心境帝国：创新与地域扩张驱动的增长机遇

USA | Medical Supplies & DevicesAlign TechnologyEquity ResearchJune 5, 2025 Michael Sarcone, CFA *  | Equity Analyst1 (212) 778-8606 | msarcone@jefferies.comMatthew Taylor, CFA *  | Equity Analyst1 (212) 778-8721 | matt.taylor@jefferies.comYoung Li *  | Equity Analyst+1 (212) 778-8671 | young.li@jefferies.comMichael Toomey, CFA *  | Equity Analyst+1 (212) 708-2630 | mtoomey2@jefferies.comMatthew Aspro *  | Equity Associate+1 (212) 323-3907 | maspro@jefferies.comEmpire State of Mind: Growth Oppys Driven byInnovation, Geo ExpansionIn NYC, we hosted ALGN's EMEA head, Simon Beard and VP Finance & IRShirley Stacy. Key takes: 1) LRP growth is supported by new product innovation,geo expansion; 2) mgmt highlighted ortho penetration drivers like peer-to-peer,which can accelerate case growth; 3) next gen ClinCheck w IPP is expected tolaunch in EMEA in 2H25 driving material clinician efficiencies.Mgmt recapped some high-level takes from the recent ALGN investor day highlightinginnovation-driven g