Align Technology: Q2 Earnings With A Smile, Then A Grimace

ALGN's Q2 results disappointed, with revenue and earnings misses and guidance for sequential declines, prompting major restructuring and cautious sentiment. Long-term positives include digital workflow/AI advancements, iTero ecosystem growth, and emerging market momentum, but clear aligner volume stagnation and macro headwinds persist. Despite a strong balance sheet and share buybacks, ALGN trades at a premium for its growth, and sentiment remains neutral-to-bearish, warranting patience and vigilance.