Align Technology Stock Earnings Reports

Align reported a better-than-expected Q1 2026: revenue of $1.041B, up 6.2% YoY, driven by Clear Aligners revenue of $856M (+7.4%) and a record 686k aligner cases (+6.7% YoY). Growth was broad-based internationally (double-digit in EMEA, APAC and Latin America) while North America was stable-to-modestly down. iTero and Systems & Services revenue was $184M (+0.9% YoY) with an active scanner base above 125k and >12M scans in the quarter. Gross margin expanded (GAAP 70.8%, non-GAAP 71.8%) due to operational efficiencies, higher ASPs and lower refinement rates; Clear Aligner gross margin was 71.6%. Q1 non-GAAP EPS was $2.58 (+21% YoY). Deferred Clear Aligner revenue fell as Align shifts toward lower- or no-refinement configurations (earlier revenue recognition and better cash conversion). Management reaffirmed full-year 2026 guidance: revenue growth +3% to +4%, mid-single-digit Clear Aligner volume growth, GAAP operating margin slightly below 18% (non-GAAP ~23.7%) and capex $125M–$150M. The company completed a $200M repurchase and announced up to an additional $200M buyback over ~6 months. Key growth levers highlighted: DSO adoption (≈25% of volumes), doctor subscription program (DSP) including touch-up/retention, patient financing (HFD, Invisalign Pay), TPS treatment-planning services, exocad restorative integration and initial direct 3D printing tests. Principal risks/near-term uncertainties: potential impacts from the Middle East conflict (management baked prudence into Q2 outlook), FX, input cost/freight pressures and variable regional demand. Cash & liquidity remain strong (~$1.06B cash) with disciplined capital return and continued investment in manufacturing, scanners and digital platform expansion.