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Align Technology Drew Elliott, But The Smile Story Is More Complicated!

Align Technology has become a useful test case for a very modern market question. What happens when Wall Street sends in an activist, but the real issue may sit with consumers, dentists, and demand itself? That is what makes this story more interesting than the standard “fund takes stake, stock pops” script. Elliott has built a meaningful position in the maker of Invisalign, and the timing is hard to ignore. The company is still far below its pandemic peak, even as parts of the business have started to stabilize. That gap is where the debate lives. Align is not a broken franchise. It finished 2025 with record revenue of about $4 billion and record clear aligner volume of roughly 2.6 million cases. Yet the old pandemic magic is gone.