Align Technology posts record revenue and margins but trades near five-year lows amid easing competition.

Align Technology achieved record revenue, volume, and operating margins, benefiting from reduced competition after SmileDirectClub's exit. The company maintains a dominant market share and is focusing growth on international and dental service organization channels. Operating margins are expanding, management is raising guidance, and a strong share buyback program is supported by robust free cash flow. Key risks include an EU antitrust investigation, softness in North American demand, declines in iTero revenue, and potential activist-driven changes.