Align Technology Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Align Technology Inc. has filed its 2023 Form 10-K, providing a comprehensive overview of its financial and operational performance for the fiscal year ending December 31, 2023.</b>

AI Summary

ALIGN TECHNOLOGY INC (ALGN) filed a Annual Report (10-K) with the SEC on February 28, 2024. Align Technology Inc. filed its 2023 Form 10-K on February 28, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the company's financial performance and business operations for the fiscal year 2023. Key financial data and disclosures for the period are detailed within the report. The report includes information on the company's fiscal year end of December 31. Align Technology Inc. is incorporated in Delaware and operates in the Orthopedic, Prosthetic & Surgical Appliances & Supplies industry.

Why It Matters

For investors and stakeholders tracking ALIGN TECHNOLOGY INC, this filing contains several important signals. This 10-K filing provides stakeholders with the official year-end financial statements and management's discussion and analysis, crucial for understanding the company's performance and future outlook. The detailed disclosures in the 10-K are essential for investors, analysts, and regulators to assess Align Technology's financial health, strategic direction, and compliance with reporting standards.

Risk Assessment

Risk Level: medium — ALIGN TECHNOLOGY INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial and operational information, it does not inherently signal immediate positive or negative developments beyond the typical disclosures of a public company's annual performance.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand Align Technology's 2023 performance, identify key growth drivers, and assess potential risks and opportunities.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date the 10-K was filed)
• 131 — Document Count (Number of documents in the filing)

Key Players & Entities

• ALIGN TECHNOLOGY INC (company) — Filer name
• 2023 (date) — Fiscal year
• 2024-02-28 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• DE (jurisdiction) — State of incorporation
• 3842 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Align Technology Inc. operates in the Orthopedic, Prosthetic & Surgical Appliances & Supplies industry, specifically known for its clear aligner products.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the annual filing of a Form 10-K.

What Investors Should Do

1. Analyze the financial statements and MD&A in the 10-K for detailed revenue, profitability, and cash flow information for FY2023.
2. Identify any new risk factors or updates to existing ones disclosed in the 'Risk Factors' section of the 10-K.
3. Examine executive compensation details and any changes in stock ownership or compensation structures.

Key Dates

• 2024-02-28: 10-K Filing — Official filing of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the company's comprehensive annual performance data.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value ALGN The NASDAQ Stock Market

Filing Documents

• algn-20231231.htm (10-K) — 2435KB
• algnasconfirmation20231026.htm (EX-10.26) — 255KB
• ex211-20231231.htm (EX-21.1) — 2KB
• ex231-20231231.htm (EX-23.1) — 3KB
• ex311-20231231.htm (EX-31.1) — 10KB
• ex312-20231231.htm (EX-31.2) — 11KB
• ex32-20231231.htm (EX-32) — 10KB
• alignclawbackpolicyv6.htm (EX-97.1) — 25KB
• algn-20231231_g1.jpg (GRAPHIC) — 179KB
• algn-20231231_g10.jpg (GRAPHIC) — 4032KB
• algn-20231231_g11.jpg (GRAPHIC) — 3247KB
• algn-20231231_g12.jpg (GRAPHIC) — 3669KB
• algn-20231231_g13.jpg (GRAPHIC) — 50KB
• algn-20231231_g14.jpg (GRAPHIC) — 104KB
• algn-20231231_g2.jpg (GRAPHIC) — 1624KB
• algn-20231231_g3.jpg (GRAPHIC) — 8KB
• algn-20231231_g4.jpg (GRAPHIC) — 8KB
• algn-20231231_g5.jpg (GRAPHIC) — 106KB
• algn-20231231_g6.jpg (GRAPHIC) — 95KB
• algn-20231231_g7.jpg (GRAPHIC) — 86KB
• algn-20231231_g8.jpg (GRAPHIC) — 3450KB
• algn-20231231_g9.jpg (GRAPHIC) — 3045KB
• image_2.jpg (GRAPHIC) — 0KB
• image_3.jpg (GRAPHIC) — 54KB
• image_4.jpg (GRAPHIC) — 150KB
• 0001097149-24-000011.txt (&nbsp;) — 66432KB
• algn-20231231.xsd (EX-101.SCH) — 65KB
• algn-20231231_cal.xml (EX-101.CAL) — 123KB
• algn-20231231_def.xml (EX-101.DEF) — 344KB
• algn-20231231_lab.xml (EX-101.LAB) — 949KB
• algn-20231231_pre.xml (EX-101.PRE) — 628KB
• algn-20231231_htm.xml (XML) — 2284KB

Business

Item 1. Business 3 Information about our Executive Officers 20

Risk Factors

Item 1A. Risk Factors 20

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 35

Cybersecurity

Item 1C. Cybersecurity 35

Properties

Item 2. Properties 36

Legal Proceedings

Item 3. Legal Proceedings 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36 PART II 37

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37

[Reserved]

Item 6. [Reserved] 38

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 50

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 52

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 89

Controls and Procedures

Item 9A. Controls and Procedures 89

Other Information

Item 9B. Other Information 89

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 89 PART III 89

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 89

Executive Compensation

Item 11. Executive Compensation 90

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 90

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 90

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 90 PART IV 92

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 92 Item 16. Form 10-K Summary 95

Signatures

Signatures 96 Invisalign, Align, the Invisalign logo, ClinCheck, Invisalign Assist, Invisalign Teen, Invisalign First, Invisalign Go, the Invisalign sonic logo, Vivera, SmartForce, SmartTrack, SmartStage, SmileView, iTero, iTero Element, iTero Lumina, exocad, Align Digital Platform, Smile Architect, iTero exocad Connector and exocad Dental CAD, among others, are trademarks and/or service marks of Align Technology, Inc. or one of its subsidiaries or affiliated companies and may be registered in the United States and/or other countries. 2 In addition to historical information, this annual report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, among other things, our expectations and intentions regarding our strategic objectives and the means to achieve them, our beliefs and expectations regarding macroeconomic conditions, including inflation, fluctuations in currency exchange rates, rising interest rates, market volatility, weakness in general economic conditions and recessions and the impact of efforts by central banks and federal, state and local governments to combat inflation and recession, our expectations and beliefs regarding customer and consumer purchasing behavior and changes in consumer spending habits, our expectations regarding product mix and product adoption, our expectations regarding competition and our ability to compete in our target markets, our expectations regarding the sales growth of our intraoral scanners, clear aligners and other products, our expectations regarding the impact of the military conflicts in the Middle East and Ukraine and our operations and assets in Israel and Russia, our marketing and efforts to build our brand awareness, our estimates regarding the size and opportunities of the markets we are targeting along with our expectations for growth in those markets, our beliefs reg

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View this 10-K filing on SEC EDGAR