Equity Long-Short Analyst

Pyari Menon

Equity Bottom-Up

<ul>
<li>Economic slowdown, China lockdown and more competition has hit <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> share performance. Quantity and quality of innovations suggests a solid moat that should help a comeback.</li>
<li>ALGN has dominant leadership in digital design and mass custom manufacture of clear aligner orthodontics. A return of demand should lead to strong upside. </li>
<li>Dentistry has seen significant new technologies we list the top fifteen innovators in the sector. Align is primarily in the narrow business of straightening teeth, but dominates the space.</li>
</ul>


Economic slowdown, China lockdown and more competition has hit Align Technology (ALGN US) share performance. Quantity and quality of innovations suggests a solid moat that should help a comeback.
ALGN has dominant leadership in digital design and mass custom manufacture of clear aligner orthodontics. A return of demand should lead to strong upside. 
Dentistry has seen significant new technologies we list the top fifteen innovators in the sector. Align is primarily in the narrow business of straightening teeth, but dominates the space.


Align Technology - Very Well Positioned when Demand Returns

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>On a constant-currency basis, Q3 revenue of <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> was reduced by 3% sequentially and 6% year-over-year, one of the largest quarterly foreign exchange impacts.</li>
<li>Weak consumer sentiment is taking a toll on Invisalign shipment, with adult case starts plunging 11% q/q and 16% y/y to 377K. Invisalign ASPs nosedived to nine-quarter low of $1,150.  </li>
<li>Amid increasing competition and macroeconomic headwinds, long-term model of 20–30% revenue growth is hard to achieve. The company is also expected to miss 2022 operating margin target of 20%.</li>
</ul>


On a constant-currency basis, Q3 revenue of Align Technology (ALGN US) was reduced by 3% sequentially and 6% year-over-year, one of the largest quarterly foreign exchange impacts.
Weak consumer sentiment is taking a toll on Invisalign shipment, with adult case starts plunging 11% q/q and 16% y/y to 377K. Invisalign ASPs nosedived to nine-quarter low of $1,150.  
Amid increasing competition and macroeconomic headwinds, long-term model of 20–30% revenue growth is hard to achieve. The company is also expected to miss 2022 operating margin target of 20%.


Align Technology (ALGN US): Q3 Result Not Aligned with Consensus; Outlook Remains Cloudy

United States

Envista Holdings Corporation operates as a holding company. The Company, through its subsidiaries, provides dental consumables, equipment, and services to dental professionals. Envista Holdings offers its services in the United States.

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Envista Holdings (NVST US)

Align Technology - Very Well Positioned when Demand Returns

Decline in earnings has driven the sell-off, but with patience and tolerance for volatility ALGN's innovation dominance should lead to good long...

Pyari Menon

Align Technology (ALGN US): Q3 Result Not Aligned with Consensus; Outlook Remains Cloudy

With ~50% revenue from international market, Align’s Q3 result was significantly impacted by unfavorable Fx. Macroeconomic uncertainty and weak...

Tina Banerjee

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