Align Technology Files Q3 2024 10-Q

TL;DR

Align Tech's Q3 2024 10-Q is in. Check financials.

AI Summary

Align Technology Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates. Specific financial figures and operational metrics for the quarter and year-to-date periods are presented.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Align Technology, crucial for understanding the company's performance in the dental and orthodontic market.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health and operational risks.

Key Numbers

• Q3 2024 — Reporting Period (The filing covers the third quarter of 2024.)
• 2024-09-30 — As of Date (The financial data is reported as of this date.)

Key Players & Entities

• ALIGN TECHNOLOGY INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241105 (date) — Filing Date
• 410 NORTH SCOTTSDALE ROAD, SUITE 1300 (address) — Business Address
• TEMPE, AZ 85288 (address) — Business Address

FAQ

Key Financial Figures

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

Filing Documents

• algn-20240930.htm (10-Q) — 1705KB
• algn-20240930xex311.htm (EX-31.1) — 10KB
• algn-20240930xex312.htm (EX-31.2) — 10KB
• algn-20240930xex321.htm (EX-32.1) — 9KB
• algn-20240930_g1.jpg (GRAPHIC) — 122KB
• 0001097149-24-000060.txt ( ) — 9218KB
• algn-20240930.xsd (EX-101.SCH) — 48KB
• algn-20240930_cal.xml (EX-101.CAL) — 89KB
• algn-20240930_def.xml (EX-101.DEF) — 259KB
• algn-20240930_lab.xml (EX-101.LAB) — 679KB
• algn-20240930_pre.xml (EX-101.PRE) — 484KB
• algn-20240930_htm.xml (XML) — 1524KB

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 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 38

O THER INFORMATION

PART II O THER INFORMATION 38

Legal Proceedings

Item 1. Legal Proceedings 38

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 54

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 54

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 54

Other Information

Item 5. Other Information 54

Exhibits

Item 6. Exhibits 55

Signatures

Signatures 56 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net revenues $ 977,872 $ 960,214 $ 3,003,793 $ 2,905,534 Cost of net revenues 296,098 297,138 901,575 868,195 Gross profit 681,774 663,076 2,102,218 2,037,339 Operating expenses: Selling, general and administrative 434,138 407,992 1,338,222 1,300,876 Research and development 85,272 88,738 269,324 264,670 Legal settlement loss 66 — 31,193 — Total operating expenses 519,476 496,730 1,638,739 1,565,546 Income from operations 162,298 166,346 463,479 471,793 Interest income and other income (expense), net: Interest income 4,003 5,522 11,696 12,280 Other income (expense), net ( 371 ) ( 9,757 ) ( 6,993 ) ( 15,749 ) Total interest income and other income (expense), net 3,632 ( 4,235 ) 4,703 ( 3,469 ) Net income before provision for income taxes 165,930 162,111 468,182 468,324 Provision for income taxes 49,967 40,684 150,627 147,285 Net income $ 115,963 $ 121,427 $ 317,555 $ 321,039 Net income per share: Basic $ 1.55 $ 1.59 $ 4.23 $ 4.19 Diluted $ 1.55 $ 1.58 $ 4.23 $ 4.18 Shares used in computing net income per share: Basic 74,736 76,569 75,031 76,670 Diluted 74,757 76,826 75,149 76,849 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 115,963 $ 121,427 $ 317,555 $ 321,039 Other comprehensive income (loss): Change in foreign currency translation adjustment, net of tax 10,713 ( 9,822 ) 14,140 9,810 Change in unrealized gains (losses) on investments, net of tax 159 526 605 2,521 Other comprehensive income (loss

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View this 10-Q filing on SEC EDGAR