Align Technology Files Q2 2024 10-Q

TL;DR

**ALIGN Q2 10-Q FILED: Financials and operations for the period ending June 30, 2024, are now public.**

AI Summary

Align Technology Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers financial performance and operational details for the second quarter of 2024, including comparative data from the same period in 2023. Specific financial figures and segment information are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational updates for Align Technology, a key player in the dental and orthodontic device market.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial performance and forward-looking statements within can carry inherent investment risks.

Key Numbers

• 2024-06-30 — Period End Date (Indicates the end of the fiscal quarter being reported.)
• 2024-08-02 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-04-01 — Quarter Start Date (Marks the beginning of the second quarter of 2024.)

Key Players & Entities

• ALIGN TECHNOLOGY INC (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Filing date of the report
• 0001097149 (company) — Central Index Key for Align Technology Inc.

FAQ

Key Financial Figures

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

Filing Documents

• algn-20240630.htm (10-Q) — 1740KB
• subscriptionagreement-hear.htm (EX-10.1) — 52KB
• algn-20240630xex311.htm (EX-31.1) — 10KB
• algn-20240630xex312.htm (EX-31.2) — 10KB
• algn-20240630xex321.htm (EX-32.1) — 9KB
• algn-20240630_g1.jpg (GRAPHIC) — 122KB
• 0001097149-24-000049.txt ( ) — 9336KB
• algn-20240630.xsd (EX-101.SCH) — 48KB
• algn-20240630_cal.xml (EX-101.CAL) — 88KB
• algn-20240630_def.xml (EX-101.DEF) — 245KB
• algn-20240630_lab.xml (EX-101.LAB) — 662KB
• algn-20240630_pre.xml (EX-101.PRE) — 468KB
• algn-20240630_htm.xml (XML) — 1596KB

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 8 Notes to Condensed Consolidated Financial Statements 9

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 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 39

O THER INFORMATION

PART II O THER INFORMATION 39

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 55

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 55

Other Information

Item 5. Other Information 55

Exhibits

Item 6. Exhibits 56

Signatures

Signatures 57 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, Invisalign 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net revenues $ 1,028,490 $ 1,002,173 $ 2,025,921 $ 1,945,320 Cost of net revenues 305,862 288,564 605,477 571,057 Gross profit 722,628 713,609 1,420,444 1,374,263 Operating expenses: Selling, general and administrative 452,262 453,193 904,084 892,884 Research and development 92,193 88,485 184,052 175,932 Legal settlement loss 31,127 — 31,127 — Total operating expenses 575,582 541,678 1,119,263 1,068,816 Income from operations 147,046 171,931 301,181 305,447 Interest income and other income (expense), net: Interest income 3,301 4,421 7,693 6,758 Other income (expense), net ( 6,481 ) ( 4,763 ) ( 6,622 ) ( 5,992 ) Total interest income and other income (expense), net ( 3,180 ) ( 342 ) 1,071 766 Net income before provision for income taxes 143,866 171,589 302,252 306,213 Provision for income taxes 47,302 59,775 100,660 106,601 Net income $ 96,564 $ 111,814 $ 201,592 $ 199,612 Net income per share: Basic $ 1.28 $ 1.46 $ 2.68 $ 2.60 Diluted $ 1.28 $ 1.46 $ 2.68 $ 2.60 Shares used in computing net income per share: Basic 75,184 76,524 75,180 76,722 Diluted 75,223 76,689 75,315 76,897 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 96,564 $ 111,814 $ 201,592 $ 199,612 Other comprehensive income: Change in foreign currency translation adjustment, net of tax 6,359 9,158 3,427 19,632 Change in unrealized gains (losses) on investments, net of tax 243 350 446 1,995 Other comprehensive income 6,602 9,508 3,873 21,627 Comprehensive

View Full Filing

View this 10-Q filing on SEC EDGAR