Company: ALGN
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001097149-25-000021
Chunk: 2

Company: ALIGN TECHNOLOGY INC
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 2
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 an operating margin of 15.2% and a non-GAAP operating margin of 21.8%, exceeding our 2023 performance. Foreign exchange negatively impacted 2024 operating margin by approximately 0.7 points compared to 2023.                                                                                                                                                                    
 As of year-end, our balance sheet remained robust, with no debt and over $1 billion in cash and cash equivalents, after repurchasing approximately 1.5 million of our common stock for approximately $353 million. We continued to focus on optimizing capital allocation to drive innovation, expand our market presence, and return value to shareholders through strategic investments and share repurchases. During 2024, we invested an additional $75 million in Heartland Dental, following our previous $75 million equity investment in 2023, and we announced a $30 million equity investment in Smile Doctors. In February 2025, we announced plans to repurchase $225 million of our common stock through open market repurchases, which, when concluded, will complete our 2023 $1.0 billion stock repurchase program in its entirety. 
 Clear Aligners                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 Full year 2024 Clear Aligner revenues of $3.2 billion increased 1.0% year-over-year and were impacted by unfavorable foreign exchange of approximately $31.0 million, or 1%, compared to 2023. Throughout 2024, Clear Aligner volumes accelerated, culminating in the fourth quarter with 6.1% year-over-year growth, driven by increased shipments across all regions, with notable strength in EMEA, APAC, and LATAM, alongside stability in North America.                                                                                                                                                                                                                                                                                                                                                                                       |

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Full year 2024 Clear Aligner shipments of 2.5 million cases increased 3.5% year-over-year, driven by increased adoption by our customer base, particularly in EMEA, APAC, and LATAM, as well as solid performance in both the orthodontic and general practitioner (GP) channels. In North America, the Invisalign Doctor Subscription Program (DSP) continues to expand, and in 2024, we shipped over 100 thousand DSP Touch-Up cases, up 37% compared to 2023. DSP is currently available in North America and certain countries in Europe and was most recently launched in Brazil.

Of the more than 22 million annual orthodontic case starts globally, teen treatments represent approximately 75% and consist predominantly of wires and brackets as