Slide 1: Q2 2025 Financial Results
Q2 2025 Financial Results Align Technology, Inc. July 30, 2025 ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved.
Slide 2: Safe Harbor and Forward-Looking Statements
Safe Harbor and Forward-Looking Statements This presentation, including the tables below, contains forward-looking statements, including statements of beliefs and expectations regarding our ability to successfully manage our business and operations, reduce costs, manage investments and pursue our st
Slide 3: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures • To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles ("GAAP") in the United States ("U.S. GAAP"), we use the following non-GAAP financial measures: constant curr
Slide 4: Conference Call Details
Q2 2025 Conference Call Details Conference Call Speakers: Contacts • Joe Hogan, President and CEO Website: http://investor.aligntech.com • John Morici, CFO Email: investorinfo@aligntech.com • Shirley Stacy, VP, Finance, Investor Relations and Corporate Tel: (602) 742-2000 Communications Corporate an
Slide 5: Global Opportunity
GLOBAL OPPORTUNITY Potential +600M patients in GP Dentists +22M Orthodontic starts Making Tooth Movement Standard of Care +2M Doctors ©2025 Align Technology Inc. All rights reserved.
Slide 6: Annual Orthodontic Starts
6M 8M EMEA AMERICAS 8M APAC 22M Annual Orthodontic Starts ©2025 Align Technology Inc. All rights reserved.
Slide 7: Digital Only Way to Treat the Population
DIGITAL Only Way to Treat the Population Prevalence of Malocclusion 75% ©2025 Align Technology Inc. All rights reserved.
Slide 8: Digital Scanner Opportunity
Digital Scanner OPPORTUNITY 2M Doctors It Starts with iTero scanner at EVERY CHAIR 100K+ iTero Scanners* ©2025 Align Technology Inc. All rights reserved. *Data on file at Align Technology.
Slide 9: ©2025 Align Technology Inc. All rights reserved.
©2025 Align Technology Inc. All rights reserved.
Slide 10: CEO Opening Commentary
Q2 2025 CEO Opening Commentary Our second quarter results were mixed. Total Q2 revenues of $1,012.4 million reflect solid year-over-year revenue growth for Systems and Services, driven primarily by stronger than expected sales of iTero Lumina scanner wand upgrades-offset by lower-than-expected sales
Slide 11: Highlights
Q2 2025 Highlights ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. 11
Slide 12: Revenues and Operating Margin
Q2 2025 Revenues and Operating Margin TOTAL REVENUES TOTAL SYSTEMS AND SERVICES REVENUES TOTAL CLEAR ALIGNER REVENUES GAAP OPERATING PROFIT / OPERATING MARGIN Q2’25 Q2’25 Q2’25 Q2’25 $1,012.4M $207.8M $804.6M $163.0M | 16.1% Q/Q +3.4% Y/Y (1.6)% Q/Q +13.9% Y/Y +5.6% Q/Q +1.0% Y/Y (3.3)% Q/Q +2.7% pt
Slide 13: Clear Aligner segment
Q2 2025 Clear Aligner segment WW CLEAR ALIGNER METRICS WW Clear Aligner Shipments +0.3% Y/Y +0.3% Q/Q (#K) Q2'24 Q1'25 Q2'25 Total Utilization* Powered by nearly 30 years of experience and now approximately 20.8 million* patients worldwide, the Invisalign® System leverages more data, insights, and 7
Slide 14: Invisalign SMILES
Invisalign® SMILES Invisalign patients treated including ~20.8M* ~6.1M* Teens & Kids ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. *As of Q2’25
Slide 15: ~6.1M Teens and Kids treated with the Invisalign System, to date
~6.1M Teens and Kids treated with the Invisalign® System, to date • In Q2, +223K teens and growing kids started treatment with Invisalign Clear Aligners, (1.1)% Q/Q, primarily due to softer performance in EMEA and APAC, despite continued strength in the Americas, and +3.0% Y/Y, driven by growth in A
Slide 16: Invisalign Brand Consumer Marketing
Q2 2025 Invisalign® Brand Consumer Marketing AMERICAS EMEA APAC 22.7M 5B 7.6M 1.4B 23.8M 5.7B Website Visitors impressions Website Visitors impressions Website Visitors impressions Social media and influencer marketing Real patient stories. Authentic treatment. Real stories. Real patients shared Tee
Slide 17: Consumer Demand Creation and Digital Tools
Q2 2025 Consumer Demand Creation and Digital Tools The Invisalign® brand is the most trusted in the Orthodontic industry globally and it is important we continue to create demand for Invisalign clear aligners, especially given macro-economic pressures on doctors and their patients. The underlying ma
Slide 18: Regional Highlights
Q2 2025 Regional Highlights AMERICAS EMEA APAC North America: Advanced Practice with Invisalign® French Invisalign ® and iTero ® Summit, June 12-13, 2025 2025 Invisalign® APAC Summit, June 5-7, 2025 Treatment (API) Courses +130 doctors from France attended, +2K doctors and practice staff members, We
Slide 19: iTero intraoral scanners
iTero intraoral scanners Accelerating digital practice transformation The iTero scanner is at the front end of digital dentistry. Today, we have over 100K iTero scanners sold or roughly half of the intraoral scanning market globally. We have a scanner portfolio that consists of value to premium prod
Slide 20: Systems and Services segment
Q2 2025 Systems and Services segment IMAGING SYSTEMS AND CAD/CAM SERVICES ($M) Systems and Services Revenues +5.6% Y/Y +13.9% Q/Q $207.8 $196.8 $182.4 Q2'24 Q1'25 Q2'25 CAD/CAM and Services revenues represent ~45%* of our Systems and Services business. *Q2’25 ©2025 Align Technology Inc. All rights r
Slide 21: exocad Highlights
Q2 2025 exocad Highlights exocad announces exocad Credits for customers to More than 70,000 licenses sold access AI-enabled services • DentalCAD 3.2 Elefsina Feature Release users in the • exocad achieved another milestone: +70K licenses have been European Union and United States who hold a qualifyi
Slide 22: Financial Review
Q2 2025 Financial Review ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. 22
Slide 23: Trended Revenues and Volumes
Q2 2025 Trended Revenues and Volumes Q2’25 NET REVENUES Q2’25 CLEAR ALIGNER CASE VOLUME (1.6)% Y/Y +0.3% Y/Y +3.4% Q/Q $M +0.3% Q/Q $1,028.5 $1,012.4 (#K) $977.9 $995.2 $979.3 $196.8 $200.9 $207.8 $191.0 $182.4 642.7 617.2 628.7 642.3 644.4 $831.7 $786.8 $794.3 $796.8 $804.6 Q2'24 Q3'24 Q4'24 Q1'25
Slide 24: Financial Summary Commentary
Q2 2025 Financial Summary Commentary • Q2'25 Total revenues of $1,012.4M, +3.4% Q/Q and (1.6)% Y/Y • Q/Q, Q2'25 revenues were favorably impacted by FX of ~$26.4M or ~2.7%* • Y/Y, Q2'25 revenues were favorably impacted by FX of ~$5.6M or ~0.6%* • Q2'25 Clear Aligners revenues of $804.6M, +1.0% Q/Q an
Slide 25: Trended GAAP Gross Margins
Q2 2025 Trended GAAP Gross Margins (0.3)% Y/Y • Overall, Q2'25 gross margin was 69.9%, +0.5 pts Q/Q and (0.3) pts Y/Y +0.5% Q/Q • Q/Q, Q2’25 total gross margin was favorably impacted by FX by ~0.8 pts* • Y/Y, Q2’25 total gross margin was favorably impacted by FX by ~0.2 pts* • Q2'25 non-GAAP gross m
Slide 26: Trended GAAP Operating Expense
Q2 2025 Trended GAAP Operating Expense (5.3)% Y/Y • Q2'25 Operating expenses were $545.1M, (0.7)% Q/Q and (5.3)% Y/Y $M (0.7)% Q/Q • Q/Q, Q2'25 operating expenses $(3.9)M, primarily due to lower legal settlements not recurring in Q2’25 $575.6 $552.8 $549.0 $545.1 • Y/Y, Q2'25 operating expenses $(30
Slide 27: Trended GAAP Operating Margin and Earnings Per Share
Q2 2025 Trended GAAP Operating Margin and Earnings Per Share • Q2'25 Operating income of $163.0M resulting in a Q2'25 operating margin of 16.1%, +2.7 pts Q/Q and +1.8% Y/Y +1.8 pts Y/Y • Q2’25 Operating margin was favorably impacted from FX by ~1.2 pts Q/Q and favorably impacted by ~0.2 pts Y/Y* +2.
Slide 28: Trended Quarterly Financials
Trended Quarterly Financials GAAP Operating Expense ($M) Gross Margin % Operating Margin % & Diluted EPS $575.6 $519.5 $552.8 $549.0 $545.1 70.3% 69.7% 70.0% 69.5% 69.9% 16.6% 14.3% 14.5% 13.4% 16.1% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Diluted Ea
Slide 29: Clear Aligner Revenue Per Case Shipment
Q2 2025 Clear Aligner Revenue Per Case Shipment Clear Aligner Revenue Per Case Shipment $1,400 $1,300 $1,200 $1,100 $1,000 $900 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Worldwide ASP $1,335 $1,320 $1,320 $1,350 $1,295 $1,275 $1,265 $1,240 $1,250 • Average Selling Price (“ASP”): Clear al
Slide 30: Balance Sheet, Cash Flow & Stock
Balance Sheet, Cash Flow & Stock • As of June 30, 2025, cash and cash equivalents were $901.2M, up Q/Q Q2’24 Q1’25 Q2’25 $28.1M, and up $139.7M Y/Y. Of the $901.2M, $193.5M was held in the U.S. ($ in millions except for DSO) and $707.7M was held by our international entities • During Q2'25, we repur
Slide 31: Closing Comments
Closing Comments ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. 31
Slide 32: Business Trends Commentary
Business Trends Commentary Before we turn to our Q3 and fiscal 2025 outlook, Align is also announcing today that we expect to take a series of actions in the second half of fiscal 2025 to streamline operations and reallocate resources to better align with our long-term growth and profitability objec
Slide 33: Business Trends Commentary, continued
Business Trends Commentary, continued We’d like to provide the following comments remarks regarding the UK VAT and US tariffs as of July 30. UK VAT Update as of July 30, 2025: • As previously disclosed in our Q1’25 earnings release and conference call, on April 24, 2025, we received a favorable ruli
Slide 34: Fiscal 2025 Business Outlook
Fiscal 2025 Business Outlook Assuming no circumstances occur beyond our control, such as foreign exchange, macroeconomic conditions, and changes to currently applicable tariffs that could impact our business: Q3’25: • We expect Q3’25 worldwide revenues to be in the range of $965 million to $985 mill
Slide 35: Q2'25 Earnings Call CEO Closing Commentary
Q2’25 Earnings Call CEO Closing Commentary In the face of a challenging and uncertain macroeconomic backdrop—one characterized by global tariff volatility, ongoing inflation, elevated interest rates, and an unstable consumer confidence—we are navigating with a clear focus: to control what we can and
Slide 36: Appendix
Appendix ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. 36
Slide 37: Unaudited GAAP to Non-GAAP Reconciliation Constant Currency Net Revenues
Unaudited GAAP to Non- GAAP Reconciliation Constant Currency Net Revenues Note: 1) We define constant currency net revenues as total net revenues excluding the effect of foreign exchange rate movements and use it to determine the percentage for the constant currency impact on net revenues on a seque
Slide 38: Unaudited GAAP to Non-GAAP Reconciliation Constant Currency Gross Profit and Gross Margin
Unaudited GAAP to Non- GAAP Reconciliation Constant Currency Gross Profit and Gross Margin Note: 1) We define constant currency gross margin as constant currency gross profit as a percentage of constant currency net revenues. Gross margin constant currency impact is the increase or decrease in const
Slide 39: Unaudited GAAP to Non-GAAP Reconciliation Constant Currency Income from Operations
Unaudited GAAP to Non- GAAP Reconciliation Constant Currency Income from Operations and Operating Margin Notes: 1) We define constant currency income from operations as GAAP income from operations excluding the effect of foreign exchange rate movements for GAAP net revenues and operating expenses on
Slide 40: Unaudited GAAP to Non-GAAP Reconciliation Financial Measures Other Than Constant Currency
Unaudited GAAP to Non- GAAP Reconciliation Financial Measures Other Than Constant Currency Notes: (1) Amortization of intangible assets related to certain acquisitions. (2) During the fourth quarter 2024, we initiated restructuring plans to reduce headcount and increase efficiencies across the organ
Slide 41: Q3 2025 and Fiscal 2025 Outlook – GAAP to Non-GAAP Reconciliation
Q3 2025 and Fiscal 2025 Outlook – GAAP to Non-GAAP Reconciliation Notes: (1) Amortization of intangible assets related to certain acquisitions. (2) Asset write-down, accelerated depreciation and restructuring charges. (3) Legal settlement loss from Q1’25. ©2025 Align Technology Inc. All rights reser
Slide 42: Tariff Update as of April 30, 2025
Tariff Update as of April 30, 2025: • Align Technology has Clear Aligner manufacturing operations in Mexico, Poland, and China. For the U.S. domestic market, we currently manufacture Clear Aligners in Mexico prior to shipment to the U.S. • Align does not currently ship Clear Aligners from Poland or
Slide 43: ©2025 Align Technology Inc. All rights reserved.
©2025 Align Technology Inc. All rights reserved.