FirstLook

研报英文原文证据摘录

FirstLook

Evercore ISI Focus

Align Technology, Inc (ALGN) Elizabeth Anderson (212-446-5632)

ALGN - Outperform; Price Target $220.0 elizabeth.anderson@evercoreisi.com

May Web Traffic Trends Point to Slightly Below to Above Consensus 2Q Case Volumes

Recent web traffic trends for Align Technology's key site suggest case shipments for Q2 could range from slightly below to above

consensus estimates. This comes as the company anticipates around 683K cases (with a range of ~675-732K); thus, revenue

forecasts appear broadly in line with market expectations for a 4% year-over-year growth.

Website Traffic Insights: May unique visitors increased approximately 13% year-over-year, reflecting a sequential uptick of 2%

from April, which emphasizes stronger growth momentum. Notably, the website's visitor-to-case conversion rate, consistent with

prior quarters, is projected to yield case counts in the estimated range.

Implications for Revenue: Assuming continued conversion trends resonate with historical performance, expected revenue

tracks comfortably along current growth forecasts. The data state that the correlation between unique visitors and case counts

remains robust at 0.87, reinforcing reliability in visitor data as an indicator of future performance.

Additional Key Takes:

• Visitor Growth Trend: The increase in unique visitors indicates a robust demand environment, which could favorably

impact order volumes.

• Conversion Metrics: Tracking against past conversions suggests potential upper and lower case count estimates that

support revenue resilience.

• Competitive Landscape Risks: Ongoing pricing pressure from smaller competitors could present challenges,

especially if economic conditions dampen consumer demand.

Ralliant Corp (RAL) Alexander Virgo (44 20 7847 3520)