Company: ALGN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001097149-25-000064
Chunk: 135

Company: ALIGN TECHNOLOGY INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 135
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,012.4 million and $1,028.5 million of net revenues, respectively, of which $229.4 million and $222.4 million was included in the deferred revenues balance at December 31, 2024 and 2023, respectively.

14 

During the six months ended June 30, 2025 and 2024, we recognized $1,991.7 million and $2,025.9 million of net revenues, respectively, of which $475.4 million and $459.2 million was included in the deferred revenues balance at December 31, 2024 and 2023, respectively.Our unfulfilled performance obligations, including deferred revenues and backlog, as of June 30, 2025 were $1,411.5 million. These performance obligations are expected to be fulfilled over a period of up to five years.

Note 4. Business Combination

On January 2, 2024 (the “Cubicure Acquisition Date”), we completed the acquisition of privately-held Cubicure GmbH (“Cubicure”) (the “Cubicure Acquisition”). Cubicure is an Austrian company and specializes in direct 3D printing solutions for polymer additive manufacturing that develops, produces and distributes innovative materials, equipment and processes for 3D printing solutions. The Cubicure Acquisition is intended to support and scale our strategic innovation roadmap and strengthen the Align Digital Platform. In fiscal year 2021, we acquired a 9.04% equity interest in Cubicure. Subsequently, on the Cubicure Acquisition Date, we acquired the remaining equity of Cubicure. Prior to the acquisition, we also had technology license and joint development agreements with Cubicure.The fair value of consideration transferred in the acquisition is shown in the table below (in thousands):Cash paid to Cubicure stockholders $80,142 Fair value of pre-existing equity interest ownership7,968 Settlement of pre-existing relationship - accounts payable(2,316)Total purchase consideration paid$85,794 The Cubicure Acquisition was accounted for as a business combination under ASC Topic 805, Business Combinations (“ASC 805”) that was achieved in stages. As a result of the Cubicure Acquisition, we remeasured our pre-existing equity interest in Cubicure at fair value prior to the Cubicure Acquisition. Based on the fair value of this equity interest, derived from the purchase price, we estimated the fair value of our 9.04% pre-existing