US Orthodontia Survey: 2Q26 Total Ortho Vols Flat-Down Y/Y; Aligners Grew L-MSD Y/Y and Took Share

Research evidence excerpt

US Orthodontia Survey: 2Q26 Total Ortho Vols Flat-Down Y/Y; Aligners Grew L-MSD Y/Y and Took Share

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US Dental Equities

AmericasUS Orthodontia Survey: 2Q26 Total Ortho Vols

Flat-Down Y/Y; Aligners Grew L-MSD Y/Y and Healthcare

Took Share Kevin CaliendoAnalyst

kevin.caliendo@ubs.com

+1-212-713 3630

Conclusion: Modest Growth in 2Q, Aligners Gain Share, Led by Angel/ Andrea Alfonso

AnalystSureSmile: Survey responses from 62 US Orthos and GPs suggest clear aligners gained

andrea.alfonso@ubs.com

share, rising to 66.5% of new ortho cases vs. 60.6% in the prior wave. Clear aligners

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grew LSD y/y, while wires & brackets declined MSD. GP clear aligner growth was

stronger (+4.8% y/y) than Orthos (+1.4% y/y), while W&B weakness was concentrated

in GPs (-12.3% y/y). Invisalign remains the primary system, but slipped slightly among

Orthos. AngelAlign gained +3.3 pts with Orthos; SureSmile gained +3.1 pts with GPs.

Overall share remains broadly stable.

ALGN: Mixed. Clear aligners grew +3.2% y/y (modestly above last's quarter's

+2.5% growth) and took share vs. wires & brackets, though recent large DSO

checks point to potentially more muted growth than our survey suggests. 2Q26 q/

q growth was modest at +0.8% though generally in-line with both ~LSD Visible

Alpha consensus q/q Americas case growth and management's +1% q/q case

growth guide (albeit a global guide). Expected 3Q26 q/q growth of +0.3% (-1.0%

for Orthos vs. +1.4% for GPs) represents a deceleration vs. 2Q26 q/q growth but is

above -3.7% Visible Alpha consensus Americas q/q case growth. Given limited

runs of survey, we we still apply a degree of caution when comparing survey

responses to consensus expectations, though would note waves 1 and 2 were