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ALGN was covered by Marc Gerstein in one of his recent Multex columns:
http://dai.multexinvestor.com/article.asp?docid=14257&nd=0402_DAI_AAC_L01

(I highly recommend his screening columns by the way).

I was attracted to the idea - braces you can't see. Normally I wouldn't look twice at a company losing money, but the sales trends are good. The share price has also been rising strongly in the past few months, so maybe the good news is already priced in?

I'm wondering about competitors -
The Company competes with manufacturers of traditional orthodontic appliances, such as 3M Company, Sybron Dental Specialities, Ormco and Dentsply International, Inc.

Does traditional orthodontic appliances mean standard metal braces? If the whole world chose "invisible" braces and refused to wear metal braces ever again would all the business go to ALGN? What kind of "moat" do they have if that were to happen?

I'm just thinking about teenagers, who must be the main market and to whom appearance is going to matter so much.
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Hello baibye,

I want to chime in here but first I'll disclose that I am a private practice orthodontist. I don't work for Align. I do offer Invisalign as one treatment option for appropriate patients. I hold no position in ALGN, long or short.

You said:

Does traditional orthodontic appliances mean standard metal braces?

Yes, and it also refers to the clear braces (which are clear versions of metal braces as opposed to Invisalign's removable aligners).

If the whole world chose "invisible" braces and refused to wear metal braces ever again would all the business go to ALGN?

At this time, Invisalign treatment mechanics are not well suited for certain types of tooth movement or bite correction. For this reason, standard metal and clear braces will be around for a good while to come, IMHO.

I have a few anecdotal observations. These are all in my opinion only:

*Currently, most orthodontists I talk to are using Invisalign, and most of them seem to be using it for minor tooth movement only. Most of them seem to think it is quite capable of correcting certain minor orthodontic problems. I do get the sense that many orthodontists would treat more complex problems with Invisalign if and when they see sufficient data to support doing so.

*I have heard of a few orthodontists and general dentists in my area who are RUMORED to have converted most if not all of their practices to Invisalign. I have also had the impression that these doctors are the exception rather than the rule.

*Align is working with a number of doctors around the country to resesarch ways to overcome the current limitations of Invisalign mechanics. IMO, some progress has been made, and some of the solutions have been pretty clever. However, some of the solutions involve attaching what basically amounts to traditional metal or clear braces to certain teeth, and/or wearing traditional rubber bands.

*I know few general dentists in my area who offer Invisalign or any orthodontic treatment, for that matter. It seems, though, that those general dentists who do offer braces are now offering Invisalign as well.

Regards,
Jason
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