Align Technology Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Align Technology Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

ALIGN TECHNOLOGY INC (ALGN) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Align Technology Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Align Technology Inc. is headquartered in Tempe, Arizona. The filing was made on May 3, 2024.

Why It Matters

For investors and stakeholders tracking ALIGN TECHNOLOGY INC, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Align Technology Inc. for the first quarter of 2024. As a 10-Q filing, it contains unaudited financial statements and management's discussion and analysis, crucial for understanding the company's current financial health and outlook.

Risk Assessment

Risk Level: low — ALIGN TECHNOLOGY INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or unusual disclosures.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess Align Technology Inc.'s Q1 2024 performance and future prospects.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-03 — Filing Date (Date the report was filed)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting quarter)
• 2023-03-31 — Prior Year Quarter End (End date of the comparable prior year quarter)

Key Players & Entities

• ALIGN TECHNOLOGY INC (company) — Filer name
• ALGN (company) — Ticker symbol
• 10-Q (regulator) — Form type
• 2024-05-03 (date) — Filing date
• 2024-03-31 (date) — Period of report
• Tempe, AZ (location) — Business address city and state

FAQ

Industry Context

Align Technology Inc. operates in the orthopedic, prosthetic & surgical appliances & supplies industry, focusing on clear aligner systems and related products.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including timely filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements (income statement, balance sheet, cash flow) for Q1 2024.
2. Read the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers and trends.
3. Review any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-05-03: 10-Q Filing — Submission of the quarterly financial report for the period ending March 31, 2024.
• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the Q1 2024 financial results.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 10-K filed for fiscal year 2023.

Key Financial Figures

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

Filing Documents

• algn-20240331.htm (10-Q) — 1486KB
• algn-20240331xex311.htm (EX-31.1) — 10KB
• algn-20240331xex312.htm (EX-31.2) — 10KB
• algn-20240331xex321.htm (EX-32.1) — 9KB
• algn-20240331_g1.jpg (GRAPHIC) — 122KB
• 0001097149-24-000033.txt (&nbsp;) — 8687KB
• algn-20240331.xsd (EX-101.SCH) — 49KB
• algn-20240331_cal.xml (EX-101.CAL) — 87KB
• algn-20240331_def.xml (EX-101.DEF) — 248KB
• algn-20240331_lab.xml (EX-101.LAB) — 642KB
• algn-20240331_pre.xml (EX-101.PRE) — 467KB
• algn-20240331_htm.xml (XML) — 1503KB

F INANCIAL INFORMATION

PART I F INANCIAL INFORMATION 3

F inancial S tatements (U naudited )

Item 1. F inancial S tatements (U naudited ): 3 Condensed Consolidated Statements of Operations 3 C ondensed C onsolidated S tatements of C omprehensive Income 4 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

O THER INFORMATION

PART II O THER INFORMATION 37

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 54

Signatures

Signatures 55 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, Orthocad, 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 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. ALIGN TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2024 2023 Net revenues $ 997,431 $ 943,147 Cost of net revenues 299,615 282,493 Gross profit 697,816 660,654 Operating expenses: Selling, general and administrative 451,822 439,691 Research and development 91,859 87,447 Total operating expenses 543,681 527,138 Income from operations 154,135 133,516 Interest income and other income (expense), net: Interest income 4,392 2,337 Other income (expense), net ( 141 ) ( 1,229 ) Total interest income and other income (expense), net 4,251 1,108 Net income before provision for income taxes 158,386 134,624 Provision for income taxes 53,358 46,826 Net income $ 105,028 $ 87,798 Net income per share: Basic $ 1.40 $ 1.14 Diluted $ 1.39 $ 1.14 Shares used in computing net income per share: Basic 75,175 76,921 Diluted 75,322 77,111 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents ALIGN TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (unaudited) Three Months Ended March 31, 2024 2023 Net income $ 105,028 $ 87,798 Other comprehensive income (loss): Change in foreign currency translation adjustment, net of tax ( 2,932 ) 10,474 Change in unrealized gains (losses) on investments, net of tax 203 1,645 Other comprehensive income (loss) ( 2,729 ) 12,119 Comprehensive income $ 102,299 $ 99,917 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 Table of Contents ALIGN TECHNOLOGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 865,805 $ 937,438 Marketable securities, short-term 33,101 35,304 Ac

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View this 10-Q filing on SEC EDGAR