Align Technology reported record full-year and fourth-quarter revenues for fiscal year 2025, driven by strong international growth and continued momentum in its Doctor Support Organization (DSO) channel. The company, known for its Invisalign clear aligner system and iTero scanners, posted total revenues of $1.05 billion for the fourth quarter, a 5.3% increase year-over-year and $4.0 billion for the full year.
Clear Aligner Growth Fuels Results
Clear Aligner revenue for the fourth quarter reached $838.1 million, up 5.5% compared to the same period last year. The company reported a record quarterly volume of 677,000 cases, a 7.7% increase year-over-year. Full-year Clear Aligner volume totaled 2.6 million cases, up 4.7% year-over-year. Notably, the company saw 936,000 teens and kids begin treatment in 2025, a 7.8% increase over the prior year.
The growth in Clear Aligner volume was particularly strong in the EMEA (Europe, Middle East, and Africa), Latin America, and Asia Pacific regions, while North America demonstrated stability. The orthodontic channel led the way with an 8.9% year-over-year increase in Clear Aligner volumes, followed by a 5.3% increase in the general practitioner (GP) dentist channel. Volumes for adult patients rose 8% year-over-year, while teen and kid volumes increased 6.9%.
Systems and Services Revenue Also Increases
Align Technology’s Systems and Services revenue, which includes sales of iTero scanners and related services, also saw growth, reaching $209.4 million in the fourth quarter, a 4.2% increase year-over-year. This growth was driven by higher scanner sales and increased adoption of the iTero Lumina scanner. The company highlighted continued iTero Lumina upgrades as a key factor in the sequential increase of 10.3%.
Profitability Improves
The company demonstrated improved profitability in the fourth quarter, with a non-GAAP operating margin of 26.1%, up 2.3 percentage points sequentially and 3 percentage points year-over-year. Full-year non-GAAP operating margin was 22.7%, exceeding the company’s previous outlook. Gross margin for the quarter was 65.3%, while non-GAAP gross margin reached 72%.
Financial Position and Capital Allocation
Align Technology ended the fourth quarter with $1.09 billion in cash and cash equivalents, an increase of $90.3 million sequentially and $51 million year-over-year. During the quarter, the company repurchased 700,000 shares at an average price of $142.87. In fiscal year 2025, a total of 2.9 million shares were repurchased at an average price of $162.09 per share, totaling $465.9 million.
Fourth quarter earnings per share (EPS) were $1.89 on a GAAP basis and $3.29 on a non-GAAP basis.
Key Milestones in 2025
Align Technology highlighted several key milestones achieved during 2025, including surpassing 22 million Invisalign patients (including over 6.5 million teens and growing kids), reaching over 121,000 active iTero scanner units, exceeding 70,000 exocad CAD/CAM licenses, training over 295,000 Invisalign doctors, and manufacturing over 2.4 billion clear aligners worldwide.
The company’s strong performance reflects its continued investment in innovation, its expanding global reach, and its ability to capitalize on the growing demand for clear aligner therapy. The focus on both the orthodontic and general dentist channels, as well as the increasing adoption of digital scanning technology, positions Align Technology for continued growth in the years ahead.
