Align Technology Inc (ALGN): $136.52
Market Cap: $9.35B
Enterprise Value: $8.54B
We’re no strangers to Align Technology (ALGN). Founded in 1997, the orthodontics company rose to popularity over the last decade due to its proprietary Invisalign clear retainers meant to replace the more traditional braces. Over the years, the company has moved from a business model focused primarily on developing this one product to a full-fledged digital orthodontics ecosystem, having launched its latest iTero Lumina intraoral scanner in January 2024 to aid with the diagnostics process. The company also acquired a 3D printing solutions business and has slowly started to move towards lower-ASP (average selling price) products like Vivera retainers or Invisalign Lite and Invisalign Express.
The goal is for Align to grow to a full-scale orthodontics platform with full control over the product cycle, not just a company that develops orthodontic products. Invisalign just hit a milestone of 20 million patients treated, the company has sold over 100,000 iTero scanners (each generating recurring subscription revenue) used by 2 million doctors, and the orthodontic market remains large with 22 million treatments started each year.