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Inside Align Technology’s 2024 Performance: Key Numbers, Trends & Takeaways

  • Writer: Vagelis Yiaglissis
    Vagelis Yiaglissis
  • Apr 3
  • 4 min read

Align Technology FY 2024 Performance
Align Technology FY 2024 Performance


1. Executive Summary - Align Technology FY 2024 Performance:


Align Technology delivered $4.0 billion in total revenue for fiscal 2024, marking a 3.5% year-over-year increase. Growth was driven by strong performance in Imaging Systems and Services (+16.0%), while Clear Aligner revenues saw more modest gains (+1.0%), hindered by FX headwinds (~$38.5M impact) and pressure on ASPs. The company emphasized execution, with record volumes and key strategic milestones reached—2.5 million cases shipped and over 19.5 million total Invisalign® patients to date.


  • Total Revenue: $4.0B (+3.5% YoY)

  • GAAP Net Income: $421.4M

  • Non-GAAP Net Income: $699.7M

  • Clear Aligner Volume: 2.49M cases shipped (+3.5% YoY)

  • Share Repurchases: $353M | Cash Balance: ~$1.04B | No Debt



Milestones achieved in 2024:


  • Over 19.5 million total Invisalign® patients, including 5.6 million teens

  • Over 2 billion aligners manufactured globally

  • More than 271,600 active Invisalign-trained doctors

  • Over 100,000 iTero scanners sold, covering nearly half of the global intraoral scanning market



2. Key Financial Highlights



  • Revenue grew from $3.86 billion in 2023 to $4.0 billion in 2024, a +3.5% increase

  • GAAP Operating Margin decreased from 16.7% in 2023 to 15.2% in 2024

  • Non-GAAP Operating Margin improved slightly from 21.4% to 21.8%

  • GAAP Net Income fell from $445.1 million to $421.4 million, a -5.3% decline



3. Business Unit Performance


Clear Aligner Segment:


  • Revenue increased slightly from $3.20 billion to $3.23 billion (+1.0%)

  • Shipments rose from 2.41 million to 2.49 million cases (+3.5%)

  • Growth was impacted by FX headwinds (~$31 million) and lower ASPs



Systems & Services Segment:


  • Revenue jumped from $662.9 million to $768.9 million (+16.0%)

  • Strong demand for iTero scanners and associated services drove this growth




Dental Market Insights Analysis - Align Technology FY 2024
Dental Market Insights Analysis - Align Technology FY 2024



4. Regional Highlights


Align did not break down financials by region but provided insights:


  • Clear Aligner shipment volume grew +7% YoY internationally

  • Americas Clear Aligner shipments grew +0.5% YoY

  • North American orthodontist utilization was 95%, and GP utilization was ~14%

  • International GP utilization was slightly higher at ~16%

  • APAC region saw seasonal softness in Q4, especially in China after a strong Q3



Website traffic & digital engagement saw massive gains in APAC:


  • 305% increase in unique visitors from India

  • 225% increase in Japan

  • 325% increase in Korea

  • Over 5.2 billion ad impressions across APAC and 20.4 million website visitors



5. Market & Operational Metrics


  • Total Invisalign patients reached ~19.5 million (up from 17.5M in 2023)

  • Teen cases accounted for 868,100 shipments—about 35% of total cases

  • Align manufactures 59,000 treatment plans/day and over 1 million aligner parts/day

  • There are an estimated 600 million addressable consumers globally

  • Align estimates there are over 2 million dentists worldwide



6. Strategic Initiatives


  • $30M investment in Smile Doctors, a leading ortho DSO

  • Invisalign Palatal Expander System: Received CE Mark in Europe and is available in Singapore and Hong Kong, with research suggesting its effectiveness.

  • Digital Ecosystem Expansion: iTero Lumina intraoral scanner launched (restorative version coming in March 2025)

  • Patents: 164 U.S. patents granted in 2024; ranked #263 in Patent 300 list

  • Align is implementing a 3% average price increase in the Americas and EMEA regions starting March 1, 2025. This increase is planned alongside the removal of a $10–$15 per order processing fee, with an anticipated net-zero effect on average selling prices (ASPs) for 2025.

  • The company has noted that Q4 2024 ASPs were lower than expected, primarily due to unfavorable foreign exchange rates.



7. Key questions and topics discussed during the call


  1. The impact of foreign exchange on revenue and operating margins.

  2. The reasons behind the decrease in Clear Aligner ASPs in Q4.

  3. The expected impact of the planned 3% price increase in 2025.

  4. The company's strategy for managing potential tariffs on products manufactured in Mexico.

  5. The growth prospects for the Systems and Services business, especially the iTero scanner.

  6. The reasons for regional variations in clear aligner sales and doctor utilization rates.

  7. The company's plans for capital expenditures in 2025, primarily for building and manufacturing capacity.

  8. The profitability and revenue forecasts for 2025.

  9. The company's outlook on the dental market and competitive landscape for clear aligners.

  10. The sequential decline in GAAP operating margin, from 16.6% in Q3 to 14.5% in Q4.

  11. The company’s non-GAAP operating margin and the items excluded from the calculation.



Management highlighted:


  • Record utilization and submitter activity

  • Systems and Services momentum

  • International expansion and tech investments



CEO/Management Commentary

“Clear Aligner volumes in the ortho and general practitioner dentist (GP) channels were up…with the number of submitters and utilization amongst the highest in the past few years.” – Joe Hogan, CEO
“I am pleased with our operating margin improvement… and continued momentum from our Systems and Services business.” – John Morici, CFO

8. Focus Areas for 2025:


  • Digital transformation: iTero + ClinCheck integration

  • Teen growth strategy

  • Global expansion in high-growth regions

  • Continued tech investment (~$300M/year)

  • Align expects low single-digit year-over-year revenue growth in 2025, reflecting approximately 2 points of unfavorable foreign exchange.

  • They project mid-single-digit clear aligner volume growth for 2025.

  • The company anticipates faster growth in Systems and Services revenues compared to Clear Aligner revenues in 2025.



9. Opportunities


  • Teen market momentum (868K cases in FY24)

  • Global growth (presence in 100+ markets)

  • Digital workflow leadership

  • Expansion of practitioner base (~2M global dentists)

  • AI-enhanced tools and restorative product suite expansion



10. Challenges


  • FX pressures ($38.5M impact)

  • The company has noted that Q4 2024 ASPs were lower than expected, primarily due to unfavorable foreign exchange rates.

  • The company expects that Clear Aligner ASPs will be down year-over-year in 2025 due to unfavorable foreign exchange at current spot rates and continued product mix shift to non-comprehensive clear aligners.

  • Align is closely monitoring the US/Mexico tariff situation, noting that a potential 25% tariff would be applied to transfer prices from Mexico.

  • Q4 restructuring charges ($37M)

  • Seasonal trends in APAC

  • Intensifying competition in ortho-tech space



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