85%Shareholder's Equity
$490.78
581.32
633.97
752.77
847.93
995.39
1150.37
1252.89
1346.17
3233.86
3622.71
3601.36
3630.49
3480.05
3759.86
18.15%8.04%Liabilities & Equity
$649.26
756.31
832.15
988.00
1158.63
1396.15
1777.86
2052.46
2500.70
4829.68
5942.11
5947.95
6083.88
5901.45
6155.75
20.50%4.31%Net Income/Loss
$66.72
58.69
64.30
145.83
144.02
189.68
231.42
400.24
442.78
1775.89
772.02
361.57
445.05
87.80
105.03
17.13%19.62%Depreciation & Amortization
$17.48
17.81
16.82
17.86
18.00
24.00
37.74
54.73
78.99
93.54
135.54
156.31
142.40
43.58
32.95
19.10%-24.39%Increase/Decrease in Working Capital
$-32.54
3.38
-13.16
-9.19
-20.83
16.61
-75.89
-18.69
-75.21
-129.69
-154.24
84.31
7.89
-37.62
173.40
560.94%Share-based Compensation
$19.16
21.48
26.44
39.82
52.94
54.15
58.85
70.76
88.18
98.43
114.34
133.37
154.03
37.73
38.79
18.97%2.79%Adjustments to Reconcile Net Income
$63.75
75.09
121.68
81.07
93.98
57.97
207.12
154.45
304.49
-1113.71
400.52
207.16
340.72
112.10
-76.36
14.99%-168.12%Net Cash (Operating)
$130.47
133.78
185.98
226.90
238.00
247.65
438.54
554.68
747.27
662.17
1172.54
568.73
785.78
199.90
28.66
16.14%-85.66%Capital Expenditure
$217.90
38.33
27.06
24.09
53.45
117.32
217.41
228.31
149.71
575.70
409.10
304.20
177.72
64.12
86.44
-1.68%34.82%Net Cash (Investing)
$-211.61
-78.30
-210.73
-201.63
-166.36
72.85
-248.31
6.93
-350.44
-231.51
-563.43
-213.32
-195.94
-52.83
-79.58
-50.64%Increase/Decrease in Equity
$17.75
-4.88
-60.91
-80.21
-90.47
-82.44
-89.33
-283.37
-382.09
20.31
-349.42
-408.89
-565.76
-278.10
14.34
105.16%Net Cash (Financing)
$27.24
10.21
-38.17
-66.42
-100.79
-95.52
-135.50
-369.43
-485.54
-30.81
-458.33
-501.69
-598.34
-258.96
-11.72
95.48%Effect of Exchange Rate
$-0.09
0.03
-0.50
-1.93
-3.01
-3.42
5.51
-4.73
2.28
10.48
-12.12
-11.51
4.67
2.22
-9.00
-505.40%Increase/Decrease in Cash
$-53.99
65.71
-63.43
-43.08
-32.16
221.56
60.24
187.44
-86.43
410.34
138.66
-157.78
-3.84
-109.67
-71.64
34.68%Cash (Beginning)
$294.66
240.68
306.39
242.95
199.87
167.71
389.27
450.13
637.57
551.13
961.47
1100.14
942.36
942.36
938.52
10.17%-0.41%Cash (Ending)
$240.68
306.39
242.95
199.87
167.71
389.27
449.51
637.57
551.13
961.47
1100.14
942.36
938.52
832.68
866.88
12.01%4.11%NOPAT
$67.03
59.59
65.04
148.29
145.98
196.38
227.44
408.85
434.17
1814.42
744.55
387.85
446.53
87.08
102.21
17.12%17.38%Gross Margin %
75.31%
74.35%
75.45%
75.95%
75.71%
75.50%
75.81%
73.31%
72.08%
71.33%
74.26%
70.52%
70.08%
70.05%
69.96%
Operating Margin %
18.84%
15.28%
14.27%
25.42%
22.31%
23.05%
24.00%
23.62%
22.42%
15.66%
24.70%
17.21%
16.66%
14.16%
15.45%
NOPAT Margin %
13.97%
10.64%
9.85%
19.47%
17.27%
18.19%
15.44%
20.70%
17.95%
73.40%
18.84%
10.39%
11.56%
9.23%
10.25%
Net Margin %
13.91%
10.48%
9.74%
19.15%
17.03%
17.57%
15.71%
20.26%
18.30%
71.84%
19.53%
9.68%
11.52%
9.31%
10.53%
Tax Rate %
25.82%
30.38%
30.97%
23.40%
22.61%
21.11%
35.68%
12.37%
19.97%
-368.64%
23.75%
39.64%
30.59%
34.78%
33.69%
ROA
10.32%
7.88%
7.82%
15.01%
12.60%
14.07%
12.79%
19.92%
17.36%
37.57%
12.53%
6.52%
7.34%
1.48%
1.66%
ROE
13.66%
10.25%
10.26%
19.70%
17.22%
19.73%
19.77%
32.63%
32.25%
56.11%
20.55%
10.77%
12.30%
2.50%
2.72%
ROIC
22.49%
19.55%
24.53%
84.61%
66.71%
58.23%
40.10%
51.72%
43.18%
114.01%
35.42%
16.17%
18.47%
4.12%
4.36%
Asset Turnover
0.74
0.74
0.79
0.77
0.73
0.77
0.83
0.96
0.97
0.51
0.67
0.63
0.63
0.16
0.16
Inventory Turnover
12.60
9.50
11.61
11.50
10.55
9.75
11.25
9.32
5.92
5.09
4.42
3.25
3.89
0.91
1.07
Equity Multiplier
1.32
1.30
1.31
1.31
1.37
1.40
1.55
1.64
1.86
1.49
1.64
1.65
1.68
1.70
1.64
Current Ratio
2.60
3.12
3.11
3.26
2.69
2.69
2.32
1.88
1.68
1.40
1.30
1.26
1.18
1.16
1.23
Quick Ratio
2.32
2.80
2.76
2.90
2.52
2.51
2.10
1.70
1.46
1.22
1.08
0.97
0.91
0.88
0.91
Working Capital/Sales
0.12
0.14
0.16
0.11
0.10
0.15
0.15
0.14
0.13
0.08
0.09
0.15
0.13
0.24
0.36
R&D/Sales
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.08
0.09
0.09
0.09
Total Payout
$-17.75
4.88
60.91
80.21
90.47
82.44
89.33
283.37
382.09
-20.31
349.42
408.89
565.76
278.10
-14.34
-105.16%Payout Ratio %
-26.48%
8.18%
93.66%
54.09%
61.97%
41.98%
39.28%
69.31%
88.00%
-1.12%
46.93%
105.42%
126.70%
319.38%
-14.03%