Align Technology Inc - ALGN STOCK NEWS

Align Technology (Nasdaq: ALGN) has announced key leadership changes for its regional operations. David Carr, a medical technology industry veteran, joins as EVP and MD of the Asia Pacific region. Raj Pudipeddi, current EVP and MD of Asia Pacific and Chief Marketing Officer, will lead the Americas region while retaining his CMO role. Simon Beard continues to lead the EMEA region as EVP and MD.

These changes aim to strengthen Align's global leadership team, leveraging each executive's expertise in their respective markets. Carr brings over 25 years of management experience in healthcare and automotive industries, with a deep understanding of the Asia Pacific region. This restructuring is part of Align's strategy to enhance its position in the clear aligner and digital dentistry markets, serving over 266,000 doctors and targeting a 600 million consumer market opportunity worldwide.

Align Technology (NASDAQ: ALGN) has launched a pilot promotional program for Invisalign treatment on Costco.com in the U.S. Costco members can purchase an Invisalign treatment e-card and Essentials Bundle+ for $99.99, receiving a $400 discount off Invisalign treatment with participating providers. The bundle includes an aligner case, cleaning products, and accessories valued at $105.00.

This initiative aims to connect Costco members with Invisalign-trained dental practices, aligning with Align's priority to increase access to their innovative orthodontic solutions. Invisalign has treated over 18 million patients worldwide, including more than 5 million teenagers, offering a comfortable and effective alternative to traditional braces. Studies suggest Invisalign treatment is completed 5 months faster on average than fixed appliances.

Align Technology reported Q2'24 revenues of $1,028.5 million, up 3.1% sequentially and 2.6% YoY. The company achieved a diluted net income per share of $1.28, or $2.41 on a non-GAAP basis. Clear Aligner revenues were $831.7 million, up 1.8% sequentially but down 0.1% YoY, with volumes increasing 6.2% sequentially and 3.2% YoY. Imaging Systems and CAD/CAM Services revenues rose to $196.8 million, a 9.2% sequential and 16.1% YoY increase. Adverse foreign exchange impacts affected revenues and margins. Operating income was $147.0 million with a GAAP operating margin of 14.3% and non-GAAP operating margin of 22.3%. Align also announced a $31.1 million settlement regarding legal matters. Moreover, the company repurchased 0.6 million shares at an average price of $250.73. Looking forward, Align expects Q3'24 revenues between $980M and $1,000M and FY'24 revenue growth of 4%-6% YoY.

Align Technology (NASDAQ: ALGN) has introduced the iTero™ Design Suite, a new software innovation designed to boost practice efficiency and enhance patient experiences. This suite offers doctors an intuitive way to design for in-practice 3D printing of models, bite splints, and restorations, leveraging exocad™ CAD/CAM software.

The iTero Design Suite is now available through an early access program, with full availability expected later this year. It enhances the Align™ Digital Platform, providing seamless end-to-end workflows for dental professionals. The software is compatible with leading 3D printers and aims to shorten time to treatment through simplified design applications.

Operation Smile has announced Align Technology (Nasdaq: ALGN) as the title sponsor of its 2024 International Student Leadership Conference (ISLC). The event, held at Emory University from July 22-28, 2024, aims to develop leadership skills and support patients with cleft conditions globally. Over 300 participants from 20+ countries will attend, thanks to Align's sponsorship.

The conference includes a Day of Caring at the Craniofacial Center at Children's Hospital of Atlanta. Align's EVP of Global HR, Stuart Hockridge, will deliver the keynote speech. This marks Align's fourth time as ISLC title sponsor, reflecting their ongoing partnership with Operation Smile in transforming smiles and changing lives across 37 low- and middle-income countries.

Align Technology (Nasdaq: ALGN) will announce its second-quarter 2024 financial results on July 24, 2024, after market close. The results will be available on the company's Investor Relations website at 4:00 p.m. ET. A conference call to discuss these results will follow at 4:30 p.m. ET, accessible via webcast. Align Technology, known for its Invisalign® System, iTero™ intraoral scanners, and exocad™ CAD/CAM software, serves over 261 thousand doctors and aims to tap into a 600 million consumer market globally. The company has treated over 17.6 million patients with the Invisalign System to date.

Align Technology announced the award of $300,000 in research grants to universities worldwide as part of their Annual Research Awards Program. Twelve research grants were awarded to institutions in the Americas, Europe, and Asia Pacific. The recipients include prestigious universities like the University of Washington, University of Florida, and Sichuan University. The research covers various topics, including molar distalization, oral microbiome analysis, and the efficacy of probiotics on biofilm around aligners. Dr. Mitra Derakhshan emphasized the importance of these grants in advancing dental research. John Morton noted the high number of applications and the global impact of the research.

Align Technology (Nasdaq: ALGN) has announced the appointment of Emory Wright as Executive Vice President, Direct Fabrication Manufacturing Platform. Wright will transition from his global operations role and focus on scaling the company’s next-generation manufacturing operations until his retirement in 2026. Srini Kaza has been promoted to EVP, Research and Development, while Dr. Mitra Derakhshan will take on global treatment planning as EVP, Chief Clinical Officer. Jitse Marree will lead global clear aligner manufacturing operations. This restructuring aims to enhance Align’s leadership in 3D printing and digital orthodontics.

Align Technology, Inc. (ALGN) is set to speak at several upcoming financial conferences, presenting key executives Joseph Hogan (CEO) and John Morici (CFO). The company will participate in events like the Stifel 2024 Jaws & Paws Conference, William Blair 44th Annual Growth Stock Conference, and Jefferies Global Healthcare Conference, aiming to engage with investors and showcase its innovative products such as Invisalign® system, iTero™ intraoral scanners, and exocad™ CAD/CAM software. The presentations will be webcast live on the company's Investor Relations website, allowing stakeholders to access the content remotely.